Timely annual reminder could be a tenant life-saver

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Gas Safety Week starts today by reminding landlords of their responsibilities when protecting and educating tenants.

The national safety campaign is now in its 13th year and promotes awareness of the dangers of poorly maintained gas appliances, which can cause gas leaks, fires, explosions and carbon monoxide poisoning.

This year, the week focuses on celebrating gas engineers and the essential role they play in keeping the nation gas-safe. It is coordinated by Gas Safe Register, the official list of gas engineers who are legally allowed to work on gas.  

Legal obligation

Landlords must make sure maintenance and annual safety checks on gas appliances are carried out by a Gas Safe registered engineer, reminds the campaign, and that they are legally obliged to make sure gas pipework, appliances and flues provided for tenants are maintained in a safe condition.

Landlords can get a free email and/or text reminder about the annual safety check by visiting StayGasSafe.co.uk. All gas equipment (including any appliance left by a previous tenant) also needs to be safe or otherwise removed before re-letting.

ID check

Engineers must be qualified to carry out the work, and their details can be found on the Gas Safe Register website or by checking the back of their Gas Safe ID card. Landlords should also encourage tenants to check the card when the engineer arrives at their property, and to be aware of any warning signs that their gas appliance is working incorrectly, such as dark or sooty staining, excess condensation, pilot lights which frequently blow out as well as error messages on the appliance’s control panel.

For more information and to find or check an engineer, visit GasSafeRegister.co.uk. Find more information about gas safety certificates at Total Landlord Insurance.

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The Times is looking to speak to landlords who are making eco upgrades to their properties 

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Are you a landlord who has already started making your properties energy-efficient? Then Rachel Mortimer, Assistant Money Editor, at the Times would like to speak with you.

Rachel is looking to speak with landlords who have already begun making eco upgrades to their rental properties

View Full Article: The Times is looking to speak to landlords who are making eco upgrades to their properties 

Landlord leaders pledge to strive for positive change in the PRS

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A new group – the Landlord Leaders Community – has been set up to bring the sector together and provide practical tools for the PRS.

It hopes to facilitate education and training, communication, collaboration, and positive industry perception by working with industry associations, government bodies, and educational institutions. This would then lead into developing and delivering training courses and workshops. Instigated by mortgage lender, the OSB Group, its community leaders consist of brokers and finance experts along with a landlord, an estate agent and Propertymark’s Timothy Douglas.

Different mindset

Jon Hall, group MD, mortgages and savings at OSB Group, tells LandlordZONE its research found a different mindset among professional landlords – who were often positive about their investments and thinking long-term – and amateur landlords. It wants to promote this positive message as well as reduce the gap between the two groups. “We want to build a connection with the NRLA and the property market, conveyancers and lobbying individuals,” he says.

Conversations within the community might then feed into lobbying or working to improve understanding, adds Hall. “We’re committed to the long-term and are about facilitating positive action – talking, but then producing tangible things.”

Tenant research

Future plans include tenant research to help landlords understand how they’re using properties and agents, talking to advisors about ways to educate landlords on tax and legal structures, as well as looking at the technology that provides advice on retrofitting with a view to developing practical tools for landlords.

Suzanne Smith, a landlord with four properties in Kent who writes the Independent Landlord Blog, is already an accredited NRLA member but joined the new group as she particularly wants to promote the importance of responsible landlords. “The issues facing the PRS are complex but that doesn’t mean we can’t try to achieve positive change,” she tells LandlordZONE. “I wanted to be involved in trying to create a fair sector for everyone.”

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Rising rents won’t stop landlords from feeling the pinch

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Many landlords will find themselves materially worse off by 2026, despite rents being forecast to rise by 25%.

Hamptons reports that the average rent of a home in Great Britain will hit £1,550pcm by 2026, £333pcm more than in December 2022, with the largest increases expected this year and next as landlords roll off fixed term deals and face considerably higher mortgage payments.

The build-up of long-term supply issues is also causing continuing pressure on rents, meaning that the average rent on a newly let property will rise 8% in Q4 2023, 7% in Q4 2024 and 5% in both Q4 2025 and 2026.

Lower yields

London rents are likely to rise faster than the national average as a combination of lower yields and more landlords being reliant on finance puts added pressure on investor profits in the capital, according to Hamptons.

It believes rental growth will also be strong in the North of England, where larger portfolio landlords, which are more likely to be reliant on finance, are most active. London is also the lowest yielding region so landlords there have less ability to absorb higher costs.

Price decline

Meanwhile, it expects the ONS House Price Index to show an average house price decline of 2.5% in the final quarter of this year – a 7.4% annual fall in real terms. By the end of 2026, this will be 5.5% more than its level in the final quarter of 2022.

Aneisha Beveridge, head of research at Hamptons, says there’s a strong argument that the Bank of England’s quest to quell inflation has hit the rental sector harder than any other part of the housing market. She adds: “A build-up of long-term supply issues combined with soaring landlord costs is putting upward pressure on rents. And it’s hard to see any of these pressures receding any time soon.”

View Full Article: Rising rents won’t stop landlords from feeling the pinch

Rents predicted to rocket 25% by 2026

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A housing market forecast is offering an alarming prediction that rents could rocket between 2023 and 2026 by 25%.

The prediction is being made by estate and lettings agents Hamptons which says that both London and Great Britain tenants will see rents rise by the same figure.

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Joint tenancy agreement?

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Hi, my tenants have a joint tenancy agreement (4 of them), 6 months then rolling on contract. One of the tenants wants to move out before the 6 months expires.

If they find another tenant, do they need a new agreement for another 6 months or can the new one be added to the agreement as an addendum?

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45% of tenants are struggling to pay rent – ONS

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An Office for National Statistics (ONS) survey has revealed that 45% of renters and homeowners say they are struggling to pay their rent or mortgage. 

It also found that 52% are not having problems paying and 2% didn’t know.

View Full Article: 45% of tenants are struggling to pay rent – ONS