HMO market in England shrinks by 21,000 properties

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England’s house in multiple occupation (HMO) market is still shrinking despite a growing need for affordable rental accommodation, a survey reveals.

The latest figures from Octane Capital show that the number of HMOs has shrunk dramatically by 21,000 properties in the last two years with landlords leaving the sector and tighter licensing regimes being potential reasons for the fall.

View Full Article: HMO market in England shrinks by 21,000 properties

Ending tenancy early but paying for full month?

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Hello, Due to dates/times not quite aligning, I will be moving into a new property midway through the rental period on my current rented property (rolling monthly contract, no arrears or issues).

To save having to drive back and forward between properties to check on the empty rental and being liable for gas/electric/water

View Full Article: Ending tenancy early but paying for full month?

Mould making flat uninhabitable?

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Hello, I have a flat in a listed building which has a flat roof. The roof requires major works which the management committee have been planning for the past two years. All the leaseholders have paid £10K in advance for this work which keeps getting delayed.

View Full Article: Mould making flat uninhabitable?

Scotland’s property boom fuels a big hike in the tax take

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Property taxes in Scotland have increased by nearly a quarter of a billion pounds in the last year, compared to the pre-pandemic period, says a leading property firm.

DJ Alexander has analysed the figures and found that the Scottish Government’s revenues from Land and Buildings Transaction Tax (LBTT) were £247m (62.4%) higher in the 12 months to December 2022

View Full Article: Scotland’s property boom fuels a big hike in the tax take

Why is the Founder of Property118 Selling His Best Property?

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It has nothing whatsoever to do with money!

Due to having no mortgage on this property, Mark wasn’t at all affected by the Section 24 restrictions on finance cost relief or rising interest rates.

As many Property118 Members will know

View Full Article: Why is the Founder of Property118 Selling His Best Property?

Can the Directors only invite ‘share of freeholders’ to the AGM, excluding leaseholders?

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Hello, I wonder if you could answer this query please? I live in a mixed 14 flat block where some are ‘share of freehold’ and some are ‘leasehold’. There is a maintenance/service company in place to whom both groups pay annual charges and two Directors of the company (of freeholders).

View Full Article: Can the Directors only invite ‘share of freeholders’ to the AGM, excluding leaseholders?

Councils’ frosty reception for HMOs sees number decline in key regions

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England’s HMO market has shrunk by more than 21,000 properties in the last two years as local councils ramp up planning rules and licensing schemes.

Numbers were down by -2.4% to 489,701 last year, having already seen a -1.7% drop in 2021, according to figures from Octane Capital.

The East Midlands has seen the largest reduction, with HMO stock levels down -26.1% in 2022, while in the North East stock fell by -15.8%.

The South East (-6.7%), London (-5.2%), and North West (-1.6%) have also recorded drops. Despite this, the capital remains home to the greatest proportion of HMOs, accounting for 29% of England’s total stock.

Some regions have seen an increase, however, with levels climbing across the West Midlands (+16.9%), Yorkshire and the Humber (+11.2%), the South West (+0.6%) and East of England (+0.6%).

Slide continues

Octane Capital CEO, Jonathan Samuels (pictured), says numbers have continued to slide since the introduction of tighter licensing rules at the end of 2018.

“While any attempts to raise living standards for the nation’s tenants should be welcomed, it’s imperative that we also incentivise investors to remain within the sector,” he says. 

“Failing to do so will only see the level of available rental properties continue to fall, driving the cost of renting ever higher in the process, at the expense of the nation’s renters.”

Along with more authorities introducing Article 4 conditions, the proliferation of landlord licensing schemes is also having an impact.

Record

A record 525 schemes are expected to be live in England and Wales by the summer, according to geospatial technology company Kamma which reports that councils launched 52 schemes and consultations last year. Councils have also stepped up their efforts to target the PRS by hitting errant landlords and agents with larger average fines.

Read more about HMOs.

View Full Article: Councils’ frosty reception for HMOs sees number decline in key regions

Thank you and Something for you!

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We have a very special gift for you this Sunday, but you need to claim it now.

Over the last two weeks, Simon Zutshi has been sharing what he thinks is the best strategy for the 2023 falling property market.

View Full Article: Thank you and Something for you!

Rumble with the Agents seeks property people to step into the ring for charity

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The property industry’s Rumble with the Agents charity event is to host its eighth evening of boxing and fund-raising in North London on Thursday 22^nd June, it has been announced.

Founder Paul Shamplina (pictured), Chief Commercial Officer for Hamilton Fraser, is looking for male and female agents, landlords, developers, property managers or suppliers ready to step into the ring.

“It’s early in the year and many people are looking to lose weight and get fit so this is a perfect opportunity to do that during the training and also raise cash for charity,” he says.

Held at the banqueting suite at the Holiday Inn Hotel in Finchley, the event will raise money for Gratitude, a Hertfordshire food charity based in Borehamwood, near to the HQ offices of Hamilton Fraser.

It takes food that’s good to eat but can’t be sold in shops because of packaging errors or overproduction and then redistributes the food to the local community through free meals projects, community pantries and a network of nearby charities.

On 22^nd June those attending will see five two-minute rounds of boxing between fighters with various levels of experience and all hailing from the property sector.

The event is a popular gathering of leading figures within the industry including corporate and private landlords, agents, developers and suppliers, says Shamplina, and features a complimentary drinks bar.

Training

“Every year we provide free structured training for the fighters at our training gym at JAB boxing in Bushey which will start later this month,” he says.

“We hope to raise as much money as possible and add to the £115,000 we’re already raised at the previous event; at last year’s event alone we had over £3 billion of property represented in the room and it’s a great event for network as well.”

Shamplina is also planning a second event this December in Manchester and is seeking agents from the North West of England keen to get involved and box.

For more information visit RumbleWithTheAgents.com or email the organisation or call 07790569501.

View Full Article: Rumble with the Agents seeks property people to step into the ring for charity

BoE base rate rise – Experts react on impact for landlords

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Property and finance experts have reacted to the news that the Bank of England has raised the base rate from 3.5% to 4%.

They highlight that the mortgage market has been preparing for the base rate increase by the Bank and have factored this into their product ranges.

View Full Article: BoE base rate rise – Experts react on impact for landlords