Written By Em

Em

Em Morley

Government publishes new consultation on repealing the Vagrancy Act

Published On: April 12, 2022 at 8:15 am

Author:

Categories: Law News

Tags: ,,,

Government publishes new consultation on repealing the Vagrancy Act

The Government has launched a new consultation on repealing the Vagrancy Act, open from 7th April 2022 to 5th May 2022.

It seeks views on proposals to respond effectively to begging, potential penalties for harmful begging, and how to encourage vulnerable people to engage with rehabilitative support.

The Government is planning to repeal the Vagrancy Act, looking to ensure the police can protect the public and communities. The publication states that the Government is determined to put an end to rough sleeping.

The publication also highlights that the Government has driven a 43% drop in rough sleeping since 2019, which is currently at an 8-year low.

Responding to the consultation, Matt Downie, Crisis Chief Executive, comments: “We were delighted to hear that the Vagrancy Act would be repealed. It’s positive that the government is consulting on how to provide essential support for vulnerable people as part of this.

“However, we cannot replace one punitive legislation with another targeting people on the streets. Our core concern is that the proposals are far too wide, could be open to abuse, and lead to people on the streets being punished instead of given the vital help they need. Through our frontline work, we know that an approach based on punishment will drive people away from trying to get support.

“Instead of focussing on measures that may further penalise people on the streets, the government must instead look at how it can encourage a multi-agency approach. This includes ensuring the police can more effectively work with people in this situation, are given training to enable them to do this, and also looking at what wider support from local authorities and other organisations is needed.”

Government EPC rating plans causing confusion, Leeds estate agent finds

Published On: April 11, 2022 at 8:46 am

Author:

Categories: Landlord News,Law News,Property News

Tags: ,,,

Councils called on to take action against rented homes that fail MEES

Widespread confusion has been caused by Government plans to enforce a minimum energy performance certificate (EPC) rating requirement of C, says Leeds estate agent HOP.

The Government is considering making a C rating the minimum requirement for all new tenancies by 2025 in England and Wales. This will also apply to all existing tenancies by 2028.

The changes are now part of the Minimum Energy Performance of Buildings Bill, which is currently going through parliament.

HOP is advising both new and existing landlords to seek expert advice and carefully consider a property’s EPC when it comes to new investments.

Luke Gidney, Managing Director at HOP, comments: “The EPC rating scheme has seven different bands, with G being the least energy efficient and A the most efficient. Currently, rental properties in England and Wales need to have an EPC of at least E to be let, unless they are exempt, but the Government is considering increasing this to C, as part of its ambition to hit net zero carbon emissions.

“However, a surprising number of new and existing landlords are unaware that these changes are on the horizon. Some estate agents avoid mentioning it in order to secure a sale, but we work hard to make sure that investors fully understand what they’re buying.

“We’re already advising a number of landlords on steps to improve their ratings and have decided to launch a comprehensive EPC Consultation Service to help navigate the proposed changes. Several members of our team are training to be official EPC assessors, so we can provide tailored and strategic advice on the best ways to improve a property’s energy performance.

“It’s also important to remember that the Minimum Energy Performance of Buildings Bill still has a long way to go before it becomes law, and it could still be thrown out, and this is part of the reason why there’s so much uncertainty and confusion around it.

“In many cases, turning a property into a C rated home could be as simple as improving the insulation or installing a more efficient boiler, but in some older properties it could require significant investment and work. It’s therefore important that anyone investing in property now, as well as existing landlords, fully understand the EPC rating that’s put in front of them and seek professional advice.

“Despite the possibility of the new legislation and the impact it may have on some properties, Leeds remains a very attractive location for investors. The city naturally offers better value for money than many other parts of the UK with attractive yields, against the backdrop of a strong local economy and high demand for quality rental property from both professionals and students.

“There’s also a good range of housing stock, with modern apartments and new builds always proving popular for investors and these are often built with a B or C rating. However, often it’s the older houses and traditional Leeds terraces in the sought-after suburbs surrounding the city centre, that offer the best yields, but these are generally less energy efficient than new stock.

“Investors buying these types of properties definitely need to consider how much it could cost if the property had to achieve a C rating and plan ahead for the possibility.”

Average UK house prices at another record high, Halifax data shows

Published On: April 8, 2022 at 9:24 am

Author:

Categories: Property News

Tags: ,,,,

Average UK house price rises again, Halifax House Price Index reports

The latest Halifax House Price Index reports a monthly house price growth of 1.4% in March, the biggest increase in six months. 

Average house prices in the UK are now at another record high of £282,753. Read the full report here.

James Forrester, Managing Director of Barrows and Forrester, comments: “An unwavering level of market activity has continued to drive house price appreciation in 2022 and this further growth comes off the back of a pandemic property market boom that had already pushed property prices to record highs. 

“Buyer demand remains extremely high and with a lack of stock to meet this demand, there’s no end in sight when it comes to the current state of the market. Even fears around the increasing cost of living and a number of interest rate increases are yet to make a dent and so the outlook for the year ahead is a positive one where market values are concerned.”

Marc von Grundherr, Director of Benham and Reeves, comments: “A monthly look at house price growth is far too volatile a metric to judge wider market health upon. However, yet another double-digit annual increase is the real proof in the pudding and demonstrates a market that is flying high, even when compared to the strong performance posted this time last year. 

“The returning health of the London market has no doubt contributed to this. While the wider UK market was more than holding its own during much of the pandemic, this strong performance is now being bolstered by growing momentum across what is traditionally the powerhouse of UK property.  

“A return to the workplace and an influx of foreign demand are starting to stimulate property values across the capital and this will ensure that top line house price growth remains robust for the remainder of this year.”

Geoff Garrett, Director of Henry Dannell, comments: “Despite a string of interest rate increases and the inevitable impact this has had on monthly mortgage costs, the nation’s homebuyers are seemingly undeterred and continue to flood the market at mass.

“However, the general consensus is that this squeeze on mortgage affordability coupled with the increase in living costs will start to cool the current rate of house price growth as the year goes on. 

“While this may not be substantial enough to reverse the upward house price trends being seen at present, it’s almost certainly going to slow what have been some meteoric rises in recent months.”

Eco-friendly ways to reduce running costs and add value to a property

Published On: April 7, 2022 at 1:16 pm

Author:

Categories: Landlord News,Property News

Tags: ,,

Eco-friendly ways to reduce running costs and add value to a property

For property owners looking to make eco-friendly home improvements that might also add value, Barrows and Forrester has provided seven tips.

Based on its research, the letting agent suggests the following seven changes for a property:

1. Insulation

Upgrading a home’s insulation, specifically solid wall insulation, is one of the best ways of improving efficiency and reducing energy usage. It costs an estimated £2,750 to do but can boost property value by 3%. Based on the average UK house price of £273,762, this equates to £8,213, adding value to the tune of £5,463. This makes it the most profitable eco-friendly upgrade available to homeowners when it comes to adding value to their home, as well as reducing their carbon footprint. 

2. Electric car charging port

Despite the increasing popularity of electric and hybrid cars, it’s still very rare to find a home that comes with its own charge point. Installation is relatively inexpensive, around £800, and can add around 1.5% to the home’s value, adding £3,306 in value.

3. Boiler upgrade

Many homes can still benefit from a good old fashioned boiler upgrade. While notoriously expensive to do, around £2,500, the increased efficiency and longevity that a new boiler provides adds around 1.9% to the home’s value, adding £2,701 in value. 

4. Tankless water system

Similarly, if a home uses a tank system for its hot water, in which it uses a large tank to store large amounts of water that must then be heated every time hot water is required, it’s a very good idea to replace it with a tankless heater system. Doing so costs around £1,275 but adds 1.2% to the property’s value, a boost of £1,984. 

5. Double glazing

Fitting double-glazed windows throughout the home is very expensive, costing an estimated £6,575. It is, however, an essential step towards creating an energy efficient and warm home and is so important to homebuyers that the improvement adds 3% to the value of a property. Measured against the cost, this brings an added value of £1,638.

6. LED lighting and roof repairs

Increased efficiency and good profits can also be added through installing energy efficient LED lighting throughout the home (£1,069 profit), and addressing any faults or weaknesses with the roof (£987 profit).

7. Solar panels

Despite being one of the most common ways of improving the carbon footprint of a home, it seems they do very little in terms of added value. Installation is expensive, around £5,875, while the value added is estimated to be £1,916, a loss of -£3,959. However, there are obvious savings to be made from reduced utility bills, so if the owner is planning to stay in the home for many years to come, solar panels can still offer good savings.

James Forrester, Managing Director of Barrows and Forrester, comments: “Eco-friendly home renovations and upgrades can be a brilliant way of reducing the running costs of your home, which is something that has been brought into focus due to the spiralling cost of living. 

“But they don’t just reduce the day-to-day costs associated with our homes, they can also add value for such a time that you do come to sell. 

“In addition to the financial benefits they bring to the home, they can also help us make a positive change with regards to the environment and this eco-friendly conscience is something we are seeing more and more from the modern-day homebuyer.”

Property inventories important for lettings compliance and regulation

Published On: April 5, 2022 at 9:03 am

Author:

Categories: Landlord News,Lettings News

Tags: ,

Why property inventories are important for lettings compliance and regulation

Inventory specialist No Letting Go is warning landlords and letting agents about the importance of inventories for ensuring rental homes are fully compliant.

The firm highlights the growing push for more compliance and regulation, including the possibility of a landlord register being introduced and a new Decent Homes Standard for the private rented sector being implemented. It argues that inventories play a key role in preventing poorly maintained properties from being allowed onto the market in the first place.

Nick Lyons, CEO of No Letting Go, comments: “Inventories can act as a great barrier against non-compliance – being that first block to prevent unfit homes from entering the market.

“A good inventory, carried out by a trained inventory specialist, can help highlight any potential issues with a property, and ensure homes are fully habitable and decent from the off.

“As part of the government’s plans for widespread rental reform – the largest reforms in a generation – there are proposals for a Decent Homes Standard in the PRS, in the same way there currently is for social housing, and also other measures aimed at clamping down on rogue operators. We all have a responsibility to make sure housing is decent and high-quality, as the rental market continues to grow, and inventories can play a key role in that.” 

Lyons says there is a huge amount of regulation out there for letting agents and landlords to adhere to, and this is ever-growing, but remaining compliant remains of vital importance. 

He continues: “We see plenty of news stories surrounding non-compliance, and the danger of it in terms of large fines and even prison sentences, but there are still a minority of agents and landlords who seek to get away with it.

“We know this is still only a small minority, but that minority gives the whole industry a bad name and drags the reputation of agents and landlords through the mud.” 

Landlords and letting agents can use inventories to help show the condition of a property before, during and after a tenancy, highlighting that they have nothing to hide. 

Lyons concludes: “Landlords and agents looking to break the rules or be non-compliant may want to sidestep the inventory process, which shows just how vital it is for a well-regulated, fully functioning market.

“The vast majority of landlords and agents will now carry an inventory out – it’s become standard industry practice – but we can’t get complacent or rest on our laurels.

“Inventory specialists may be able to spot the hidden defects and problems that an agent or landlord hasn’t considered, and feed this back to the client. This could lead to remedial action being taken to make sure the home is looking its best.

“The Levelling Up White Paper, which is expected to be backed up by the White Paper on Rental Reform at some point this spring, has made the direction of travel quite clear in terms of compliance and rooting out rogue operators, but implementation might be slow. In the meantime, inventories can still continue to be a terrific blockade against substandard homes making it onto the market.” 

England rental hotspots highlighted by latest lettings research

Published On: April 4, 2022 at 10:53 am

Author:

Categories: Lettings News

Tags: ,

Top five UK rental hotspots for landlords in 2023

Areas with the most rental demand have been highlighted by research from lettings agent Barrows and Forrester.

The research looked into demand from tenants based on the ratio of available rental properties that have already been let.

The Barrows and Forrester Rental Demand Index monitors rental listings across the nation, taking an average demand score for each English county based on which has the highest number of properties already let as a percentage of all rental listings.

The analysis of all 49 English counties shows that, on average, 40% of all rental properties listed on the market during the first quarter of 2022 had already been let.

West Sussex has seen the most demand, where 69% of all rental properties had been already let in Q1. Demand is also strong in Cornwall (65%), Wiltshire (63%), Suffolk (60%), Bristol (59%), the Isle of Wight (57%), Dorset (56%), Shropshire (55%), Rutland (55%) Somerset (54%) and Cambridge (54%).

Rental demand is at its lowest in West Yorkshire, where just 19% of all listed rental properties have been taken by tenants. Demand was also lower in Leicestershire (22.9%), West Midlands County (23%), the City of London (26%), Merseyside (27%), Lancashire (29%), East Riding (30%), South Yorkshire (31%), Tyne & Wear (31%), and Lincolnshire (32%).

James Forrester, Managing Director of Barrows and Forrester, comments:“We’ve seen a fairly strong start to the year where rental demand levels are concerned, although it’s fair to say that an air of pandemic influence remains despite a return to normality after what has been a strange few years, to say the least.

“Demand across more urban and industrialised areas of the is still slightly more muted compared to pre-pandemic levels, while country and coastal pockets of the market continue to see very high demand. 

“It will be interesting to see how this balance shifts over the coming months as we expect that demand for rental properties across major cities, in particular, will start to build considerably.”