News

The Rules are Changing – Be prepared for HMO changes in England

September 28, 2018

In England on 1 October, the criteria for what kind of House in Multiple Occupation (HMO) needs a mandatory licence is being extended and agents will need to ensure they’re keeping landlords up to date with the incoming change in legislation and making sure that applicable properties are licensed. The UK Government announced in May 2015 that it would be changing the criteria for Mandatory HMO Licensing in England in a bid to address poor conditions and overcrowding in the …

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Rural buy-to-let property at risk of exploitation by ‘sub-human’ crime gangs

September 10, 2018

The Home Office warned letting agents and landlords to be wary of tenants offering cash up-front for more than six months’ rent – one of five signs of exploited children being housed to courier drugs and money across the country. After a National Crime Agency report found urban gangs rented property in rural and market towns to use as a base, the Home Office released posters to help crack down on ‘county lines’ – urban dealers establishing new markets, with a single …

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Taylor Wimpey is facing fresh scrutiny over complicated leases after Barclays refused to lend against a high-profile London development

August 29, 2018

From the Financial Times 28th August 2018 Barclays, one of the UK’s largest mortgage lenders, has taken issue with underleases sold to buyers in its Chobham Manor development in the Queen Elizabeth Olympic Park in Stratford, east London, where homes fetch up to £1m. The incident raises questions about the increasingly complicated leasehold structures being used by some top housebuilders, which are leaving lenders nervous about the potential future value of their security. Last year, Taylor Wimpey set aside £130m …

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Letting agents turn away tenants on housing benefits

August 22, 2018

Letting agents are discriminating against tenants on housing benefit, an undercover investigation has found. Shelter and the National Housing Federation found one in 10 agents in England refused to let to those on the benefit. The undercover investigation found the policy was enforced even if tenants could afford the rent. Stephen Tyler told the BBC that housing benefit discrimination had forced him to sleep in his car. The wheelchair user told the BBC’s Victoria Derbyshire programme: “We have been trying to …

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Supply shortage could push rents up 15% says RICS – From the BBC Web Site

August 9, 2018

Rents could rise 15% by 2023 as the supply of new rental properties dries up, according to a survey by the Royal Institution of Chartered Surveyors (RICS). It said small scale landlords are pulling out of the market. It blamed tax changes brought in last year which have made buy-to-let investments less profitable. RICS said it was time that the government looked again at the way the private rented sector was regulated. It said its members have seen the supply …

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84% of Private Rented Sector tenants happy with their accommodation

July 24, 2018

The latest English Housing Survey, published by the Government, shows that one in five people in England now live in the private rented sector, a figure that has dramatically increased since the survey’s current format was introduced back in 1996/97. The report shows that the majority of tenants in the private rented sector (PRS) are happy with their current accommodation, with 84% of participants (compared to 81% of the social rented sector) indicating their satisfaction. Another area in which the PRS …

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UK regions overtake London in total number of build-to-rent homes 6 Jul 2018

Build-to-rent sector now boasts 124,037 homes complete, under construction and in planning across the UK As MHCLG launches longer-term tenancy consultation – build-to-rent sector reiterates its three-year pledge made last year, to offer customers longer-term tenancies Research published on the 6th JUly by the British Property Federation (BPF) shows that there are now 124,037 build-to-rent homes complete, under construction and in planning across the UK. To aid transparency on the sector and its growth, the research has been produced by …

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Landlords waiting 118 days to evict problem tenants but are losing up to six months’ rent

July 18, 2018

Private landlords are potentially facing six months without rent due to the length of time it is taking to initiate and complete eviction proceedings against tenants, an insurer has warned. Simple Landlords Insurance has analysed recent data from the Ministry of Justice covering the first quarter of this year, showing it takes 118 days from initiating court proceedings to a county court bailiff repossessing a property from a tenant. The amount of time is down from 21.8 weeks or 153 …

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Three-year tenancies to pile pressure on buy-to-let landlords

July 10, 2018

From The Sunday Times 8th July 2018 Buy-to-let landlords face more upheaval under a government plan to introduce mandatory minimum three-year tenancies, which could make it harder for them to finance their purchases. The aim is to give renters more security and allow them to put down roots — at present, about 80% of tenants in England and Wales are on contracts of six months to a year. The proposals would give renters in England the right to ask for …

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Average cost of a new let in Britain up by under 2% in 12 months to May

June 28, 2018

The cost of a new let in the private rented sector in Britain increased by 1.3% in the 12 months to May to rose to an average of £953 per month, the latest monthly lettings index shows. However, the pace of rental growth slowed from 1.9% in April and average rents in the North fell for the second consecutive month, according to the index from Hamptons International. The data also shows that rental growth in London slowed to 0.9%, driven …

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