Letting agent in Shropshire calls for tighter regulations
(15/02/13)A lettings expert in Shropshire has called for tighter regulations to clamp down on rogue agents. Dawn Clarke, head of lettings and property management at agency Nock Deighton, believes tighter laws are needed to prevent unscrupulous practices. Speaking to shropshirelive.com she said: “Introducing statutory regulation, and strict professional standards for the lettings industry to abide by, will go a long way to providing a safeguard for both tenants and landlords.” She pointed to cases of agents charging non-refundable fees of £500 just for carrying out a reference check, as an example of the problems the sector faces. Ms Clarke said …
Continue ReadingFormer letting agent awaits prison sentence……..
(15/02/13)A former letting agent is in prison awaiting sentencing. Ryan Lee, 24, who ran Panache Lettings in Cheltenham, has already had a six-month jail sentence imposed for breaching bail after he fled the country last year before facing court. Lee, who is believed to have gone to Belgium, was arrested last month when he flew into Heathrow. He has now appeared before crown court where he admitted 11 charges of engaging in unfair commercial practices, involving £13,500. The case comes as the Government still argues that licensing letting agents, and setting minimum standards of entry, would amount to too much …
Continue ReadingPrivate rented sector at highest level since 1990′s
(15/02/13)The private rental sector is at its highest level since the early 1990s, according to new figures released by the Department for Communities and Local Government (DCLG). The DCLG report highlighted the increase in the number of privately rented properties in recent years, which has now grown to 3.8 million. This means the industry is level with the social rented sector. Average rents are higher in the private sector at £164 per week, compared to £83 in social properties. However, private rents have not grown significantly since 2010-11. The report also found that half of all tenants in private homes …
Continue ReadingRental costs fall by 0.3% In January 13
(15/02/13)Rental costs fell by 0.3 per cent in January, according to a new survey by LSL Property Services. However, rent is still more expensive than it was last year. The average monthly rent in England and Wales is now £732, which is 2.8 per cent more than in January 2012. Rents in London have declined by 0.2 per cent, but remain 5.2 per cent higher than last year and well above the national average at £1,086 per month. The greatest fall in costs is in south-east England, where rent has dropped by 1.5 per cent. There are some areas that …
Continue ReadingOffice of Fair trading calls for new regulations!
(15/02/13)The Office of Fair Trading (OFT) has called for new regulations in the letting industry. It has released a new report that analyses consumer protection issues in the sector. After assessing 4,000 complaints made by both tenants and landlords, the OFT found both groups were worried about fees and charges levied by agents, a poor level of service and the introduction of surprise charges once a contract had been signed. The OFT has proposed a number of recommendations for both the government and the industry to try to overcome these problems. One of the suggestions is to make sure more …
Continue ReadingTips for buying to let during a recession
(09/12/12)As we are all aware, property prices across most of the UK have been in decline. As a result, many property developers have panicked and sold off a lot of their properties, often making a considerable loss. This fear of losing out tied in with a fall in demand which meant many properties were being sold for much lower than their original price. Despite early signs of improvement in the market, there are still a lot of bargain properties to be had, particularly in central London. However, as confidence grows and the market improves, so too will house prices. When …
Continue ReadingGolding to be the new property expert in OPEN magazine
(09/12/12)OPEN lifestyle magazine has chosen Golding to become their regular property expert in the property section of the quarterly magazine. OPEN is a fresh funky lifestyles magazine with its fingers on the pulse of everything that is going in Liverpool, if its not in OPEN, its not happening! Look out for the next quarterly release that will be out in January, magazines circulated across Liverpool. Visit the magazine at: www.openthecity.co.uk
Continue ReadingCalls for the lettings industry to become regulated
(09/12/12)Calls are being made for rental sector tenants to be given greater legal protection, which would see rogue lettings agents put out of business in the worst cases. Which? said that lettings agents should be governed by the same laws as estate agents and the Office of Fair Trading (OFT) should have the power to ban lettings agents who break the rules. There are 4.7 million UK households in the private rental sector and two-thirds of private tenancies involve an agent. But Which? said these households face a “gamble” as to whether they get a good or bad agent. Four …
Continue ReadingRental properties run dry in city centre as agents turn tenants away
(01/06/12)An acute shortage of rental properties which has been a serious problem in London for some months ” has now hit Birmingham in a big way.Major Mahil
Continue ReadingLettings boom could trigger fall in national birth rate
(01/06/12)Family life is under threat because so many people are having to live in the private rented sector where there is an inadequate supply of stock suitable for families. As a result, younger people are putting off having children and forming households, because they can neither afford to buy their own homes nor find anywhere suitable to rent.Yolande Barnes, director of residential research at Savills, told the Council of Mortgage Lenders conference, Future Housing, yesterday that a falling birth rate could be one of the consequences. She said properties in the private rented sector were geared towards providing apartments for …
Continue ReadingRICS tells Government to stop faffing around over licensing
(01/06/12)The RICS has called on the Government to stop turning a blind eye to what is going on in the property sector, and start by amending the Estate Agents Act so that it encompasses letting agents.It said minimum standards should have to be met, to prevent just anyone setting up as an estate or letting agent.In a hard-hitting statement, the RICS said that the whole issue of regulating UK agents both sales and lettings ” had been ˜danced around ™ for too long.The RICS said that the range of sector licensing schemes
Continue ReadingRenting a prime property cheaper than buying
(18/05/12)It is cheaper to rent a home than purchase a new property, according to new research from PrimeLocation.com.The company’s Prime Rental Index reveals the current state of the housing market in the UK means it is an average of £369 a month cheaper to let a property than buy.This difference is even more marked in Yorkshire and the Humber, with the standard rent standing at £869 compared to a mortgage of £1,320.Nigel Lewis, property analyst at PrimeLocation.com, said: It’s clear that across the UK the more expensive a home is the better value you get by renting rather than owning …
Continue ReadingPotential landlords must research investments carefully
(01/05/12)Considering local transport facilities, location demand and a good mix of economic activity” are all factors to consider when planning to purchase a buy-to-let property.This is according to spokesman for the Tenancy Deposit Scheme Malcolm Harrison who provided tips for potential landlords.He noted that now is a good time to enter the rental market but individuals must carry out thorough research in order to ensure their investment is profitable.Mr Harrison commented that while some areas do not offer a very high yield but individuals must carry out thorough research in order to ensure their investment is profitable.Mr Harrison commented that …
Continue ReadingNorthern rental yields outperform the south
(23/04/12)Landlords in the north-west have achieved the highest rental yields in the 2012 league table of regions across the UK.Research from buy-to-let lender Paragon Mortgages has revealed a significant shift in the annual rental income as a proportion of a home’s current value in many northern areas.In the first quarter of the year, a yield of 6.6 per cent was noted in the north-west, which is up from 5.9 per cent in 2011.Meanwhile, the north-east achieved an average return of 6.5 per cent and the south-west placed third with 6.4 per cent.John Heron, director of Paragon Mortgages, said: We have …
Continue ReadingFive things every tenant should know
(16/04/12)ARLA’s top tips for ‘generation rent’As demand in the Private Rented Sector (PRS) continues to outstrip supply, the Association of Residential Letting Agents (ARLA) has today issued advice to anyone embarking on a first-time tenancy.Figures from letting agents suggest that the UK’s need for rental properties continues to grow: Over half (55%) of ARLA members* reported that they had more tenants on their books than available properties to rent.Ian Potter, operations manager at ARLA, said: Renting is often seen as a low-hassle lower risk option when compared to purchasing a home yet many people find the prospect of renting a …
Continue ReadingRental yields high in areas with limited property, expert claims
(02/04/12)Landlords looking to invest in a buy-to-let property with a high rental yield have been advised to seek areas where there is a current lack of such abodes. Lee Grandin, director at Landlord Mortgages, explained how individuals need to know their market inside out”.”There can be pockets within even individual towns where one area can yield that much better than another area” he stated.It was noted the north generally offers landlords property with higher rental returns as homes remain considerably cheaper to purchase than in the south.Mr Grandin commented that rental yields are likely to remain stable for the remainder …
Continue ReadingCountdown to changes for tenancy deposit protection
(16/03/12)Landlords and letting agents are once again reminded that although, from April 6, they are being given more time to protect their tenants ™ deposits, penalties will be much more strictly enforced. The changes, which come into force on Good Friday, will give landlords and letting agents 30 days to protect their tenant ™s deposit, an increase from the current 14 days. Crucially, the tenant must be provided with proof of the deposit protection and the Prescribed Information by the landlord or agent within this 30-day limit. If the deposit is not protected, courts will be able to order the …
Continue Reading275,000 new tenants flooded the UK Private Rental Sector (24% increase) and Buy To Let Mortgage borrowing up 84,000 up since previous year 2011.
(06/03/12)The Rise And Rise” Of The Private Rented Sector 275000 new tenants flooded the UK Private Rental Sector (24% increase) and Buy To Let Mortgage borrowing up 84000 up since previous year 2011.If you are involved in The Private Rental Market you have many good reasons to be cheerful as more and more evidence and trends emerge to show a very healthy picture of the PRS.Buy to Let Mortgages Booming Again Buy to Let Mortgage lending now accounts for almost 13% of the total outstanding value of all residential mortgages in the UK.Increase in Tenants Looking to Rent ” In …
Continue ReadingResidential lettings expected to perform better in the next 3-6 months
(27/02/12)Recent research by Lloyds TSB reveals some of the challenges and opportunities facing landlords: Overall confidence levels for the next 3-6 months have fallen back in the latest quarter across most regions although residential lettings has been overwhelmingly placed as the sector expected to perform the best in the coming period. Bristol and Edinburgh are the most popular locations outside of London and the South East for a maximum return on investment. 48% of small and medium sized property businesses will look to banks first to fund their businesses, but 44% will use equity or cash reserves as primary source. …
Continue ReadingBuy-to-let remains a profitable investment
(20/02/12)Landlords should find it easy to secure a buy-to-let mortgage, as lenders see this type of investment as a profitable option.This is according to director at Landlord Mortgages Lee Grandin, who explained how the rental sector is more favourable than the highly competitive first-time buyer market”.It was suggested that interest in purchasing buy-to-let property has risen as rental returns are “holding very well” due to a lack of housing supply.Mr Grandin claimed the drive in the market is partly as a result of both lenders and landlords making a profit from letting property to tenants.Buy-to-let rates are currently proving more …
Continue ReadingUK Home Renters Increased by 25% in 2011
(14/02/12)The number of people renting privately in the UK increased by almost a quarter in 2011 according to a recent report published in the Financial Times.New tenancy applications from those moving into rental accommodation was 275,000 which represents an increase of just under 25% over 2010 says the FT.This increase reflects the state of the housing market and the difficulties facing, in particular, young first time buyer singles and couples, faced with stringent mortgage application criteria. This situation, which is exacerbated by the slow rate of new housing development in the recession, has created a mini-boom in renting with some …
Continue ReadingSmall maintenance issues lead to major issues
(09/12/11)Landlords may want to take note of one expert’s warning that homes need to be regularly monitored to ensure they are kept in a good condition.Editor at Build It magazine Anna-Marie DeSouza explained how failing to deal with problems when they are small can lead to costly repairs in the future and potentially serious issues.For example, she commented how areas of damp and mould can escalate to the point of causing homeowners to have allergic reactions”.Meanwhile simple refurbishments to rotten wood and loose tiles can prevent injuries Ms DeSouza stated.The property specialist claimed home maintenance is “an ongoing project” and …
Continue ReadingHigh demand for rented property
(09/12/11)Demand for UK Rental Property continues to soar, with lettings agreed within a record low of 12.7 days and up to 5 tenants competing for each private sector (PRS) rental property. Since the beginning of 2011 there has been a significant increase in tenant demand for private rented sector property. UK residents are adopting the European style of living choosing to rent rather than buy and this trend looks set to continue. Even with a slight seasonal fluctuation, demand for residential rental property has risen rapidly throughout the year.
Continue ReadingTenants staying at the properties for longer periods!
(09/12/11)With a limited supply of new property and rents now tipping the scales of the previous market peak of 2008, tenants who are coming towards the end of their term are finding fewer options available than they previously had.The UK private rented sector (PRS) is stronger than ever. Residential rental values have resulted in attractive inflation beating yields, and the supply and demand scales are now firmly tipped back in favour of the Landlord!
Continue ReadingLandlords set to go shopping.
(01/11/11)Landlords are preparing for a period of sustained shopping and no it is not the pre-Christmas preparations! As rental demand continues to rise with an average of five tenants prospectively trying to obtain the same property coupled with house prices edging downward through weak demand from first time buyers and family homes moving more slowly, landlords are primed for a buying bonanza.According to joint research from the Residential Landlords Association and the Association of Residential Letting Agents the regions with the highest number of landlords who have already bought property in the last 12 months are the North-East, Greater London …
Continue ReadingRents hit record high, says LSL Property Services
(01/11/11)Rent payments have risen in every region of the UK for the first time in history, new figures compiled by LSL Property Services have revealed.Average monthly rents reached unprecedented levels of £718 per month, while six parts of Britain – Yorkshire and the Humber, the south-east, London, the east of England, East Midlands and Wales – all reported record highs.Rates were up by 0.7 per cent during September, with analysts suggesting the average tenant is paying £29 more than they were in the same month in 2010.Estate agency managing director at LSL David Newnes said the high rents were down …
Continue ReadingOrganisation key to securing rented properties
(01/11/11)People who are looking to find a property to rent have been urged to get organised before they head to see a letting agent.David Lawrenson, private rented sector expert at LettingFocus.com, has suggested that too many tenants are scuppered in their attempts to secure a new home because they do not have the relevant documentation to hand.Indeed, Mr Lawrenson added that house hunters need to have proof of their income and current address before they can sign a tenancy agreement.He also indicated that many people take too long to get their references together and by the time they have, someone …
Continue ReadingPet owners struggle to find rented property
(01/11/11)Large numbers of pet owners are struggling to find rented accommodation, animal charity the Dogs Trust has stated.It surveyed 5,695 Britons who possess household creatures and found that one in three had drawn a blank when looking for a tenancy.House hunters who do not have a pet in tow take 50 days on average to secure a rented home, but more than half of the survey respondents said it had taken them between two months and over a year to find a landlord or letting agent that allowed animals.The Dogs Trust set up its Lets with Pets initiative in 2009, …
Continue ReadingLandlords forced to evict more tenants
(08/10/11)An increasing number of landlords are being forced to evict tenants, with the main cause being unmanageable rent arrears.There are now double the number of people who are opting to rent an abode rather than buy one outright, but while this is good news for property investors, it has inevitably led to a rise in the number of problem tenants.According to tenant eviction specialist Helpland, 13 per cent of UK renters were in severe arrears” in July 2011.In the past 12 months the number of court orders being issued to oust property inhabitants has grown by nine per cent.Managing director …
Continue ReadingCampaigners keep up pressure over tenants&apos, benefit payments
(08/10/11)An influential group of 15 organisations across the UK has called on work and pensions secretary Iain Duncan Smith to allow tenants to choose to have their benefits paid to landlords.Their joint letter to Duncan Smith asks for tenants to have a say over whether the housing element of the new universal credit can be paid to landlords.The Welfare Reform Bill says that the payment would automatically go to tenants, in the same way that Local Housing Allowance is now paid to housing benefit tenants in the private sector. An amendment to the Welfare Reform Bill is due to be …
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