How to get the best Landlords Insurance

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IF you own more than one let property then you could save money and improve cover by buying a landlord portfolio of insurance.

If you own multiple properties, there are benefits to buying the insurance all together as discounts can be applied that single properties do not attract.

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Rented Housing report – perfect storm for young people

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Housing Report:

Responding to today’s report, “The future fiscal cost of ‘Generation Rent’,” (17 April 2018) from the Resolution Foundation, which suggests that up to a third of young people today could be renting homes into their retirement, David Smith, Policy Director for the Residential Landlords Association said:

“Today’s report shows the perfect storm that young people face. With home ownership remaining difficult for many to access, demand for homes to rent continues to increase. This is at a time when Government tax increases are discouraging many landlords from investing in new homes to rent out.

“Ministers need to make pragmatic changes to their approach to private rented housing, with a series of policies that support, rather than attack, the majority of private landlords who are individuals to invest in the new homes to rent we need alongside all other tenures. This includes greater support and encouragement for those prepared to offer longer tenancies but who are concerned about being locked into agreements where tenants might be failing to pay their rent, not looking after their property or committing anti-social behaviour.”

Recent research by the RLA has found that 69 per cent of landlords are being put off investing in further homes to rent as a result of the Government’s three per cent stamp duty levy on the purchase of homes to rent out.

The RLA is calling for a number of reforms to support those in rented housing, including:

• Not applying the stamp duty levy where landlords invest in property adding to the net overall supply of housing.
• Using a combination of tax incentives and improvements to the process for regaining possession of a property where tenants are failing to look after it or not paying their rent to provide greater confidence to landlords to offer longer term tenancies. At present it can take up to 22 weeks for a landlord to regain possession of a property when faced with tenants causing disruption. 73 per cent of landlord have told the RLA that they would be encouraged to offer longer-term tenancies if such reforms were made.
• Action to stop mortgage providers from prohibiting landlords from offering longer tenancies. 44 per cent of landlords have told the RLA that they have mortgage conditions that limit the maximum length of tenancy that can be offered.
• Establishing a new housing court to improve and speed up access to justice for tenants and landlords when things go wrong.
• Providing relief from Capital Gains Tax where a landlord is prepare to sell a property to a sitting tenant to support first time home ownership.

The Residential Landlords Association: The home for landlords

• RLA PEARL’s report, The Impact of Taxation Reform on Private Landlords, is available here

Of the almost 3,300 landlords questioned:

• 69 per cent said that the decision to impose a three per cent stamp duty levy on the purchase of new homes to rent in 2016 is putting them off investing in further rental property.
• 73% said that they would be encouraged to offer longer-term tenancies if both the Section 8 process for regain possession of a property was reformed and if there was tax relief.
• 44% of landlords have mortgage conditions that limit the maximum length of tenancy that can be offered.

The future fiscal cost of ‘Generation Rent’

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Despicable vehemently anti-landlord Guardian article

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The Guardian has sunk to new lows this week with the publication of the most vehemently anti-landlord article, by Rhik Samadder (such an expert in the field that none of us have ever heard of him), that I have ever seen published by a national newspaper.

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Migration added 20 per cent to house prices

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House Prices:

Claims that migration has added 20% to UK house prices have been disputed, but official statistics now seem to confirm that the claim by Dominic Raab was in fact correct.

Mr Rabb the housing minister says he has been vindicated after an official report showed he was correct when he said that immigration had pushed property prices up.

The housing minister faced severe criticism after he made the claim that net immigration had added 20 per cent to house prices over the last 25 years.

But official figures released last week appear to show that in actual fact, the increase has been higher at 21 per cent.

The Ministry of Housing, Communities and Local Government (MHCLG) using a model developed by the University of Reading, discovered that the increase in the number of immigrants living in England between 1991 and 2016 has added an extra £11,000 to average house prices, in real terms.

However, the figure is still disputed by some, with economist Jonathan Portes, Professor of Economics and Public Policy at the School of Politics & Economics of King’s College, London, saying this is ‘worse than the back of an envelope’ calculation.

The controversy came about following Mr Raab’s comments expressed to the Migration Advisory Committee and a report publish by it to help the Government formulate new immigration plans.

Mr Rabb had said:

“I welcome this transparency. Our top priority is driving the reform to deliver the homes Britain needs. But demand matters too, and immigration affects demand.”

The calculations produced by the University of Reading, show the overall population grew from 47.1million to 54.5million in England over the last 25 years. This it claims led to an overall increase of £17,000 for average house prices.

The UK residential foreign-born population grew from 3.5million to 8.4million during the 25 year period, which has accounting for two-thirds of overall population growth. If these figures are correct it means that immigration accounts for 21 per cent of the population-related increase on house prices, which Rabb is claiming.

Yvette Cooper the Commons home affairs committee chair had accused Mr Raab of ‘undermining trust’ on the debate on immigration by initially refusing to publish his calculations, but Mr Raab has since reaffirmed his statement following the release of the official figures saying:

“In the last 25 years we have seen immigration put house prices up by something like 20 per cent.”

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