Possession reform: Case studies wanted

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The RLA is looking for case studies as part of its campaigns work around possession reform and the use of Section 21. The association would like to hear from landlords who have served a section 21 notice at the request of their tenant so they can access social housing.  Specifically, those with local authorities that […]

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Property inspections key to Lib Dem PRS plan

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Proposals for property inspections for rented homes form part of new housing plans announced by the Liberal Democrats. The party detailed plans in a new policy paper – A Fair Share for All – released ahead of its party conference in Bournemouth next week. In addition to inspections and a new regulator for landlords with portfolios […]

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Average Buy to Let makes a return of just £2k a year pre-tax

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The true cost of a being a landlord: Letting platform Howsy has revealed how the profitability of the buy-to-let sector is being squeezed due to the hidden costs of being a landlord, coupled with the financial penalties handed down from the Government via changes to stamp duty tax.

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No mention of PRS attacks

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Shelter have issued a press release responding to MHCLG’s latest statutory homelessness statistics. The figures, as reported by Shelter,  indicate that a household became homeless every 4 minutes in England in the last year (April 2018 to March 2019) and that young people aged 16 to 24 are disproportionately affected by this country’s housing emergency.

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Tenants facing higher rents

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Tenants face higher rents as a result of the demand for private rented housing outstripping supply according to the Royal Institution of Chartered Surveyors (RICS). In its latest survey of the housing market it says demand for private rented housing has increased for an eighth month in a row. This comes as supply continues to […]

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Lib Dem conference agenda calls for abolition of Section 21

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The Liberal Democrats have released the agenda for their 2019 party conference. Click here to download.

The Party looks likely from the agenda document below to confirm support for Conservative policy of banning Section 21 and reforming the court process.

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More landlords investing in HMOs

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HMOs:

Given
the squeeze on buy-to-let landlords’ profits, landlords are looking
for ways to off-set this. As well as investing through limited
companies, which don’t have the same tax regime as individuals,
landlords are looking to HMOs to increase their yields.

The
tax and regulatory measures introduced over the past couple of years
are persuading some landlords to change direction by entering the
more lucrative HMO market.

According
to buy-to-let mortgage provider, Precise Mortgages, reported
by Mortgage Introducer, more than a fifth of their landlord
mortgage applicants (21%) who looking to buy over the next year or
so, are looking to add Houses of Multiple Occupation (HMOs) to their
existing portfolios.

Precision
says that HMOs “are proving to be an attractive proposition in a
time of market uncertainty, with HMO landlords achieving the highest
average rental yields at 6.3%.�

Alan
Cleary managing director of Precise Mortgages, :

“In
a time of market uncertainty, HMOs are an attractive option for
professional landlords looking to maximise yields.

“As
HMOs attract multiple tenancies, gross rental income tends to
outstrip single lets meaning the rental income is more secure if one
tenant leaves a void.

“The
expansion of the HMO sector underlines how experienced landlords are
rebalancing their portfolios.

“It
also demonstrates the opportunity for brokers to work with specialist
lenders who have expertise across the widest product set to support
clients who are reassessing their portfolios.�

Precise
Mortgages extended its HMO criteria back in 2016 to accept properties
with up to eight bedrooms – an increase from the six accepted when
the products were initially launched. It also launched a Limited
Company product as well as improving its criteria for buy to let
landlords in retirement.

Mortgage
brokers are able to submit HMO and Limited Company buy-to-let cases
through authorised packagers, as well as direct with the lender.

According
to Precise:

• Average yields for all property types dropped 0.3% in Q2 and are now
  at their lowest level since 2010.
• The most popular type of property to buy are terraced houses, with
  half of landlords planning to buy a terraced property.
• However, 40% of landlords also plan to sell terraced houses in the
  year ahead.
• By contrast, just 8% of landlords holding HMOs in their portfolios
  plan to sell them.
• Blocks of flats are also set for growth, with 8% of landlords
  planning to buy compared with just 5% planning to divest.

Alan
Cleary added:

“To
help landlords explore new opportunities, we’ve extended our top
slicing feature across our entire buy-to-let range.

“It
means landlords can now use their surplus HMO income for future
property purchases to expand their portfolios.

“We
also offer refurbishment buy-to-let for works being completed under
permitted development rights, provided there are no structural
alterations or changes to the footprint of the property.

“This is a really exciting development as it allows landlords to
change the use of a property from a C3 dwelling house to a C4 HMO of
up to six bedrooms.�

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Government theft of another’s possessions is plain wrong

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The attacks on landlords are coming thick and fast and no political  party is the landlord”s friend. However, the worst possible fate that could befall our businesses would be for us to have them stolen from us. Last week Shadow Chancellor John McDonnell proposed just this in an interview with the Financial Times.

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RLA call on deposit reform

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A proposal allowing tenants to transfer a deposit between landlords when moving house has been outlined by the RLA in its response to a government consultation on deposit reform.  The government launched its call for evidence asking for information on the barriers tenants face when it comes to providing a ‘second deposit’ when moving from […]

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Call of the week – anti-social behaviour

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Many landlords will experience anti-social behaviour from a tenant while providing homes.The RLA recently undertook the largest ever non-governmental survey of the PRS. In this research we found 51% of section 21 users had done so at least partially because of an anti-social tenant.  Even more had done so because of damage and rent arrears. This week’s […]

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