Inspired by a new generation of property investors

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Dear Property118

The latest videos you have published on your Property118 TV YouTube channel were very timely for me because I was on the verge of throwing the towel in following the barrage of bad news for property investors in recent years.

View Full Article: Inspired by a new generation of property investors

Smaller portfolio landlords ARE leaving the sector, says Bank of England report

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Smaller buy-to-let landlords continue to quit the market, according to the Bank of England’s latest update on PRS conditions.

The bank’s findings support the NRLA’s assessment that the landlord exodus is well underway – a position which chief executive Ben Beadle was forced to defend earlier this month.

A Guardian article had accused Beadle of making up stories about the state of the sector in a bid to persuade the government to scrap restrictions on mortgage tax relief, however a Commons committee agreed that he had not misled MPs when giving evidence about the diminishing supply of private rented housing.

Supply

Beadle (pictured) tells LandlordZONE: “Across the country demand for rented housing is massively outstripping supply – a trend which the Bank has once again highlighted in this report. The only losers from this are renters who are struggling to find a place to live.

“It makes no sense to have a tax system which actively discourages the provision of the very homes renters need. That’s why the government needs a proper plan which supports the sector to meet the growing demand from tenants for good quality private rented accommodation.”

Contracting

The Bank of England’s summary of business conditions in the first quarter of the year finds that rental housing supply is still contracting, while demand for properties continues to rise, leading to double-digit rent inflation.

Despite this, tenant groups continue to push the line that the sector is exaggerating the scale of the problem.

This week, London Renters Union sent newsletters to its members claiming that it has forced ministers to admit the landlord lobby and government have peddled lies about landlords leaving the sector because of stronger renter protections on the horizon.

The group says: “It’s outrageous that the landlord lobby has pushed this false narrative to scare government away from protecting renters when the truth is that private profiteering in our housing system is still on the rise.”

View Full Article: Smaller portfolio landlords ARE leaving the sector, says Bank of England report

Student landlords – and students – will suffer under periodic tenancies

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The looming ban on fixed-term tenancies as part of the Renters Reform Bill will cause chaos for both students and landlords in the university rental sector, experts say.

According to research by the accommodation platform StuRents, the UK will face a shortfall of around 450,000 student beds by 2025 and if landlords leave the PRS because of the ban on fixed-term tenancies

View Full Article: Student landlords – and students – will suffer under periodic tenancies

Sellers slashing house prices within a month

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As the property market begins to cool, around one in 10 home sellers are slashing their asking price within 30 days to attract a buyer, research reveals.

House Buyer Bureau says it has analysed property sale stock levels in the last 30 days and what percentage have already reduced their asking price.

View Full Article: Sellers slashing house prices within a month

Daily Telegraph wants to speak to landlords letting out to tenants in partnership with the council

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Are you a landlord who it letting out to tenants in direct partnership with the council? Then, Alexa Phillips, the personal finance reporter, for the Telegraph would like to speak with you.

Alexa would like to speak to Property118 readers about:

• What kind of incentives did the council offer you?

View Full Article: Daily Telegraph wants to speak to landlords letting out to tenants in partnership with the council

Shelter says agents and landlords who ban children are in breach of industry code

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Letting agents and their landlords who advertise properties as ‘no children’ face being accused of breaking discrimination rules, it has been claimed following a campaign by Shelter.

The organisation says agents who advertise properties as ‘no children’ are now breaking The Property Ombudsman’s Code of Practice and could face disciplinary action.

This follows the case of mum-of-four Lexi (pictured), who was evicted from her property in December 2020 and subsequently found it hard to find an agent or landlord who would accept her large family.

But The Property Ombudsman (TPO) will have an uphill battle on its hands – thousands of properties advertised on property portals including Rightmove, Zoopla and OnTheMarket feature ads with ‘No Children’ conditions often along with ‘No Pets’ and, despite a previous court case win by Shelter, ‘No DSS’ as well.

TPO’s decision to include such ‘No Children’ ads within its Code of Practice for Letting Agents on discrimination is not an outright ban; the redress scheme has said it will investigate agents whose landlords have asked for properties not to be rented to families.

Agents found in breach will be issued a warning and, in the case of a ‘flagrant’ or repeated breach, face expulsion.
But this is not an automatic ban and the practice is not illegal nor has a court judged it be in contravention of equality discrimination.

TPO’s Code does not specifically cover discrimination against parents but rather says: “You should provide a service to both landlords and tenants consistent with fairness, integrity and best practice”.

This was the case with ‘No DSS’ ads, a practice which in 2020 a county court said unfairly discriminated against a single mum-of-two with a disability, on the grounds of sex and disability under the Equality Act following a similar Shelter campaign.

LandlordZONE has approached the industry’s other redress provider, the Property Redress Scheme, for comment.

View Full Article: Shelter says agents and landlords who ban children are in breach of industry code

How do I approach neighbours over a water leak?

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Hello, I have a mini HMO next door to one of my BTL’s. When someone next door uses the shower a leak occurs in my property’s kitchen ceiling.

I have had the pipework in my property surveyed and all is OK.

View Full Article: How do I approach neighbours over a water leak?