Private Rented Sectors Central Housing Group

New EPC targets may stifle buy to let investment, says ARLA

ARLA Propertymark is warning the government that new energy efficiency targets for EPCs could stifle buy to let investment in future. In a response to an official consultation, the organisations says lending criteria by mortgage firms with buy to let customers may not coincide with proposals to get landlords to fund energy efficiency improvements. For example, the government proposes an average target of EPC band C by 2030 for properties,…

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Buy To Let Tax Central Housing Group

Are you one of them? Two thirds of landlords fed up with higher taxes and red tape

Tougher tax rules and red tape have caused two-thirds of landlords to consider investing outside the private rented sector in future. New research from FJP Investment reveals that the market has lost its appeal for many, with 68% of multiple property owners reporting that buy-to-let investments have become far less attractive during the past five years. The survey of 1,004 UK landlords and property investors, of which 344 own two or more properties, found…

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Alternative Payments Arrangement Central Housing Group

Government’s annual housing benefit bill rises to £30 billion

The government is expecting to spend and eye-watering £30 billion on housing benefit for tenants this year, DWP minister Will Quince has told parliament. This figure is £8-10 billion more than the Office for Budget Responsibility forecast would be needed for 2020/21 before the pandemic struck and reflects the huge financial strain the welfare state is under during Covid. Quince’s answer came in response to questions from several MPs in parliament who…

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Private Rental Landlords Central Housing Group

Agents reminded about ‘Breathing Space’ laws effective from May

ARLA Propertymark is reminding agents about the controversial Breathing Space legislation coming into effect on May 4. The new rules are known as the Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 – approved by MPs in the middle of the Coronavirus crisis, in October 2020. They pause enforcement action on specific individuals from creditors – including of course letting agents – and have the effect…

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High Street bank set to become major UK landlord by the end of 2021

A report in the Financial Times over the weekend suggests that Lloyds Bank is poised to become a major residential landlord, using new-build and existing properties to enter the private rental sector. The FT’s retail banking correspondent Nicholas Megaw says a document called ‘Project Generation’ exists within Lloyds, outlining proposals to buy and let out homes across the UK, with the first tenants in by the end of this year.…

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Property Ombudsman Central Housing Group

Two-thirds of landlords say buy-to-let has lost its appeal

A new independent survey of more than 340 UK-based landlords has uncovered the diminishing appeal of the buy-to-let market. It found that: 68% of multiple property owners believe buy-to-let investments have become far less attractive over the past five years 71% feel the Government has unfairly targeted landlords through tax reforms and new regulations 44% intend to sell one or more of their properties in 2021; yet the same number…

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Eviction Ban Extension Central Housing Group

‘Kick in the teeth’ for landlords as No.10 stalls on waiving eviction renewal fees

Bailiff evictions are facing delays and extra expense as thousands of already sanctioned warrants tick over the 12 months mark following the multiple ‘ban extensions’ announced by the government since the pandemic started. This is because bailiff warrants granted to evict tenants a year ago will now have to be reissued. This will require bailiffs to fill in the paperwork again (an N325 Warrant Possession Request form and an EX97A…

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Beware stamp duty holiday ‘postcode lottery’, landlords warned

Landlords should think carefully about the location of their next purchase to avoid the rush of residential buyers trying to beat the stamp duty deadline. Despite the tax holiday having been extended until the end of June, buy-to-let broker Mortgages for Business reports that many lenders are currently struggling to get mortgages approved where local authorities – often hit by pandemic-related staff shortages – are dragging their feet, with some…

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Pet owning tenants Central Housing Group

Landlords must get ready for a ‘pets-friendly PRS’ or risk huge bills

Mishandled pet tenancies could cost landlords thousands of pounds in repairs, warns inventory services provider No Letting Go, whose CEO Nick Lyons says ‘blanket bans’ on pets will soon be a thing of the past. Those who allow pets in their properties should get good insurance, compile a detailed inventory and make regular inspections to avoid being caught out, he says. As well as the obvious need for extra cleaning…

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Building Safety Central Housing Group

Churchill House Development Plan Submitted

74 flats in buildings up to seven storeys high proposed on Windmill Road An application to build 74 new flats on the site of an industrial building on Windmill Road has been submitted to Hounslow Council. The proposal is to develop Churchill House, which is just to the south of St. Faith’s Church, into two blocks, one seven storey high with a roof terrace on top and another ranging up…

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Rents rising everywhere – except London

The UK’s average rent is now £984, showing a three per cent increase on last year according to HomeLet. But there’s a yawning gap between London and the rest of the country. Rents outside London are growing at the highest rate ever: when London is excluded, the UK’s average rent is £840, showing an increase of 6.2 per cent on last year. Ten of the 12 UK metropolitan regions monitored by…

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Agents’ anger that Budget didn’t offer cash help for rental sector

The Association of Residential Letting Agents says it’s disappointed the Budget failed to address the funding of the private rental sector. “Extending the increase to the Universal Credit Standard Allowance and the furlough scheme until September will help tenants plan ahead but much more is required to avoid a mounting crisis in the private rented sector” explains Timothy Douglas, policy and campaigns manager for Propertymark. He continues: “As the impact…

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London Room Rents Central Housing Group

The 10 top-selling London areas where first-time buyers are flocking this winter

Buyer demand is still high but some sellers are holding off until spring, sending these local London markets soaring. Almost two-thirds of London can be classified as being in a buoyant sellers’ market, despite the third national lockdown and slow easing of restrictions — as set out in the Prime Minister’s roadmap this week. According to new research exclusive to Homes & Property, 61 per cent of postcodes are in…

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Cash For Rental Sector Central Housing Group

London rental demand drops by up to 43 per cent, as students and Airbnb tourists stay away

While commuter belt interest has soared, London’s estate agents say that it is the halt in the international market that is as much to blame. Demand for rented properties in London has dropped by as much as 43 per cent in the last year while demand in the commuted belt soared, a new study shows – but the capital’s estate agents say that this is as much to do with changes to…

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Private Rent Controls Central Housing Group

Rent controls back on the agenda as local elections near

Rent controls are being discussed again as candidates prepare for May’s local elections. In London Green Party mayoral candidate Sian Berry – who is herself in her sixth rented apartment since moving to the capital 25 years ago – wants rent controls imposed if she proves victorious. Berry, who also favours ending Section 21 rights for landlords, says: “London needs a mayor who will be a real champion for renters,…

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Brentford Property Market Central Housing Group

Budget 2021: stamp duty holiday extension will mean ‘spring stampede’ of buyers, say agents

The tax break is expected to be extended until June in today’s Budget announcement. London estate agents today said they were braced for a spring stampede of homebuyers after the expected extension of the stamp duty holiday in today’s Budget. Chancellor Rishi Sunak is due to confirm that the temporary abolition of stamp duty on the first £500,000 of any home purchase will be rolled forward to the end of June. The property sector had warned of…

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Renters working from home: London’s stock makes it tough for tenants

A survey of private rental sectors in major European cities suggests London is one of the tougher locations for tenants working from home during the pandemic. International rental platform Spotahome analysed data on the rental market across 14 major European cities looking at which had the highest proportion of stock with a space suitable to work from home. The bad news for London’s tenants is that the capital rank with…

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Rental Arrears Central Housing Group

New Year surge in demand from prospective tenants

The number of new prospective tenants soared 27 per cent in the New Year according to figures released over the weekend from the Association of Residential Letting Agents. The increase was from 64 in December to an average 81 per agency branch in January. Year-on-year this is marginally lower than in January 2020 when the figure stood at 88 but is higher than January 2019 when the figure stood at…

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Pet owning tenants Central Housing Group

Pets in rental properties still on the agenda, insists MP

An MP who says no one should have to give up their pet to live in a rental property insists that his fight for a new law continues. Andrew Rosindell, Conservative MP for Romford, has introduced the Dogs and Domestic Animals Accommodation and Protection Bill in the House of Commons. The Bill urges a reform of rental laws allowing dogs and other animals to be kept in rented accommodation so…

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London Room Rents Central Housing Group

London property: West London postcodes where homes on sale for £398,000 and under

West London is often regarded as one of the most expensive places to live in the capital – but not in these postcodes. Buying property in London on a budget is no mean feat, especially since the average house price in the capital has now exceeded half a million pounds. Having a budget below £500,000 doesn’t have to mean you’re priced out of home ownership in the capital, though. Even in West…

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