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Friday, November 21, 2014

Listed Building Shows for 2015

Owning a listed property isn't for everyone. I must say it's not something I enjoyed. When it came to making any alterations to my last house, a Derbyshire Grade 2 listed farmhouse, I was repeatedly forced to enter into agonising debate with the local conservation officer.
I say agonising because the guide lines of what was perceived allowable or appropriate, are just so flaky and open to interpretation, that it seemed to all come down to the questionable 'good taste' or 'personal whimsy' of whichever conservation officer works your patch. 

It's a bit like trying to convince a Fifa Committee Member to give you their vote. 

So when I moved, the one thing that I was sure about was I didn't want the bother of another listed property. Unfortunately, we were moving to Bath, the city that invented the blasted concept.

In the end I managed to find an unlisted Edwardian property that looks out on a Grade 1 listed Georgian crescent, and that suits me just fine. I'm faced with beautiful architecture, that's not my problem - perfect.

Anyway, the reason for my ramble, is I've just received a press release for the Listed Property Shows for next year.

There's a show at Olympia London on the 14th – 15th February 2015, followed by one at HIC Harrogate on the 7th & 8th March 2015.

Organised by the Listed Property Owners’ Club (LPOC) the shows will bring together specialist suppliers and consultants, along with a bunch of those whimsical Conservation Officers ready to give their various opinions on any hypothetical plans.

Good luck trying to get any two Conservation Officers to agree.

I'm just glad that I no longer need attend.

Wednesday, November 19, 2014

Savills Q4 property forecast video




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Enough public owned land for 2 millions homes

The UK state is sitting on enough land to build 2 million homes according to a new Savill's study.

Savill's claim that central government own enough land to build 600,000 homes, whilst the Greater London Authority could squees another 100,000 homes, local councils have enough land between them to get on with 1 million homes, whilst the NHS own land for another 300,000.

However, the Treasury has been resistant to sell off trenches of land owned by the defence or health departments, presumably seeing slow release as more financially adept.

Meanwhile the housing crisis deepens... 

Read more comment on the States land bank of 2 million homes in the Financial Times

Aldermore sees surge in pension landlords

BTL lender Aldermore reports seeing a surge in BTL mortgage enquiries following last year's pension changes. The bank has a maximum age restriction of 75

A spokesperson for the bank said -

"With the attention to the pension changes coming in next year we are finding a lot of people who are thinking of taking out a buy-to-let for the first time at the age of 70 plus – without intending to go into this space it's opened up a niche area for us."

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Tuesday, November 18, 2014

Varying interest in PRS from social landlords

Inside Housing have done a piece on the response from developers and social landlords to the Government's  'Build to Rent initiative'. 

The engagement seems to vary across the country. Though some of the Northern Cities are seeing social housing providers attempting to move into the Private Rental Sector, many appear less  interested.

Keith Exford, chief executive of the 60,000-home landlord Affinity Sutton comments -

‘We remain unconvinced that [PRS] is a worthwhile activity for us,’ he says. ‘We don’t believe that private renting is a charitable activity. Therefore, it is a commercial one, and we don’t view the returns on PRS as sufficient. Why would we want to take the profit slowly? The only reason we want the profit is to build more affordable homes.’

First REIT for BTL?

The first REIT (Real Estate Investment Trust) for BTL property is to be launched by Mill Residential.   

Their intention is for it to become the first UK REIT specialising in mainstream residential property investment to trade on a UK stock exchange. As a REIT, investors will not pay tax on rental profits or capital gains. 

REIT shares could also be held in an ISA or self-invested pension (SiPP).

There is a minimum investment of £1,000 made through online crowdfunding platform SyndicateRoom. 90% of the rental profits will be paid out to investors as dividends.

David Toplas, chief executive of Mill Group Residential, said:

“Mill Residential REIT will add further value to its portfolio through development and refurbishment, and offer its shareholders a tax efficient, affordable and, when listed, more liquid alternative to owning a self-managed, buy-to-let property."

A hassle free alternative to property investment sounds attractive, but you need to trust that they'll be making prudent and considered management decisions along the way.

For more information on the Mill Residential REIT.

ONS house price figures for September 14

Although the property market is cooling much like the weather, the ONS latest figures show that a mild September helped make 2014 a bumper year.
The ONS's main observations for the annual price change stretching from Sept 2013 to Sept 2014.
  • 12.1% increase in UK prices. 
  • Annual property inflation of 12.5% in England, 5.8% in Wales, 7.6% in Scotland and 10.9% in Northern Ireland. 
  • London still with the highest growth, at 18.8%
  • UK house prices excluding London and the SE increased by 9.1%. 
  • In September 2014, average prices paid by first-time buyers were 13.3% higher than in September 2013. 
  • For owner-occupiers (existing owners), prices increased by 11.5%.
Get the full ONS House Price Index for September 2014

Ilford landlord and letting agent fined

An Ilford letting agent and landlord have
been found guilty of nine housing offences by Romford Magistrates’ Court.

The letting agent Ayub Patel, alongside landlord, Abu Taher were prosecuted for an unlicensed House in Multiple Occupation (HMO) in Lansdowne Road, Ilford IG3.

Issues with the property were first raised following the visit of a Council Tax inspector. A Magistrates' warrant was served by the Council’s Housing Standards Team and Housing Enforcement Officers inspected the property to find that it was being let as an HMO. A total of sixteen adults and one child were found to be living in the end of terrace house.

The property was described as suffering from mould, dampness, a dangerous electrical installation and fire safety issues.

The defendants were each found guilty of nine offences – one offence of operating a licensable HMO without a licence and eight housing management offences, and were each ordered to pay fines of £5,000 and court costs of £1,695.


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Home nation's average annual property prices

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Monday, November 17, 2014

JRF predicts increased family poverty

The Joseph Rowntree Foundation (JRF) predict rents will rise twice as fast as incomes, and result in increasing numbers of people in poverty. The prediction results from reduced ownership and the continuation in the under-supply of new social housing to meet demand. 

The charity believes that the nation will become increasingly will dependant on housing provision from the private rented sector.

The JRF have published a new report - What Will the housing market look like in 2040?  

It predicts that over the period to 2040 -

• Private rents will rise by 90%, at a rate twice that of income rises.

• The private rented sector will grow from 7.2 million today, to 10.6 million people.

• People  living in social housing will fall from 8.2 million to 5.7 million by 2040. 


 JRF's, Chief Executive Julia Unwin, commented: 

“These stark findings are a wake-up call for political leaders. After decades of failing to build enough, those in power have a responsibility to act now to build more genuinely affordable homes. Without that we are storing up trouble for the future – a price that will be paid by children starting school life this year. These high costs are bad for families, the economy and Government.

“We need a clear strategy that builds the homes we need in the right places and avoids locking low income households out of affordable homes. This is about more than frustrated aspirations of home ownership from Generation Rent: the reality facing many people is a life below the poverty line because of the extortionate cost of keeping a roof over your head. Addressing the rising cost of housing is crucial to tackling the high levels of poverty in the UK.tion now, more people will be at risk of poverty due to rising housing costs."


"A continuing decline in home ownership and social renting, together with a lack of new homes, will result in more people living in private rented homes."

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Most popular BTL mortgage


Max LTV Initial Rate Term Completion fee Booking fee Incentives Lender
85% 4.99% Fixed 2 Years 3% £130.00 No Kent Reliance Semi Exclusive
85% 5.49% Discount 2 Years 3% £130.00 No Kent Reliance Multi Let & Ltd Co. Semi Exclusive
80% 3.99% Fixed 2016-12-31 £2495 £150.00 Free valuation Mortgage Trust Exclusive
80% 4.99% Fixed 2016-12-31 0% £150.00 Free valuation Mortgage Trust Exclusive
80% 3.9% Discount 2 Years 0% £0.00 No Hanley Economic Exclusive
75% 2.39% Fixed 2016-12-31 2.5% £150.00 Free valuation Mortgage Trust Exclusive
75% 3.79% Fixed 2016-12-31 0% £150.00 Free valuation Mortgage Trust Exclusive
75% 2.5% Discount 2 Years £1995 £250.00 One free Valuation on properties valued up to £1,000,000 Hinckley & Rugby Exclusive
75% 5.39% Variable 0 Years 2.5% £0.00 No Saffron Light Refurbishment
70% 2.5% Fixed 2016-11-30 £2495 £245.00 Free valuation (maximum of £781 for properties up to £1,000,000) and free legals for remortgages. Skipton Exclusive
65% 2.99% Fixed 2017-01-31 £1995 £150.00 Free valuation Mortgage Trust Exclusive
65% 3.49% Fixed 2017-01-31 0% £150.00 Free valuation Mortgage Trust Exclusive
60% 2.45% Discount 2 Years £1950 £250.00 One free Valuation on properties valued up to £1,000,000 Hinckley & Rugby Exclusive
60% 2.25% Fixed 2016-11-30 £2495 £245.00 Free valuation (maximum of £781 up to property value of £1,000,000)and free legals for remortgages. Skipton Exclusive
IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  Please check our website regularly to see the most up-to-date products available. 

 
Search the whole BTL mortgage market free
 

Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
Your home may be repossessed if you do not keep up repayments on your mortgages.  
The Financial Services Authority does not regulate some forms of mortgage.

West Brom win first leg against landlords

The Financial Ombudsman Service (FOS) have starting sending out decision notices to complainants regarding last year's West Brom Building Society's rate rise.

The West Bromwich Building Society made a 2 percent rate rise on their BTL tracker mortgage - despite it supposed link to the Bank base rate (which has remained stuck at 0.5%).

Many of the 6,700 professional landlords affected by the rate hike back in December 2013 have been fighting cases against what they believe to be an illegal act, some individuals making complaints direct to the FOS, or a large group funding a group action fronted by Property118.com which is due to hit the courts on January 21st, 2015.

The first leg of the tie has just gone to West Brom. 

Decision letters have just been sent out by the FOS, concluding that West Brom's rise was within the terms of their mortgage agreement.

The FOS has justified the decision pointing to a clause hidden deep in the mortgage agreement's small print. The clause states that West Brom could increase the mortgage rate to "reflect market conditions and to make sure its business is carried out prudently, effectively and competitively". 

The FOS have concluded that West Brom had legitimate commercial reasons to raise its tracker rate by 2 percent back in December 2013.



Rightmove's November fall in asking prices

Rightmove's latest data indicates a cooling of the property market as we enter the winter months.

As the quiet season begins, the asking prices of property coming onto the market in November was 1.7% down on October's prices. The small seasonal fall of £4,542 on the average property price of £267,127, is smaller than the usual drop at this time of year.

Miles Shipside of Rightmove commented 

“Selling is more difficult than it was earlier in the year, though the mini-boom experienced by much of the country has hit the pause rather than the stop button,” 

“Underlying demand remains strong but has been muted by higher prices stretching affordability at the same time as the ability to borrow more to fund those higher prices has been curtailed by tighter mortgage lending criteria.”

Saturday, November 15, 2014

Tenant sees condensation sense

I've spoken before about the problems landlords have with condensation.

One of my tenants took the dramatic step of call in the Environmental Health Officer because of the mould problem. Now this was a classic example of how to manage your tenants and their tenancy. The first thing I knew about the tenant going to the council was when I was contacted by the Officer informing me of the visit. I could have overreacted. Got defensive given that I have told the tenants on a number of occasions that it wasn't damp but condensation. Instead I used reverse psychology. When I contacted the tenant I embraced the prospect of the visit emphasising the positives that a "fresh set of eyes" might bring to the scenario including some additional solutions.

EHO visit came & went
The visit came and went. I then received a call from a very compliant tenant who was very almost evangelical in her embrace of the fact that there were things that she could do to manage the condensation in the property and tackle the odd incident of mould.

Condensation and mould can be managed
Having Condensation like landlording is a management issue. Landlords need guile and cunning to keep their tenants on side and get the best out of what should be a collaborative relationship between landlord and tenant.

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Wednesday, November 12, 2014

CML data reflects fall in FTBs and rise of BTL

Council of Mortgage Lenders latest data shows another drop in the number of first-time buyers
securing a mortgage.

September saw 26,800 FTBs get mortgages, a drop of three percent from the previous months figures.

The fall reinforces the on-going pattern of travel toward an increasingly large 'generation rent' as forecast by Savill's this week.

BTL lending bounced back according to the CML figures, with 18,100 buy-to-let loans in September, up from the 15,700 loans in August. 


RICS guide to Boundary Disputes

RICS have published a free guide to Boundary Disputes.

So if you have a property with some flakey fencing or a questionably positioned wall, that doesn't match up to your Land Registry plans, then this RICS Boundary Disputes pdf may be a useful read.

The biggest landlord fine ever

I'm not absolutely sure, but I think this might well be the largest fine ever handed out to a private residential landlord.
An Islington landlord, David Kohali has just been ordered to pay £190,000, in fines, a confiscation order of £76,562.07 and court costs of £15,042.50 - a total sum of two hundred and eighty one thousand, six hundred and seven pounds and fifty seven pence, that's right £281,607.57.

The ginormous fine resulted from Islington Council applying for  a confiscation order under the Proceeds of Crime Act. It's the first time they have used this in the case of a landlord and means that they could reclaim money obtained by illegally renting out unauthorised units. 

The case follows years of Kohal ignoring council enforcement notices. The first notice was issued in 2009 regarding the rear section of a property at 201 Hornsey Road. The property had been converted by Kohali into what were described as six 'tiny' flats, despite the property only having planning consent to be used for storage.

Although the council's notices insisted Kohali should stop renting out the flats, and to take out all the bathrooms and kitchens, the landlord continued renting them out as residential. During this period Kohali lost an appeal with the Planning Inspectorate.

Kohali's admitted in Blackfriars Crown Court that he had failed to comply with an enforcement notice, contrary to s. 179 of the Town and Country Planning Act.

The Judge has given Kohali three months to pay or be faced with a custodial sentence.

The flats have now been removed from the outbuilding.

Cllr James Murray, from Islington council's housing and development, said:
"We want to make sure people have decent places to live - not places like these six small, sub-standard flats crammed into an outbuilding. The owner's decision to cram in these flats was done without planning permission, and our requests to comply with an enforcement notice were repeatedly ignored.”
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Tuesday, November 11, 2014

Leicester HMO landlord fined £16,000

Leicester City Council has reported that landlord, Munir Nathanie has been fined over £16,000 for breaching eight licensing conditions at a HMO (House in Multiple Occupation) property he manages. 

Alongside a £2,000 fine applied to each of the eight breaches, Nathanie was ordered to pay £2,037 in prosecution costs and a £120 victim surcharge.

The issues at the HMO in Leicester came to light following a complaint of one of the seven tenants. On inspection of the property, eight breeches of HMO regulation were found, including a faulty fire alarm system, unsafe electrics and a poorly maintained fire escape.

The city's assistant mayor for neighbourhood services, Cllr Sarah Russell, said:

 “These licensing conditions and regulations exist to ensure that tenants are safe, and we take it seriously when landlords like this don’t comply with them.”
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BTL loans up 15% year on year

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Demand for PRS property set to grow and grow

The credit crunch, stricter lending regulation and rising house price continues to evolve the make up of the UK residential property market.

A generational divide will see continued growth in private renting, as both the under 35s, and the 35-49 year olds increasingly become a 'generation rent according to Savill research forecasts.

In their new bit of research,  The Shifting Sands of Homeownership, Savill's forecasts that the UK's 35-49 year olds will require an additional 483,000 more homes to rent in England & Wales by 2019.

So landlords, you need to get buying - your country needs you!

Central London increasingly demolished

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Rent arrears fall say LSL


The latest LSL property services data on rent arrears shows a drop in those tenants severely behind on rent.
This comes as a surprise to me, I thought with QE and downward pressure on wages, households would be tiptoeing the tight rope of financial ruin - apparently not.
  • In the past year the number of tenants severely behind on rental payments has fallen by 9%.
  • 98.6% of private sector tenants are not in significant rent arrears 
  • Court order evictions have dropped 16% in latest quarter 
  • The number of UK households two months behind on rent or more is now  65,200  compared to 71,700 in Q3 2013. 

Rents rise to record high



The average rent in England and Wales now stands at a record of over £650 according to the Rentindex.  This is a rise of almost 7% over the last 6 months (this includes seasonal factors).  Over the year the rents now stand at 2.7% the level at this time last year which is a full 1.5% above the current inflation level of 1.2%.

The total value of rents was £44.8bn in the year to June – up 5.5 per cent on a year ago and equivalent to nearly half the UK’s total annual household expenditure on food.

A word of caution we are now entering a seasonal period of rent deflation as landlords fight to get a tenant in to their rental property rather than going for top dollar preferring instead to avoid the void. 

This historically continues until the spring when landlords recover their nerve.

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Monday, November 10, 2014

New BTL from Hanley Economic

Property Hawk Mortgages has launched a new exclusive buy-to-let mortgage with Hanley Economic Building Society. The initial rate is a 3.90% two year discount (1.29% off the lender’s SVR) and it is available up to 80% LTV. There is no booking fee and no lender completion fee.

Andy Young at Property Hawk Mortgages said:

“We are delighted to launch this excellent buy-to-let exclusive with Hanley Economic. The new product, a 3.90% two year discount, is highly competitive in the 80% LTV bracket especially as it has no completion fee, which will make it very attractive to landlords.

”As the buy-to-let mortgage market has continued to expand in 2014, there is more competition among lenders. This has resulted in lower rates and higher lending levels. We continue to work closely with Hanley Economic on their buy-to-let product design, to ensure that their rates are at the forefront of the market.’

Rob Hassall, Business Development Manager at Hanley Economic Building Society, said:

“Hanley Economic is committed to providing market-leading products in the buy-to-let mortgage market by taking a targeted approach to its product design. This means looking closely at the current marketplace to ascertain the needs of landlords. 

“Buy-to-let property investors often like to employ higher gearing in their property portfolios and higher LTV products can help to address this aim. In addition to this, high completion fees can be off-putting, so we are confident that this new product, with no completion fee will be popular among landlords."

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Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446

The most popular BTL mortgages

Max LTV Initial Rate Term Completion fee Booking fee Incentives Lender
85% 4.99% Fixed 2 Years 3% £130.00 No Kent Reliance Semi Exclusive
85% 5.49% Discount 2 Years 3% £130.00 No Kent Reliance Multi Let & Ltd Co. Semi Exclusive
80% 3.99% Fixed 2016-12-31 £2495 £150.00 Free valuation Mortgage Trust Exclusive
80% 4.99% Fixed 2016-12-31 0% £150.00 Free valuation Mortgage Trust Exclusive
80% 3.9% Discount 2 Years 0% £0.00 No Hanley Economic Exclusive
75% 2.39% Fixed 2016-12-31 2.5% £150.00 Free valuation Mortgage Trust Exclusive
75% 3.79% Fixed 2016-12-31 0% £150.00 Free valuation Mortgage Trust Exclusive
75% 2.5% Discount 2 Years £1995 £250.00 One free Valuation on properties valued up to £1,000,000 Hinckley & Rugby Exclusive
75% 5.39% Variable 0 Years 2.5% £0.00 No Saffron Light Refurbishment
70% 2.5% Fixed 2016-11-30 £2495 £245.00 Free valuation (maximum of £781 for properties up to £1,000,000) and free legals for remortgages. Skipton Exclusive
65% 2.99% Fixed 2017-01-31 £1995 £150.00 Free valuation Mortgage Trust Exclusive
65% 3.49% Fixed 2017-01-31 0% £150.00 Free valuation Mortgage Trust Exclusive
60% 2.45% Discount 2 Years £1950 £250.00 One free Valuation on properties valued up to £1,000,000 Hinckley & Rugby Exclusive
60% 2.25% Fixed 2016-11-30 £2495 £245.00 Free valuation (maximum of £781 up to property value of £1,000,000)and free legals for remortgages. Skipton Exclusive
IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  Please check our website regularly to see the most up-to-date products available. 

 
Search the whole BTL mortgage market free
 

Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
Your home may be repossessed if you do not keep up repayments on your mortgages.  
The Financial Services Authority does not regulate some forms of mortgage.

Impact of Labours mansion tax on prime property

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Accidental landlords to face stress tests

A new piece of EU legislation, the European Mortgage Credit Directive is continuing to cause confusion in the UK mortgage industry.

The industry are still unsure quite how the new legislation will impact on the UK's community of 'accidental landlords'. 

This week the Council of Mortgage Lenders went to the Treasury and the financial regulator, the Financial Conduct Authority (FCA), to ask for them to speak with the EU to help clear up the uncertainty. 

The fear is, this new piece of European legislation will prevent "accidental landlords" from securing a mortgage on their second property. If a lender perceives them not to be a 'professional' landlord, they will instead, by default, be classed as a 'consumer' and therefore may will not be eligible for a Buy to let mortgage product.

The line defining who is n'accidental landlord' and who isn't is also blurred, but put simply an 'accidental landlord' is someone who has become a landlord through circumstance, usually because they have not being able to sell their residential property, and not because they purchased the property with the intention of renting it out from the offset. 

Those properties that have not been occupied at any time by the borrower or a family member should definitely not be effected by the changes.

Those landlords that are classified as 'accidental' could find the new EU regulations proposed to come in this April impacting significantly on the type of lending available to them. Any loan on a second property, unlike BTL loans, could be liable to all the same financial stress tests and restrictions that are face on residential mortgages, even though the property is to be rented out to tenants.

This could be result in the death of the 'accidental landlord'.

Buy-to-let to hit a Trillion pounds by 2015

UK buy-to-let properties are estimated to hit £1 trillion pounds by mid 2015 according to latest figures released by Kent Reliance.

The value of the private rental sector (PRS) has expanded by £302bn thanks to a boom in London house prices.

London accounts for 41% of the total value of the PRS. Landlord housing assets are now 3.5 times the level that they stood at as recently as 2001.

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Thursday, November 06, 2014

Cameron's impact on the private rented sector

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Installing Smart Meters to a rental property

Energy saving has become a big issue over the last couple of decades, alongside concerns over the environment, the austere economic climate has left many tenants needing to save on their bills.

Though helping to save your tenant money is not the direct responsibility of a landlord, helping your tenant budget their finances can be no bad thing.

Over the years, I’ve had a number of tenants come to me for advice on how to balance their personal finances, and I’ve been happy to give them help and guidance. Many tenants are young and often financially naive, by offering my guidance and steer them away form financial difficulties, I have kept the rent getting paid.

So anything that can help tenants reduce their bills is only going to reduce the chance of missed rent payments. One way to help is to reduce their energy consumption.

What are smart meters?

The government is due to facilitate a project to install smart meters in properties across the country.

Smart meters let people see exactly how much energy they’re using and how much it will cost. An easy-to-read display, helps people better moderate their energy consumption.

Why now?

When it comes to energy consumption, technology is really lagging behind when compared to other sectors. So many homes in the UK have their energy meters hidden in a cupboard underneath the stairs and are rarely, if ever, looked at. Smart meters provide a much more effective solution at showing how much energy is being used.

They do away with estimated readings as the information from the smart meter will be sent straight back to the supplier, meaning a tenant will only pay for the gas and electric that they’ve actually used.

How to get a smart meter?

Landlords could get a meter installed when a property is in between lets, or as I’ve been doing, encouraging new tenants to contact their gas and electric supplier to ask for one to be installed.

Smart meters are still a fairly new technology and whilst the aim is to get them in every house in the UK, not every property is currently eligible to get one so it will depend on the supplier.

Who will install it?

Smart meters are installed by the energy supplier, they will explain how they work. The display monitor is best placed somewhere where it will be easy to check. Often kitchens are the best place as they usually have a good number of outlets in different places, and often function as a home “hub.”

Will they really make a difference?

A recent ONS (Office for National Statistics) report showed that in 2012, the average British household spent an average of £106 a month on energy bills. This was up by 55% compared to 2002 stats, even after adjusting for inflation. What’s most alarming is that energy consumption actually fell in this period.

Other than rent and mortgage payments, energy bills are often a tenants biggest monthly monetary obligation. The better a tenant can budget, the less likely they are to find themselves struggling with their finances.

Though smart meters won’t automatically cut down a tenants energy consumption, it will at least give them a better idea of how much they’re spending on energy consumption on a day-to-day basis, and therefore help them better budget for other costs, such as paying the rent.

Halifax house price index for October

Halifax's latest house price index has recorded a surprise fall. Prices fell 0.4% in October from September's figure. The average home is now worth £186,135.

Their housing economist,  Martin Elliss said:

"House prices in the three months to October were 0.8% higher than in the preceding three months. This was the third consecutive decline in the quarterly rate of increase and the smallest rise since December 2012. Annual price growth in the three months to October slowed to 8.8% from 9.6% in September. Activity continues to decline with mortgage approvals in September falling for the third successive month to a 14 month low, whilst home sales are at their lowest level since October 2013. The associated weakening in demand has brought supply and demand into better balance.
“The economy is, however, continuing to grow at a healthy pace and employment is still rising. These
factors should support housing demand over the coming months. However, while the chances of an
imminent interest rate hike may have receded, a recent Halifax survey found that many borrowers are
concerned about the impact a rise could have on their monthly mortgage repayments over the next 12
months. This concern is likely to curb buying intentions."

Download October's 2014 Halifax House Price Index report for

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Brown's impact on the private rented sector

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Blair's impact on the Private Rented Sector

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