Fire Door Safety Week: What landlords need to know

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This week the seventh fire door safety week takes place. Fire Door Safety week, organised by the British Woodworking Federation, aims to stamp out bad practice and raise awareness of the important role that fire doors play.To mark the week, and there are a number of resources for landlords and tenants on the fire door […]

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Beadle to lead the NRLA

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Ben Beadle is to be the chief executive of the new National Residential Landlords Association, formed from the merger of the National Landlords Association and the Residential Landlords Association. The NRLA will launch in January 2020. Ben is currently Director of Operations at Touchstone, part of the Places for People housing group. Previously he was […]

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We now pay Affiliates for tax planning referrals

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A huge number of landlords have never sought professional advice to identify the optimal business structure to meet their goals.

In our experience, the most common gaps in landlords business plans relate to considering business continuity, legacy planning

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Flipping – Legal but is it moral?

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Flipping is back with a vengeance. It is quite legal and involves a house purchaser completing the purchase of house, moving in, then putting the house back on the market often for profit. I have seen examples of 40% profit and accept that is achievable.

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Starting from scratch – HMO?

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I’m looking to get into property investment. Buying the property and renting it out. I am trying to learn everything as I can about HMO rules, but I am not sure if I really understand article 4 for HMO, has it made life difficult for the HMO landlord?

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Millennials spending up to 41% of their Budget on Rent

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Rental trends:

Three biggest rental trends influencing 22-37 year olds revealed in a new rental market analysis by London based hybrid letting agents, Home Made.

Over the last 12 months, Home Made, analysed the spending trends on property rentals for Millennial tenants in the 22-37 age bracket.

They have discovered that Millennials in London are spending up to 41% of their net income on rent (Net share of yearly rent/ Annual salary), which compared to 32.5% of net income in 2005.

Rental prices in London are rising faster than pay levels. However, Home Made have
analysed proprietary data alongside multiple data sources to uncover the other major factors influencing this Millenial spending trend:

� 82% of Newly Built apartments’ renters in London are Millennials. This highlights
a willingness within the demographic to pay for top quality new apartments and the
associated amenities, a co-living community lifestyle, in order to live in a newly
developed environment. This trend shows a large portion of London Millennials are
willing to pay extra for quality which is a positive sign for the growing Build-to-Rent
market.

â—� 57% of the rental enquiries made by individuals living in outer London (zone
3-4-5-6) are for inner London properties (zone 1-2) (Share of properties is evenly
distributed by Zone 1-2 vs 3-4-5-6). This trend indicates commute time and being
close to inner-city amenities rank higher in importance for the Millennial demographic as they flock towards smaller, but more expensive rentals. The data does not, however, show that Millenials are too concerned with being as close as possible to their workplace. With an average Millennial commute time in London of 37 minutes, areas such as Hackney, Brixton, and Clapham have greatly benefitted from offering a convenient commute and local amenities.

â—� The Millennial thirst for flexibility is challenging the wider UK trend of longer
fixed term tenancies. Recent reports by Goodlord revealed that the average
tenancy length in the UK is now 14 months, a decrease of over 7% from 2014. Home
Made have observed a drastic increase in the number of Buy-to-Rent operators
and private landlords accepting short and medium tenancies /break clauses (6
months) in London. Aimed at Millenials looking for maximum flexibility, these
shorter-term rental options are typically offering bills included and pre-setup at a
higher price.

Asaf Navot, CEO of Home Made says this about the trends highlighted in Home
Made’s analysis:

“Millennials have very specific requirements and preferences as to how they wish to
rent, different than any other renters’ segment we have ever seen before.

“This translates to changing renting patterns, such as the willingness to pay a growing share of their income in order to belong to the right community and in the right location.

“Renting is no longer an outcome of an inability to buy a house, but a
preference to invest their time and money in the acquisition of experiences over
possessions or savings.

“Landlords who manage to address these needs, will be better positioned to serve the
growing number of renters choosing to rent, and will enjoy better returns on their
assets.�

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Millennials spending up to 41% of their Budget on Rent | LandlordZONE.

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29% of landlords report tenant demand growing or booming Q3 2019

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The proportion of landlords who believe tenant demand is ‘growing or booming’ has increased to the highest level in almost a year, according to Paragon’s latest PRS Trends Report for Q3 2019

At 29%, the proportion of landlords saying tenant demand is growing or booming reverses a substantial drop in Q1 2019 (21%) and returns the indicator to the same level it’s roughly maintained since Q2 2017 (average 30%).

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£10 million for 5 more coastal communities

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Five projects along the Great British Coast have been awarded over £10 million from the government’s Coastal Communities Fund. These include projects in Cumbria, Dorset, Gloucestershire, Kent and Suffolk to create jobs, boost tourism, improve transport and protect coastal heritage sites.

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Half-£million fine for rogue landlord in Westminster

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Rogue landlord
fine:

A Maida Vale,
landlord who divided a three-bedroom home into eight flats, without
going through the planning application process, has been fined
£90,000 and ordered to pay a confiscation order totalling £400,000.

Mr Farook Owadally,
whose property at 6 Marylands Road was the subject of the order,
received the heavy fine plus another £40,000 in costs after he had
ignored several warnings from Westminster City Council’s planning
team, over a period of years.

Westminster Council
said it is the biggest ever penalty for a planning offence in the
central London borough. It’s “A straightforward case of the law
catching up with an unscrupulous person�, said a spokesperson.

Owadally had
illegally converted the basement, ground, first, second and third
floors of his Maida Vale property into eight tiny flats, collecting
huge illegal profits over a number of years. He had been charging
over £1,000 per month in rent for each of the tiny ‘flats’
which, in most cases, were simply a small room, said the Council.

The safety of those
living in the illegal flats was compromised and the main reason
behind the council’s prosecution – several of the rooms did not
meet the minimum size requirement of 37sqm for new one-bedroom flats.
One was just 18 sqm.

Cllr Richard Beddoe,
Westminster City Council Cabinet Member for Place Shaping and
Planning said:

“Unfortunately
this is a straightforward case of the law catching up with an
unscrupulous person.

“Our planning
teams aren’t just ticking boxes and filling in forms for fun – we
have planning rules for a reason, to make sure housing is fit for
purpose and safe.

“We’ve made it
our top priority to create more affordable homes for hardworking
people and we’re on track to build a at least 1,850 of them by
2023.�

Enforcement notices
had been issued dating back to January 2012, requesting that Owadally
remove the flats, demolish the third-floor extension, and return the
property to its former condition as a shop with maisonette above.

Southwark Crown
Court was told how Owadally had made no attempt to engage with
planning officers and had ignored the notices to stop using the
flats. He had continued to profit over an extended period of time.

Following the court
ruling, Owadilly has been given three months to pay the confiscation
order, and six months to pay costs and fines to the courts.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Half-£million fine for rogue landlord in Westminster | LandlordZONE.

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Report calls for Universal Credit five week wait to end

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A report published today by the Trussell Trust reveals that people claiming Universal Credit in July 2019 experienced a 42% increase in rent arrears since rollout commenced in 2015. The report recommends that the Government ends the five week wait for people to receive Universal Credit when applying for the scheme is ended. The findings […]

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