Most in demand universities

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A report from UniHomes, has indicated which universities are seeing the greatest rental demand from students for the new academic year looking at the UK’s top 100 universities, highlighting which are currently seeing the highest demand for student rentals.

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SHOCK FIGS: Landlord laws have increased 40% over past ten years, research reveals

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The government’s onslaught on the private rented sector during Covid has contributed to the number of laws landlords must comply with increasing by 40% over the past decade to some 168 pieces of legislation.

This includes the latest, the Building Safety Bill introduced to parliament today, as well as the oldest, the Landlord and Tenant Act 1730 and the Distress for Rent Act 1737.

This has led the National Residential Landlords Association (NRLA) to warn that far from the private rented sector being under-regulated, the huge number of laws means councils are unable to enforce them properly.

It is calling for a full review by the Law Commission to establish if these laws are fit for purpose, and to propose updated and potentially consolidated legislation fit for the 21^st century.   

Civil penalties

Data obtained by one of the NRLA’s predecessor organisations found that in 2017/18, 89% of local authorities reported issuing no civil penalties against private landlords. More than half said they did not have a civil penalty policy in place.

With the government pledged to develop a new white paper on the private rented sector in the autumn, the NRLA also wants a full assessment of the ability of councils to enforce the wide range of powers already available to them. 

It believes proposals to improve the sector for tenants and responsible landlords will be critically undermined if regulations can’t be enforced properly.

Chief executive Ben Beadle (pictured) says laws underpinning the private rented sector are not fit for purpose and fail to protect responsible landlords and tenants from the actions of those who bring it into disrepute.

He adds: “As ministers consider further reforms it is urgent that we understand the ability of councils to properly enforce these as well as existing regulations. We also need to use this opportunity to ensure laws reflect the realities of a modern private rented sector.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – SHOCK FIGS: Landlord laws have increased 40% over past ten years, research reveals | LandlordZONE.

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The Building Safety Bill – Rights, Powers and Protections for Residents

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The Building Safety Bill, published 5 July 2021, will set a pathway for the future on how residential buildings should be constructed and maintained.

Housing Secretary Robert Jenrick will today outline the next key step in an extensive overhaul to building safety legislation

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168 pieces of legislation

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Laws underpinning the private rented sector are not fit purpose as new research reveals that some date back to the 18th century.

According to the analysis published today, by the time the forthcoming Building Safety Bill is given royal assent

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BREAKING: Building Safety Bill starts journey through parliament

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Private landlords who own apartments in cladding scandal-hit tower blocks are being offered substantial hope today as the government introduces its Building Safety Bill into parliament.

The much-anticipated bill will introduce radical changes to the way towers are built and managed from a safety perspective once it has received Royal Assent, most likely next year.

It will also tackle the thorny issue of compensation; the length of time claims can be made against developers will be increased from six to fifteen years and will be retrospective.

Also, freeholders will have to ‘explore’ alternative ways to meet the costs of remediation rather than passing them on automatically to leaseholders, and prove they have completed this process.

Regulator

The bill will also create a Building Safety Regulator who will oversee a tougher supervision system of building safety.

This will include ensuring that any safety risks in new and existing residential towers of 18 metres and above are ‘effectively managed and resolved, taking cost into account’.

The bill is a response to Dame Judith Hackitt’s 2018 report into building safety following the Grenfell tragedy including.

This includes giving leaseholders a greater voice in how buildings are run, and more severe penalties for property managers and repair firms who put residents at risk.

“The new building safety regime will be a proportionate one, ensuring those buildings requiring remediation are brought to an acceptable standard of safety swiftly, and reassuring the vast majority of residents and leaseholders in those buildings that their homes are safe,” says Jenrick (pictured).

Hackitt says: “Residents and other stakeholders need to have their confidence in high rise buildings restored and those who undertake such projects must be held to account for delivering safe buildings.”

Read one landlord’s story of being caught up in the cladding scandal.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – BREAKING: Building Safety Bill starts journey through parliament | LandlordZONE.

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LATEST: Mortgage lender confidence in BTL market returns but with ‘green strings’ attached

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One of the UK’s largest providers of buy-to-let mortgage products TMW has returned to offering 80% loan-to-value (LTV) mortgage but added a green sting in the tail to the offering.

Until now it, like most other lenders, it had been requiring landlords to provide a 25% deposit via a 75% LTV.

The Mortgage Works (TMW) which is the intermediary platform run by the Nationwide, says the new 80% LTV loans will be for purchases, remortgages and further advances, and include buy-to-let, let-to-buy and limited company landlords.

But the lender has joined other smaller mortgage providers to insist that rental properties must have an EPC rating of C or above.

Until recently, only a clutch of smaller specialist mortgage lenders and building societies had stipulated a minimum EPC rating of C, instead following the current legal minimum of an E rating.

Lenders like TMW are essentially moving ahead of government policy. Ministers last year announced that they intend to bring in a minimum EPC ‘C’ rating for all rented properties by 2030.

Daniel Lee, Principal Broker at Total Landlord Mortgages, says TMW’s decision to begin once more offering 80% LTV mortgage is a significant vote of confidence in the buy-to-let market after a difficult period during which, for example, many lenders withdrew entirely from HMO mortgage lending.

“The requirement for an EPC C or above is also an indication that TMW is behind the government’s environmental policy agenda and that landlords need to take the green performance of their properties more seriously in the coming months and years,” says Lee.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Mortgage lender confidence in BTL market returns but with ‘green strings’ attached | LandlordZONE.

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LATEST: Mortgage lender confidence in BTR market returns but with ‘green strings’ attached

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One of the UK’s largest providers of buy-to-let mortgage products TMW has returned to offering 80% loan-to-value (LTV) mortgage but added a green sting in the tail to the offering.

Until now it, like most other lenders, it had been requiring landlords to provide a 25% deposit via a 75% LTV.

The Mortgage Works (TMW) which is the intermediary platform run by the Nationwide, says the new 80% LTV loans will be for purchases, remortgages and further advances, and include buy-to-let, let-to-buy and limited company landlords.

But the lender has joined other smaller mortgage providers to insist that rental properties must have an EPC rating of C or above.

Until recently, only a clutch of smaller specialist mortgage lenders and building societies had stipulated a minimum EPC rating of C, instead following the current legal minimum of an E rating.

Lenders like TMW are essentially moving ahead of government policy. Ministers last year announced that they intend to bring in a minimum EPC ‘C’ rating for all rented properties by 2030.

Daniel Lee, Principal Broker at Total Landlord Mortgages, says TMW’s decision to begin once more offering 80% LTV mortgage is a significant vote of confidence in the buy-to-let market after a difficult period during which, for example, many lenders withdrew entirely from HMO mortgage lending.

“The requirement for an EPC C or above is also an indication that TMW is behind the government’s environmental policy agenda and that landlords need to take the green performance of their properties more seriously in the coming months and years,” says Lee.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Mortgage lender confidence in BTR market returns but with ‘green strings’ attached | LandlordZONE.

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Clothes giant Gap is to close all its shops in UK and go online only

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The US retail fashion giant is closing all of its 81 stores by the end of September

Gap has confirmed it will close all of its stores in the UK and Ireland, and sell off its European outlets as the company moves to an online business model.

The long established chain will close all its 81 stores in the UK and Ireland on a phased plan over the month of September. The company had already decided not to renew leases on 19 UK stores in June, but has now embarked on a radical change of direction, abandoning the UK High Street for a solely on-line offer.

The decision is the result of a strategic review carried out by the San Francisco-based company’s Europe-wide operations that commenced last October. Gap said on Wednesday that its stores in Italy and France will also be sold off, to be run by different franchise operators.

Gap is not alone in its move to online, with Boohoo recently taking on several traditional UK High Street brands, including the Debenhams label and fashion sub-brands including Manta Ray and Principles, but closing all their bricks and mortar stores to take the business online.

Even John Lewis is closing several selected unprofitable stores as the famous retail partnership says it’s online sales now hover around 70%.

The move marks a total physical retreat from Europe by Gap to go virtual. The mass market fashion retailer once had the same UK market share as Primark. It is not yet clear how many employees will be affected by this radical change in strategy, though the company has said it will soon start a consultation process with all staff.

Gap’s home market in America still remains the company’s largest market for the brand and the parent company. It also owns brands including Old Navy and Banana Republic, though all of the Banana Republic stores were closed in the UK three years ago.

European moves

Gap has announced that it is in talks with the French real estate firm Financiaire Immobiliere Bordelaise to take over all company-operated stores in France by October. In Italy it is in negotiations to sell its locations to an undisclosed partner.

“In the United Kingdom and Europe, we are going to maintain our Gap online business,” a GAP spokesperson says.

“The e-commerce business continues to grow and we want to meet our customers where they are shopping. We’re becoming a digital-first business and we’re looking for a partner to help drive our online business.

“However, due to market dynamics in the United Kingdom and the Republic of Ireland, we shared with our team today that we are proposing to close all company-operated Gap Speciality and Gap Outlet stores in the United Kingdom and Republic of Ireland in a phased manner from the end of August through the end of September 2021.

“We are thoughtfully moving through the consultation process with our European team, and we will provide support and transition assistance for our colleagues as we look to wind down stores.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Clothes giant Gap is to close all its shops in UK and go online only | LandlordZONE.

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LATEST: Tenant demand for property ‘extremely strong’ says latest index

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The lettings market saw a 30% drop in voids last month alongside an 8% rise in average rents.  

Goodlord’s latest Rental Index for June reveals the average void period in England is now 16 days, down from 22 days, with month-on-month decreases seen in nearly all regions.

The South West and North East both saw a huge 50% drop while the South West moved from 18 days to just eight and the North East dropped from 30 days (May’s highest rate) to 13 days. 

The only region to see an increase in void periods was the West Midlands – from 18 days to 23 days – after the region experienced a particularly busy May. 

Double digits

Landlords in every region were also able to increase rents during June. The North East and the South West both recorded growth of 11% and 10% respectively, with all other English regions seeing a boost. 

The West Midlands recorded a very marginal 0.05% rise in rents. The average rent for a property in England is now £932, an 8% increase on May’s figure of £885. 

Tom Mundy, COO at Goodlord, says trade is brisk country-wide and tenant demand is extremely strong, with increasing numbers of people looking to move as the remaining restrictions are lifted.

“Rents are at levels we’d expect to see during the summer,” he adds.

“In fact, average rents were higher last month than June 2019, pre-pandemic, showing that the lettings market has continued to go from strength to strength despite the turbulence of the last 16 months.” 

Read advice on voids.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Tenant demand for property ‘extremely strong’ says latest index | LandlordZONE.

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Property Market To Crash? – July 2021 Update

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Is the UK Property Market about to crash?!

In this video below, I go through my July update on the property market and my predictions of the future of property prices now that the stamp duty holiday is coming to an end.

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