LATEST: ‘Keep paying your rent’ lettings agents’ leader tell tenants

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Letting agents have called for tenants to keep up with their rent to ensure the private rental market is ‘sustained and the wider economy is boosted during these uncertain times’.

The comments have been made by Phil Keddie (pictured), President of trade association ARLA Propertymark as its own data shows the post-Covid property market continuing to boom, echoing similar data from tech platform Goodlord during June.

Last month was a record for the private rental market with tenant demand and rental supply both at their highest since records began for June.

ARLA Propertymark, which has gathered the data, says the extraordinary figures are due to the ‘post Covid bounce’ seen in other part of the housing market, and the fact that June is usually a quiet month for landlords.

The spike in activity within the market has also prompted more landlords to increase their rent when properties are re-advertised and Propertymark says nearly a third of its member agents reported this.

“Our latest figures show that the rental market is continuing to pick up following the Covid-19 lockdown,” says Keddie.

“The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull.

“As the market continues to recover from the pandemic, it’s essential that everyone continues to keep up with their rent in order to sustain the market and help boost the economy during these uncertain times.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: ‘Keep paying your rent’ lettings agents’ leader tell tenants | LandlordZONE.

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Covid has hit low-income families in private rental accommodation hardest, says research

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One in five parents in private rented accommodation are now more concerned their family will become homeless following the Covid-19 crisis, Shelter has claimed.

The homeless charity’s research, carried out by YouGov, reveals the precarious nature of private renting as opposed to stable social housing for disadvantaged families.

Their findings show that many families in private rented accommodation have had to cut back on food since lockdown in order to pay the rent, as well as having to take on credit card debts and payday loans.

The new research also reveals that many parents have had to resort to help from food banks to feed their families since the pandemic hit.

Shelter is campaigning for more social housing to be built to give hard-pressed families access to affordable housing and a way out of private rented accommodation.

Polly Neate, Shelter’s Chief Executive, says: “Families are going hungry and taking on risky debt to pay private rent, and yet for too many even these sacrifices won’t be enough to avoid homelessness. 

“These parents need a way out of living hand to mouth, but so far the Government has offered them no alternative to private renting.”

“As rescue and recovery packages roll in, the government needs to prioritise building safe homes that everyone can afford. 

“Cuts to stamp duty are not a solution when you’re struggling to keep a roof over your head, and terrified of becoming homeless at the hands of this crisis. Many renting families will feel like they’ve been sold down the river without a paddle.”  

Read more about Shelter.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Covid has hit low-income families in private rental accommodation hardest, says research | LandlordZONE.

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Suburban commercial property boom predicted by surveyors

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Suburban office locations are set to flourish in the wake of the Covid-19 pandemic, according to a new survey from the Royal Institute of Chartered Surveyors.

In the RICS Q2 UK Commercial Property Survey, 64% of respondents answered yes when asked whether they felt demand for office space in suburban locations is likely to rise over the next two years.

In addition, anecdotal evidence from the survey shows that there could be a shift towards a demand for higher quality office space, with an increased focus on wellbeing and sustainability.

These findings represent good news for landlords with quality out-of-town office space as companies take the decision to relocate their operations away from major city centres.

With the increase in the prevalence of home working, the RICS survey also shows that rents are due to fall significantly across the office and retail sectors in the year ahead, reflecting a decline in tenant demand.

High street revival?

However, on a more positive note, other evidence from the survey shows that local shopping behaviour may be on the increase which could lead to a much-needed revival of the local high street retail environment.

Tarrant Parsons, RICS Economist, says: “The latest survey feedback unsurprisingly reflects the significant disruption and uncertainty that emerged across the economy during the lockdown period.

“With demand from both occupiers and investors falling sharply, respondents now anticipate rents and capital values will come under downward pressure while the market adjusts to a drastically changed economic environment.

“In particular, the recent shift into remote-working raises many questions across the office sector, with respondents expecting businesses to re-evaluate their office space requirements over the next two years. On a brighter note, the outlook is already showing signs of recovery across the industrial sector, which remains set to benefit longer-term from an acceleration in the growth of ecommerce.”

Read the report in full.

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Some signs of mortgage market recovery

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The Bank of England have released their June report for money and credit statistics showing UK household’s net borrowing was £1.8 billion after large repayments in previous months. The increase can all be accounted for by mortgage borrowing with mortgage interest rates broadly remaining unchanged.

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Has change of use application criteria relaxed?

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I bought a 4 bed property outright in Derbyshire and I would like to convert it from a c3 to a C2 (see below)

I have applied to the council for permission and waiting for a response.

However

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