LATEST: Rents rising by 1.4% outside London as demand for new tenancies ‘remains strong’

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The economic challenges of the Covid crisis have yet to force down rents outside London, latest figures from the Homelet Rental Index covering July show.

The average rent for a new or renewed tenancy has increased by 1.4% to £808 when London’s sky-high rents are excluded, which are down by 3.2% year-on-year.

This drop is not surprising – many London landlords saw their younger tenants quit tenancies when they came up for renewal during lockdown as employers encouraged them to work from home and many consequently returned to their parents’ houses rather than carrying on paying rent.

But rents in some other parts of the UK have been increasing dramatically year-on-year including in the North West (+6.5%), Yorkshire & Humberside (+4.5%) and the South West (+2.5%).

“Demand for new tenancies is still strong, HomeLet received the same volume of property applications for tenant reference checks this month as the same month last year,” says Martin Totty, Chief Executive of Homelet.

“That coupled with the steadily increasing rents is positive for the sector, but there’s naturally caution around what could happen over the coming months.

“HomeLet’s tenant reference data is one of the few sources with access to large data sets underpinning robust regional trend data. It’ll be interesting to see what trends emerge, especially on the regional level and how these variations will affect both landlords and tenants across the country over the coming months.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Rents rising by 1.4% outside London as demand for new tenancies ‘remains strong’ | LandlordZONE.

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Properties selling for 95.8% of initial price expectation

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The latest data release from GetAgent.co.uk, has revealed how the property market in England and Wales has performed over the last year when it comes to the percentage of asking price being achieved.

GetAgent’s data shows that nationally

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Reforms to speed up the planning system and get the country building

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The Housing Secretary has announced an overhaul of the country’s outdated planning system designed to deliver the high-quality, sustainable homes communities need.

The changes will transform a system that has long been criticised for being too sluggish in providing housing for families

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Private rental sector enforcement needs ‘major reform’ says expert panel

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Enforcement of the private rental market in England is a patchwork of different approaches and needs a significant shake-up, a panel of experts has warned.

Their report, Improving Compliance with Private Rented Sector Legislation, finds that while many councils focus on trying to control bad behaviour by landlords through the courts, a more carrot-and-stick approach to compliance would be better.

Produced by the TDS Charitable Foundation and SafeDeposits Scotland Charitable Trust, the report reveals how many councils face increased demand for their services but diminishing resources, but that simply chasing rogue landlords down with prosecutions and huge fines should not be the only solution.

As we reported earlier this year, both prosecutions of landlords and fines have been escalating recently and, for example, research for LandlordZONE showed that fines totalling £4.5 million had been levied since the Mayor’s rogue database went live.

The TDS report also recommends that a national landlord database is established in England like the ones already in operation within Wales and Scotland, and that councils should get adequate funding.

It also highlights the need for new sentencing guidelines for the criminal courts and tribunals so that punishment is proportionate to the nature of the offence.

John Duff, chair of the SafeDeposits Scotland Charitable Trust, says: “This is a comprehensive piece of research which we hope will stimulate debate across the industry, and ultimately create solutions to the issues identified as we work to continually improve the sector.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Private rental sector enforcement needs ‘major reform’ says expert panel | LandlordZONE.

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How to find great commercial property deals

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My new video below explores how to find great commercial property deals to maximise new Permitted Development rights for residential conversion opportunities.

You can also join me on Sunday for a FREE 90 Minute online web class on ‘How To Re-purpose Defunct Commercial Buildings’

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EXCLUSIVE: Landlord’s £60,000 loss highlights huge problem with Covid evictions ban

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A well-known landlord and businessman who appeared in Channel 4’s Secret Millionaire TV series has fallen foul of the government’s Covid evictions ban, with a cost currently running at £60,000 lost rent excluding lawyers’ fees.

Paul Williams, who owns a large house in Esher, Surrey, says he does not expect to regain possession of the property until January 2021 after his tenants stopped paying the rent earlier this year.

To add insult to injury, the tenants involved have begun offering the property on Booking.com and he estimates they have earned £75,000 from the property so far.

Williams says he is frustrated both that the blanket nature of the government’s evictions ban means fraudulent tenants like his are able to take advantage of the stay in possession hearings, and that Booking.com refuses to take the listing off its site.

“Under normal circumstances we would have ejected the tenants by now but the evictions ban gives people like this an open door to rip people off,” he says.

“I am disappointed that Booking.com appear to condone ‘illegal properties’ being listed on their platform – I have made multiple attempts to contact the company but so far, apart from one brief email, I’ve been ignored.”

The saga began after Williams, 62, who operates his 50-property rental portfolio with his son Ben (both pictured, above), completed a six-month trouble-free tenancy at the property last year, which had been rented by Downton Abbey actor Dan Stevens.

After being told in October by agent Knight Frank that the short-lets market was quiet, he instead listed it on Airbnb to a respectable-looking couple.

Two weeks later they then requested a six-month short let and that is when the trouble started.

Referencing error

“Because they paid their Airbnb deposit and fees promptly and seemed nice, I didn’t reference them before the longer tenancy started, and that was a mistake,” says Williams.

The rent then stopped and the tenants refused all access to the property including for vital repair work while offering rooms within the house to holiday makers using Booking.com.

“It’s very frustrating because we refurbished the property just before they moved in and my wife and I had planned to make it our home later this year,” says Williams. “Also, they have received at least 150 bookings since offering it on Booking.com including right through the lockdown.”

Williams claims one of the tenants has been abusive when contacted via phone or in person, and that the property has been damaged.

“Due to Covid laws we cannot even start eviction proceedings until the end of August and like thousands of landlords across the UK, there’s nothing we can do.”

LandlordZONE has approached Booking.com for comment.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – EXCLUSIVE: Landlord’s £60,000 loss highlights huge problem with Covid evictions ban | LandlordZONE.

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Manctopis: Billion Pound Property Boom

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A new programme coming soon to BBC2 television describes the outstanding developments taking place in this northern city which has become unrecognisable from its former self over the last 60 years or so.

Describing the city in superlative terms the trailer for the documentary says:

“A property boom like no other. There’s not been development on this scale in any other European city.” But how will this affect the people who live there the documentary will ask?

As one commentator puts it:

“Regardless of the context and the slant the show puts across, it is more impressive that this is being made about Manchester at all. Whenever there is a similar documentary, it is focused on London and it will generally be negative towards the latest developments. It will talk about gentrification and the downsides of that, yet it is worth thinking about why it is being made. It says a lot about the rising profile of Manchester; it could be that the BBC are based here too.”

Education and Business Centre

Over 100,000 students study in Manchester which represents the largest student campus in Europe and Manchester has the largest UK city region economy outside London, an economy worth £62.8 billion (GVA).

This strength has enabled Manchester to establish an outstanding reputation as a competitive place to do business, boasting massive inward investment and a diverse and high-quality portfolio of business properties. Talent-hungry companies are choosing to invest in Manchester because of its access to 7.2 million people within a one-hour drive.

With over 100,000 students in the city’s colleges and universities, and cutting edge research, Manchester provides companies with unrivalled access to a wealth of talent. With strengths in cyber security, FinTech, genomics, advanced materials, The Graphine Institute for example, and more, the people in the city have the skills needed for the innovative technologies that are shaping our future.

The Changing Skyline

Elsewhere on this topic, Alliance Investments have taken a look back at the rapid growth of this incredible city and how the last 60 years have seen Manchester’s skyline change dramatically. They have also projected into the future as to the way Manchester’s high-rising horizon will change.

According to Alliance Investments there are an additional 43,707 homes, 7,433,737 sq ft of office space, 7,599 hotel rooms and 4,846 student bed spaces currently in the pipeline across Manchester.

The research reveals that since 2006, the city began a steep upward trajectory of tall building construction projects, with over 25 buildings of more than 20 storeys added to the skyline over the last 14 years, compared with just 6 in the previous 45 years

The Trinity Islands development, if built (due completion 2024), is set to overtake Deansgate Square’s South Tower in height, with its tallest tower planned to stand at 213 metres high with 67 storeys.

The video below illustrates what Manchester’s skyline might look like in the year 2028:

This Manchester Evening News link shows just some of the developments either planned, under development or now completed.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Manctopis: Billion Pound Property Boom | LandlordZONE.

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No wonder landlords love student lets! 25% premium for rooms near campuses revealed

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New students at London universities who want the luxury of sleeping in might be shocked to find they’ll need to fork out nearly £3,000 a month for the privilege.

Research by Spotahome found that living near lectures – when they eventually resume – comes at a high price with the cost of renting within close proximity of a campus working out at £1,976 a month – 25% more than the overall average London rent of £1,583.

At the top end of the London uni rental ladder, the average monthly rent in the SW7 postcode – home to the main campuses of the Imperial College London, the Royal College of Arts and the Royal College of Music – hits a whopping £2,887 per month. 

As students look to sign contracts for their new digs, Spotahome analysed average rental data for each university campus postcode in London and found that when looking at cost by each main campus alone, the average monthly rent increases to £2,060 per month, and falls to £1,905 when renting around an additional campus.

However, the most affordable London campuses aren’t in London at all. International students in particular might not realise that the additional campuses of the University of Greenwich (£817) and the University of West London (£952) are the only colleges costing less than £1,000 per month, because they are based in Reading and Kent.  

UK and Ireland country manager, Nadia Butt, says that for those studying in the capital, securing an affordable place close to their university can be a tough ask, even when sharing with friends.

“However, with any big move, it’s all about research,” she says.

“It might sound obvious but knowing which campus you will be at is the place to start. We often find students aren’t too disheartened by the higher cost of living near campus. In fact, they tend to prioritise more affordable areas with a good social scene and good transport.”  

Read more about student lets.

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Two speed rental market between London and the rest of the UK

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Hometrack has released its latest index for the second quarter of 2020 with analysis showing diverging trends in supply and demand of rental property between London and the rest of the UK.

Average rents across the country dropped by -0.3% in June

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Funding for boilers and more coming

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The Government with help from the big six energy companies has released funding for free energy-saving measures for home-owners, landlords and the benefit of tenants to include the installation of:

Electric heaters, Electric Heating systems, Gas boilers, Gas central heating systems

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