Posts with tag: student tenants

Newcastle Student Landlords Warned about Potential Scam

Published On: August 11, 2017 at 9:28 am

Tags: Newcastle,scam,student landlords,student tenants

Scam artists are targeting Newcastle student landlords who are letting private properties to tenants planning to study at the University of Newcastle this September, the institution has warned.

Newcastle Student Landlords Warned about Potential Scam

Despite offering private rental properties through proper channels, many Newcastle student landlords could still fall foul to cheats, some of which are believed to already be operating in the city.

Earlier this week, registered providers of student properties received an email from the University of Newcastle, warning about two people “that have unfortunately made their way into [the] database”.

The university said that emails under the names Paul and Janet Castillo are being sent to Newcastle student landlords, scripted as a father and daughter seeking a room.

Janet Castillo’s email comes first, the university told landlords, expressing interest in a room and seeking details for her parent to get in touch.

The individual posing as Paul Castillo then follows up, saying a US-based financier will take care of his daughter’s “payment and some other expenses”.

The email continues: “I will instruct him to send a Pay Cheque for Two weeks rent before her arrival so as to secure the room.

“I will send you her flight details immediately she’s through with her assignments in Philippine.”

To accommodate the alleged payment, the Newcastle Herald reports that he requests a name, address, city, postcode, email address, phone number and rent amount.

“I’m very proud of her and i can assure you that you will have nothing to lose by holding your accommodation for her,” the emails in Paul Castillo’s name state.

The university is warning Newcastle student landlords to remain vigilant.

It informed landlords in the area: “We cannot seem to locate either name in our system and they may have a number of different alias’ they use.”

We remind all landlords to remain vigilant when letting any type of rental property privately.

Tuition fees and Brexit are harming student rental market

Published On: July 17, 2017 at 10:11 am

Author: Em Morley

Categories: Property News

Tags: landlords,student rental market,student tenants,students,tenants

A lettings agency specialising in the student sector believes that the fall in the number of applications for higher education in the UK is threatening to turn the shortage of student accommodation into a surplus.

Despite the university academic year starting in two months, StudentTenant.com believe landlords are still trying to attract tenants in a number of key areas.

Demand

For example, demand for student properties in Exeter is at just 62%, followed by Reading and Bath, where demand stands at 52%.

In all, the number of people applying for a higher education course in Britain this year has slipped by over 25,000 – or 4% – compared to the same period last year.

This comes after the announcement that university tuition fees are to rise from £9,000 to £9,250 this year. In addition, loan interest rates are to increase by 1.5%, from 4.6% to 6.1%.

What’s more, the number of EU students looking to enter higher education in the UK has fallen by 5%, from 51,850 to 49,250.

As a result, StudentTenant.com says that its research uncovers a ‘drastic shift from an undersupply in previous months.’

Tuition fees and Brexit are harming student rental market

Strain

Danielle Cullen, Managing Director at StudentTenant.com, noted: ‘Landlords are starting to feel the strain of finding tenants for the next academic year, as many still have rooms left to let. I personally feel the blame sits firmly on decisions made by our government. We’re now seeing supply for student properties outgrowing demand in some areas, which could spell a huge problem for the student lettings market and the future of private student landlords.’[1]

‘Whilst the fees and interest are having an impact on British applications, it seems that post-Brexit, some EU students don’t want to study in the UK. A year on, there’s still uncertainty for EU students. Naturally, they’re worried about how it could affect them and they’re not applying to our higher educational system as a result,’ Cullen concluded.[1]

[1] https://www.lettingagenttoday.co.uk/breaking-news/2017/7/brexit-and-tuition-fees-hurting-student-housing-sector-warns-agency

Which Political Party will Mostly Benefit Student Tenants?

Published On: April 26, 2017 at 8:30 am

Author: Em Morley

Categories: Property News

Tags: general election,private rental sector,snap general election,student landlords,student tenants,students

As the UK prepares to go to the polls once again, student tenants and landlords alike will be considering which political party to vote for.

StudentTenant.com has assessed the many morals, manifestos and tactics from the three main political parties to guide those in the student lettings market on who to vote for to get the best deal.

A lot has happened since Britain voted to leave the EU last year: David Cameron has stepped down as Prime Minister; Theresa May has taken over and triggered Article 50; and now Britain is preparing for another General Election.

Since May announced the snap General Election to be held on 8^th June, party campaigners have been fighting for votes. But finding the right party to benefit student tenants and the future of the private rental sector can be confusing.

Last year, 18-24-year-olds overwhelmingly voted to remain in the EU (71%), but many things have changed since then.

Who should student tenants and their landlords vote for? StudentTenant has investigated the pledges of the top three political parties:

Labour

Private rental sector reform:

Reduce rents and increase security for tenants renting from private landlords.
Regulate the rental sector to stop substandard accommodation and unfair charges from lettings.

Which Political Party will Mostly Benefit Student Tenants?

University tuition fees:

Last year, Jeremy Corbyn campaigned to abolish tuition fees by raising £10 billion in taxes from businesses and high earners.
7% rise in National Insurance for those earning over £50,000.
5% increase in Corporation Tax.

There has been no mention of tuition fees by Labour for the upcoming General Election.

Post-Brexit economy and business:

Long-term investment in the workplace – creating a high wage, highly skilled workforce to increase productivity and create more job opportunities for young people.

Conservative

Private rental sector reform:

Encourage housing associations and local authorities to increase the supply of rental properties.
Attract investors into residential development, including homes for rent.

University tuition fees:

Previously raised the tuition fees to £9,000 under the coalition government and has recently increased by a further £250 without an announcement from the Department of Education.

Post-Brexit economy and business:

Investment into smaller businesses and enterprises, to create 1.9m new job opportunities for young people.
Cut Corporation Tax to help companies invest internally and grow, to create more job opportunities.

Liberal Democrats

Private rental sector reform:

Build more rental homes and radically reform the rental sector to make it cheaper, safer and more secure.
Introduce the ban on letting agent fees charged to tenants and create regulations to tackle rogue landlords.

University tuition fees:

Last year, the Liberal Democrats announced that they would force a vote by MPs in a bid to stop raising the current £9,000 limit.

There has been no mention of tuition fees by the Liberal Democrats for the upcoming General Election.

Post-Brexit economy and business:

Build a sustainable economy for the future by supporting small businesses and new business models.

Danielle Cullen, the Managing Director of StudentTenant, comments: “Educating young people about the upcoming General Election and what each political party is offering them is incredibly important to the future of Britain. We’re edging ever closer towards Brexit, and young people must make an informed decision on who they should vote for, and actually make the effort to go out and put a cross in the box.

“Looking into specific housing, university and post-Brexit economy pledges from political parties, it’s clear that some parties are much more beneficial to the student demographic than others. However, it is also important to think about life beyond university, and the job market for young people and housing issues for young professionals. If we can help some people in more than just finding a student property by actually helping them shape their future, I will be pleased.”

She continues: “A lot is changing in the student sector, particularly in the private housing market, with the announcement that the Government is planning to abolish letting agency fees. It’s encouraging to see that the Government is finally putting in place structured policies to help the rental market, but it’s so important to understand more about the logistics of how this will affect young individuals.

“The current Tory plans leave an area of uncertainty in who is going to foot the bill. Property specialists are predicting that landlords will seek to recoup the costs from rising rents, eventually absorbing the agency costs. We could see some landlords quit the rental market when faced with absorbing these extra costs which could be problematic for the student rental market in particular.”

What Will Brexit Mean for the Student Lettings Market?

Published On: February 21, 2017 at 9:57 am

Author: Em Morley

Categories: Landlord News

Tags: Brexit,immigration,student landlords,student tenants,students

This month has brought the big news that MPs have overwhelmingly voted to allow Theresa May to trigger Brexit under Article 50. But what will the UK’s exit from the EU mean for the student lettings market?

With a 498-majority vote, the Prime Minister is now one step closer to reaching her goal of starting negotiations with Europe by the end of March 2017.

What Will Brexit Mean for the Student Lettings Market?

However, as Theresa May visits the House of Lords debate over Article 50, there are still plenty of questions surrounding the student lettings market; Will rents rise or fall? Will supply and demand change?

Although some experts predict a bright future for student landlords, others say the student lettings market is highly unpredictable and unstable. But it’s probably somewhere in between, believes student lettings portal StudentTenant.com.

In the last academic year, 1.72m students studied an undergraduate degree at a UK university, of which 7.2% were from EU countries.

German students top the list, with a total of 13,425 studying at university level, closely followed by French and Italian students (12,525 and 12,135 respectively).

University College London attracted 4,185 EU students, the most in 2015/16. King’s College London came in second place, with 3,560 students, while the University of Edinburgh had 3,510 EU students.

But what will Brexit mean for EU students in the future? With immigration control central to the Brexit plans, it is looking likely that non-UK students may have to apply for a student visa or short-term study visa in order to study and live in the UK.

Danielle Cullen, the Managing Director of StudentTenant, explains how Brexit will affect the student lettings market: “Naturally, landlords are worried about the uncertainty surrounding the student lettings market as a direct impact of Brexit. It is becoming increasingly alarming that EU students will have to apply for a study visa; it’s another hoop to jump through before they get access to a British university education.

“We could see a fall in EU students in the UK following Brexit, which would have a significant impact on student landlords. Supply could well outgrow demand, putting pressure on landlords to find tenants and maximise the profitability of to let properties. We’ve seen plenty of experts predict a vast drop in demand for student letting as a result of potential EU immigration restrictions, but there is still time to change that.”

She adds: “Our Government must take steps to ensure Britain remains welcoming to international students, not just for the student rental market, but to ensure British universities are innovating with the brightest and best minds.”

Following the vote to trigger Article 50, Theresa May was quick to release the Government’s plans for leaving the EU, dubbed the Brexit White Paper. The official policy document outlines the key themes for negotiation with the EU, immigration, trade and sovereignty, all of which could have a huge impact on the student lettings market.

Salford in top 5 student buy-to-let locations

Published On: December 12, 2016 at 2:55 pm

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,landlords,student landlords,student tenants

New research has revealed that Salford is now in the top five university towns in England-ahead of Manchester, Leeds and London.

Data from the report from The Mistoria Group indicates that Salford is delivering an average rent of £750 per month, an annual yield of 6.8% and a typical house price of £131,863.

Top buy-to-let locations

Salford sits in 4^th position in the latest results, behind Aston & Birmingham City, Teeside and Sunderland, which records annual yields of 10.6%.

According to The Mistoria Group, student landlords can enjoy returns of up to 7-10%, should they be savvy and purchase the correct property in the correct area.

Managing Director of The Mistoria Group, Mish Liyanage, noted: ‘Salford is a booming University City and is a great place to invest. It offers good rail and road links, located near the M602 and the M60, together with a great bus and tram service. With a wide variety of bars, restaurants together with good sport facilities, three great retail parks and wide open spaces of parkland, Salford has something for everyone.’[1]

‘If landlords are savvy and carefully select where they invest, they can enjoy excellent gross annual leads. Rental income especially for HMOs can vary dramatically in Salford, depending on which postcode you look at. For example, Eades Street (M6 6PG), Seaford Road (M6 6DD), Blandford (M6 6BE), Welford Road (M6 6BB) are some of the most expensive areas in Salford, netting on average ££110 per room, per month as these streets/roads are very close to the university. However, generally, students pay up to £85-105 per room, per month including bills for high quality student accommodation,’ he continued.[1]

Salford in top 5 student buy-to-let locations

Considerations

Continuing, Liyanage said: ‘We know that the most important considerations for students when choosing rental accommodation is space, location and price. Our research shows that the majority of students in Salford want to live in high quality, shared accommodation, with good internet access and affordable bills.’[1]

‘Student accommodation can offer a number of attractive features to investors. The yields are high, as students settle for less space than other tenants; occupancy is typically very good; and it is neatly counter-cyclical, as more people go to university during economic downturns.’[1]

[1] http://www.propertyreporter.co.uk/landlords/salford-makes-the-top-5-for-university-buy-to-let.html

What to do if Your Property has been Sublet Online

Published On: December 9, 2016 at 10:15 am

Author: Em Morley

Categories: Landlord News

Tags: illegal subletting,student landlords,student tenants,subletting,tenants

Airbnb is Backing Sadiq Khan’s Call for Short-Term Lets Register

As the Christmas season approaches, online student lettings platform StudentTenant.com highlights the growing problem of tenants – particularly students – subletting their homes through websites like Airbnb. So what can you do if your property has been sublet online?

With the high expenses of the Christmas period and students returning home to their families, many tenants are taking the opportunity to sublet their accommodation online to make up the costs of this expensive time of year.

What to do if Your Property has been Sublet Online

While this might seem the perfect solution, there are many problems with subletting a property that you don’t own. The majority of tenancy agreements do not permit subletting without the consent of the landlord. As a result, the landlord must be notified and it becomes their decision.

However, many students will still sublet online without speaking to their landlord. Over the past year, StudentTenant has detected an increase among landlords that have seen their property on Airbnb or a similar platform, or found that the tenant has sublet online without any prior knowledge or discussion.

Tenants are reminded that it can be extremely dangerous to let a stranger into your home, despite the simple verification process involved in setting up an Airbnb account. Your roommates, neighbours and belongings must all be considered.

In addition, there are liabilities with insurance as well, particularly if the landlord is unaware that a person who is not on the lease is staying in the property.

Airbnb gives tenants advice on how to speak to their landlord about becoming a host, and what issues need to be addressed before putting the property online. It recommends looking at the lease, speaking with neighbours, and learning the rules of the building. Although the site does offer a £600,000 Host Guarantee, it does not act as homeowner’s or tenant’s insurance, and has a list of limitations depending on what country the home is located in.

The Managing Director of StudentTenant, Danielle Cullen, comments: “Students can be strapped for cash, and it doesn’t help during this busy season, but subletting a rental property is not the solution. Not only can it be a liability for your roommates and your belongings, but it can lead to serious insurance problems for your landlord, especially if they don’t know about the person renting. It also goes against most leases, which is a breach of a legal document.

“Of course, we can sympathise with the students, but we must emphasise that it is neither a safe nor legal route to take when trying to make a few extra pounds.”

So what can landlords do if their property has been sublet online?

“In the case of a landlord discovering that a tenant is subletting their rented space, there is a three-step process that needs to be addressed,” she explains.

“The first is to speak directly with the tenant. It could be as simple as not understanding that the tenancy terms are being broken. If the advertisement remains active, the next step is to speak with the sub-tenants or the subletting platform in order to seek further action. Finally, if nothing changes, the landlord may only be left with legal action against the tenant, and should seek advice.”