Posts with tag: student landlords

Student landlords leave tenants at huge risk

Published On: August 6, 2015 at 9:11 am

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Concerning new research suggests that landlords and letting agents of student accommodation are consistently putting their tenants’ health and wellbeing at risk by neglecting electrical issues.

A report from Electrical Safety First has indicated that an alarming number of landlords put tenants’ lives at risk by not fixing serious safety hazards. The firm suggests that landlord negligence is leaving inhabitants open to electric shocks, fires and electrocution.

Dangers

Data from the report shows that 37% of landlords and letting agents did not fix exposed wiring once it was reported to them. 35% did not tend to damp issues, condensation or flooding near electrics, with 30% leaving issues around sockets and light fittings unfixed.[1]

Emma Apter, head of communications at Electrical Safety First, said, ‘these figures are unacceptable. Students should not have to compromise on safety, but these worrying figures suggest that poor landlord practice is putting lives at risk.’[1]

The research highlighted the case of Matthew, a student from Oxford, who shortly after moving into a rental property was alarmed to discover exposed wiring next to a wall socket in the bedroom. On reporting the issue, Matthew was disgusted to find that the letting agent was unwilling to take immediate action.

‘I couldn’t believe how negligent letting agents could be when it came to this kind of thing,’ he said. ‘It took me many conversations over several days to convince the agent to get it fixed.’[1]

Student landlords leave tenants at huge risk

Student landlords leave tenants at huge risk

Life-threatening

‘Cases like Matthew’s emphasise the unnecessary and dangerous situations that students are being exposed to by landlord and letting agent negligence,’ said Apter. ‘Nobody should have their life put at risk because a landlord refuses to make a repair.’[1]

She went on to suggest that there are, ‘cultural stereotypes surrounding student accommodation, but our message to students is this: you do not have to accept living in substandard or dangerous accommodation. Inform your landlord or letting agent straight away if any hazards arise and if they fail to act then your local authority is there to assist.’[1]

Shelly Asquith, National Union of Students welfare officer, said, ‘students should be able to focus on studying and enjoying their educational experience instead of worrying about whether turning on a light switch or plugging in a toaster could kill them.’[1]

‘This prioritising of profit over safety is just another example of how students across the country are being taken for a ride by greedy housing providers,’ she added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2015/8/landlords-leave-students-at-risk

 

Landlords and Agents Should Take Care Over Student Inventories

Published On: July 17, 2015 at 10:51 am

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Landlords and Agents Should Take Care Over Student Inventories

Landlords and Agents Should Take Care Over Student Inventories

Student tenants could lose thousands of pounds due to items in an inventory going missing at the end of a tenancy.

The Association of Independent Inventory Clerks (AIIC) warns that landlords and letting agents should take extra care over accurate and detailed inventories in the next couple of months, as student check ins and check outs are at their highest.

Recent research from removal firm Kiwi Movers revealed that 52% of tenants experienced difficulties over the return of deposits when leaving a property.

The study also found that the most common reason for lost deposits is when items are missing from the inventory, accounting for a fifth of cases. Following this, other factors include minor repairs, cleaning and unpaid bills.

Pat Barber, Chair of the AIIC, says: “Tenants should be issued with a copy of the inventory at the beginning of the tenancy and I urge them all to double check all the items listed at that time and to ensure that all items remain in the property, in good condition, when moving out.

“If there is something missing it can often be cheaper for the tenant to replace it rather than for the landlord or agent to do so.

“For letting agents and landlords, it is important to go through the inventory fairly and thoroughly when undertaking the check out process.

“If both sides of the rental transaction hold up their side of the bargain, the amount of deposit disputes can be kept to a minimum this summer.”1

1 https://www.lettingagenttoday.co.uk/breaking-news/2015/7/agents-advised-to-be-alert-over-student-inventories

 

 

 

 

 

 

 

 

Is it Time to Invest in Student Property?

Is it Time to Invest in Student Property?

Is it Time to Invest in Student Property?

Higher education in the UK is thriving, with university applications at a record high this year. As a consequence, demand for student property is spiralling. Could you become a student landlord?

Studying in UK universities is more appealing than ever, despite higher tuition fees. The number of accepted applications has reached a peak and international students are pouring into British universities.

At present, the UK accepts more foreign students than any other country in the world. They contribute a huge £10 billion to our economy every year. Therefore, there are huge opportunities for strong investments that will prosper for many years to come.

If you haven’t considered student property before, property investment firm Aspen Woolf’s new infographic could help you realise how successful this could be. Take a look here: http://www.aspenwoolf.co.uk/student-property-investment-infographic/.

Join the other landlords investing £2 billion into student property and see yields that are 5-6% higher than average buy-to-lets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Half of Students Think Rent is Good Value for Money

Published On: May 29, 2015 at 12:23 pm

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Around half of students (49%) think that their weekly rent is good value for money, a survey by Glide Utilities has found.

The tenant study also discovered that the average rent for students is £95 per week, unchanged since 2014.

Glide Utilities conducted a report, What Students Seek, which revealed that three quarters of students are satisfied with their shared accommodation, however, this has slowly decreased year-on-year.

Half of Students Think Rent is Good Value for Money

Half of Students Think Rent is Good Value for Money

Additionally, 66% of respondents said they have had problems with the way their property is managed.

One of the biggest issues for students was a lack of communication, with 29% of students complaining of this. A fifth have also experienced intrusive or unannounced visits and inspections, with 39% reporting a lack of response to maintenance problems. Poor property upkeep was a concern for 28%.

Glide Utilities’ research also surveyed student landlords and letting agents, revealing that 15% are worried that they will not let all their student properties by the start of the next academic year.

The report also found that students are seeking more comfort from their private rental accommodation. Over half would like a double bed in their room and a third want an en-suite.

However, practicality is still incredibly important to students. A huge 83% put fast internet access as a priority and good storage is important to 72%.

Furthermore, the report found that some students are focusing on their studies rather than socialising. Over half said it is very important to live close to university and 31% find good transport links necessary.

CEO of Glide Utilities, James Villarreal, says: “The secret to gaining student appeal in 2015 is definitely more is more. While the majority of students are satisfied with their accommodation, we can’t ignore the fact that this figure is gradually falling. This isn’t because conditions are slipping, necessarily, but that student expectations are rising.

“We’ve see this in our own business and have made changes to keep attracting more customers. Our findings highlight exactly what students seek when it comes to private rented accommodation, and will help landlords and agents make the right practical changes without breaking the bank.”1

1 http://www.lettingagenttoday.co.uk/breaking-news/2015/5/half-of-students-say-rent-represents-good-value-for-money

Why Student Property Investments will Survive the General Election

Published On: April 27, 2015 at 3:48 pm

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The general election typically causes unrest for property investors who have assets in the UK.

Data from previous election years indicates that many wait until the outcome is announced before buying into the property market. In 2010, there was a 23% rise in house sales in the three months after the result compared to the three previous months.1

It has been claimed that any doubts surrounding investments at this time are unnecessary. However, if you are looking to be completely confident in your investment, student property is the one asset that guarantees security.

Why is student property so safe?

Why Student Property Investments will Survive the General Election

Why Student Property Investments will Survive the General Election

Student accommodation is completely separate from residential and commercial property, meaning that it is not always affected by the economy or housing market. During the economic crisis, student property was the only asset to record growth for every year of the recession.

Market performance

Student property is the UK’s best performing asset class, with £3.3 billion being invested into this sector in the first quarter (Q1) of 2015 alone.1

Furthermore, demand for purpose built student accommodation (PBSA) has never been higher. Despite tuition fees increasing to £9,000 per year in 2012, university enrolment is at record levels, with 659,030 applications at the beginning of this academic year. Over 5m overseas students also study in the UK.1 

International students are known to prefer high-quality PBSA, however, there is a huge undersupply of this type of housing. Most students have to live in the private rental sector, which is not always suitable for them.

Average rents have risen by 3% annually, as students will pay more for PBSA if it is available.1 

Universities will be able to remove the limit to enrolment numbers from September 2015, meaning that demand for this type of property will only increase.

Political policies

When tuition fees increased after the 2010 general election, it was expected that application figures would decline. However, they are at record highs.

This year, three of the main political parties have pledged changes to tuition fees:

  • Labour want to reduce fees to £6,000 per year.
  • The Green Party would get rid of fees completely.
  • UKIP would scrap fees for those studying science, technology, engineering, mathematics and medicine.

Although students could see more changes to their tuition fees, the demand for student accommodation looks set to remain high.

1 http://www.selectproperty.com/2015/04/why-student-property-wont-be-hit-by-the-general-election/