Auctions to Off Plan purchases?

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Yesterday I covered Auctions and today Off Plan purchases. We have a change of Prime Ministers and we must give the lad a chance. Boris needs a Housing Czar!

In my neck of the woods houses are going up like never before

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Robert Jenrick MHCLG Secretary of State and Esther McVey Housing Minister

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After the ‘night of blond knives’ the new PM Boris Johnson has replaced Kit Malthouse with enthusiastic Brexiteer Esther McVey as Housing Minister and replaced James Brokenshire with the lower profile Robert Jenrick as Secretary of State for Housing, Communities and Local Government.

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Number of homes let by company landlords up 42% since 2015 Budget

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The proportion of homes let by a company landlord has been rising steadily since 2016 when the tapering of mortgage interest tax relief for non-company landlords was announced (see notes to editors). Latest 2019 figures show 12% of homes were let by a company landlord

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National Trading Standards Redress scheme warning for agents

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Estate and Letting Agents in the UK are being urged to check that they are signed up with an approved redress scheme that covers the full remit of their work. The warning follows a recent tribunal that penalised a business that was signed up to a redress scheme for its letting agency work but not for its property management work.

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Buy-to-Let drifts towards company ownership

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Incorporation:

The number of privately-rented homes in Britain, rented out
by a landlord company, has risen to around 12% of the British market. Although small-scale
“sole-trader� landlords still dominate the scene, there has been a steady move
towards larger portfolio landlords owning their homes through a limited
company.

The move, which is being propelled by tax changes introduced
a couple of years ago by the then Chancellor, George Osborne, plus the growing build-to-rent
initiative, is now said to be “professionalising�, the sector.

The motives behind the Government’s changes towards
buy-to-let are still unclear: but some experts attribute them to a fear that
buy-to-let was pricing out first-time buyers, that the buy-to-let market was
growing too quickly, leading to extended mortgage debt and financial
instability, and being dominated by small-scale landlords the industry was said
to be harbouring too many rogues.

London landlords are the ones most likely to own a
buy-to-let using a company structure, that’s according to the research carried
out by Hamptons International. It found that around 12% of privately-rented
homes across Britain were let by a company landlord in the first half of 2019 –
this is the highest proportion recorded since 2011, when Hamptons say it was
also 12%.

Hamptons, which uses its own data to make the calculations,
says that in London around 13% of privately-rented homes are now let by
company landlords. Hamptons’ theory is that the increase is due to the growing
size of the rental sector.

Aneisha Beveridge, head of research at Hamptons
International, has said:

“More than one in 10 rental properties are now owned by
private companies, an indication that the sector continues to professionalise.

“Increasing taxation for private landlords combined with the
growth of the build to rent sector has meant that more companies are letting
homes than at any time since our records began.

“London, where landlords tend to have higher levels of debt
and often the most to gain from corporate ownership, has the largest proportion
of homes let by a company.

“However, it’s not always more profitable to put a
buy-to-let into a company as other associated costs come into play.�

Hamptons International
has published the following figures for region by region percentages of privately-rented
homes let by company landlords:

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