Election: British Property Federation call for court reform and rejection of rent controls

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The British Property Federation (BPF) has published its manifesto ahead of the General Election on December 12th. Some of the key asks in the manifesto include the rejection rent controls, and reform of the court process. The manifesto On rent controls, the manifesto says “There is a large body of evidence from the UK and […]

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Bumper winter for rats and mice!

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Rentokil Pest Control have released figures indicating the recent wet weather has driven large numbers of rodents indoors, and that Britain could witness a bumper winter for rats and mice. The flooding experienced in large areas of the country at the end of October and throughout November may have contributed to increased enquiry levels.

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Renting HMO via verbal agreement?

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I rent a property from a private landlord, via a verbal agreement, no contract. I am subletting 4 rooms out, which makes 5 of us in the property. The landlord is happy with this as long as I don’t over crowd the house.

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Large family moved in when father died?

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A tenancy doesn’t automatically end when a sole tenant dies. When the son of a long term tenant informed us that the tenant had died we assumed that in due course the property would be cleared and the tenancy surrendered.

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Grainger books increased profits from investment and rental growth

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Build-to-Rent:

One of Britain’s
biggest residential landlords Grainger boosted its profit for the 12
months ended 30 September 2019, with a 30% increase over the previous
12 month period. It’s rent roll income increased by 45% to £63.5m.

A large chunk of
this growth can be attributed to the acquisition of a large of homes
following Graingers’s taking full control of a property joint
venture by acquiring the 75.1% stake it did not already own from APG
for £396m (€454.6m). The GRIP portfolio contributed £17.7m, and
delivered 1,152 new private rented sector (PRS) homes.

Grainger said it
planned to invest more into the new home private rented sector (PRS)
when it took over the entire share capital in the GRIP REIT from the
Dutch asset manager. GRIP’s portfolio comprises 1,700 PRS units
with a gross asset value of £696m and a PRS pipeline of £382m.

Grainger was
established by the Dickinson family in 1912 as the Grainger Trust
acquiring tenanted residential properties in Newcastle upon Tyne. In
the 1970s and 1980s it acquired large residential estates from
British Coal, British Rail and Reckitt & Coleman. It was first
listed on the London Stock Exchange in 1983. In 1989 it acquired
Channel Hotels & Properties and in 2003 it acquired Bradford
Property Trust.

Grainger went
through a major change of strategy when Helen Gordon was appointed
Chief Executive in January 2016 from RBS where she had been Global
Head of Real Estate Asset Management since October 2011. A large
portfolio of controlled tenancy homes and German residential assets
were disposed of, switching focus to the UK, in the PRS letting
market and build-to-rent.

More than 1,000 PRS
homes are expected to come on stream next year with a pipeline of
over 9,000 homes in partnership with Transport for London. Grainger
says its recurring rental income has the potential to more than
double as it continues its development with its 75% residential
portfolio.

Chief financial
officer Vanessa Simms has said:

“The continued
structural growth story with continuing undersupply of rental homes
compared to demand, provides a strong positive outlook for
sustainable rental growth for years to come.

“Our portfolio
of attractive rental homes in high demand locations, our strong
operational capability and fully integrated business model places us
in an excellent position to continue building on our leadership in
the UK residential rental market.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Grainger books increased profits from investment and rental growth | LandlordZONE.

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Meet the landlord spreading festive cheer this Christmas

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Many landlords go above and beyond when it comes to their tenants and their local communities. George Munns is a landlord and a farmer in Chatteris, close to Cambridge. He works hard to build a strong community with his tenants. Here, he talks to Victoria Barker about balancing his busy job as a farmer with […]

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Election hustings date for Wales

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Policies affecting landlords and the private rented sector will be debated at an election hustings event in Cardiff this Thursday (December 5). Organised by the RLA, representatives of the three main parties will discuss plans for the sector and answer questions from the audience.  Speakers are; Baroness Debbie Wilcox, Leader of the Welsh Local Government Association, for Labour, Bablin […]

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3 bed 2 bath houses for only £138,000 – Hull

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PIP is delighted to launch 3 bed, 2 bath new build houses in Hull for the discounted price of only £138,000.

These properties have been discounted by 11% off current list prices and include flooring, turf and fencing included in the price.

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What do the party manifestos mean for the property industry?

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With the 2019 general election just around the corner, the
majority of Britain is focussed on the political sphere as the nation
speculates about how things will pan out on 12 December. All the major parties
have now launched their 2019 manifestos, outlining their key policies and
pledges. Each party’s manifesto presents different potential legislative
changes, which will impact buy to let landlords and the private rented sector
as a whole.

While Brexit has been the major focus for the 2019 election, housing
features prominently in the manifesto policy pledges from all parties. From
Labour’s rent control policies, to the Lib Dems’ Right to Buy reform and the
Conservatives’ ‘lifetime deposit’ scheme; there is a lot for the British public
to consider when it comes to housing that may influence their vote.

Each party’s manifesto has implications for a different
future for the private rented sector in the UK, and those operating within the
industry are making their decisions based on which policies benefit their
values.

Sean Hooker, Head of Redress at the PRS, offers
his insights into how the key party pledges on housing will impact those
involved in the property industry in his reflective article, ‘Promises
promises promises! What do the party manifestos mean for the property
industry?’ Sean provides an overview of the pledges which relate to
the property world that each political party has included in their 2019
election manifesto. He also delves into the key messages from the campaigns and
discusses some of the implications of the main proposals in each manifesto.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – What do the party manifestos mean for the property industry? | LandlordZONE.

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Concerns over councils investing in retail properties…

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Retail Investments:

A recent trend for
hard-pressed local councils to supplement their income by borrowing
to invest in commercial property could be a dangerous short-term fix
warns central government.

The Treasury is
attempting to steer local authorities away from this strategy, some
of which have purchased retail premises occupied by struggling high
street businesses. The result, thinks the Treasury, could be councils
being forced into bankruptcy.

Fall-out from High
Street businesses going bust, creating high vacancy rates in many
towns, results in rapidly falling local property values. Last week
interest rates from the Public Works Loan Board were increased by one
percent last week to reflect the increased risk, the Sunday
Telegraph reported.

As interest rates
rise, the cost of borrowing for local authorities could skyrocket,
while potential loss of income from long-term vacancies could
jeopardised the solvency of many a local council.

In the face of
struggling retail centres some councils have been snapping-up
shopping centres – five have been sold to councils since 2016,
while property companies have been exiting the sector. Whilst these
councils may have experienced a welcome initial income yield, this
often proves short-term; prices are low for a reason, and property
investing expertise is often lacking.

A recent deal involved Hammerson offloading the St Oswald’s retail park in Gloucester to the local council for £54m as the leading property company continued its own strategy of dumping retail shopping centres. Likewise, Mole Valley district council in Surrey bought an Asda site in South Wales for £11.5m, according to reports by The Sunday Telegraph.

Large property
companies are experiencing a torrid time in retail, with values
collapsing as more retailers go to the wall: Hammerson, British Land
and Intu have all seen their portfolio valuations and profits
decimated as their retail tenants close stores, seek rent reductions
or trigger controversial company voluntary arrangements (CVAs) to
rationalise and restructure.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Concerns over councils investing in retail properties… | LandlordZONE.

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