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Em Morley

Homeowners aged over 55 looking to buy again

Published On: September 3, 2015 at 11:54 am

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Nearly four in ten British homeowners aged over 55 are looking to move house again at least once, new research reveals.

Data from an investigation conducted by insurance firm Prudential shows that 37% of over 55’s are intending to move, which will amount to three million future transactions worth more than £775bn.

Purchasing preferences

Despite some predictions, the desire of many to move is not directly linked to the new pension freedoms, with just 14% saying they wanted to move as a result of the changes.

Investment was also found to be popular with the over 55’s. 18% of those plotting another house purchase said that they would not be living in this home, but would favour buying second homes, buy to let properties or homes for relatives.

In monetary terms, Prudential’s research indicates that the average maximum purchase price for the over 55’s next property was £250,000. 20% of people in this age bracket said that they would be willing to spend £350,00 on their next home purchase.

A large majority of 83% said that they felt their next property deal would be their last, but 11% said they would probably buy again in the future.

Homeowners aged over 55 looking to buy again

Homeowners aged over 55 looking to buy again

Pension push?

‘There was a lot of speculation that the pension freedoms would spark a rush of over 55’s investing in buy-to-let property as a means of generating income in retirement,’ said Stan Russell, retirement expert at Prudential. ‘However our research suggests that this hasn’t yet been the case.’[1]

Russell believes that, ‘in fact, the process of withdrawing cash from a pension fund to purchase property and potentially generate an income is complex and could result in a large tax bill.’ He said that, ‘anyone aged 50 or over with a defined contribution pension is entitled to free and impartial guidance from the Government’s Pension Wise service, and many of those considering accesing their retirement savings under the new freedoms would benefit from a consultation with a financial advisor.’[1]

The biggest motivation for over 55’s to move home was found to be to downsize, with 43% citing this as the main reason. ‘Using money raised from a property sale could prove to be a helpful boost to retirement income for some,’ explained Russell. However, he feels that, ‘it’s no substitute for starting to save as early as possible to prepare for eventual retirement.’[1]

Of those looking to buy another property, 29% said they expected to pay more than the price of their current home. 27% said they would look for a cheaper place.

[1] http://www.propertywire.com/news/europe/uk-older-home-movers-2015090310938.html

 

 

Shelter Receives 17,000 Complaints About Landlords in Just a Year

Published On: September 3, 2015 at 11:46 am

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Around 17,000 people have contacted the Shelter helpline to complain about issues with their landlord in just one year.

Shelter Receives 17,000 Complaints About Landlords in Just a Year

Shelter Receives 17,000 Complaints About Landlords in Just a Year

New figures released by the housing charity suggest that rogue landlords are to blame for rising cases of harassment, threats and even assaults against private renters.

A survey of almost 4,000 people conducted by YouGov in July reveals that one in ten tenants reported that their landlord had carried out an act that could have led to legal action.

According to Shelter, if the figure is equated across the whole of England, it would mean 125,000 private renters were the victim of some form of abuse from their landlord in the last year.

As well as abusive behaviour, tenants claimed that their landlords have cut off utilities, entered their properties without permission and not protected their deposits.

Director of Services at Shelter, Alison Mohammed, comments: “It’s shocking that a small minority of rogue landlords who are exploiting the housing crisis can cause so much havoc and misery in the lives of renters.

“The only way to fix the problem long-term is to make renting fit for purpose for the millions of ordinary families searching for a safe and stable home. For anybody experiencing problems right now, Shelter gives them somewhere to turn for support and legal advice when a rogue landlord crosses the line.”1

Shelter’s Helpline Adviser, Mark Cook, says: “Everyday at Shelter, we speak to people desperate for help because their lives are being made unbearable by a rogue landlord.

“Some of their experiences are truly awful – from renters who have been illegally evicted and had their belongings burned, to those who’ve had their utilities cut off because their landlord wants to intimidate them.

“No one should have to put up with a landlord who breaks the law and it’s so important to know your rights as a renter. Shelter is here to help anyone having problems with their landlord.”1

1 http://www.propertyindustryeye.com/shelter-receives-17000-complaints-about-rogue-landlords-in-one-year/

Broadband important to more homeowners

Published On: September 3, 2015 at 10:56 am

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New research has indicated that a growing number of would-be house buyers are willing to pay extra for a high-speed broadband connection.

A survey conducted by broadband provider Hyperoptic quizzed prospective home purchasers on the importance of a quality internet. The results showed that this is seen as a greater priority than a number of other factors when moving home.

Connection

Data from the research shows that some househunters would pay an extra 8% or £14,000 for their property, if it was guaranteed to have a broadband speed with at least 100Mbps. Two-thirds of respondents said that securing a good broadband connection was important than living next door to good neighbours, with a third going as far to say that they would sacrifice an extra bedroom in order to have a good internet service.

Hyperoptic’s vice president for products, Steve Halford, believes the poll underlines the importance of broadband and shows it is becoming more of a key factor for people looking to move home.

‘Ultrafast broadband makes a property more marketable: people are increasingly reliant on their connection and need it to cope with their current and future bandwidth demands,’ Halford said.[1]

Broadband important to more homeowners

Broadband important to more homeowners

Technological reliance

Mr Halford also pointed out that a growing number of consumers are looking at average broadband speeds in an area before moving out, something that he feels will increase as the reliance on technology increases.

Further data from the report indicates that 61% of UK house buyers check their would-be broadband speeds before committing to either buying or renting a property. Anything less than 6Mbps was found to be a deal breaker. 31% said that they do not move house until they are sure a broadband connection is set up in their new home.

14Mbps was found to be the minimum speed for many, with half of consumers saying they wanted to have a speed of somewhere nearer to 100Mbps.

[1] http://www.propertywire.com/news/europe/uk-home-move-broadband-2015090310937.html

 

 

 

Details of The Property Ombudsman’s First Conference

Published On: September 3, 2015 at 10:44 am

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Details of The Property Ombudsman's First Conference

Details of The Property Ombudsman’s First Conference

This autumn, The Property Ombudsman (TPO) is hosting its first conference.

The programme for the event has been finalised and Property Industry Eye and AgencyPro will sponsor the conference.

Speakers include the chief executive of the Trading Standards Institute, Leon Livermore, and James Monro, the leader of the National Trading Standards Estate Agency Team, giving details of the Consumer Rights Act.

The motivational speaker is Guy Browning and other speakers include the Royal Institution of Chartered Surveyor’s Andrew Bulmer and departing ombudsman, Christopher Hamer.

Guests at the event on Wednesday 14th October, hosted at the National Motor Cycle Museum in Coventry, will be informed of legal updates and be introduced to the new ombudsman.

Additionally, the conference will offer four hours of continuing professional development (CPD).

Tickets cost £84, including lunch and refreshments.

Book tickets and find out more here: https://www.tpos.co.uk/members/tpo-conference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warning to take fire safety seriously

Published On: September 3, 2015 at 9:47 am

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Letting agents and property managers of blocks of flats with fire doors are being warned over their fire safety responsibilities.

The warning has come in the lead up to Fire Door Safety Week, which is taking place from September 14-20.

Fatal

‘The rates of fire deaths and casualties are reducing, but there are still an average of 25 fatalities or injuries from building fires every day,’ said Hannah Mansell, spokesperson for Fire Door Safety Week. ‘Fire doors are a crucial first line of defence in many of these fires, and yet they remain a significant area of neglect,’ he continued.[1]

Mansell went on to say, ‘ten years on from a new law being introduced, fire door failure is still a consistent feature of prosecutions. Just this year alone we know of hundreds of thousands of pounds of fines and prison sentences for people who have failed to meet their fire safety responsibilities.’[2] She claims that the organisation finds faults in fire doors in privately rented accommodation far too frequently.

Safety

Sponsors of fire safety week include the National Landlords Association and the Federation of Private Residents’ Association.

Warning to take fire safety seriously

Warning to take fire safety seriously

Under the Regulatory Reform (Fire Safety) Order of 2005, employers or people who are known to have control over a premises are permitted to carry out fire risk assessments and to subsequently act accordingly. This person is known as the responsible person.

A full fire risk assessment should highlight actions that need to be taken to ensure the building is sufficiently permitted from fire. This assessment must be reviewed annually and amended as soon as changes are made to a building.

Despite this, the organisers of Fire Door Safety Week have said that since the act was introduced in 2005, there has been a continual stream of prosecutions against property owners, landlords and letting agents.

[1] https://www.lettingagenttoday.co.uk/breaking-news/2015/9/agents-and-property-managers-must-take-fire-threat-seriously

 

 

Landlord Law Specialists Launch Advice Videos

Published On: September 3, 2015 at 9:43 am

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Property law specialists Tessa Shepperson and Ben Reeve-Lewis have created a series of videos that could help landlords and letting agents.

The first is available now and deals with tenant deposits. Find it here: http://landlordlaw.tv/series-1-episode-1-dealing-with-deposits/

Separately, Reeve-Lewis has given his opinion on whether blacklists of rogue landlords and agents will work when they’re introduced in a housing act this autumn.

His thoughts? They won’t: “These new plans presuppose that local authorities have a well-funded crew of trained people able to use this legislation to tackle rogue landlords – but most don’t.

“The recent swingeing council budget cuts of April 2015 have led to many enforcement posts being deleted and people doubling up on duties they have no previous experience of.

“Without enough staff to enforce these standards, rogue landlords will continue to operate beyond the resources of councils.”1

1 http://www.propertyindustryeye.com/landlord-law-specialist-tessa-shepperson-launches-new-videos/