Written By Em

Em

Em Morley

Master Locksmiths Association Issues Security Advice to Student Landlords Ahead of New Academic Year

Published On: August 31, 2018 at 9:30 am

Author:

Categories: Landlord News

Tags: ,

As a brand-new group of students begin their academic journeys, the Master Locksmith Association, leading trade association of the locksmithing profession, has issued new advice to landlords of student property.

It is no secret that student accommodation is amongst the most targeted property in the country, thanks to a combination of lax security measures and the potential of rich pickings; for would-be thieves.

A recent study discovered that 1 in 4 students are burgled during their time at University, with a large £25m lost to thieves since 2014. Moreover, 80% of student thefts occur at city universities, where privately-rented, multiple occupancy student accommodations are more common.

With a new generation of so-called ‘silver spoon students’ no arriving at University, for whom Wi-fi, en-suite facilities and flat screens are considered basic amenities, the cost to landlords of repairs has potentially never been greater.

Managing Director of the Master Locksmiths Association (MLA) gives the following advice for student landlords:

1. Know who has access to your property: Would-be thieves don’t always need to force their way into your property. Workmen, letting agents and past tenants may still have keys to your property. Even if you ask for all keys to be returned, there’s no guarantee that they don’t have copies. A patented lock system is a simple, cost-effective way to limit the number of keys in circulation and prevent keys from being cut without proof of ownership.

2. Think like a burglar: Before new students move in, take the opportunity to review security on your property. Remove any large objects or debris outside that could potentially be used to gain entry and repair any broken doors or windows. Be sure to take a look at other similar properties nearby and look for anything different on your property that could make it obvious it is student accommodation.

3. Discuss security: Your new tenants may never have had the responsibility of securing a property alone before, so walk them through what you expect of them when they first move in. Perform routine visits to the property to ensure your tenants are correctly maintaining security and regularly testing the burglar alarm.

4. Install preventative measures: Dusk-till-dawn security lights around the property will help deter thieves from attempting to gain access and alert your neighbours to any attempt to gain access. Interior light timers can also give the impression that someone is in.

5. Invest in good-quality security fixtures: Quality locks and security measures not only reduce the likelihood of theft, the increased lifespan of the products will save money in the long term. For a list of rigorously tested security products, visit www.soldsecure.com.

6. Don’t be tempted to DIY: If you have concerns about the security of your property, hire a professional – the average cost of fixing botched DIY jobs is £323 Your local MLA-approved locksmith will be able to provide a thorough and independent safety and security assessment, offering advice and installation services on all security upgrades necessary to meet insurance requirements.

7. Security and Safety: Equally as important as security is safety. It’s very easy for the wrong kind of door hardware to be installed or fitted to an individual property, especially in homes of multiple occupation (HMO). In addition to this, HMO licencing could be in for some changes and landlords could be held directly responsible in an emergency situation – so advice from a trained professional from organisations such as the MLA are essential to prevent issues such as entrapment.

New Forest Council Urges Private Landlords to Reduce Homelessness

Published On: August 31, 2018 at 8:57 am

Author:

Categories: Landlord News

Tags:

Unfortunately, sleeping rough in England has increased for the seventh consecutive year, according to official figures. Now, the New Forest Council (NFDC) has been urging for greater support from private sector landlords, as part of its contribution to reduce homelessness.

NFDC intends to encourage private landlords to work with them by joining the ‘Private Sector Lease Scheme,’ as part of its work under the Homelessness Reduction Act.

Across the district, there are already 117 properties in the scheme, but the council hopes to attract significantly more private rental homes with a view to rent them to vulnerable people who require accommodation in the district.

NFDC Portfolio Holder for Housing commented: “Becoming homeless is a devastating thing to happen. And it is not just the stereotype of rough-sleepers this national issue affects; losing your home could happen to anyone, often through no fault of their own.

“We work to help anyone who doesn’t have a roof over their head.”

Landlords who join the scheme will receive a fixed term lease over a number of years and guaranteed monthly rental income for the whole of the lease period, including any times when the property is vacant, while all repairs are carried out by the council’s maintenance team.

Cllr Cleary added: “We are working hard to meet the requirements of the new Homelessness Reduction Act head-on and in its first few months helped 63 households who were facing the imminent loss of their homes to secure alternative accommodation and avoid homelessness. But we can’t do this alone.

“We need more properties and believe what we offer landlords who join the private sector lease scheme is hassle-free with many mutual benefits.”

If you have an unoccupied property and are worried about any damages that may occur during this period, Just Landlords the specialist Landlord Insurance provider offers the widest cover as standard. For further details, please visit their website: https://www.justlandlords.co.uk/

England and Wales: Rents Remain Flat Despite Above-Inflation Rises Beyond London

Published On: August 31, 2018 at 8:00 am

Author:

Categories: Lettings News

Tags: ,,

Average rents remained flat across England and Wales in July, despite inflation-beating rises in some areas.

Your Move data reveals that average rents in England and Wales remained at £861 per month during July.

The South West had the fastest growing rents in England and Wales, up 3.7% to £686 per month on average.

This is more than the current inflation rate 2.5%.

Tenants in the East Midlands also saw rents increase about the cost of living at 2.9% annually to £656 a month.

Furthermore, the East of England was the third fastest developing region, with rents rising 19% to £890 a month during July.

London remained the area with the highest rents, but registered a 1.2% fall year-on-year to £1,271.

The North East was the cheapest area and witnessed the biggest decline, with rents falling by 1.3% to £535 a month. In Wales, pieces dropped by 0.9% in the year to July, with the average rent at £588.

National Lettings Director at Your Move, Martyn Alderton, commented: “One benefit of the slowdown in the London rental market has been that it now shines the spotlight on other areas of England and Wales.

“The South West of England has been the stand-out region in the last 
year, with rents rising consistently in areas of high demand.

“Prices in the East Midlands and East of England have also increased strongly, showing there is demand for rental properties outside of London and the South East.

“London continues to have the highest rents, but there are still good 
pockets of value around the capital, particularly in areas further from the city centre.”

Homeownership: The Ultimate Goal for Generation Rent

Published On: August 30, 2018 at 10:00 am

Author:

Categories: Tenant News

Tags: ,

A recent report provided by the law firm Collyer Bristow, reveals that homeownership remains an ultimate goal for the generation rent, with price being prioritised above location, and deposits funded through savings.

The Homeownership Attitudes and Aspirations report is based on hopes of a panel aged 20-44-year-old men and women in London and the South East living in rented accommodation and in their homes. This will be annually repeated.

It details that 73% of men and 57% of women intend to buy their dream home within the next 5 years. 29% reported that the intend to buy their own home within the next 5 years. 29% report that home ownership in the same timeframe is unrealistic, with just 9% saying they have no aspiration to buy a home at all.

Furthermore, 100% of 20 to 24-year olds hope to buy their own home, falling dramatically to 59% for 25 to 34-year olds ad increasing slightly to 63% for 35 to 44 year olds.

Partner in Commercial Real Estate at Collyer Bristow commented: “We all know that there is a housing crisis in the UK and that it is particularly acute in London and the South East. We have seen developers bring forward new tenures, such as dedicated Build-to-Rent schemes, but home ownership remains the ultimate goal.

“It is interesting that all of our panel’s 20-24-year olds say that they will own their own home, only for those hopes to be dashed when the reality of buying a property hits home. That picks up slightly, perhaps as our panel start to marry and think about starting a family.”

Homeownership Attitudes and Aspirations asked both homeowners and those wanting to buy a home how they funded or intend to fund the deposit on their home.

Personal and joint savings lead the way for those that have purchased (63%) or intend to purchase (62%). The ‘Bank of Mum and Dad’ does play a role with 32% receiving help from their parents to fund their purchase. Help to Buy remains important with 23% only able to get onto the property ladder with help from the government.

Alex O’Connor said: “Given that for many home buyers personal savings play a big role, it is perhaps not surprising that price (77%) trumps location (61%) when buying. One statistic that did surprise us was the high number of purchases reliant on inheritance: 31% of homeowners had inherited property or cash and a further 21% expect to inherit property or cash to fund a property purchase.”

Alternative property tenures are growing in popularity, particularly in Greater London, with dedicated Build-to-Rent or private rented sector (PRS) schemes taking hold. Co-living schemes, where occupiers rent a room or small suite with extensive communal spaces and lifestyle events, are attracting considerable attention.

Whilst just 1% of the Collyer Bristow panel currently live in a co-living scheme, 74% would consider them at some point in the future, attracted by a fixed monthly fee for a room in a central location. Co-living schemes appeal almost equally to men (78%) and women (70%) and equally to 20-24-year olds (69%), 25-34-year olds (76%) and to 35-44-year olds (70%).

Alex O’Connor concludes: “The home market is changing rapidly with new tenures emerging and institutional money looking to change the rental market for the better. Whilst our panel might choose to rent for longer, home ownership remains the ultimate goal. The housing crisis is not going to disappear any time soon.”

Cut Stamp Duty to Free Up Homes of 2.6M Downsizers

Published On: August 30, 2018 at 9:28 am

Author:

Categories: Property News

Tags: ,

McCarthy’s & Stone’s Retirement Confidence Index found that 22% of pensioners would be encouraged to move if there was a stamp duty exemption in place for downsizers. This is equal to almost over 2.6 million over-65s across the UK and is representative of a significant increase from 2017 when just 10% of pensioners claimed they would be more likely to move with a stamp duty exemption.

With indications that the secondary housing market is stalling, this rise suggests the importance of incentives for over-65s to help boost downsizing and kickstart sales across the housing supply chain, freeing up required housing for first-time buyers and second steppers.

According to the UK’s leading retirement housebuilder, by downsizing those 2.6 million people could release £230.8bn worth of equity from their homes to boost their finances while also freeing up a total of £924.9bn of housing stock.

Even without an exemption, 35% of over-65s are already considering moving, should suitable properties be available, equal to 4.1 million people. Interestingly, a stamp duty exemption is also supported by under 30s: half say retirees should be granted this to encourage them to downsize, highlighting the importance young people also attach to freeing up under-occupied housing.

McCarthy & Stone is calling for a Help to Move package that includes a stamp duty exemption for older people looking to downsize. This would serve the dual benefit of not only allowing over-65s to live in comfortable and safe accommodation but also to free up housing stock that can be used by hopeful first-time buyers and young families.

In addition, it would provide a boost to the Treasury, due to greater numbers of housing transactions. Research by the Institute of Public Care found that an exemption could make the Treasury c.£740m a year from additional stamp duty and other taxes paid through the new housing chains that are created, even accounting for the initial loss of revenue.

Clive Fenton, Chief Executive of McCarthy & Stone, commented: “Generation Stuck wants to downsize, but moving costs, particularly stamp duty, are holding them back. There’s plenty of focus on building homes for first-time buyers, but last-time buyers have been forgotten.
With the UK’s population rapidly ageing, we’re facing a demographic timebomb. So, what we need is a Help to Move package, as well as Help to Buy, which would encourage downsizing for the millions of older people who want to move.”

“Downsizing is good for older people. Benefits include improved health and wellbeing, friendship and a potential financial boost from equity release. It also benefits younger people.

A one-time stamp duty exemption for older downsizers would encourage up to 2.6 million more people to move, freeing up required stock for families and first-time buyers. Downsizing is also good for the Treasury with additional gains made from greater property transactions.”

Government Urged to Quit ‘Penalising’ BTL Landlords

Published On: August 30, 2018 at 9:01 am

Author:

Categories: Landlord News

Tags: ,

According to haart estate agents, it is now imperative that the Government begins to support those who are investing in the private rental sector or risk a mass exodus of landlords from the buy-to-let market, resulting in an inevitable decline in required rental property listings.

Without larger incentives for buy-to-let landlords, many will simply refuse to offer extended tenancies and exit the market, contributing to the increasing supply-demand imbalance in the PRS that is beginning to place upward pressure on rental values across many areas of the country.

The Government’s decision to limit mortgage interest relief to the basic rate of income tax and add a 3% levy on stamp duty for the purchase of additional homes is having an adverse impact on the PRS, and the estate agency fears that this will lead to a sharp rise in rents.

The latest data from UK Finance shows that gross mortgage lending rose by 7.6% to £24.6bn in July 2018 year-on-year ahead of this month’s base rate rise, and yet activity in the buy-to-let sector remained broadly flat.

CEO of haart estate agents, Paul Smith, commented: “Mortgage lending jumped a huge 8% on the year in July as existing homeowners sought to seal themselves into a lower rate ahead of the Bank of England’s interest rate hike.”

“The buy-to-let sector is a fundamental part of the UK property market, and with fewer landlords, we are seeing rents rise.

“The government must stop penalising those who are willing to invest in the rental market and stop its needless crackdown on the sector.”