RICS - Private Rented Sector Code of practice revised

The code of practice produced by the RICS was revised in July 2015.  This is an updated code of practice that includes legislative changes that will be important for anyone within the Private Rented Sector (PRS).

RICS – Private Rented Sector Code of practice

The code is intended for use by landlords and lettings and management agents in the PRS. You can download the document on the professional guidance codes of practice on the RICS website.

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Paragon boosts profits

Paragon Group the specialist buy-to-let mortgage lender has seen it's profits rise by over 10% on the back of the booming residential investment market.

The group which also increased it's market share reported £816.5 million of buy-to-let completions to date.

The pipeline of new mortgage business stood at £865m at the end of the quarter compared to £353m at the same point in 2014.

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Buy-to-let hotspots revealed

For those landlords that are swayed by where the buy-to-let 'hot money' is going Barclays have very kindly released there annual 'hotspot' top 20.  Based on a survey of 5000 landlords it is a limited but interesting insight on what is going on in the wider investment market.  I particularly like the average rental figures which come directly from a buy-to-let application giving them a realism that much rental data I have seen lacks.  For more data on average rents have a look at the index of private housing rental prices compiled by the ONS.

Rank (by volume of Barclays completed buy-to-let properties) Q1-Q2		Town	Average rent (of Barclays Mortgages completed buy-to-let properties) Q1-Q2 2015
2015	2014
1	1	LONDON	£1,900
2	7	BIRMINGHAM	£766
3	3	BRISTOL	£877
4	17	NOTTINGHAM	£639
5	18	MANCHESTER	£693
6	13	READING	£1,169
7	47	LEEDS	£703
8	6	SOUTHAMPTON	£1,067
9	50	PETERBOROUGH	£649
10	19	SLOUGH	£1,045
11	48	GLASGOW	£601
12	5	ILFORD	£1,252
13	4	HARROW	£1,402
14	35	EDINBURGH	£923
15	8	CROYDON	£1,262
16	212	PLYMOUTH	£808
17	12	ENFIELD	£1,268
18	79	SWINDON	£681
19	62	LUTON	£754
20	28	MILTON KEYNES	£873

Auction results show yields falling

The latest results from Allsop's residential auction in London on 16th July.  The interesting thing from a buy-to-let perspective is that they indicate that buy-to-let yields continue to be compressed and have dropped below 9% and significantly below the 11% rental yield that was recorded in 2012.

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Building consents compared to need

See how residential building consents compare to annual housing need in Great Britain: http://t.co/4D6voGw5rc pic.twitter.com/bF13y3uSGI

— Savills (@Savills) July 21, 2015

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Large scale converted mill opportunity - Manchester

This large scale mill conversion 5 miles south east of Manchester city centre may be of interest to some landlords who wish to scale up rapidly and have access to large scale finance.




Victoria Mill, Houldsworth Street, Reddish, Greater Manchester, SK5 6AR

A Residential Investment Opportunity with
41 out of 180 apartments unsold presenting some arbitrage opportunities.

Rent passing: £306,900 per annum and fully let

Current Ground Rent Income: £31,576 per annum

Potential Ground Rent ERV: £43,525 per annum

Approximately 235 car parking spaces

Total ERV: £350,042 per annum

Offers are invited on the following basis:

       1.  Freehold + 41 unsold leasehold apartments (to including associated car parking)
       2.  41 unsold leasehold apartments only
       3.  Freehold / Ground Rent investment only (to include associated car parking)

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