Get your next property project funded and appear on TV!

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The hit TV show Property Elevator, will be back on Property TV, Sky Channel 192 in the Autumn.

In last years series, budding property investors & developers pitched for backing from the Angels and some walked away being able to make their property development dream a reality.

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Initiatives government could take to support landlords and the market

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Jack Bertolone, Operations Director at Brooklands Commercial Finance, discusses with Kate Faulkner the impact of the pandemic on the UK housing market and what other initiatives the government could take to support the property market and landlords.

Kate Faulkner is a UK property analyst and a regular commentator on BBC

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Rental values reflect UK’s mixed economic picture

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Rents dipped slightly last month across the UK, although figures are still higher than this time last year, according to the latest Rental Index data

The average rental price for a new tenancy in June was £951 a month – up 1.1% on last year, but down on £959 achieved in May – with eight of the 12 regions monitored by HomeLet showing an increase in rental values during the last 12 months.

While June was an encouraging month for lettings, according to Homelet, which received more applications for tenant reference checks this month than in the same month last year, chief executive Martin Totty says looking at trends by region offers the greatest insight into how variations will affect landlords and tenants across the country over the coming months. Over the last year, the North West recorded a 6.6% increase in rents while they fell 1.8% in Northern Ireland. 

Says Totty: “With demand for new tenancies still strong, rents overall may well hold up at the national level, whilst regional variations could continue to fluctuate, reflecting how any potential economic downturn will likely not fall evenly across the UK.”

While Homelet found that average rents in London are now £1,583, down by 1.7% on last year, they’re still 60% higher than the rest of the UK. The latest research by Spotahome, looking at the financial cost of renting in the capital, shows that the average 22-29-year-old has to fork out as much as 57% of their net monthly salary on renting a one-bed apartment. *Private renters are feeling happier than their social counterparts, according to the latest English Housing Survey data on attitudes and satisfaction, which found that 84% of private renters were satisfied with their accommodation in 2018/19 – up one percentage point from the year before – compared with 81% of social renters, while 73% of private renters were happy with the way their landlord carries out repairs and maintenance compared with 67% of social renters.

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BTL brokers showing increased confidence

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Four out of 10 Buy to Let brokers expect to write more business in the next 12 months, Paragon Bank’s Financial Adviser Confidence Tracker (FACT) Index has revealed.

The survey of more than 200 intermediaries showed that 41% of advisors said they expect more buy-to-let business

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I told the police they were not allowed back to the property?

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I recently rented my property to my partners husband and children. My daughter passed away last year and we let the property over a 10 year period to them.

The relationship has broken down between us and he has not paid rent for 4 months.

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Freehold issues and leaseholds not paying service charge?

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I wonder if someone could give me some advice, I’m a leaseholder of a flat that I purchased some 17 years ago in a block of 155.

The service charge was around £2,500 per year, now gone up by another £1,200 for a reserve fund as there is no funds.

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Isle of Man extends COVID eviction ban until December

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The island has put protection measures in place for struggling tenants hit by the pandemic so that landlords must wait another five months before they can take action

Landlords on the Isle of Man have been told they can’t evict tenants who are behind on their rent until the end of the year.

Its Office of Fair Trading has extended a law which protects tenants facing eviction for rent arrears during the island’s state of emergency. This means eviction notices now can’t be handed out until 27th December, and any notice of eviction issued by a landlord to a tenant who has failed to pay rent in full, would have no legal effect.

However, the regulations only relate to a tenant’s failure to pay rent in full or at all, and landlords can still issue a notice of eviction for other reasons, such as criminal damage to their property.

Martyn Perkins, chair of the Isle of Man Office of Fair Trading, says: “The extension provides a level of protection for tenants who are experiencing financial problems due to exceptional circumstances outside their control. I would encourage anyone experiencing financial problems to make use of the OFT’s Debt Counselling Service.”

Tenants still have to pay landlords in full if they fall into arrears for the rest of the year, and after that, landlords need to make arrangements with their tenants to help them pay it back. They’ve been asked to take their financial circumstances into account when doing this, particularly those who have been impacted by the pandemic.

The halt on evictions was introduced in March as part of a package of measures to help workers and businesses. The Isle of Man hasn’t registered any new coronavirus cases since May, although the border remains closed. Landlords on the island also face having to register themselves and their properties if a Landlord Registration Bill gets approval. The government is currently consulting on plans to establish minimum management and property standards in the private rented sector along with a rent deposit protection scheme.

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Tenants group takes its demands onto the streets

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The London Renters Union wants a city landlord to enter into negotiations to agree a fair deal for their members – and they’re determined to get their voices heard

Fed-up tenants have stepped up a campaign to get a rent reduction and building repairs by demonstrating outside the property manager’s head office.

More than 50 residents of Dorchester Court in London’s Herne Hill staged a socially distanced protest outside Property Partners in Waterloo, calling for a face-to-face meeting with their landlord, Manaquel Ltd. Tenants chanted demands including: “Property Partners we can’t wait, we want you to negotiate.” The tenants – members of the London Renters Union – have written to their landlord, demanding rent reductions, and are also asking for no evictions for arrears and essential repairs to their homes. Many have been hit hard by the crisis, but after Manaquel refused to offer any individual discounts, they decided to join together.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Tenants group takes its demands onto the streets | LandlordZONE.

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Guarantor agreement still valid after rent increase?

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Hello, I am interested in increasing the rent of a long term tenant that is paying well below market rate.

The new monthly rental rate would be more than 10% than the rent level which the guarantor signed for on the original contract.

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Buy-to-let homes benefit from stamp duty cut

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Rishi Sunak implemented a stamp duty ‘holiday’ in his summer statement for second and additional homes – starting today – which is great news for the private rented sector

Private landlords have welcomed the Chancellor’s announcement to reform stamp duty for buy-to-let properties.

The 3% levy on the purchase of additional homes by landlords in England and Northern Ireland will immediately change, from covering the first £125,000 of a property to the first £500,000. After that, the rates will be 8% on the next £425,000, 13% on the next £575,000 and 15% on the remaining amount. These measures last until 31^st March 2021, which is longer than many people expected.

Companies as well as individuals buying residential property worth less than £500,000 will also benefit from these changes, as will companies that buy residential property of any value where they meet the relief conditions from the corporate 15% Stamp Duty Land Tax charge.

Landlords have also welcomed the fact they can now apply for funding towards energy improvements to rental homes; the Government’s £2 billion Green Homes Grant will provide at least £2 for every £1 that homeowners and landlords spend to make their homes more energy efficient, and up to £5,000 per household. 

The National Residential Landlords Association has campaigned for support for landlords to improve the energy efficiency of their homes – which it believes will benefit tenants through lower utility bills. Chief executive Ben Beadle says: “Improving the energy efficiency of rental housing is good news for tenants, landlords and local economies. We encourage all landlords to make use of this as it will mean housing standards are improved, tenants will save money and it will reduce carbon emissions across the whole sector.”  He adds that while the change to the stamp duty rates for the purchase of rental homes is welcome, it could go further. “The additional rates should be scrapped in cases where landlords invest in properties adding to the overall supply of housing. This includes investing in new build and bringing empty homes back into use.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Buy-to-let homes benefit from stamp duty cut | LandlordZONE.

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