Rents for new tenancies rise as demand ramps up, say letting agents
The rental market continues to show no sign of slowing, as demand for properties increased yet again and landlords raise rents for new tenancies.
ARLA Propertymark’s Private Rented Sector Report reveals that the average number of new prospective tenants registered per branch continued to rise to 82, up from January’s figure of 81 – the same as February 2020 but a big leap from the 65 recorded in 2019.
Regionally, West Midlands branches recorded the highest number of new tenants, with an average of 126, followed by the East Midlands with 123 new tenants. Northern Ireland and The Isle of Wight both recorded the lowest number, with an average of 26.
Healthy demand meant more landlords were able to increase rent, with 49% of agents reporting that they had done this in February compared with 39% in January. Year-on-year this figure is also up from 40% in February 2020. Meanwhile, the number of tenants successfully negotiating rent reductions remained at 2% – the same as during February 2020.
Management drop
ARLA says the number of properties managed per letting agent branch fell for the third month in a row, from 196 in January to 195 in February.
Branches in the North East had the highest number of properties with 284, while those in London – with an average of 94 properties – had the lowest stock per branch.
Four landlords at each branch sold their buy-to-let properties, the same for the fifth month in a row but slightly lower than the five recorded a year ago.
Chief policy advisor Mark Hayward (pictured) says: “Letting agents have continued to support landlords and their tenants throughout the ongoing Covid-19 difficulties and it is essential that tenancies are maintained wherever possible to ensure rent keeps flowing.”
©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Rents for new tenancies rise as demand ramps up, say letting agents | LandlordZONE.
View Full Article: Rents for new tenancies rise as demand ramps up, say letting agents
Are flats or houses best for Buy To Let investors?
It can make a massive difference to your bottom line whether you choose to invest in flats or houses. It can also make a massive difference depending on where in the country you are.
Watch this video for a full breakdown on the pros and cons
The post Are flats or houses best for Buy To Let investors? appeared first on Property118.
View Full Article: Are flats or houses best for Buy To Let investors?
March house prices down 0.2% month-on-month
The latest Nationwide House Price Index for March with prices down 0.2% month–on–month, after taking account of seasonal factors.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “Annual house price growth slowed to 5.7% in March
The post March house prices down 0.2% month-on-month appeared first on Property118.
View Full Article: March house prices down 0.2% month-on-month
What can tenants do about noisy neighbours?
Many people have spent more time than ever before at home over the last year. Some have been trying to work from home with children, dogs and cats to look after. And what of the neighbours? Perhaps your tenant has only just realised how noisy or disruptive they are but what can they do about it?
The post What can tenants do about noisy neighbours? appeared first on Property118.
View Full Article: What can tenants do about noisy neighbours?
Will Legal & General will soon be poaching your tenants?
Build to rent or BTR developments, funded by institutional investors such as insurance companies and pension funds, have been growing in numbers dramatically in recent years.
And this sector of the residential property market will become a force to be reckoned with in the future and a challenge to the small-scale buy-to-let landlord.
But so far this segment of the market is quite small – it occupies less than 2% of the private rented sector.
Out of approximately 24 million households, over one fifth (20%) are now in private rented accommodation and this market is growing – demand still outstrips supply, which means, despite the Covid effect, there is considerable upward pressure on rents.
The potential size of the market and the relative security of asset values and rental cash-flow returns makes the industry an attractive proposition for institutional investors for the long-term.
To take one example, Legal and General (L&G), the insurance company, is becoming a major investor in build-to-rent.
L&G’s existing presence in the build-to-rent sector has over 5,000 rental homes in operation or currently under development across the UK’s major towns and cities.
1k homes a year
Their latest announcement says it plans to build 1,000 family rental homes per year as part of its recently launched “suburban build to rent business”.
This will be focused on family rental communities, by developing family homes in areas connected to schools, transport infrastructure and key amenities.
L&G says it has identified a gap in the market, a need for single family homes which are professionally managed, offering a high level of flexibility and security of tenure largely unavailable in urban centres. It is basing its planning assumptions on a forecast growth which will result in a UK residential market of well over £200bn.
L&G’s investment will go into a mix of houses and low-density apartments, with facilities meeting today’s needs.
Some will incorporate home offices with more extensive outdoor space designed to meet the changing needs of home renters, changing patterns of work and the increasing desire for a better home-life balance post the pandemic.
Built into the planning is the need for increasing environmental efficiency, both in the build requirements, home running and management. L&G says it has a sustainability commitment throughout its business and plans are to make its build-to-rent operations carbon net-zero by 2030.
David Reid who is joining managing director on the build-to-rent management team (pictured) says they will collaborate with housebuilders to develop some large-scale sites, as well as pursuing a direct delivery programme.
He adds: “As we gear up towards the acquisition of our first sites, our major focus has been to put together a stellar team to match and support our growth ambitions. With working practices and demands changing rapidly in light of the pandemic, it’s more important than ever that we deliver high-quality homes to meet societal demand.”
©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Will Legal & General will soon be poaching your tenants? | LandlordZONE.
View Full Article: Will Legal & General will soon be poaching your tenants?
Short lets boom: Channel 4 TV show rides huge surge in Airbnb market
Landlords could be tempted to invest in short-lets by witnessing the rush to book staycations and a new reality TV show where designers revamp holiday homes.
As hosts starts to welcome guests back from 12th April, Channel 4’s Hire My Home is sparking more interest in the sector. It features two interior designers – Anna Campbell-Jones (above) and Zeena Shah (left) – who transform bland rentals into unique holiday destinations, with budgets provided by their owners, anxious to increase custom.
The end results are then judged by a panel of 100 people via the Hire My Home app, based on the pictures and listing info.
After the government announcement in February that self-contained accommodation could open up in April, searches by guests or potential guests in the UK nearly tripled, according to Airbnb.
Visits to the platform’s landing page for new hosts were also up in both January and February compared with December.
An Airbnb spokesman says: “As we prepare to be able to travel once again, where previously, our Most Wishlisted homes have been dominated by far-flung and exotic destinations, this year it’s all about the rural retreats to explore on domestic shores.”
Shomik Panda (pictured), director general of the Short Term Accommodation Association, agrees that self-contained accommodation is likely to be very popular this year because they let people comply with Government guidelines and stay safe from COVID-19.
He adds: “Staying in self-contained accommodation has the added benefit of supporting the hospitality sector and local economies in which they are located which will help them to recover some of the lost income from the last 12 months.”
©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Short lets boom: Channel 4 TV show rides huge surge in Airbnb market | LandlordZONE.
View Full Article: Short lets boom: Channel 4 TV show rides huge surge in Airbnb market
BREAKING: MPs join chorus calling on Ministers to help tenants pay off rent arrears
MPs have added their voices to a growing chorus calling for urgent action by the government on the looming tenant rent arrears and debt crisis due to hit the sector as the pandemic eases.
The parliamentary Housing, Communities and Local Government Select committee, which scrutinises the ministry of housing, has today issued a report into the private rented sector and how it has been impacted by Covid.
The report calls on the government to publish an ‘exit plan’ as a matter of urgency for the private rented sector in the same way it has published a roadmap for the easing of Covid.
Financial package
And crucially, it also calls on the government to provide a specific financial package – the government has so far relied on its non-specific support via Universal Credit to claim it is supporting the sector – to help tenants repay rent arrears caused by Covid.
“Helping tenants pay their rent arrears is the simplest and most straightforward way to avoid evictions and help landlords receive income,” it says.
The MPs say a scheme of specific discretionary housing payments or interest-free government loans would be its preferred methods.
“We received an estimate that this package will likely cost between £200 and £300 million,” the MPs say.
“Given the number of potential evictions this would prevent, it would likely save the Exchequer a substantial amount in homelessness assistance.”
They also warn that the government has been ignoring the looming ‘cliff edge’ of rent arrears as the pandemic has dragged on.
Ben Beadle, Chief Executive of the National Residential Landlords Association, says: “At the heart of that plan needs to be action to tackle rent debts built as a result of the pandemic.
“The Committee is right to express disappointment at the lack of a clear strategy from the Government to deal with this pressing issue.
“We whole heartedly support the Committee’s call for action to support tenants to repay rent arrears to be a top priority, including consideration of making payments direct to landlords. As the report notes, this would be the best way to sustain tenancies and help landlords receive income.”
Read more: Shamplina calls for government to tackle looming evictions avalanche.
©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – BREAKING: MPs join chorus calling on Ministers to help tenants pay off rent arrears | LandlordZONE.
View Full Article: BREAKING: MPs join chorus calling on Ministers to help tenants pay off rent arrears
BREAKING: MPs join growing chorus calling on Ministers to help tenants pay off rent arrears
MPs have added their voices to a growing chorus calling for urgent action by the government on the looming tenant rent arrears and debt crisis due to hit the sector as the pandemic eases.
The parliamentary Housing, Communities and Local Government Select committee, which scrutinises the ministry of housing, has today issued a report into the private rented sector and how it has been impacted by Covid.
The report calls on the government to publish an ‘exit plan’ as a matter of urgency for the private rented sector in the same way it has published a roadmap for the easing of Covid.
Financial package
And crucially, it also calls on the government to provide a specific financial package – the government has so far relied on its non-specific support via Universal Credit to claim it is supporting the sector – to help tenants repay rent arrears caused by Covid.
“Helping tenants pay their rent arrears is the simplest and most straightforward way to avoid evictions and help landlords receive income,” it says.
The MPs say a scheme of specific discretionary housing payments or interest-free government loans would be its preferred methods.
“We received an estimate that this package will likely cost between £200 and £300 million,” the MPs say.
“Given the number of potential evictions this would prevent, it would likely save the Exchequer a substantial amount in homelessness assistance.”
They also warn that the government has been ignoring the looming ‘cliff edge’ of rent arrears as the pandemic has dragged on.
Ben Beadle, Chief Executive of the National Residential Landlords Association, says: “At the heart of that plan needs to be action to tackle rent debts built as a result of the pandemic.
“The Committee is right to express disappointment at the lack of a clear strategy from the Government to deal with this pressing issue.
“We whole heartedly support the Committee’s call for action to support tenants to repay rent arrears to be a top priority, including consideration of making payments direct to landlords. As the report notes, this would be the best way to sustain tenancies and help landlords receive income.”
Read more: Shamplina calls for government to tackle looming evictions avalanche.
©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – BREAKING: MPs join growing chorus calling on Ministers to help tenants pay off rent arrears | LandlordZONE.
View Full Article: BREAKING: MPs join growing chorus calling on Ministers to help tenants pay off rent arrears
MPs call for urgent rent debts action welcomed
Responding to a report published today by MPs on the Housing, Communities and Local Government Select Committee on the impact of the COVID-19 pandemic on the private rented sector, Ben Beadle, Chief Executive of the National Residential Landlords Association, said:
“We welcome today’s report which calls for a proper exit plan for the private rented sector from current restrictions.
The post MPs call for urgent rent debts action welcomed appeared first on Property118.
View Full Article: MPs call for urgent rent debts action welcomed
Categories
- Landlords (19)
- Real Estate (9)
- Renewables & Green Issues (1)
- Rental Property Investment (1)
- Tenants (21)
- Uncategorized (11,916)
Archives
- December 2024 (43)
- November 2024 (64)
- October 2024 (82)
- September 2024 (69)
- August 2024 (55)
- July 2024 (64)
- June 2024 (54)
- May 2024 (73)
- April 2024 (59)
- March 2024 (49)
- February 2024 (57)
- January 2024 (58)
- December 2023 (56)
- November 2023 (59)
- October 2023 (67)
- September 2023 (136)
- August 2023 (131)
- July 2023 (129)
- June 2023 (128)
- May 2023 (140)
- April 2023 (121)
- March 2023 (168)
- February 2023 (155)
- January 2023 (152)
- December 2022 (136)
- November 2022 (158)
- October 2022 (146)
- September 2022 (148)
- August 2022 (169)
- July 2022 (124)
- June 2022 (124)
- May 2022 (130)
- April 2022 (116)
- March 2022 (155)
- February 2022 (124)
- January 2022 (120)
- December 2021 (117)
- November 2021 (139)
- October 2021 (130)
- September 2021 (138)
- August 2021 (110)
- July 2021 (110)
- June 2021 (60)
- May 2021 (127)
- April 2021 (122)
- March 2021 (156)
- February 2021 (154)
- January 2021 (133)
- December 2020 (126)
- November 2020 (159)
- October 2020 (169)
- September 2020 (181)
- August 2020 (147)
- July 2020 (172)
- June 2020 (158)
- May 2020 (177)
- April 2020 (188)
- March 2020 (234)
- February 2020 (212)
- January 2020 (164)
- December 2019 (107)
- November 2019 (131)
- October 2019 (145)
- September 2019 (123)
- August 2019 (112)
- July 2019 (93)
- June 2019 (82)
- May 2019 (94)
- April 2019 (88)
- March 2019 (78)
- February 2019 (77)
- January 2019 (71)
- December 2018 (37)
- November 2018 (85)
- October 2018 (108)
- September 2018 (110)
- August 2018 (135)
- July 2018 (140)
- June 2018 (118)
- May 2018 (113)
- April 2018 (64)
- March 2018 (96)
- February 2018 (82)
- January 2018 (92)
- December 2017 (62)
- November 2017 (100)
- October 2017 (105)
- September 2017 (97)
- August 2017 (101)
- July 2017 (104)
- June 2017 (155)
- May 2017 (135)
- April 2017 (113)
- March 2017 (138)
- February 2017 (150)
- January 2017 (127)
- December 2016 (90)
- November 2016 (135)
- October 2016 (149)
- September 2016 (135)
- August 2016 (48)
- July 2016 (52)
- June 2016 (54)
- May 2016 (52)
- April 2016 (24)
- October 2014 (8)
- April 2012 (2)
- December 2011 (2)
- November 2011 (10)
- October 2011 (9)
- September 2011 (9)
- August 2011 (3)
Calendar
Recent Posts
- Landlords’ Rights Bill: Let’s tell the government what we want
- 2025 will be crucial for leasehold reform as secondary legislation takes shape
- Reeves inflationary budget puts mockers on Bank Base Rate reduction
- How to Avoid SDLT Hikes In 2025
- Shelter Scotland slams council for stripping homeless households of ‘human rights’