Tuesday, June 30, 2015
Burnham to give powers to CPO slum landlords
This is nothing new. Councils already have substantial powers to CPO properties where it is in the public interest. They also have significant powers under the Empty Homes Premium to charge penal rates of Council Tax. Despite this a recent report by the BBC reports that many councils are not using this power, this includes many Labour Councils.
It appears yet again for a politician calling for more powers to act when the reality is that they are already there but remain unused.
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Monday, June 29, 2015
Saville Residential Property Focus 2015 – Issue 2
The report is tag lined as helping to explain the ' complexities of the built environment is vital in this post-election climate.'
NAEA reports rise in buyers
Supply of housing stocks remains low, increasing slightly to 46 properties per branch, up from 43 in April.
Knight Frank Prime Central London Index
Annual rental value growth in prime central London slowed to 3.4%.
Knight Frank put the slow down to high levels of supply hitting the market following pre-election uncertainty. The strong supply levels have enabled tenants a better negotiating position, forcing landlords to set more realistic asking rents in some areas.
Prime gross yields held steady at 2.96% for the second consecutive month.
Annual rental growth in Prime Central London eased in June according to our latest #PCL Index http://t.co/r38XBYtFoR pic.twitter.com/h3WG2NddBa
— Knight Frank (@knightfrank) June 29, 2015
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Over 1 million UK homes overcrowded
Over 1m houses in England & Wales overcrowded - 4x more likely in rented homes http://t.co/VlGdo76hRc #2011Census pic.twitter.com/afi1kmbc1h
— ONS (@ONS) June 19, 2015
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Saturday, June 27, 2015
A generation of pensioner landlords
Britain will have 'generation of pensioner landlords', experts predict http://t.co/gVClFfpLR9 pic.twitter.com/fZkjSgob0f
— Telegraph News (@TelegraphNews) June 24, 2015
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305 new student beds in Sheffield
Our #Leeds Planning Team has secured permission for 305 student beds in #Sheffield: http://t.co/Dk7aKJ7BkA
#DeloitteYNE
— Deloitte Real Estate (@DeloitteUK_RE) June 25, 2015
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Friday, June 26, 2015
UK population growth - ONS data
UK population up 0.77%, similar to population of Edinburgh. Full infographic here > http://t.co/GXhaSWlZvk pic.twitter.com/qebEU8G3ma
— ONS (@ONS) June 25, 2015
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Thursday, June 25, 2015
Should Right to Buy extend to landlords?
Should right to buy be extended to private landlords too? http://t.co/uAkHzylnRH pic.twitter.com/fjV4ow5hWO
— MoneyWeek (@MoneyWeek) June 25, 2015
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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% Fixed | 2017-08-31 | 2.5% | £150.00 | Free valuation | Mortgage Trust Exclusive |
80% | 3.25% Fixed | 2017-08-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
80% | 3.5% Discount | 2 Years | 0% | £0.00 | No | Hanley Economic Exclusive |
75% | 3.79% Fixed | 2 Years | 1.5% | £100.00 | No | Axis Bank |
75% | 4.59% Fixed | 5 Years | 1.5% | £100.00 | No | Axis Specialist |
75% | 3.99% Fixed | 2 Years | 2% | £125.00 | No | Foundation Prime |
75% | 2.4% Fixed | 2017-08-31 | 2.5% | £150.00 | Free valuation | Mortgage Trust Exclusive |
75% | 3.7% Fixed | 2017-08-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
70% | 4.99% Fixed | 2 Years | 2% | £125.00 | No | Foundation Light Adverse |
Please check our website regularly to see the most up-to-date products available.
The crossrail effect on house prices
The Crossrail effect: exclusive research shows house prices are soaring along Crossrail route
http://t.co/u9mcsymL35 pic.twitter.com/j2dcS8iUi3
— PropertyWeek (@PropertyWeek) June 25, 2015
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Gov push on with immigration checks
Under Section 20 to 37 of the Immigration Act 2014 it makes it compulsory for landlords to check the immigration status of new adult tenants, with a potential fine of £1000 per tenant and £80 per lodger if this is not done.
The six month period of the pilot scheme has concluded and although a Home Office Advisory Panel has not yet made its evaluation, David Cameron appears hell-bent on rolling the scheme out nationwide, stating on May 21st 2015 -
“For the first time we’ve had landlords checking whether their tenants are here legally. The Liberal Democrats only wanted us to run a pilot on that one. But now we’ve got a majority, we will roll it out nationwide, and we’ll change the rules so landlords can evict illegal immigrants more quickly.”
Wednesday, June 24, 2015
New bill to name landlords on Council Tax form
The Draft Local Government Finance (Tenure Information) Bill would give councils the power to obtain the landlords details on a property.
If a tenant refuses or is unable to identify their landlord a local authority would be enabled to seek the owners identity using Land Registry data.
MP Angela Watkinson believes the proposed bill has strong cross party support.
The UK has the highest rents in Europe
NHF data puts the average UK rent at £750 per household per month, compared to a European average of just £400.
The National Housing Federation claim the average UK tenant spends almost 40 per cent of their income on rent, whereas the average European tenant pays just 28 per cent.
David Orr, chief executive of the National Housing Federation commented:
UK private renters spend 40% of their pay on rent, well above the European average of 28%: http://t.co/DlkHUwG4Of pic.twitter.com/xV6ljVDpff
— National Housing Fed (@natfednews) June 24, 2015
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Tuesday, June 23, 2015
Should landlords lose tax breaks?
Should landlords lose buy-to-let tax breaks?... http://t.co/Xltolb2FsP
— This is Money (@thisismoney) June 22, 2015
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Owner occupation falls as PRS surges
In the census period from 2001 to 2011 the number of households who owned their own home fell from 69% to 64% whilst the numbers of tenants renting privately increased from 13% to 18%.
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Top ten new London commuter towns
The top 10 new 'supertowns' for commuters http://t.co/Y55sLy1B7V
— Telegraph Property (@TeleProperty) June 20, 2015
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LSE report on the impact of rent controls
The LSE have published its interim report, in which it considered evidence from the UK, Germany, Ireland, San Francisco, New York and the Netherlands.
“The report is required reading for Labour leadership and London Mayor hopefuls, who seem to be ignoring both academic evidence and the overwhelming rejection of similar policies by the electorate last month.
“Private rented sectors in many countries, regulated or not, are facing major problems in high demand areas. Market fundamentals cannot just be regulated away”.
Kath Scanlon of LSE London commented:
“In light of the various proposals put forward before the General Election, we were asked to explore evidence from other countries about how rent controls and other regulatory policies affect the private rented sector.
“We found clear evidence that inflexible controls reduce supply, but the strongest message was that what may work in one country cannot simply be transferred to a different market and institutional environment”.
Mrs Uphill continued:
“The taxation of buy-to-let is a touchy subject for some, even though landlords in the UK receive no special treatment compared to other businesses.
“This report reinforces why successive governments have chosen to treat landlords as businesses. Doing so encourages best practice and, above all, helps to ease the housing crisis.”
The final report will be published later this year, after a more detailed investigation into London's private rental sector.
Download the LSE’s interim report on the effects of rent controls
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Monday, June 22, 2015
Rent to rent exposed in new TV series
Channel 5 and Landlord Action expose sub-letting scam « New TV series launches 24th June http://t.co/mNrwsHSOAr
— Landlord Action (@LandlordAction) June 22, 2015
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Benefit cap will force families out of SE
Benefit cap cut will force families out of South East England, say @CIHhousing http://t.co/V6hQ5SAmEE via @Independent #ukhousing
— National Housing Fed (@natfednews) June 22, 2015
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Peer-peer loan warning
Building society warns savers against peer-to-peer loan splurge http://t.co/TBDejC5NXX pic.twitter.com/0CsIJOKKBn
— Telegraph News (@TelegraphNews) June 22, 2015
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Sunday, June 21, 2015
Homeownership down and renting up - census
#2011Census: Home ownership down & renting up for first time in a century http://t.co/IAJ5rLXWlz pic.twitter.com/tbFesa8luN
— ONS (@ONS) June 19, 2015
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Saturday, June 20, 2015
Tax break for landlords under threat
1. Some people (normally disgruntled homeowners & tenants) argue it's an unfair advantage that landlords can offset their borrowing costs in a way that homeowners since the abolition can't with their own income tax liabilities. This is true in isolation; but and it's a big but. Landlords could equally argue that owner occupiers benefit from the current tax regime unfairly when they sell as they do not have any Capital Gain tax liability when they sell. A landlord faces a capital gains tax bill of between 18 - 28%. Therefore a landlord may have some income advantages in the short term but these are offset by the CGT disadvantages.
2. More pertinently to the above is that a household is not a business. A landlord on the other hand clearly runs their own rental business and needs to make a financial return for the risk, effort and capital employed in their business. In this respect the tax advantages compared to other businesses are far less generous. This is because the rental business has historically a classification of an investment business which lies somewhere between a investment and business.
3. The mortgage interest tax break has historically meant that many buy-to-let investments have just 'washed their face' in the sense that a landlords income and net costs meant that a landlord would not be cashflow negative particularly in the early days whilst the outstanding debt was at it's largest. This prompts landlord to be prepared to invest in the sector. It is only recently because of historically low interest rates that landlords are making rental profits. In the longer-term as interest rates increase this will revert to the previous situation and landlords with loans will be lucky to experience rental profits for the first part of their investment.
4. Simon Lamberts highlights that in the tax year 2012/13 the total tax breaks to landlords which includes the mortgage interest tax relief equated to £6.3 billion. However, the fact that this is growing and is so large is testament to the growth and success of encouraging investment in the sector. This money if invested in trying to house the 4.2 million households that lived in private rental accommodation (2011 census figures) would go 'no where' and the government know this.
5. The abolition of the interest relief would if abolished act if you as I do believe in the concept of 'nudge economics' be the tipping point for many landlords curtailing new investment and prompting many landlords to sell. This would not be healthy for house prices, investment in the housing sector and the provision of rental property. I also believe it to be demonstrably unfair.
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Friday, June 19, 2015
North West landlords event
Summer Event Tues 7th July @IWHCmanchester Refreshments from 7.30pm for meeting start at 8pm. Please book on 01204 495595, thank you!
— North West Landlords (@nwlandlords) June 19, 2015
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Thursday, June 18, 2015
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% | 3% Fixed | 2017-08-31 | 2.5% | £150.00 | Free valuation | Mortgage Trust Exclusive |
80% | 3.25% Fixed | 2017-08-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
80% | 3.5% Discount | 2 Years | 0% | £0.00 | No | Hanley Economic Exclusive |
80% | 5.39% Variable | 0 Years | 2% | £0.00 | No | Saffron Light Refurbishment |
75% | 3.79% Fixed | 2 Years | 1.5% | £100.00 | No | Axis Bank |
75% | 4.59% Fixed | 5 Years | 1.5% | £100.00 | No | Axis Specialist |
75% | 3.99% Fixed | 2 Years | 2% | £125.00 | No | Foundation Prime |
75% | 2.4% Fixed | 2017-08-31 | 2.5% | £150.00 | Free valuation | Mortgage Trust Exclusive |
75% | 3.7% Fixed | 2017-08-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
75% | 5.39% Variable | 0 Years | 2.5% | £0.00 | No | Saffron Light Refurbishment |
70% | 4.99% Fixed | 2 Years | 2% | £125.00 | No | Foundation Light Adverse |
Please check our website regularly to see the most up-to-date products available.
Wednesday, June 17, 2015
6 days to Deregulation Act deadline
#Landlords – you have 6 days to act before the Deregulation Act 2015 deadline. Find out more here: http://t.co/fwdnvz7FhL
— The DPS (@The_DPS) June 17, 2015
Citizens Advice share stories of a housing crisis
Last year the Citizens Advice helped 80,000 people with housing issues, and debt issues due to private rental arrears increased by 8%.
'Help to buy' failings
Help to Buy: a terrible policy doing what we thought it would http://t.co/T93FH6Ftht
— Merryn Somerset Webb (@MerrynSW) June 15, 2015
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New Land Registry property price app
Tuesday, June 16, 2015
HMO licence amnesty in Barnet
Owners and managers of illegally unlicensed HMOs have until 31 July to apply for a licence without fear of enforcement from Re, the joint venture between the London Borough of Barnet and Capita.
A HMO is a property rented out by at least three people who are not from one household – for example, a family – but share facilities like the bathroom and kitchen. A large HMO, which needs to be licenced, is a property that is at least three stories high and is rented to five or more people who form more than one household, who share a toilet, kitchen or bathroom. HMOs must also meet certain standards in areas like fire safety.
The amnesty comes after Knights Island Capital Ltd – trading under the name of Endeavour Living – and its two directors, Nikola Bonacic and Ben Patrick, were ordered to pay more than £10,000 in fines and costs for not having licensed a three-storey, semi-detached HMO in Rodborough Road, Golders Green.
Bonacic and Patrick pleaded guilty individually, and on their company’s behalf, to failing to license a HMO at Willesden Magistrates Court on 26 May. The two directors and the company were each fined £2,000, and ordered to pay a victim surcharge of £120 and full costs of £1,247.66.
In October last year, one of the eight tenants living at the house, contacted Re with complaints about the bin stores, poor water pressure, potentially dangerous electrics and to report that there had been no gas or fire safety checks since 2013.
Re wrote to Endeavour Living about the property but the company denied that it needed to be licensed. However, when environmental health officers visited the house on December 9, they found that it had been turned into eight bedsits and had only two smoke alarms, instead of the interlinked system it should have had. There were seven people living in the house, all sharing bathrooms and a kitchen, but tenants confirmed that until recently another tenant had also been living there.
Re director, Alun Parfitt, said:
Councillor Tom Davey, Chairman of the London Borough of Barnet’s Housing Committee, said:
Those who currently have unlicensed HMOs can contact Re’s environmental health team until 31 July with full details of their properties and will then need to make an immediate licensing application.
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The perils of an Airbnb landlord
The perils of being an Airbnb host http://t.co/T77jNxnJa9
— Times Money (@TimesMoney) June 15, 2015
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The latest ONS house price index
- UK house prices increased by 5.5% in the year to April 2015, down from 9.6% in the year to March 2015.
- House price annual inflation was 5.8% in England, 1.3% in Wales, 2.2% in Scotland and 8.8% in Northern Ireland.
- The pace of annual house price growth fell across the majority of the UK in April 2015.
- Annual house price increases in England were driven by an annual increase in the East (9.6%) and the South East (8.4%).
- Excluding London and the South East, UK house prices increased by 5.0% in the 12 months to April 2015.
- On a seasonally adjusted basis, average house prices fell by 1.3% between March and April 2015.
- In April 2015, prices paid by first-time buyers were 5.8% higher on average than in April 2014. For owner-occupiers (existing owners), prices increased by 5.4% for the same period.
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Judge calls for photo proof to stop 'rent to rent' frauds
More London landlords have been caught out by a 'rent to rent' scam.
Landlords, Alasdair and Joanna Reid, lost thousands of pounds when their supposed tenant sub-let their London flat while they were away on a career break in Africa.
The landlords believed they'd rented out their flat in Streatham Hill for £1,600 per month to a 48-year-old veterinary physiotherapist called Heidi Korn.
It later transpired that Korn had then tried to sublet the flat on to another couple at an inflated rent of £1800.
The 'rent to rent' fraudster was caught by chance, when a contract with a forged signature got redirected to the Reids over in Africa.
Korn, from Ontario, Canada, was given an eight month prison sentence for fraud by the Inner London Crown Court.
Joanna Reid,commented:
“We are pleased with weight of the sentence. It was a very hurtful crime as it felt very personal."
However despite the sentence the unfortunate landlords are still owed £8,000 in unpaid rent.
Judge William Wood called for new measures - such as photographic proof of ownership to help prevent this “increasingly prevalent fraud.”
“It is worth proposing that when a private landlord seeks references from a prospective tenant he or she should provide proof of ownership and photographic proof of identity."
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MPs call for landlords to provide cookers and fridges
Any landlords who failed to meet these requirements could have licences revoked and housing benefit payments stopped under these new proposals.
The Feeding Britain group said that some benefit tenants in the private sector were forced to be reliant on on expensive/unhealthy processed meals and takeaway food.
Laura Sandys, a former Tory MP commented
“In some of the properties that I go into in my constituency, I am shocked to see that there are no cookers, only microwaves. That captures those families into having to buy expensive food, with a lack of choice and lack of resilience.”
Read the recommendations from Feeding Britain - the first 100 days
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Survey in support of longer tenancies
John Heron of Paragon Mortgages commented -
‘There has been a lot of noise around the need for longer term tenancies for some time and I think there is a common misconception that landlords are not willing to be flexible in the tenancies they offer. Our landlord research demonstrates that many are more than willing to extend terms and in 71% of cases it was the tenant who chose to end the tenancy and not the landlord,’
‘We are big supporters of offering longer term tenancies and we were one of the first buy to let lenders to announce we would support the Government’s new model lease and allow landlords to offer 36 month tenancies to those tenants who need that extra security, as we believe this is our social responsibility,’
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Rent controls - a German warning
The reality is that the threat of rent control is never far away. To see the effect on landlords and the rental market we only have to look to landlords in Berlin in Germany. Here we have a bureaucrats charter with a new law preventing landlords from demanding more than 10% more than the area average. The rules rely on a much disputed index called he Mietspiegel.
The new rules apply the rent controls to new tenancies and Berlin landlords are up in arms. Landlords are looking at changing these rules in the short-term. The real impact of rent controls can not be seen in the short-term; which is why opportunistic politicians love it to a deliver cheap political fix to disaffected 'generation rent'. The real results can only be observed in the long-term. For this you just have to look to another European country, Portugal. Here is what happens over the long-term when rent controls takes hold.
I feel landlords had a close call with the last general election. But mark my words....the pressure for rent control will re-surface at some stage in the future so lets not become complacent.
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Monday, June 15, 2015
Homelet Rent Index for May 2015
The average UK rent is £935 a month, or when London rents are excluded, £738.
Rents are 10.7% up on this same three month period back 2014.
The South West performed strongest, rents up 13.6% in a year, Scotland saw a 9.6% rise, the South East 9.4% and Greater London 9.2%.
Martin Totty from HomeLet commented :
‘Rental values are now increasing year on year across the country, with no exception. After a short period of London rents rising more slowly, when it seemed the rest of the UK may catch up or even exceed the capital in the speed at which rent prices were increasing, we now see the rate of price rises in London returning towards double digit growth, while the rest of the UK continues to rise steadily,’
‘With the whole of the UK experiencing increases in rent prices agreed on new tenancies, it is possible this is an early indicator of a post-election private rental market where both landlords and tenants might expect rent prices to keep rising as demand continues to grow,’
Avg rents in the UK, in the 3 months to May were 10.7% higher than the same period last year http://t.co/jP6Ahwv45C pic.twitter.com/LgjkwZtVTg
— HomeLet (@HomeLet) June 15, 2015
#Scotland saw a 9.6% increase (3 months to May) compared to the same period last year (£652pm) http://t.co/jP6Ahwdte4 pic.twitter.com/zJDccKpK1d
— HomeLet (@HomeLet) June 15, 2015
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Rightmoves record asking prices
The portals latest HPI of asking prices recorded a record rise, jumping 3.0% in June, equating to £8,460 on top of the average asking price, now at £294,351.
Six out of ten regions saw new highs.
The UK's largest property portal recorded
- Busiest ever May - with site traffic of 115 million visits
- Properties coming to market down 8.5% on same period a year ago
Miles Shipside, Rightmove director and housing market analyst comments:
“Some buyers had been holding back in the weeks before the election, leading to some sellers suffering an unseasonal price standstill in the late spring. In particular, sentiment and prices got hit in the mooted Mansion Tax price brackets. Now the unexpected election outcome has caused a strong rebound, prompting an upturn in buyer demand and helping new seller asking prices to hit their highest ever levels.
“Agents report that the election surprise has given a boost to market sentiment, driven by more certainty about future economic and taxation policies. While would-be buyers have been able to respond quickly to these events, many potential sellers have so far failed to come to market. This has pushed up some of the asking prices of those properties that have been marketed, meaning that buyers are faced with paying a new average record price high for the more limited choice available. It could be said that this is the price of political certainty.”
“It all seems set up for an active second-half housing market in 2015 barring any external shocks to the economy. However, it remains to be seen whether stretched buyer affordability can reach sellers’ post-poll pricing. The new government and other stakeholders now need to urgently deliver more new-build homes, to stop asking prices being pushed up further as demand continues to outstrip supply of suitable homes in many areas.”
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New Tenancy Deposit Rules
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Asking prices soar to record high
House prices soar to record high as demand surges after election http://t.co/XNb4WbyfBQ via @_KathrynHopkins pic.twitter.com/GSIIkSsEAT
— TimesBusiness (@TimesBusiness) June 15, 2015
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Can you trust letting agents?
Letting agents can rip you off. Who can you trust? http://t.co/JnJJmdmZds
— Telegraph Property (@TeleProperty) June 15, 2015
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Saturday, June 13, 2015
Charging CGT on residential property
We should charge capital gains tax on homes http://t.co/4YSEwyf9EY pic.twitter.com/9T8j2jb25N
— MoneyWeek (@MoneyWeek) June 9, 2015
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My tenants have fallen out
I don't know if last time you visited you had a word with TENANT X about noise but matters have not improved since. Many times since I have thought he must be moving out with the amount of noise he's been making. It still sounds like he is moving furniture regularly, banging, dropping heavy items, as well as stomping up and down stairs, banging and 'rocking' the front door...generally not considering neighbours. It can be even worse when he has a visitor staying which has been happening regularly.
Last Thursday morning, after months if not years of not complaining (except once recently when I lost my temper in response to excessive banging in the kitchen and tapped the ceiling with a brush, only to be met with shouts of 'fuXX off'), I opened the door to him locking up and singing in the hall (following much pre-work? noise). My opening line was not ideal, I admit, as I questioned whether he was determined to disturb me as much as possible. However, his response was one of someone who could not believe the issue was being raised again, stating he was' living his life'. On asking if the noise was really of the reasonable and everyday variety I was told I was 'mad'. He repeated this accusation several times, finally concluding that I was 'absolutely mad'. I thanked him for that and he left.
Since then he has been a bit quieter/out more so I hope the same problems will not arise again.
Should a landlord take sides on what clearly is a very subjective issue such as noise? Clearly there are mechanisms when it comes to noise pollution such as calling in the Environment Health Officer to assess the nuisance factor. My approach so far is not to get involved. I suspect to do so would only alienate myself to one or other of my tenants. This is not something I want or need to do.
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Thursday, June 11, 2015
A conference about invasive weeds!
Japanese Knotweed |
The conference aims to put the range of invasive weeds under the spotlight for landlords.
It is the first conference held by the PCA’s specialist Invasive Weed Control Group and is being facilitated by Richard Newis, Ashfield Japanese Knotweed (chair), Ian Graham, Complete Weed Control and Professor Max Wade, AECOM.
As well as tackling the thorny issue of Japanese Knotweed, other invasive weeds such as Himalayan Balsam and Giant Hogweed will be discussed.
A full programme and booking form for the event can be downloaded
Accidental landlords selling up
These 'accidental landlords' are starting to sell up. Should you do the same? http://t.co/6er9OflrtT pic.twitter.com/BgaTW8J5WO
— MoneyWeek (@MoneyWeek) June 10, 2015
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New London landlord licensing site
It lost which borough require which licences for which kind of rental property.
The appropriately named London Property Licensing website seems to do just what it says on the tin.
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Fewer properties coming to the market - RICS
A desperate lack of supply has failed to meet the rise in new buyer enquiries, pushing up property prices again in May.
RICS chief economist, Simon Rubinsohn commented
Commenting that the restrictive supply
Rental demand
RICS say tenant demand is up in May (on a non-seasonally adjusted basis) and expect rental growth for the fifth straight month, with the East Midlands and South West looking the strongest for potential rental growth.
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Wednesday, June 10, 2015
With savings rates like this ...
Leaving your savings in the bank could have halved the value of your cash since 1990, suggests research http://t.co/IDYo7qtCam
— This is Money (@thisismoney) June 10, 2015
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The next credit crisis - bigger and better
The next credit crisis will make 2008 look like a picnic http://t.co/hEIa0qqGvf pic.twitter.com/iw5vCPldlU
— MoneyWeek (@MoneyWeek) June 10, 2015
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Two weeks to protect deposits - Deregulation Act 2015
#landlords – you have two weeks to protect deposits affected by the Deregulation Act 2015. Find out more: http://t.co/fwdnvz7FhL
— The DPS (@The_DPS) June 9, 2015
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The impact of Help to Buy
UK house prices have risen 18.3 per cent since the Help to Buy scheme was introduced: http://t.co/vOLW40Bb1Z pic.twitter.com/mCdLwBm45u
— Financial Times (@FT) June 5, 2015
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House price growth outstripping rents
The 5th edition of Allsops Rent Check report has been published. The report covers the changing environment of PRS in England and Wales over the past two year - during which time the Private Rented Sector has grown by 13.9% to 4.377m households .
Allsops report average rental growth for 2 bed flats across the regions is +2.38%, with the South East performing strongest, up 10.07%.
The Five Year Outlook
Increasing importance of PRS to meet housing demand with the ONS estimating the UK population will grow from 64.8 million to 67.2 million by 2020, an increase of 1,327,000 households, of which one million expected to provided by the PRS.
Can Buy-To-Let Investors Meet The Demand?
By the end of 2007, there were over 991,600 buy-to-let mortgages in place with a value of over £116 billion (CML,
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Bank of mum and dad helping FTBs
The bank says 26 % of parents put money in for a deposit and 6% help with monthly mortgage payments. Over half of parents who own a property help with their children's deposit.
Tuesday, June 09, 2015
Our 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% | 3% Fixed | 2017-08-31 | 2.5% | £150.00 | Free valuation | Mortgage Trust Exclusive |
80% | 3.25% Fixed | 2017-08-31 | £2495 | £150.00 | Free valuation | Mortgage Trust Exclusive |
80% | 3.5% Discount | 2 Years | 0% | £0.00 | No | Hanley Economic Exclusive |
80% | 5.39% Variable | 0 Years | 2% | £0.00 | No | Saffron Light Refurbishment |
75% | 3.79% Fixed | 2 Years | 1.5% | £100.00 | No | Axis Bank |
75% | 4.59% Fixed | 5 Years | 1.5% | £100.00 | No | Axis Specialist |
75% | 3.99% Fixed | 2 Years | 2% | £125.00 | No | Foundation Prime |
75% | 2.4% Fixed | 2017-08-31 | 2.5% | £150.00 | Free valuation | Mortgage Trust Exclusive |
75% | 3.7% Fixed | 2017-08-31 | 0% | £150.00 | Free valuation | Mortgage Trust Exclusive |
75% | 5.39% Variable | 0 Years | 2.5% | £0.00 | No | Saffron Light Refurbishment |
70% | 4.99% Fixed | 2 Years | 2% | £125.00 | No | Foundation Light Adverse |
Please check our website regularly to see the most up-to-date products available.
Britains biggest BTL landlords plan to sell
Britain’s biggest buy-to-let landlords plan to sell off all their properties by the end of next year: http://t.co/htNEzpmJIM
— Financial Times (@FT) June 9, 2015
Monday, June 08, 2015
Axis Bank added to our buy-to-let panel
Andy Young at Property Hawk Mortgages, commented:
“However, there is definitely still room for improvement in niche areas of the buy-to-let mortgage market such as for HMO properties, Limited Companies and Ex-pat applicants. This is where Axis Bank will be a particularly useful addition to our lender panel with its specialist product range and a flexible approach to underwriting.”
Axis Bank product range highlights include:
- Loans for experienced landlords with at least 3 existing buy-to-let properties
- Unlimited portfolio size elsewhere considered, although maximum 5 loans with Axis
- Up to 75% LTV
- Maximum loan size £1m
- Rental calculation on 5 year product at 125% based on pay rate (4.09% on Standard product and 4.59% on Specialist product)
- Standard product range for individuals and their property requirements
- Specialist product range for more complex requirements, including purchases through Limited Companies, Houses in Multiple Occupation (HMOs) or Ex-Pat borrowers
- No minimum income requirement
- A range of product options, including longer term fixed rates to fit individual needs
- Available for properties in London and South East
- Refinance within 6 months of purchase considered
- All cases individually assessed.