News

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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Review into licensing and guidance on HMO changes

June 26, 2018

On the 20th June, the Government announced that they are to conduct a review into licensing schemes, with a view to publishing their findings next year. They have also released guidance on the new HMO rules which will come into effect in October this year. The Government have said independent commissioners will be consulting with representative bodies for the industry and local authorities on selective licensing schemes. Local authorities operate the schemes in areas where there are widespread problems with private …

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New think tank report on private rented sector panned for being ‘riddled with errors’

A new think tank is fundamentally wrong in its analysis of private rented housing, and the number of buy-to-let mortgages is falling, not rising. The claim has come from the Residential Landlords Association, which is critical of Onward after it called for private landlords to lose all their tax relief against mortgage interest costs. In its first report, Onward claims that at the end of 2017 buy-to-let lending was above the 2007 peak. In fact, says the RLA, new buy-to-let …

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Rogue landlords and agents ‘incentivised by lack of enforcement in rental sector’

A lack of enforcement of private rental sector regulations is creating an incentive for rogue landlords and agents, a property commentator claims. A report by housing market commentator Kate Faulkner for the TDS Charitable Foundation, found that despite efforts to improve regulation and standards in the sector, such as the Housing Health and Safety Rating System, a lack of enforcement and compliance by some landlords and agents means that many of the efforts were ineffective. Faulkner warns that 147 pieces of …

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Peers debate doubling of empty homes tax to force more into sales and rental markets

Many thousands of additional homes may be added to the sales and lettings market next year if new legislation debated on 19th June in parliament becomes law. Peers are to complete the committee stage of the Rating (Property in Common Occupation) and Council Tax (Empty Dwellings) Bill this afternoon to consider allowing councils to double the premium they charge on their local council tax rate if a property is ‘long term empty’ or for more than two years. This would …

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