Troublesome Tenants in small close?

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We are a small close of residential tenants where elderly and disabled people live. Approximately three months ago a flat in the close was let to a single female.

She moved in almost immediately with a person we suspect is her brother.

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New training courses dates added-get 20% off selected courses this July

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Due to popular demand the RLA has added some extra dates to its courses, including Gaining Possession, Landlords Update and Complete Fire Safety. And, when you book this month, many of our courses are 20% off. Learn more about some of our courses below. Gaining Possession course Whether you’re a landlord planning on issuing your […]

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DWP seek landlords and agents to test new service in live environment

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The Department for Work and Pensions (DWP) is seeking landlords and letting agents who rent to tenants on Universal Credit, to trial a new service. Over the past year, the DWP has been working with landlords to improve the process for requesting direct rent payments or rent arrears deductions for landlords, with tenants who are […]

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How to Rent guide updated-make sure you issue correct version

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The Government’s How to Rent guide has been updated, just two weeks after the previous update. The update means that IT IS IMPORTANT that anyone who downloaded 26th June version of the booklet, now downloads and uses this new version WITH IMMEDIATE EFFECT.  The How to Rent booklet, the latest version of which can be downloaded here, forms […]

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Yet another new Housing Minister

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New Housing Minister:

Kit Malthouse has been appointed the latest in a rapid succession of housing ministers after Dominic Raab was appointed Brexit Secretary of State following David Davis’ resignation this week.

Industry leaders are appalled at the latest change in this post as Malthouse becomes the 17^th Housing Minister in 20 years, each minister averaging just 14 months in post, whilst high flying Dominic Rabb’s term was a mere 6 months.

Mr Malthouse, the MP for north-west Hampshire, was previously minister for family support, housing and child maintenance. Alok Sharma, who also held the post for just six months preceded Rabb, giving the impression that housing comes way down the list in the order of government priorities.

This latest move comes just a few months after James Brokenshire was brought in as secretary of state for Housing, Communities and Local Government (HCLG) when Sajid Javid left to run the Home Office.

At a time when there are several ongoing initiatives in the housing sector, not least with private rented sector (PRS) legislative changes, people in the industry are becoming disillusioned, not just because of the lack of continuity, but because of doubts about the government’s apparent lack of commitment to solving the many issues affecting the sector.

There are serious doubts about the government’s strategy with the PRS following a raft of legislative changes affecting landlords and letting agents. The removal of mortgage tax relief and depreciation allowances for landlords, regulatory changes to tenancies, the tightening of mortgage lending criteria and another slew of impending changes including a tenant fees ban, plus the possible introduction of three-year minimum tenancies, all with as yet unknown long-term consequences for buy-to-let.

The apparent lack of consistency and commitment comes at a time when the government really does need to make housing a priority, and point acknowledged by every one of these successive ministers, but despite this there is no sign yet of a firm and long-term commitment to the role.

Mr Malthouse was formerly Chair of the Metropolitan Police Authority and the first Statutory Deputy Mayor for Policing, and a former city councillor and Deputy Leader of Westminster City Council, London. Following the 2018 Cabinet reshuffle, he was appointed Parliamentary Under-Secretary of State at the Department for Work and Pensions. He has now been appointed Minister of State for Housing, at the Ministry of Housing, Communities and Local Government.

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Rent A Room consultation will hit Airbnb style letting

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The Government consultation on Rent A Room tax reliefs looks set hit Airbnb style letting of entire properties rather than individual room lodger type agreements.

Click here to see the full consultation.

Executive Summary:

Rent a room relief allows individuals to earn up to £7,500 tax free from letting out furnished accommodation in their main or only residence.

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Search for yield further north…

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Rental Yield:

Research by Direct Line for Business shows that there is significantly variation in landlords’ income yield, depending on where they buy. Buy-to-let investors are being encouraged to look further afield for yield.

According to this research, reported by The FT, buy-to-let investors are wise to look across the regions and do their own thorough research if they want to secure a decent yield from their rental properties.

For example, Burnley in Lancashire, according to Direct Line, recorded had the highest annualised rental yield in the country. Average house prices in the town were just £76,300, while a typical annual rent in Burnley is around £5,388.

Of course, yield reflects risk, so landlords need to be aware that although the prices are low, and consequently rental yields are high, there are more risks associated with these types of investments.

What’s more, investing at a distance is always more problematic than doing so on the doorstep: landlords are then totally in the hands of their letting agent to manage their tenancies. That’s all fine if landlords can find good agents, but if bad agents are engaged the investment can turn out to be nightmarish.

The Direct Line research found that while house prices have risen by around 17 per cent over the last three years, rents are up by just 4.7 per cent. And while the average yield achieved across the UK is 3.6 per cent, some buyers, depending on where they buy, can achieve as high as 7.1 per cent.

Other locations in the top league as far as yield is concerned were the Cities of Glasgow (6.9%) and Belfast (6.4), whereas at the other extreme, average yields in London and the south east were considerably lower.

In some parts of London landlords can achieve annual rents of £20,000 or more, but as average house prices can top £480,000, the average yield recorded by Direct Line was more like 4.4 per cent.

Conversely, in the east of England, where house prices average around £289,000, average rents are the lowest in the country, resulting in an average yield of just 3.5 per cent.

Daniel Bailey, principal at Middleton Finance, told The FT:

“Most of my buy-to-let investors don’t tend to pay more than £125,000. If they go beyond that then the yield tends to not be as good.

“Purchase price is a major factor and some areas will attract a better monthly rent. I have some clients achieving yields of 7 to 10 per cent.

“There are still good yields to be achieved but it is important to speak to a broker and property tax expert to understand all of the implications.”

Direct Line said increased competition in the private rented sector was hitting yields.

Christina Dimitrov, business manager at Direct Line for Business, had said:

“While property prices have increased in recent years, it’s a different story for the rental markets where growth in rents in lower than wage growth.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Search for yield further north… | LandlordZONE.

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