House prices cooling amid high interest rates

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Average house prices fell by -0.1% in June, Halifax’s third consecutive monthly fall.

Its latest House Price Index reveals house prices fell to £285,932 in June, down by around £7,500, compared with the same month last year

View Full Article: House prices cooling amid high interest rates

LATEST: Activists attack Renters (Reform) Bill over ‘landlord loopholes’

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Loopholes in the Renters Reform Bill around alternative possession grounds leave it open to abuse by unscrupulous landlords, claims a Labour activist and lawyer.

A landlord will simply need to demonstrate an ‘intention’ to use the property to live in or sell before they can gain possession, but proposals don’t stipulate what evidence should be used to demonstrate this, according to Jamie McGowan, a member of the Society of Labour Lawyers who works for a Labour MP.

“As these are mandatory grounds, if the criteria are met, a judge hearing the case would have no discretion to consider the tenant’s circumstances and a possession order for the property would have to be made,” he says.

“So, for example, even if a tenant could prove that a landlord had relied on this ground to regain possession from multiple successive tenants at the same property, waited three months on each occasion, and then simply re-let the property, a judge would not have the power to decide ‘perhaps this is disingenuous’ and refuse possession.”

Abuse

Making these grounds discretionary would mean the courts can consider all the circumstances of a case before making an order. It would also be less open to abuse if there were greater up-front evidential requirements before an order could be made.

Read more stories about evictions.

With the new mandatory rent arrears Ground 8A, a landlord is entitled to a possession order when a tenant has fallen into eight weeks’ arrears on three separate occasions during the previous three years. This new ground would not allow for the order to be avoided by reducing the arrears by the day of a hearing, as the existing Ground 8 does.

If discretionary grounds were introduced, when the tenant repays the arrears at an agreed rate, they would keep their home and the landlord recovers the rent owed, asserts McGowan.

Read more: a guide to the Renters (Reform) Bil.

View Full Article: LATEST: Activists attack Renters (Reform) Bill over ‘landlord loopholes’

Plans to make Airbnb landlords reach same standards as hotels criticised

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Statutory licensing scheme plans for visitor accommodation in Wales have got the thumbs down from many holiday home owners, short-lets landlords and residents.

The proposals, which will see all holiday homes, Airbnbs, hotels and bed-and-breakfasts licenced under one scheme – is the Welsh Government’s bid to bring all property owners under one scheme to ensure they all reach the same standards of building safety and operation.

The proposed legislation is designed to answer one of the key criticisms of those who rent out properties via Airbnb and other platforms, and in particular landlords who have swtiched in significant numbers from traditional long-term tenants to short-term holiday lets – namely that they don’t have to attain the same standards as traditional providers.

Burden

But respondents to the Welsh government’s consultation largely agreed it would create an administrative and financial burden for a market which was highly competitive and already operated efficiently. However, large tourism organisations and local authorities were more likely to agree with the plans.

Most respondents (74%) preferred a scaled fee as opposed to the same standard fee for all accommodation, typically based on size.

Meanwhile, 61% disagreed that such a scheme would ensure a level playing field for accommodation providers in Wales, because there were considerable differences among providers in terms of size, type, and turnover.

Key stakeholders

A further consultation of key stakeholders raised questions about whether enforcement would be solely on the business or also on the platforms promoting them if they didn’t have a licence.

Some queried whether a scheme should be scaled on property size to make it fair for smaller rentals and whether those marketed via online booking platforms – with some earning up to £7,000 a week – were at an unfair advantage.

These respondents thought a figure of £100 was a reasonable fee and for it to be anannual system of registration – rather than a licence – as several current standards and regulations were already renewed annually.

It was generally felt that non-payment of the levy should mean revocation of licence, with enforcement teams preferably using a light touch, by asking providers to self-certify and then following up if required.

The the consultation in full.

View Full Article: Plans to make Airbnb landlords reach same standards as hotels criticised

Landlord Crusader: Why landlords should not share equity profits with renters

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Knowing that those who hate landlords will be spitting when they read this, I must explain why sharing the capital gains made from a rental property investment is nonsense.

This is the argument made in a recent article in The Big Issue

View Full Article: Landlord Crusader: Why landlords should not share equity profits with renters

Talks begin on UK-wide ban on landlords advertising property as ‘no children’

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The Scottish and UK governments are working together to prevent landlords banning children from properties after a BBC investigation revealed the practice was still rife.

Following the launch of the Renters Reform Bill which would strengthen the law to make it illegal for landlords to have a blanket ban on tenants who have children or receive benefits, talks are taking place to extend it to Scotland. Housing Secretary Michael Gove (main picture) has written to Scottish Housing Minister Paul McLennan to offer a joint approach which he said would send a clear message to providers.

The Scottish government said it would work with UK counterparts to develop the plans.

But a spokesman told the BBC that any talks “must include a close examination of the UK government’s decision to freeze Local Housing Allowance rates at 2020 levels for the third year running”, saying affordability was “the far more significant barrier to accessing a privately rented home”.

Investigation

An investigation found thousands of adverts for rental homes posted by private landlords and letting agents which said children or pets were not welcome. Almost a quarter of just under 8,000 ads examined on the OpenRent website said families were not allowed to rent the homes, while 300 on Zoopla explicitly said children were not wanted.

The Scottish Association of Landlords says it’s another sign of how the lack of private rented homes is making it harder for many tenants.

A spokesman tells LandlordZONE: “While these actions do not represent the actions of the overwhelming majority of landlords in Scotland, the recent actions of the Scottish government to restrict landlords’ rights to repossess their properties will no doubt make landlords more concerned about who they let their properties to in the future.”

He adds: “We hope to work with others to find a solution that addresses landlords’ concerns while protecting tenants’ rights.”

View Full Article: Talks begin on UK-wide ban on landlords advertising property as ‘no children’

Landlords are flocking to Landlord Sales Agency to sell their property portfolios before the eviction ban

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It’s a double-edged sword for landlords right now, with 1 in 3 landlords saying they’re going to trim down or get rid of their portfolios, coupled with the looming eviction ban in just 12 months’ time. It’s no surprise, therefore

View Full Article: Landlords are flocking to Landlord Sales Agency to sell their property portfolios before the eviction ban

‘Huge competition is the key problem for families in PRS, not landlords’ says Shamplina

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Paul Shamplina says the key reason why tenants with children are struggling to find rented accommodation is the ongoing supply crisis created by Government intervention in the sector, and the huge competition for properties that it is creating.

Speaking to BBC Radio 5 Live last night Shamplina – who is Director of Partnerships for Total Landlord insurance – said intense competition for properties means parents are finding it increasingly hard to find accommodation, as are most other types of tenants.

“Many landlords have children and at a recent industry show I spoke at most of the people in the audience said they’d be happy to rent to families,” he said.

Vilification

But Shamplina said increased taxation, more regulation via the looming Renters (Reform) Bill and the vilification of landlords are cumulatively persuading a greater number of them to quit the sector than normal, and this means many good tenants with children are being asked to leave as the properties are put up for sale.

“In my 30 years working with landlords and agents, I’ve never seen so many landlords exiting the market,” he said.

Speaking about the recent BBC research that showed almost three quarters of property listings on Open Rent stipulating ‘no children’, Shamplina tells LandlordZONE that a significant percentage of properties within the PRS are not suitable for children – in the same way not every home is ideal for dogs or cats.

‘no children’

“For instance, a one-bedroom or studio flat is not suitable for a family and neither is shared accommodation, student houses and HMOs, so landlords can fairly stipulate ‘no children’ in these circumstances,” he says.

“The Renters (Reform) Bill, when it goes live in 18 months’ time, will formalise what already exists out there in terms of landlords accepting tenants by setting out when a landlords can or cannot refuse a family with children, and this will stamp out unscrupulous landlords who say ‘no children’ for unfair reasons.”

Read more about the Renters (Reform) Bill.

View Full Article: ‘Huge competition is the key problem for families in PRS, not landlords’ says Shamplina

UK landlords with Airbnb properties in EU to pay 20% VAT on rental income

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British landlords who use rental platforms to let holiday homes in the European Union will soon have to pay VAT on their rental income.

Under the EU’s VAT in the Digital Age scheme, from 2025, these landlords will need to pay an average of 20% VAT, regardless of whether they live in the same country or outside the EU.

According to Tax Assist Accountants, the charge will be applied to platform operators such as Booking.com and Airbnb, requiring landlords to factor this cost into their rental fees to maintain profit margins. 

The EU predicts that almost three-quarters (70%) of accommodation providers using on-demand platforms such as Airbnb and Booking.com aren’t VAT registered.

This will cause administrative headaches for operators, who will need to notify each applicable member state which providers are VAT-registered and those who don’t yet have VAT numbers. 

Agents

This also includes firms that act as local agents for landlords owning holiday villas, apartments and cottages across Europe. 

The programme is designed to make the EU’s tax rules in the travel and hospitality sector fairer; due to the complexities surrounding VAT registration, hotels and conventional taxi services currently pay VAT on all the sales they disclose, unlike independent landlords and taxi services. 

The firm says that it’s possible Chancellor Jeremy Hunt could monitor the success of the programme and consider taking a similar path to improve tax parity. 

View Full Article: UK landlords with Airbnb properties in EU to pay 20% VAT on rental income

Has anyone used a Zero Deposit scheme?

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Hello, has anyone used a Zero Deposit (ZD) scheme? I’m coming into the ZD scheme from fresh having always taken traditional deposits up front so I’m wary of the scheme at the moment. I have been advised it might be a way of getting tenants to come forward.

View Full Article: Has anyone used a Zero Deposit scheme?

Sell now before rates cause buyers to scatter and prices to plummet

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The NRLA recently reported that 1 in 3 landlords are going to trim down their portfolios. A whopping 33% of landlords currently selling throughout the UK. Of that 33%, most landlords agreed that they would be willing to take 80% of the value just to get rid of them because mortgage payments are out of control.

So we’ll get straight to the point. At Landlord Sales Agency, we get landlords higher than 80% value, faster. In fact in many cases we’ll even get you higher than the current market value. We’ll also sell your entire portfolio, or however many properties you need to shift, in less than a month. Our average sale time is just 21 days, for the best prices.

How? We sell to other landlords coming into the market. This means that tenants can stay – new landlords starting from a financially “fresh” position don’t mind taking your portfolio on no matter what condition, and they’re prepared to pay high prices for a ready-made deal they can fix.

Problem tenants? No problem for us, we mediate to ensure all your tenants are happy whilst you sell, or if they want to stay we’ll come up with a deal for you, and negotiate on your behalf. No one else is giving tenants this much security to ensure both you and your tenants walk away winning.

Need a refurb? We’ve got an entire team of builders to assist. Need to be compliant to regulations? We can help you with all your certificates.

Worried about what price you’ll get compared to an auction or estate agent? We’ll do you one better: nothing beats the bidding wars from our powerful database of over 30,000 private buyers who get alerts straight to their phones every time we list a new property.

Put simply, no one can beat us. We’re here to get landlords the best prices, and get them out of the market while they still can.

We’re the problem solver for landlords when they’re at the end of their tether.

So if you’re a landlord who needs to sell, come to us. You’ll want to act fast – with the eviction ban looming in just 12 months time, on top of already rising interest rates in a falling market, there’s no time like the present to ensure you exit the landlord sector unscathed and ready to invest elsewhere.

We don’t have to convince you to come to us, if you’ve seen our recent news before, you’ll know there’s a reason we’ve got the best relationships with landlord associations throughout the country. We’re fast, honest, and we do exactly what we say we’ll do.

Last week statistics showed that 3,000 landlords had tuned in to hear our podcast, The Landlord Show, giving advice on landlords wanting to sell. In the last two weeks alone, we had over 150 landlords approach us to sell. Our team of experts jumped in, ready to help every single one of them.

So get in touch today, let’s get you sorted. No matter how many properties you have, no matter what condition, we’ll get them sold and get you money in the bank so you can move on and avoid the financial crisis once and for all.

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View Full Article: Sell now before rates cause buyers to scatter and prices to plummet