Brits snobs about renting

Why are we Brits such snobs about renting? http://t.co/tSNJeR7fjl
— Telegraph Property (@TeleProperty) February 27, 2015

Legal and General enter PRS

Legal and General Group PLC has jumped into the UK private rental sector with the purchase of a £25m regeneration site in Walthamstow.

The multi-national's investment arm, Legal & General Capital is planning to build 300 flats to let out. 

Laura Mason, director of investments at Legal & General Capital commented -

“The UK has a chronic shortage of housing. Today’s investment and our future plans for the PRS should help address the structural issues which have contributed to the shortage. We view investments over 30 or more years and are using our long term capital to change the way the UK housing market is financed. This will be the first of many PRS deals for LGC”

This is the first investment of  a £1 billion strategy the company is planning for UK build to lets and will be built and managed by Legal & General Property, on behalf of LGC.

Expect to more large corporations to enter PRS soon.

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LBTT affect on Scottish property

How could #LBTT affect the Scottish property market in 2015 and beyond? New Savills analysis: http://t.co/0c0Rkn3hjT pic.twitter.com/p7Ho8qKoSL

— Savills (@Savills) February 26, 2015

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English Housing Survey 2013-14

The latest English Housing Survey has been published by the Department of Communities and Local Government.

• In brief, the key observations from the English Housing Survey 2013-14 are -
• For the first time, the proportion of  outright owners was greater than owners with a mortgage.
• The breakdown of the 22.6 million households in England were 33% owned outright, 31% held a mortgage, 19% were renting privately and 17% were renting social housing. 
• 48% of 25-34 year old households rented privately, with owner occupation in this age group dropping from 59% to 36% over the course of the past ten years. 
• Average weekly private rents were £281 in London and £145 outside of London, and average weekly social rents in London were £125 compared to £87 outside London. 
• Working households receiving housing benefit increased to 14%. 
• Damp problems were more likely to be found in private rented dwellings than social rented or owner occupied dwellings. 
• A million homes were estimated to have problems with damp, a drop from 2.6 million homes in 1996. 

The pdf of the English Housing Survey 2013-14

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London affordable rent hits £1,000

'Affordable rent' in London hits £1,000 per month on new builds http://t.co/8BlzuGbV2B
— housinglaw (@housinglaw) February 26, 2015

 

South West Landlord Expo

Landlord Expo – 12 March 2015

The Landlord Expo is the largest landlord event in the South West with over 90 exhibitors from letting agents, financial experts, trades people and suppliers and is sponsored by Andrews Letting Agents.
 

The event aims to provide landlords with all they 'need to know’. 

Now in its 15th year, the event provides information stands, seminars and demonstrations and is aimed at anyone who already is a landlord or letting agent, or considering entering the private rental market. 

The rolling programme of free seminars include the topics

• Deposit protection good practice
• Tax issues for landlords
• Funding for energy efficiency measures
• Using finance to grow your portfolio 
• Recovering rent arrears
• Fire safety responsibilities 

All seminars are free to attend and don’t require pre-booking.

The Landlord Expo is taking place on Thursday 12 March in Exhibition and Conference Centre at the University of the West of England, Bristol

Free entry, free parking, and free refreshments

To find out more, visit www.landlordexpo.co.uk or contact the Expo organisers on 0117 352 1853

You can also follow the event on Twitter [@LandlordExpo1]

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Most popular BTL mortgages

Max LTV	Initial Rate	Term	Completion fee	Booking fee	Incentives	Lender
85%	4.99% Fixed	2 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.19% Fixed	5 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.09% Discount	2 Years	2%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
80%	5.39% Variable	0 Years	2%	£0.00	No	Saffron Light Refurbishment
80%	3.79% Fixed	2017-04-30	£2495	£150.00	Free valuation	Mortgage Trust Exclusive
80%	4.25% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.5% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	2.75% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	4.69% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
75%	5.39% Variable	0 Years	2.5%	£0.00	No	Saffron Light Refurbishment
75%	2.25% Fixed	2017-04-30	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	3.5% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	4.39% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Semi 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.

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New BTL range from Kent Reliance

Kent Reliance has made changes to its buy-to-let mortgage range - available via Property Hawk Mortgages

• Reduced rates and fees
• Up to 85% loan-to-value
• New 5 year fixed rates with 110% rental calculation at pay rate

For full details, please contact the Support Team on 029 2069 5446.

Or use the free buy-to-let mortgage finder

UK cities house price recovery

Jan 2015 #ukcitiesindex data out now. 2 tier housing recovery continues http://t.co/9C6QKhwBPb #ukhousing pic.twitter.com/RmTLkwUcjd
— Hometrack (@HometrackGlobal) February 20, 2015

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Scottish rent rise is off the pace

Scottish rents are up by 1.3% over the last 12 months according to data from Your Move's Scotland Buy to Let Index.

Your Moves figures show that average rent in Scotland grew at half the rate of rents in England and Wales where the average growth was 2.8%.

The average Scottish rent is now £536 per month. 

Brian Moran, director at Your Move commented.

‘Despite snowballing demand for homes to let, the private rented sector has managed to shelter tenants from the worst extremes of rent inflation, and rents have navigated an affordable route broadly trailing inflation.’ 

Read Your Move's Scotland Buy to Let Index for January 2015

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Resposibility for repair & maintenance

Who is responsibility for the repair and maintenance of the buy-to-let property?

We look at the primacy of the tenancy agreement in setting out the responsibility for repairs and distinguish between the repair and improvement of a rental property.

We look at what the term repair covers in the terms of the tenancy agreement and what standards of repair are required under section 11 of the Landlord and tenant act.

Landlord insurance - expert brokers - online quotes

Ask the Property Ombudsman Q & A

Ask the Ombudsman: Live Lettings Q&A 12noon today @tsi_uk @arla_uk @NALScheme @GuildofLetting @CommunitiesUK #tsicodes

— Property Ombudsman (@TPOmb) February 25, 2015

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Universal Credit latest progress report

Despite Ian Duncan Smith's best efforts, just 18,000 claimants were paid using Universal Credit prior to October 2014 according to a damning report from the Public Accounts Committee.

The Public Accounts Committee chair, Labour MP Margaret Hodge, commented 

"The Department for Work and Pensions has spent £700 million on Universal Credit since the programme began in 2010. However, very little progress has been achieved on the front line. Fewer than 18,000 people were claiming Universal Credit by October 2014, out of around seven million expected in the longer term – just 0.3% of the eligible population.

We hope the Department’s expectation that this number will rise significantly by February 2016 proves to be accurate."

Read the Public Accounts - Universal Credit Progress Report Feb 2015

Unsurprisingly, the government still insists the roll out of Universal Credit was 'making good progress'...

Read more comment on the PAC's assessment of the Universal Credit rollout in the Financial Times

Read more comment on the PAC's report on the Universal Credit roll out in the BBC


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Rent - why it pays not to be greedy

How much rent should you charge? The latest figures from the rent-index indicate that the average rent in the UK is £637.

We always want to get top dollar....of course we do. We work hard to bring our buy-to-let to the rental market and then maintain it in a lettable condition.

Here's an article though that puts the case that it also pays sometimes, not to be greedy on the rent.

Landlord insurance - professional rates -  online cover

Judicial review asked for Rotherham licensing

The National Landlords Association has confirmed they have written to the government asking for a judicial review of Rotherham Council's plans to introduce a selective landlord licensing scheme. 

The landlord licensing scheme was set to begin in May inin four areas of the town -Eastwood, Masbrough, Dinnington and Maltby South East.

Dave Richmond, Rotherham Borough Council's director of housing and neighbourhoods commented 

"The authority has received the initial documentation notifying us of a potential legal challenge from the Rotherham Action Group and this is now being considered by our legal department."

Read more on the council's website - Rotherham Councils Selective Licensing Scheme

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Shift to private rentals

Shift to private rentals from social tenancies pre-dates Govt http://t.co/kvuwLJl8vz @jrf_uk #ge2015 hub pic.twitter.com/tVTFlnQU1e
— Joseph Rowntree Fdn. (@jrf_uk) February 23, 2015

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Landlord task force has never met

A Government task force to help councils with problem landlords has not met once according to reports in the Independent over the weekend.  

The task force had been initiated to build on the work of a previous task force to tackle so called beds in sheds rentals where 'dodgy' landlords were renting out illegally garages and outbuildings often to migrant workers.

When questioned in Parliament Housing Minister Brandon Lewis admitted that the new task force had not met once since being established in 2012.

Landlord insurance - professional rates - online cover

Liverpool's licensing scheme hits town

Liverpool's city-wide compulsory landlord licence scheme has been introduced.

Starting from the 1st of April ( not a joke ) all of Liverpool's private residential landlords will be required to obtain a licence to legally rent out a property.

Licences will cost £400 for a landlord with a single rental property, and then an additional £350 for each property a landlord owns after that. Licences are valid for a period of five years.

Before a landlord is awarded a licence they must first prove they are a 'fit a proper' person. A landlords will  have any past convictions checked through before a licence is granted. The council have not yet explained if any other tests will be done. (possibly a landlord will be required to remain polite and courteous whilst a council officer leads them on a short jog followed by a set of press ups...)
Rental properties will be inspected to check they meet  health and safety guidelines and the exterior of a property needs to be kept in a 'good state of repair' and the landlords need to help deal with any incidents of  anti-social behaviour made by their tenants.

Any Liverpool landlords who do not register for the licensing scheme by April 1st 2015 will face additional administration fee and possible prosecution.



Read the list of exemptions from the Liverpool landlord licensing scheme.


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Landlords to lose LESA tax break in April

Landlords are to lose the £1500 in tax breaks in by 6th April when the Landlord Energy Saving Allowance (LESA) comes to an end in the current tax year. The allowance allows landlords to make a number of deductions for expenditure for the following items of expenditure:

• cavity wall and loft insulation
• solid wall insulation
• draught-proofing
• hot water system insulation
• floor insulation

The tax breaks are available through your self assessment return but obviously will have to be at least invoiced by the start of the tax year so landlords get insulating before it's too late.

Landlord insurance - cover options - professional rates

The London new build property crash

The train crash waiting to happen in new-build property http://t.co/uPTbq6jnwO pic.twitter.com/8NNj9Qurmj
— MoneyWeek (@MoneyWeek) February 18, 2015

Fair wear and tear on a rental property

Our guide for landlords calculating the Fair Wear and Tear on a rental property.

#disputetips 3) In order to increase the chances of a successful claim, make sure you account for fair wear & tear
— The DPS (@The_DPS) February 18, 2015

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Savills property growth forecast for 2015

Stronger than forecast capital value growth for all UK property sectors in 2014 - find out what's in store for 2015: http://t.co/4tpBehtomU
— Savills (@Savills) February 18, 2015

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Universal Credit roll out gathers pace

The roll out of Universal Credit continues. 

Here's a batch of new JobCentres joining the list.

• Clevedon 
• Dingwall
• Fort William
• Fulham
• Hartlepool
• Invergordon
• Northallerton 
• Portree
• Ryedale 
• Shepherds Bush
• Skipton 
• Swindon
• Weston Super Mare 
• Wick 
• York Monkgate
• York Stonebow

Read more on the Job Centres now issuing Universal Credit 

ONS December 2014 House Price Data

The ONS have published their house price data for December 2014.

They observed these key points -

• UK house prices increased by 9.8% during 2014.
• With 2014 growth rates of 10.2% in England, 4.0% in Wales, 5.5% in Scotland and 4.9% in Northern Ireland. 
• Best performing English regions were London with 13.3%,  South East (11.5%) and the East (11.4%).
• Excluding the South East, UK house prices increased by 7.4% in the 12 months to December 2014.

If you want every microscopic detail at the ONS December 2014 House Price Index to download the pdf report and the full data sheets.

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February House Price up 2.1%

Rightmove report a 2.1% in average UK asking prices in February.

The portal makes these key points about the market data -

• Decades of inadequate provision of homes to satisfy demand are having an increasing effect, with a tight-stock market resulting in a shortage of quality property to trade up to:
• Average price of property coming to market up by over £5,000 this month (+£5,729/+2.1%), with all regions reporting uplifts
• Increase in demand for property continues with busiest ever January site traffic on Rightmove
• 31% increase in housing transactions in last two years in England and Wales, outstripping 11% rise in number of properties coming to market in same period
• Some agents reporting lowest ever stock of quality property for sale, as lower owner-occupation, buy-to-let investors not selling, and owners’ reluctance to ‘sell before you find’ contribute to a 4% fall in new seller numbers compared to same period in 2014
• Different tactics required for a successful move in a tight-stock market

Rightmove's February 2015 House Price Index 

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CML record a strong December for BTL

The latest Council of Mortgage Lending data for December 2014 show that BTL is still on the up.

The CML recorded 17,300 BTL mortgage advances in December 2014.

The total value of BTL loans in December 2014 were £2.5billion. 

An increase of 20% on volume and 32% on values compared with December 2013's numbers.

BTL lending total for 2014
 

December figures bring the years totals for BTL lending to 197,700 loans, valued at £27.4 billion of lending.  BTL purchases totalled 100,100 loans and remortgages totalled 96,020. 

Compared to 2013's BTL lending total this is an increase of 23% by volume and 32% by value. 

Search the whole BTL mortgage market free

Claimants doubt universal credit's simplicity

Four in 10 claimants doubt simplicity of universal credit: Four in ten universal credit claimants do not think... http://t.co/2Q60VEOh2k
— Inside Housing (@insidehousing) February 17, 2015

This weeks 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%	5.39% Variable	0 Years	2%	£0.00	No	Saffron Light Refurbishment
80%	3.79% Fixed	2017-04-30	£2495	£150.00	Free valuation	Mortgage Trust Exclusive
80%	4.25% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.5% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	2.75% Discount	2 Years	0%	£0.00	No	Hanley Economic 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
75%	2.25% Fixed	2017-04-30	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	3.5% Fixed	2017-04-30	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

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

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5 tips to avoid bad tenants

Here are a few top tips for avoiding tenants from hell.  Once you have a bad tenant then non-payment of rent becomes a huge issue so you need to avoid these bad tenants in the first place. So this is what you need to do:

1. Always do extensive tenant referencing by thoroughly vetting your tenants
2. Watched out for forged and fake tenant references and faked tenant ID such as passports or driving licences. Are the tenants really who they say they are.  Make sure you cross check the information.
3. Double check the tenants ID phone work and go through the switchboard rather than using a direct line this way you have the certainty of matching up the person to the name and ensuring that they really do work where the tenant says they do.  It may be you will get the switchboard saying 'oh no they have left the company' or 'we have nobody of this name working here'.
4. Always make sure you insist on seeing the tenants last 6 months of bank statements.  This will give you a unique insight into how they conduct their finances including whether they really have been paying the rent on their last rental property.  Despite what the last landlord might have said in his tenant reference (could they possibly be trying to get rid of their nightmare tenant to some other poor unsuspecting landlord).
5. When you meet the tenants are they on time for their appointment, do they seem organised and responsible.  If they are late for the viewing do they apologise.  I'm a great believer in the 'face to face'.  I think you can tell a lot about the character of tenant my meeting the tenant personally and don't ignore your landlord senses!

Here is more advice on getting great tenants.
If in doubt make sure you get a tenant guarantor

Landlord insurance - professional rates - online quotes

New BTL mortgage range from Fleet

We have a new range of buy-to-let mortgages with Fleet Mortgages.

Fleet Mortgages is a specialist buy-to-let lender offering mortgages designed to fit the needs of landlords. With three separate product ranges for Individuals, HMOs and Limited Companies these could be an excellent choice for your landlord clients.

Product range highlights include:

• Individual 2.69% 2 year fixed rate up to 65% LTV
• Individual 3.09% 2 year fixed rate up to 75% LTV
• Limited company 4.19% 2 year fixed rate up to 75% LTV
• Limited company 3.81% lifetime LIBOR tracker up to 65% LTV
• HMO 5.29% 5 year fixed rate up to 75% LTV
• HMO 4.56% lifetime LIBOR tracker up to 75% LTV 

Criteria highlights include:

• Up to 80% LTV available
• Limited company
• Portfolio landlords
• HMOs
• Freehold blocks
• Multiple tenancies

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.

Smoke alarms in rental properties

Fire Chiefs have again called for all landlords to install smoke alarms in all rental properties.

Currently they are only legally required in HMO properties. The current guidelines on fire safety in rental properties make no requirement for the general provision of a fire alarm. However, a law was proposed last year by Shadow Environment Minister Nick Raynsford calling for the mandatory installation of a fire alarm in all privately rented properties.

Chair of the LGA's fire services management committee, Cllr Jeremy Hilton, said:

 ‘Many people will be shocked that most landlords are not obliged to install smoke alarms. The current laws are outdated and inadequate - and without question lives are being put at risk.' 
'While the majority of private landlords are reputable and voluntarily install alarms, there are a small minority who don't, needlessly putting lives at risk. They have a duty of care to ensure their tenants are safe. This is why we are calling on the Government to enact the law and ensure all private landlords install smoke alarms - and save hundreds of lives every year. '

Property Hawks view 

In our view smoke alarms are a good thing but their are two flaws in making this requirement mandatory.

1. Home owners are not legally responsible for having a fire alarm in their property. There are far more home owners than landlords and any government that is serious about reducing fatalities through fire should act equally for both sets of home owners.
2. Tenants are quite able to install their own fire alarms if they require them. A battery operated fire alarm costs a few pounds and take moments to put up. Why should it fall to a buy-to-let landlord to carry out the work and then have the added legal responsibility of ensuring that they are maintained.

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Landlords forced to go green

Landlords are soon to be projected into the vanguard of saving the environment as proposals from the Energy Act 2011 come into force. 

The Energy Act introduced the much maligned Green Deal for landlords which most commentators have hailed to be a disappointing failure.

Landlords face a legal requirement by 2018

From April 2018, landlords will be legally required to raise the energy efficiency of rental properties to at least "Band E" levels of energy efficiency. Estimates are that this will involve significant work to over 450,000 properties which currently fall into bands F & G to bring them up to the higher standards.

A DECC spokesman said: "There will be no upfront costs to landlords so it’s not going to cost them thousands. Landlords can obtain money through the Green deal, eco or other subsidies so they don’t lay out money upfront. Depending on what improvements the property needs would also determine how much it will cost."

Landlord Energy Saving Allowance (LESA) ends 2015 

Will extra costs stack up for landlords?

The reality is that these works could cost landlords thousands of pounds for additional insulation and new boilers amongst other measures.  Many landlords remain unconvinced that the thousands of pounds of investment will ever be recouped in the capital value of their buy-to-let property. 

These expensive works will generally only result in small efficiency savings and reduction of energy bills by tens of pounds and therefore are uneconomic in all but the very long-term.  Tenant groups argue that tenants foot the cost of higher bills and are unable to act because the insulation and the energy efficiency of the boiler is a landlords responsibility. 

Who's right?

RICS survey for Jan 2015

The Royal Institute of Chartered Surveyors have published their UK Residential Market Survey for January 2015.

Scotland and Northern Ireland have faired best with surveyor sentiment. Both countries experienced strong growth in buyer enquiries, prices and forecasts, whereas England, particularly the London property market have continued to see a deterioration in surveyor confidence. London seeing a further drop off in prices and buyer enquiries. 

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B of E warn of impending rate rise

Bank of England warning over impending interest rate rise http://t.co/JZfhi4e19V

— Guardian news (@guardiannews) February 12, 2015

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CML see drop in repossessions

According to Council of Mortgage Lenders data UK residential property repossessions are at a nine-year low.

The CML report that 2014 saw a total of 21,000 repossessions, 26 % less than 2013 which recorded 28,900.

Of the 21,000 properties repossessed in 2014 just 4,900 were BTLs.

The report also showed a fall in mortgage arrears to its lowest rate since 2006, with just 1.05 of all mortgages in arrears.

Paul Smee, CML director general, commented

“No-one should be lulled into a false sense of security that the current low interest rates we are experiencing will last forever, though. Rules are in place to ensure lenders assess future affordability, but these are not a substitute for careful borrowing.”

Read the Council of Mortgage Lenders Repossession Report for 2014

Take advantage of our discounted landlord insurance rates

This weeks 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%	5.39% Variable	0 Years	2%	£0.00	No	Saffron Light Refurbishment
80%	3.79% Fixed	2017-04-30	£2495	£150.00	Free valuation	Mortgage Trust Exclusive
80%	4.25% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.5% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	2.75% Discount	2 Years	0%	£0.00	No	Hanley Economic 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
75%	2.25% Fixed	2017-04-30	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	3.5% Fixed	2017-04-30	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

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.

---

Flipping Battersea power station flats

Investors flipping Battersea Power Station flats that are not even built yet for £150,000 http://t.co/cyKGke9LOj pic.twitter.com/rUbKICMttC
— Telegraph Property (@TeleProperty) February 12, 2015

Take advantage of our discounted landlord insurance rates

Renting Homes (Wales) Bill Introduced

Lesley Griffiths, Minister for Communities and Tackling Poverty has introduced the Renting Homes (Wales) Bill to the Welsh National Assembly.

The bill, introduced by the Minister on Monday 9th February 2015, is now set to proceed through the Welsh National Assembly's legislative process with the aim of achieving its Royal Assent by early 2016.

If this Bill is passed it will replace existing housing law in Wales with a new legal framework.

Griffiths hopes the bill will -

• Give tenants ‘easy-to-understand’ written contracts by letting agents or landlords. 
• Stop landlords from making ‘revenge evictions’. 
• Bring greater powers to evict domestic abusers without affecting others living at a property. 
• Provide greater flexibility for landlords to offer short-term tenancies 
• Give better rights to 16 and 17-year-olds renting a property. 

Read in detail the pdf copy with the Explanatory Notes for the Renting Homes (Wales) Bill

Read more on the status and detail of the Renting Homes (Wales) Bill and the pdf doc, on Welsh Assembly's housing aims - Homes for Wales - November Bulletin

Introduction of new Welsh tenancy agreements

A significant part of these proposals are the creation of two new types of rental contract in Wales.

One for 'social housing' and another for the 'private rented sector.

• A “secure contract” similar to the current secure tenancy issued by local authorities. This “secure contract” would be used by landlords providing “social housing” (local authorities and registered social landlords) creating a “single social tenancy” 
• A “standard contract” modeled on the assured short hold tenancy that is used mainly in the private rented sector. An assured shorthold tenancy will result in a minimum notice period of two months.

Read further comment on the Renting Homes (Wales) Bill in Walesonline
Read further comment on the Renting Homes (Wales) Bill from BBCWales

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Political party's property election pledges

Our pre-#Election2015 matrix looks at housing promises from @Conservatives @labour @LibDems @UKIP & @TheGreenParty pic.twitter.com/A0NMZGQQa7

— Knight Frank (@knightfrank) February 10, 2015

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BTL mortgage rates hit new low

BTL mortgage rates are at their lowest ever level according to Moneyfacts data.

The average BTL mortgage rate now stands at just 3.82 %, down from 4.22 % a year ago, and compared to a 4.68 % rate back in February 2013, and 5.03 % in Feb 2012. 

The average BTL variable rate has also dropped to low. This now stands at 3.63 %, compared to 4.17 % in Feb 2014,  4.43 % in Feb 2013, and 4.46 % in Feb 2012 three year’s ago.

Moneyfacts says the low rates are a result of a thriving BTL lending market. 

The number of BTL products available have risen from 757 to 811.

BTL lenders are also becoming less cautious with their lending criteria with an increasing proportion of products available at higher Loan to Values. The number of 75% LTV or higher deals have increased from 2,662 to 2.943 over the past 12 months.

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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.

Buy-to-let investors up 8%

The total number of buy-to-let investors has risen to a record 1.63m a rise of 8% over the year.

Net income to these residential investors reached £13.1 bn this is up 8% on the year previous from £12.1 bn. the capital growth recorded by residential property was more than 7% in 2014 and 16% for London property.

This compares to a miserly increase of 0.7% in the FTSE 100 over the same period.

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Landlord makes £300k mistake

Waltham Forest landlord, William Lao has described his five year battle with local authorities as 'a huge mistake' after been told to pay a total of £301,258 in legal costs and fines.

Lao, a landlord with a rental portfolio of sixteen properties around Leyton had added a number of unauthorised extensions and conversions of houses into flats without seeking any planning permission.

The landlord refused to respond to a series of Planning Enforcement Notices issued by the council and failed to return the properties back to their original state .

The sum of the costs were made up from £217,758 to repay in illegal earnings, £73,500 for seven Enforcement Notices that were ignored, £3,000 for breaches in Houses in Multiple Occupation regulations and £500 for a failure to disclose ownership.

The landlord now has six months to pay or will be sentenced to 30 months in jail.

All unauthorised building work will now be forcibly undone and demolished....

I agree Mr Lao, this was a rather 'huge mistake'.

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Deregulation Bill set to shake up London holiday lets

The new Deregulation Bill is set to shake up London's holiday let market.

Currently, homeowners in the capital require planning permission to let out their property for less than three months under 1973 legislation bought in by the Greater London Council. 

Eight London boroughs and a number of campaign groups have raised concerns. Some fear that blocks of residential flats will become more like hotels.

Ministers have answered concerns with a set of proposed restrictions as part of the new bill -

• Homeowners would only be able to rent out their property as a short-term let for up to 90 days a year. 
• A facility for town halls to ask in “exceptional circumstances” for the Secretary of State to agree to localised exemptions where there is a strong case to do so.
• Properties must be liable for council tax thus excluding business premises.
• Councils will be given the power to exempt properties that breach regulations.

Housing minister Brandon Lewis said -

“London is one of the world’s top holiday destinations. Draconian rules dating back 40 years prevent the capital’s homeowners from renting their properties to tourists.” 

It's all part of the Government's push for a more “sharing economy”.

Read more on the effects of Deregulation Bill on London holiday lets in the Evening Standard

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Landlords take £26.7 billion from taxpayers

Campaign group Generation Rent have accused landlords of taking £26.7billion a year from the UK taxpayers purse.

The figure is an estimated total, based on the £9.3 billion paid out in housing benefit, £1.69 billion given as tax relief for “wear-and-tear”, £6.63 billion of mortgage interest payments offset against tax and £9.06 billion of annual average capital gains.

Generation Rent are calling for a landlord levy of 22% on any rental income, which they believe would raise a figure in the region of £9.3 billion that they propose to be used to build 90,000 new council houses.

Alex Hilton of Generation Rent said:

“While renters have borne the brunt of austerity, landlords have enjoyed their own little economy the size of Morocco’s supported by subsidies from the UK taxpayer that could be better used fixing the housing crisis.”


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1.6 million landlords in the UK

According to HM Revenue & Customs records the  number of buy-to-let investors in the UK increased by 120,000 during 2014.

There are now 1.6 million UK landlords... and counting.

Yougov poll increasing BTL pension investment

A new Yougov study conducted alongside investment advisers, Old Mutual Wealth shows the trend for pensioners looking to BTL property to aid their retirements.

They recorded 11 percent of those approaching retirement are looking to buy a BTL property, this compares to the 6 percent of pensioners who currently own buy to lets.

This coming April's annuity reforms are expected to see a rush of pensioners moving their pension funds into BTL property.

Pensioner landlords could drive up house prices for first-time buyers http://t.co/BCAjA8CwPJ
— Telegraph Property (@TeleProperty) February 9, 2015

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Rent controls are not the answer

We all know that rent controls are not the answer to spiralling rents. Although they are only spiralling if you live in the South East. 

Any landlord outside this hallowed region will be asking - 'what rent increases?'

But regardless of the reality,  politicians seek to make hay out the disatisfaction of South Eastern renters caught up in  'generation rent'. 

The truth is, successive waves of politicians have not been able to crack the real problem - the fact that not enough houses are being built thanks to our restrictive planning rules. 

Planning rules are good in that they protect the interest of existing property owners, but not so good if you can't afford to be part of the homeowner club. 

Politicians have very carefully shied away from a straight up battle with the 'property owning classes', but Labour politicians in particular seem like they see votes in making a scape-goat out of the private rented sector and not face up to the real problem - that all politicians have been spineless to act in a more fundamental way through the relaxation of planning controls.

Have a look at this recent piece in Moneyweek for an examination of why rent controls may not solve the problems of the high costs of renting.

Liverpool investment with 10% yield

1-36 Delph Lane, Whiston, LIVERPOOL, L35 7JF

Freehold

Landlords looking to beefing up their property portfolio could have a gander at this investment in Liverpool.  Four blocks of apartments - all purpose built.   Check out the details below:

Description

• Four detached purpose built blocks
• 36 self contained flats (3 x one bedroom and 33 x two bedroom)
• Fully let
• Rent passing – £190,320 per annum
• 10.02% Gross Initial Yield
• Recently refurbished (2013)
• 25 un-allocated car parking spaces
• Situated next to Whiston Hospital
• For further information please see the property website

Tenancy

All apartments are let on Assured Shorthold Tenancy Agreements.

Price

Offers in excess of £1,900,000

Contact details

Anthony Hart
+44 (0)113 236 6677+44 (0)7825 516986 anthony.hart@allsop.co.uk
Vicky Bingham
+44 (0)113 236 6682 vicky.bingham@allsop.co.uk
Anthony Dixon
+44 (0)20 7344 2625 anthony.dixon@allsop.co.uk

Amended bill to stop revenge evictions

Amendments to the Deregulation Bill will limit the use of Section 21 Notices.

Although Sarah Teather's Tenancy Reform Bill failed to be carried last year, new clauses added to the Deregulation Bill will bring greater protections for tenants against 'revenge evictions'. 

If this new version of the Deregulation Bill is passed it would stop landlords from serving a no-fault ‘section 21’ eviction notice for 6 months following the issue of a local authority improvement notice, and provide the victims of revenge eviction a right of appeal.

Under the new clauses landlords would also be prevented from serving a valid section 21 notice before they have provided tenants the key information outlining their rights and responsibilities.

The amendments are to be debated in Parliament on 11th February.

Liberal Democrat Communities Minister Stephen Williams who has pushed forward with these amendments commented -

“We’re determined to create a bigger, better private rented sector – a key part of that is to tackle the minority of rogue landlords that blight the lives of their tenants.

“That’s why I’m proposing changes to the law that would outlaw so-called ‘revenge evictions’, so tenants don’t face the prospect of losing their home simply for asking that repairs be made.”

The amended Deregulation Bill document

Shelter have welcomed the amendments to the Deregulation Bill

LibDems back their Deregulation Bill amendments

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Halifax's HPI records a January jump

The Halifax House Price Index has recorded a surprise jump for January.

The bank's data showed a 2.0% rise between December and January.

Halifax's housing economist, Martin Ellis,  noted: 

“This bounce-back in house price growth in January coincides with reports of the first rise in mortgage approvals for six months in December. These improvements may indicate that the recent declines in mortgage rates, the reform of stamp duty and the first increases in real earnings for several years are providing a modest boost to the market. It is, however, too early to draw any firm conclusions."

"Housing demand should continue to be supported by an expanding economy, continuing low mortgage rates and a boost to households’ spending power resulting from lower consumer price inflation and reduced fuel bills. Nonetheless, we expect the overall downward trend in house price growth seen since last summer to continue over the coming months. Nationally, house prices are predicted to increase in a range of 3 to 5% in 2015 compared with 8% last year."

Download the Halifax January 2015 House Price Index

Read the Financial Times comment on Halifax Jan 2015 HPI

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Labour's housing election promises

Here are Labour's housing promises in short and sweet, bullet pointed clarity -

Labour will: ✓ Ban rip-off letting agents fees on tenants ✓ Introduce three-year stable tenancies that limit rent rises #GenerationRent
— The Labour Party (@UKLabour) February 3, 2015

Labour will: ✓ Get more homes built: 200,000 a year by 2020 ✓ Help more people onto the property ladder ✓ Give renters a fairer deal
— The Labour Party (@UKLabour) February 3, 2015

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RLA argue against rent controls

The Residential Landlord Association believe 3 out 5 landlords would leave the industry if rent controls were implemented on the Private Rented Sector.

The RLA Chairman, Alan Ward, warned 

“At a time when tenants need more choice over where they live, state-controlled rents would choke off supply, increase rents and reduce quality. It would be history repeating itself.”

The RLA Chairman defended the performance of the Private Rented Sector by referencing the most recent English Housing Survey. 

The survey's data showed up the contrast in performance, with the supposedly rent controlled social rented sector,  recording a  25% increase in average rent between 2008/09 and 2012/13, whereas Private Rented Sector rents over the same period rose by just 6.5%. 

“Rather than coming up with ideologically-driven ideas, proponents of rent controls need to address the root issues, namely the need to boost the supply of homes to rent.” concluded Mr Ward.

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A Labour win will hit landlords

A Labour win could hit landlords, tenants and homeowners #GE2015 http://t.co/oZ2trYcATd pic.twitter.com/YAz4cDf78f

— Telegraph Property (@TeleProperty) February 4, 2015

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Tips on avoiding rental voids

UK rental voids For landlords the biggest drag and drain on resources is always the curse of the rental void.

Luckily for landlords rental voids are near a historic low.

Classic tips on avoiding a rental void are:

1. Don't be greedy on the rent. Don't hold out on unrealistic rental demand. This is a classic mistake made many newbie landlords. The reality is that they will never get back the lost rent of a void.
2. Keep pushing the market - make sure you keep pushing your letting agent and look for other ways to market your property outside the big property portals for fee
3. Always make sure your rental property looks it's best before marketing it for letting. Tenants are easily put off and in an increasingly competitive market they won't come back
4. If the rental property starts to stick on the market consider using rental incentive like free sky

Having said all this NEVER EVER let to tenants who you are unsure about without the back up of rental guarantor. If the tenancy goes wrong a small rental void will pale into insignificance compared to the massive costs of getting possession of your rental property and the costs of getting your rental investment back on track.

Rent guarantee insurance - specialist brokers - internet rates

Knight Frank PRS Index for Q4 2014

UK Private Rented Sector Index shows marginal hardening in yields http://t.co/wgWsRpKocH by @ggilmorekf #Property pic.twitter.com/7UXCzznKoW
— Knight Frank (@knightfrank) February 3, 2015

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Most popular BTL mortgages this week

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%	5.39% Variable	0 Years	2%	£0.00	No	Saffron Light Refurbishment
80%	3.79% Fixed	2017-04-30	£2495	£150.00	Free valuation	Mortgage Trust Exclusive
80%	4.25% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.5% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	2.75% Discount	2 Years	0%	£0.00	No	Hanley Economic 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
75%	2.25% Fixed	2017-04-30	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	3.5% Fixed	2017-04-30	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

 

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.

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