John McDonnell back-peddles on Right to Buy

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The Shadow Chancellor, John McDonnell, appears to have dropped his proposals for giving tenants of private rental properties the ‘Right to Buy’ at a central government imposed discount termed as a ‘fair price’.

McDonnell has told the FT he know thinks the policy would be unworkable and that it would not be included in the general election manifesto due to be launched later this week.

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Rogue tradesman run off with deposit?

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I have had the misfortune to deal with rogue bathroom fitter, he asked for 50% deposit and when the time came to do the work he said he was hospitalised, then I found out 3 weeks he had actually found full time employment and did not have time to complete my job.

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Nottingham licensing scheme a farce

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A landlord licensing scheme in Nottingham has so far managed to issue full licences to fewer than three per cent of the applications received. In August 2018, Nottingham City Council introduced a Selective Licensing Scheme across many parts of the city as a key part of its efforts to address the quality and management of […]

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Increase in Indians buying into the London property market

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London Market:

A recent report from
property consultants Knight Frank says that there’s been an 11%
increase in the number of investors from the Indian subcontinent
buying in the prime central London property market over the 12 months
to June 2019.

In what Knight Frank
terms the super-prime market, it attributes the increasing sales to
discounted prices and favourable exchange rates for the Asian buyers.

Knight Frank
identifies the main locations of interest to these Indian buyers as
Mayfair, Belgravia, Hyde Park, Marylebone and St John’s Wood.

The report states
that:

“An effective
discount of about 20 per cent, taking into account the currency and
price movements in prime central London, in the period between the EU
referendum and October 2019, has benefited Indian buyers.”

The report further
identifies the profile of Indian buyers as wealthy Indians, becoming
younger, and says 21% could be classed as “ultra high net worth
individuals”, favouring the UK as an investment target.

Shishir Baijal,
chairman and managing director, Knight Frank India says:

“London has always
been a hotspot for Indian investors due to its economic and political
importance. Despite the recent political and economic developments,
the long-term economic fundamentals for the market has remained
strong and is therefore continuing to generate interest amongst
Indians looking to purchase properties outside the country”.

When compared to
investments in the Indian markets, he says, yields for both capital
and rentals are higher.

“As the domestic
economy hits a slow block, we can expect Indians to continue the
momentum of investments in a mature market such as London that offers
higher returns and a relatively shorter hold period.”

Alasdair Pritchard,
Knight Frank Private Office and Knight Frank’s ambassador to India
says:

“London will
always remain an interesting market for wealthy Indian buyers. Many
have an affinity to it — enjoying the history, the culture and
lifestyle on offer. A large number also send their children to the UK
for education, investing in property at the same time.”

Rory Penn, joint
head of Knight Frank’s Private Office says:

“Beyond Brexit,
there are global trade and geopolitical tensions that mean other
super prime residential markets have slowed. While there are fewer
discretionary buyers in London, well-priced and good quality stock is
seeing strong interest and leaves me convinced that demand will
accelerate once Brexit has been resolved.”

London Super-Prime Sales Market Insight-Winter 2019′, Knight Frank

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Increase in Indians buying into the London property market | LandlordZONE.

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NLA survey puts housing down the list of tenants’ election concerns

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Housing issues:

A recent survey
carried out by the National Landlords’ Association (NLA), the body
that represents 41,000 landlord members, says that the results “give
the lie” to the clichéd view that all landlords are “dodgy”
and treat their tenants badly.

It seems that along
with much of the rest of the population, Brexit, not housing, is the
Number One issue of concern for Britain’s tenants in the
forthcoming general election. This is followed by climate change and
the environment, and education, with housing coming fourth on the
list as highlighted by the survey.

The results would appear to support previous evidence that private sector tenants are on the whole satisfied or very satisfied with the way their private landlord treats them. In fact private landlords have consistently scored higher on the satisfaction scale than do social housing landlords (councils and housing association) in numerous studies.

Jeremy Corbyn
launched the Labour Party’s general election campaign with a
scathing attack on “dodgy landlords”. But, the NLA’s survey of
tenants shows that housing is not the most prominent issue on the
average tenant’s mind, ranking only fourth, followed by
immigration, the NHS, police and crime, tax, transport and the
welfare system.

The findings show
that, contrary to the mantra constantly peddled by the popular press
and some politicains, most tenants actually enjoy a cordial
relationship with their landlords. When they were asked how confident
they were in their current landlord or agent’s professionalism,
nearly a quarter answered “very confident”, with 69 per cent
marking them 7 or above, on a scale of 1-10. Only 3 per cent said
they were “not confident” in their landlord or agent’s
professionalism, says the NLA.

This data was
corroborated by other findings over a number of years where
consistently over 85 per cent of tenants say they have a positive
view of their current landlord. In this survey some 68 per cent
admitted that they had “never had cause to complain”. A further
16 per cent noted that while they had registered a complaint, the
landlord or agent subsequently “resolved the situation to my
satisfaction”.

This, says the NLA,
perhaps reflects the fact that landlords have resisted the temptation
to raise rents over the past year: nearly three-quarters of tenants
reported that their rents had “stayed the same” while some even
revealed that their rent had actually fallen over the past 12 months.
Furthermore, 86 per cent of tenants had never been served with either
a Section 21 or Section 8 over the past five years.

Richard Lambert,
Chief Executive Officer of the NLA, commented:

“The private
rented sector is not the big political issue that some tenants’
groups claim it to be. The idea that tenants and landlords are
constantly engaged in some kind of bitter dispute is just another
example of fake news.

“When tenants go
to the ballot box to cast their vote next month, housing won’t be
top of their agenda. That’s because, as the survey we commissioned
reveals, the majority of tenants are perfectly happy with their
rental property and perfectly happy with their landlord.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – NLA survey puts housing down the list of tenants’ election concerns | LandlordZONE.

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What could a new government mean for landlords?

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With just four weeks to go until the British public head for
polling stations across the country, the UK’s main political parties are
gearing up for the general election on 12 December. The need for Boris Johnson
to turn his lead into a working parliamentary majority and break the Brexit
deadlock has been the main focus for the Conservative party. But while
resolving the Brexit issue has captured most of the headlines, as the election
draws closer speculation over key policies across a range of areas, including
housing, is increasing.

The current government has implemented a number of
legislative changes in the private rented sector which are having a major
impact on landlords. A potential party change could have an even bigger impact
on the buy to let market as a whole.

We don’t yet know exactly what each major party has planned
for the private rented sector, should they come into power, and dates for the
release of party manifestos have not yet been confirmed.

In What
could a change in government mean for landlords? Hamilton Fraser
Total Landlord Insurance CEO, Eddie Hooker, picks out the key proposals the
three main parties have made over recent times and in their 2017 manifestos.
From Conservative moves to better protect tenants to Labour’s bold proposals
for the buy to let sector, as well as the Liberal Democrats’ focus on the
private rented sector in their previous manifesto, Eddie speculates about what
a new government could mean for landlords. Eddie offers his insights on a range
of potential policies, from right to buy, rent control and rent to buy to
universal credit, tax and Section 21. Read the full article here.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – What could a new government mean for landlords? | LandlordZONE.

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Rental prices strong but housing market subdued

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HOMELET’s Rental Index figures for October 2019 have been released.

The headlines from this month’s report are:

The average rent in the UK is now £953, up by 2.7% on the same time last year

When London is excluded

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New ONS stats show average London rents fall in real terms

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Rents:

New
statistics released yesterday by the Office
for National Statistics (ONS) show that rents across London rose less
that inflation at an
average of 0.9%
in the 12 months to October 2019.

The
Residential Landlords Association (RLA)
argues that this demonstrates the folly of the Mayor of London’s
calls for rent controls in the capital, which would have resulted
rent increases for tenants by linking
rents
to inflation.

These statistics, says the RLA, mean that the Mayor’s stated policy of introducing rent controls in the capital have been “dealt a critical blow” when it is demonstratively the case that rents don’t necessarily follow a steep upward curve.

Speaking recently to a committee of MPs the Housing Secretary, Robert Jenrick, warned that he was “not in favour of rent controls”, arguing that they have “proven to be very negative for both landlords and tenants in the past, and I do not want to see any move in that direction.”

Research carried out by the RLA, they claim, shows that around the world rent controls have been proved not to work, leading to a lower standard of housing and less choice for tenants.

David Smith, Policy Director for the RLA, says:

“Today’s
figures show how absurd proposals for rent controls are. Rents in
London are falling in real terms yet the Mayor is failing to
acknowledge this.

“If
he wants to make renting cheaper it would be better to work
constructively with good landlords to provide the new homes to rent
the capital desperately needs. Without this, supply will fall, rents
will go up, and tenants will have even less choice about where they
live.”

· The Office for National Statistics Index of Private Housing Rental Prices for October 2019 can be accessed here

· RICS’ most recent Residential Market Survey can be accessed here

The
graphs on page 6 show that the demand for private rented housing in
London is outstripping supply

· The Secretary of State was speaking to the Housing, Communities and Local Government Select Committee. The transcript can be accessed here

· The RLA’s own research on rent controls can be accessed here

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – New ONS stats show average London rents fall in real terms | LandlordZONE.

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Shelter blame B&Bs on private landlords!

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Shelter press release: The government has released new figures on the amount being spent by local councils on temporary accommodation for homeless households in England in 2018/19. They show:

– Councils spent £1.1 billion on temporary accommodation for homeless households between April 2018 and March 2019.

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Possession timescales at 22.6 week average

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New figures showing that landlords face a growing amount of time in getting judgement on repossession cases from the courts are boosting calls for the urgent need for dedicated housing courts to be established.

Government statistics published today show that it now takes private landlords an average of 22.6 weeks from making a claim to the courts for a property to be repossessed to it actually happening

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