Description:
Essential rental property news and information for UK property investors.
Contents:
Reluctant landlords are risk to rental market claims NLA
The National Landlords Association (NLA), which represents private residential landlords, believes the new breed of ‘reluctant landlords’ pose a major risk to the overall health of the British rental market. It follows the research published by RICS that shows the number of new landlord instructions to let in...
NALS puts its name forward for overseeing mandatory licensing of lettings agents
The National Approved Letting Scheme (NALS) has welcomed discussions with Iain Wright MP, the Housing Minister responsible for the private rented sector, in order to drive forward the better lettings agenda in line with Government policy and public need. The talks follow the recent findings of the Rugg report which was a Review of Private Rented Sector Housing...
Government accused of not preparing Scottish landlords for introduction of EPCs
The Scottish Government is failing landlords on the forthcoming introduction of Energy Performance Certificate (EPC) legislation says the National Landlords Association in Scotland. With less than two months until the introduction of EPCs for Scottish rental properties. The organisation is concerned that without a concerted effort to promote EPCs...
Landlord allowed 'dangerous' flat to be reoccupied by migrant workers
A LANDLORD has been fined £2,000 plus costs after pleading guilty to having tenants in a flat in Burton which was deemed dangerous by inspection teams. Alan Wong, from South Wimbledon, London, admitted not complying with a Prohibition Order under Section 32 of the Housing Act 2004.when he appeared before the town's magistrates.
Amateur landlords create downward pressure on rents
Rents dropped across the residential lettings sector during Q3 as would-be-sellers flooded the rental market with unsellable properties, says the RICS Lettings Survey published this week. The net balances of surveyors reporting new instructions to let both flats and houses (an indicator of supply) are now at historical highs.
Majority of residential landlords and tenants have harmonious relationship says poll
The vast majority of tenants get on well with their residential landlord, according to a new poll carried out by The Deposit Protection Service (DPS), the scheme for the safeguarding of tenants' deposits. The new figures show that 84 percent of tenants get on well with...
Family evicted from rented home and given ASBOs to prevent them returning to area
A family with a long history of anti-social behaviour, including an armed response unit being deployed to the property, a dangerous dog being shot dead by Police, a drive by petrol bombing and a 10 hour armed siege have finally been evicted from their rented accommodation.
Young professionals forced to stay in rental properties for longer
In light of a brand new report launched by Experian which found that the housing markets in the south-west and Midlands are set to see the steepest price corrections and with repossessions expected to soar to a 15-year high in the coming months, renting is a much better option.
New landlords' put home content at risk claims AA
As the credit crisis sets in, over a third of Brits admit they would now seriously consider renting out part of their home if their financial situation gets more difficult. However, new research from AA Insurance reveals that up to three million homeowners who have chosen this route could in fact have an invalid home...
Accidental landlords return to sales market as realistic pricing takes effect
The flurry of accidental residential landlords who joined the lettings market in the summer when their homes failed to sell, are now giving up on 'riding out the slump' and are returning to the sales market with more realistic price expectations, reports Cluttons.
Fine for landlord who put tenants at risk
A landlord who put more than a dozen tenants at risk by failing to fit fire doors or to ensure that fire alarms were working has been fined £2,800 by Woolwich Magistrates Court. He was also ordered to pay the Council's costs of £1,939.37. In total, Charles Hawkes pleaded guilty to 17 offences relating to a three-storey house in Glenluce Road, Blackheath.
Savers and borrowers split over 0 percent interest rate prediction
There has been a mixed reaction to the claims of a founding member of the Bank of England's Monetary Policy Committee who said that interest rates may have to be slashed to zero if Britain is to avoid a full-blown depression. Charles Goodhart, who is regarded as one of the country's leading economists, was a member of the MPC for three years up until 2000.
City council uses new powers to access heating in privately rented flats
Buy to let investors in the Norwich area could be ordered to find better ways of heating their properties or face prosecution. The warning was made by the City Council after it was discovered many flats in a residential housing block were too cold for human habitation. Although the flats are privately owned, the Council is using new powers to inspect all 84 of the...
Landlord accused of obtaining mortgages by deception
The trial of a buy to let investor accused of using forged references and false information to apply for mortgages worth over £1.5m for but to let properties, some during a period when he was serving a prison sentence, began this week...
Winter repair bills for landlords set to soar
The National Landlords Association (NLA) is warning buy to let investors about the huge repair bills they face if their tenants do not know what to do in a winter property emergency. With almost three million households in the private-rented sector, and weather forecasters predicting a colder winter than last year...
CML welcomes report on private renting
The Council of Mortgage Lenders (CML) has added its support to the recently published Rugg review on private renting. The review stated that small landlords deliver real value to the private rented sector by achieving lower costs than institutional providers and offering a service that is at least as likely to promote tenant satisfaction.
Sales hit a new low but expectations of a recovery increase
It is still a case of swings and roundabouts for buy to let investors in the current climate. Those looking to increase their portfolio of properties will be keeping a close eye on the sales to stock ratio. This recently dropped to 13.5 percent (the lowest figure since December 1992), according to the RICS’ UK housing market survey published this week...
Campaign aims to turn more landlords into pet lovers
The UK’s largest dog welfare charity, Dogs Trust, is to launch its Lets with Pets campaign next year following its recent survey that showed 78 percent of pet owners had experienced difficulties finding pet-friendly privately rented accommodation. The charity has also just concluded a survey of residential landlords and letting agents to learn more about their...
Residential Landlord - In brief
The next few months represent the best opportunity for private residential landlords to expand their portfolios due to the fall in house prices according to a new survey. The report by the Money Centre also found that up to a fifth of all UK residential landlords are...
Lenders must pass latest rate cuts on to landlords demands NLA
The Bank of England’s Monetary Policy Committee’s decision to reduce the official Bank Rate by 1.5 percentage points to 3 percent took the property industry by surprise, but there has since been open condemnation towards the majority of banks who have been slow to pass on the interest rate cut to...
Explosive growth in 'Fraud for Profit'
A Rhyl residential landlord was recently jailed for nine months for obtaining fraudulent buy to let mortgages. But such cases are just the tip of the iceberg according to leading business advisory firm Deloitte which claims the financial services industry is facing a mortgage fraud ‘time bomb’.
Empty properties are a wasted resources says property investment specialist
Why is regulation for Houses of Multiple Occupation (HMO) not unilateral and why are not more empty or non-renting buy to let homes being converted into HMO's? These are two of the questions posed by Whitney UK, which runs property investment courses for professionals...
Landlord accused of dramatising evidence about getting access to his property
An Oxford buy to let investor has been fined £1,000 following the conclusion of a two-day trial, at Aylesbury Magistrates' Court. Mr Abdul Khuja of 154 Cowley Road, Oxford had pleaded not guilty to a charge of failing to comply with an Improvement Notice served on him by Oxford City Council's Environmental Health service.
Housing market downturn likely to accelerate in 2009 says professor
Investment landlords, the overall shortage of housing supply and the numbers now believed to be renting but waiting to buy, all suggest that there would be a fast recovery in the housing market. However, prospects for the recovery look grim. This is the view of Peter Bolton King, Chief Executive of NFOPP, which encompasses the National Federation of Estate Agents...
Another cut to the base rate will not provide a magic fix says property specialist
Many are expecting the Bank of England’s Monetary Policy Committee (MPC) to announce a further base rate cut when it holds its November meeting on Thursday, but this may not bring the relief property owners are hoping for says one analyst. Neil Young, CEO of property portfolio managers, Young Group, believes that...
Still plenty of rental options for those looking to live a rural dream
Despite media headlines to the contrary, demand for rental property continues to thrive while the property sales market struggles says letting specialist George F White. First time buyers, plus those unable or unwilling to secure a mortgage and people in the throes of relocation...
Fewer empty homes in England
Despite the current high demand for rented accommodation from buy to let landlords, there were still 279,281 empty private homes in England in April 2007, although this is nine percent lower than the 308,438 recorded in April 2003. Empty homes account for three percent or more of all homes in 17 local authorities (LAs).
Successful Buy to Let property owner jailed for obtaining fraudulent mortgages
An investigation under the Proceeds of Crime Act has begun into the business dealings of a 26 year old landlord who built up a property empire using fraudulently obtained buy to let mortgages. James Barnes of Towyn Way West in Towyn, Rhyl, was recently jailed for nine months after pleading guilty to...
Landlord failed to turn up for court hearing
Failure to carry out essential safety works to his tenant’s home has resulted in a hefty fine for a landlord after he ignored an Improvement Notice served by his local authority. Nuneaton and Bedworth Borough Council became aware of serious threats to the tenants’ safety and served the Notice on private landlord Steven Boote after he failed to rectify the problems despite having them brought to his attention.
Mystery surrounds property company after hundreds of tenants are told to move out
Hundreds of private housing tenants in North Wales and Stoke on Trent who are facing eviction are being encouraged to join forces in an effort to unravel what has happened to their homes. It was reported that more than 350 people had received eviction or repossession orders and been told they had to move out of the properties owned and managed by...
Letting property should be seen as a business rather than just an investment
Buy to let landlords should get relief from stamp duty or capital gains tax to encourage them to buy more property, which in turn would increase the number of homes for rent, says a Government report. The report prepared by academic Julie Rugg from York University for Hazel Blear's Communities Department stated that buy to let landlords are often unfairly seen as...
Supply of properties to let in London starting to outweigh demand from tenants
The London lettings market will remain fragile in 2009 and it is inevitable that more tenants will default. This is the view of Judienne Wood, lettings director at Kinleigh Folkard & Hayward, who on the plus side also believes that London investments are likely to...
1.2 million could fall into negative equity if the housing slump continues
Buy to let landlords who are concerned about their investments losing value could fall behind on mortgage payments or be forced to sell at a loss as lending dries up said the Bank of England’s Financial Stability report recently. The report comes shortly after a government study recommended that landlords should be...
Benefit fraud residential landlord caught by data matching techniques
A landlord was found to be cheating the benefit system through sophisticated data matching techniques. Landlord Budu Singh Moman, aged 47, of High Road, Wood Green, London, who falsely received almost £1,000 in housing benefit, pleaded guilty at Dudley Magistrates Court to benefit fraud on October 3.
ARLA Welcomes Rugg Review on the Private Rented Sector
ARLA, the Association of Residential Letting Agents, has welcomed the provisions to stimulate the Private Rented Sector contained in the Rugg Review presented to the government this week. The report also contains proposals for licensing, redress and tackling the problems caused by bad residential landlords and agents.
All avenues must be 'fully examined' by lenders before making repossession orders
The Council of Mortgage Lenders has published new industry guidance on mortgage arrears and possessions to help lenders ensure that their arrears management policies fulfil the objective of making repossession a last resort.
Greater London Authority takes more realistic approach to affordable housing
Residential Landlords will be studying how their future will be effected by Mayor of London, Boris Johnson’s decision to take the first step towards removing the 50 percent London wide affordable housing target. The National Association of Estate Agents (NAEA)...
"We will not tolerate the few bad landlords who ignore their obligations," says council
Failure to carry out essential safety works to his tenant’s home has landed a residential landlord a hefty fine after ignoring an Improvement Notice served by Nuneaton and Bedworth Borough Council. The Council became aware of serious threats to the tenants’ safety and served the Notice on private landlord Steven Boote after he failed to rectify them despite having them brought to...
University City rental market remains buoyant despite lack of stock
Whilst some areas of the UK have been flooded with rental properties, Cambridge city centre has the opposite problem. Savills has a serious shortage of homes available to let; with increasing demand. "We need homes to let in Cambridge city centre, in particular one and two bedroom flats," comments Jane Dixon, head of lettings for Savills Cambridge.
Property company director first to be jailed under new fire safety regulations
A residential landlord has been sent to prison in the first custodial sentence to be given in London under the new fire safety regulations. Mehmat Parlak was sentenced to four months imprisonment and his company, Watchacre properties limited, was fined £21,000 following conviction for serious breaches of the...
Landlord claims she was not aware of responsibilities in her HMO
The filthy and dangerous state of a house of multiple occupation being let out by an Oxford residential landlord has resulted in a fine of £2,500. Joginder Kaur Dhanjal, of Dashwood Road, Rose Hill, pleaded guilty to five charges relating to safety and hygiene at her property which were discovered by Oxford City Council environmental health officers.
Tenants given more choice and greater say over selection of properties
Residential landlords in Kent will have their properties included on a listings service as part of a new way of allocating social housing. It is being introduced by Swale Borough Council to make letting arrangements clearer and easier for people to apply in all of Kent's district council areas.
Investors in 'the world's second oldest profession' are still staying for long term
There is no evidence of an exodus from buy to let according to a survey by The Young Group, which specialises in providing Property Portfolio Management services to private investors. The Young Index results for Q3 2008 recorded that 98 percent of investors...
Overseas students advised to be aware of deposit protection laws
With almost 48,000 overseas students studying in the UK this year, mydeposits.co.uk advises universities and colleges to make sure that those moving into rented accommodation are aware of the law. Without the right information there is the potential for a costly knowledge gap as the average student rent stands at over £245 per month.
HBOS takes over control of 'Britain's largest buy to let business'
Grant Bovey, who once claimed his company Imagine Homes was Britain's largest buy to let business, has lost control of the company. The Daily Mail reported recently that the 47 year old, who is the husband of television celebrity Anthea Turner, has had to let HBOS take over the business. Bovey no longer has...
'Champion of the private-rented sector' to speak at conference
Plans for the National Landlords Association (NLA) first ever National Conference in November are progressing well. With the theme ‘Operating in Today's Market: Future Prospects for Landlords', and open to members and non-members alike, the Conference offers all landlords the opportunity to discuss issues which directly affect their lettings business as well as hearing from...
Tenants want rent cut due to number of repossessions
Tenants living in properties at what was a prestige development overlooking the Thames close to Canary Wharf in London say their residential landlords should cut rental charges because the majority of the flats have been left empty after being repossessed.
Change in tenancy agreements could end confusion over what tenants owe and when
Wigan’s largest provider of social housing is consulting on possible changes to tenancy agreements which could involve a new system that will make paying the rent less confusing for tenants. Wigan and Leigh Housing (WALH) is inviting views on its plan to modernise the way people pay rent on their properties by changing...
Landlords urged to beware of novice letting agents
Estate agents, looking for another revenue stream in the current property slump are putting landlords and tenants at risk, claims the past president of the Association of Residential Letting Agents (ARLA). Robert Jordan says he has noticed a rise in the number of estate agents who are now advertising themselves as letting agents for the first time and...
Majority of sale and rent back landlords act with professionalism and integrity says NLA
The National Landlords Association has reaffirmed its commitment to raising standards among landlords operating in the sale and rent back sector following the recent Office of Fair Trading (OFT) Market Study.
The OFT reported that there is a need for statutory regulation by the Financial Services Authority.
Landlord fined after 13 people suffer affects of CO poisoning
The landlord of a block of flats in Hackney has been fined £4,000 and ordered to pay £1,500 costs after two of his tenants were poisoned by carbon monoxide (CO), due to a boiler in their flat not being properly maintained. Soley Fikret pleaded guilty to two breaches of the Gas Safety (Installation and Use) Regulations 1998 at the...
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