Government expects landlords to take more pets…

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Pets in rentals:

The new government
is to bring forward a bill to revolutionise the relationship between
tenants and landlords. The Section 21 no-fault eviction system is to
be abolished, a Lifetime Deposit scheme will be introduced, and
landlords will be expected to allow pets, when they are well behaved.

Full details are still sketchy about the new regime envisaged by government, but a good deal of information, and the general direction of travel, can be gleaned from the government’s guide, “A new deal for renting: resetting the balance of rights and responsibilities between landlords and tenants”

Further clues are in the Housing Secretary Robert Jenrick’s press announcement of 4th of January calling on landlords to make it easier for responsible tenants to have well behaved pets in their rental homes, the new rules to be included in his forthcoming overhaul of the government supplied model residential tenancy agreement.

“More young people
and families than ever before are renting and should be able to enjoy
the happiness that a pet can bring to their lives. However, currently
only around 7% of landlords advertise homes as suitable for pets,
meaning many people struggle to find a home suitable for themselves
and their pets.

The national model
tenancy agreement provided by government is the recommended contract
for residential landlords to use when signing on new tenants for
their properties in England. This comprehensive circa 50 page
agreement (with guidance text) sets out the minimum requirements for
a new residential letting. The template has provision for alteration
by landlords to suit specific circumstances, tenants or properties.
The revised model tenancy agreement will be published by the
government sometime this year.

Currently it is
difficult for would-be tenants to find a landlord who allows tenants
to keep a dog or cat, with just 7% of landlords said to advertise
their homes as suitable for pets. Landlords argue that there are good
reasons for this: badly behaved pets can potentially cause hundreds
of pounds worth of damage, a fact which many landlords have learned
to their cost. The introduction of pets, sometimes without permission
or agreement between the parties, is often cause of friction between
landlords and tenants.

The government is
accused of making the situation more difficult for landlords taking
in pets, by removing their ability to protect themselves financially
by banning their taking of additional damage deposits and fees – by
capping deposits at 5 week’s rent.

Despite this, the
government is now calling on landlords to make it easier for people
to have pets in rented homes: “Landlords should no longer stop
renters from having pets if they are well behaved, according to the
government,” says Robert Jenrick MP:

“Pets bring a huge
amount of joy and comfort to people’s lives, helping their owner’s
through difficult times and improving their mental and physical
wellbeing. So, it’s a shame that thousands of animal-loving tenants
and their children can’t experience this because they rent their
homes instead of owning property.

“So, I’m
overhauling our model tenancy contract to encourage more landlords to
consider opening their doors to responsible pet owners. And we will
be listening to tenants and landlords to see what more we can do to
tackle this issue in a way that is fair to both.

“This is part of
this new government’s mission to improve life for tenants,
recognising that more are renting and for longer in life. We’ve
already taken action, banning unfair letting fees and capping tenancy
deposits, saving tenants across England at least £240 million a
year, and I will continue to take more steps to secure a better deal
for renters up and down the country.”

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The best property investing strategy for 2020

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Not only is it the start of a new year, but a new Decade, and in a few years time, we will look back at 2020 and realise that it was probably one of the best investing opportunities of this Decade.

The post The best property investing strategy for 2020 appeared first on Property118.

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Jenrick overhauls tenancy agreement to help end pet bans

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Out of the Blue the Housing Secretary, Robert Jenrick, has called on landlords to make it easier for responsible tenants to have well behaved pets in their homes as he announced an overhaul of the model tenancy contracts.

The Press Statement says:

More young people and families than ever before are renting and should be able to enjoy the happiness that a pet can bring to their lives.

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First time landlord tax return confusion?

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I got permission to let my property in 2018 so that I could do some travelling. I’ve now got the not so fun part of sorting out the taxes for 18/19.

First tenant: I let the property July 2018 until Feb 2019.

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Experts predict modest price rises through 2020…

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House prices:

The Conservative election victory may produce better days for the housing market, just like the stock market, which has seen a terrific bounce, but there are doubts this can be sustained.

Reports in the press
encouraged by estate agents are lauding the idea of another property
boom in the wake of this remarkable election result, but some market
analysts are urging caution.

According the Royal Institute of Chartered Surveyors (RICS) a so-called “Boris bounce” will likely produce a short term improvement in sentiment and thinks Simon Rubinsohn, its chief economist, “But I don’t think it will amount to a great deal,” he has said.

The Brexit trade
negotiations, far from being over, are just about to begin in
earnest, which could mean continuing uncertainty and a bumpy ride
throughout 2020. Affordability remains a big issue, which RICS says
“means the likelihood of a material pick-up in activity during2020
seems unlikely.”

RICS and Knight
Frank are predicting a modest growth of 2% over 2020, with sales
volumes “broadly flat”, whereas the Halifax and Zoopla are
predicting between l$ and 3% growth. Savills is more cautious at just
l% growth.

There is likely to
be a boost in purchases by overseas buyers ahead of the introduction
of a 3% surcharge on foreign purchases, expected to be announced in
the Spring Budget, however, London growth is expected to trail that
of the rest of the country. There, property prices are still high,
but cheap money is maintaining the capacity to buy.

The rental market
should fair better: growth here is expected to outstrip housing price
growth throughout 20220. RICS sees around 2.5% rental growth being
achieved nationally, with perhaps around 3% in London.

Longer term, Knight
Frank sees increases of 1O% over the next 4 years nationally, and
15% in the Capital. Landlords selling following a period of tax
increases, mortgage lending restrictions on buy-to-let portfolios,
and more onerous letting regulations means that supply is
diminishing.

Some experts are
prediction “runaway rents”, increases because of this reduction
in supply which would put increasing burdens on the young, unless the
new government can introduce reforms quickly.

Longer term Knight
Frank makes bold predictions, with national prices rising by 15% to
2024, and by 18% in prime central London.

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Mayoral elections, deposits and student lets

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The Mayor of London, Sadiq Khan, is to put calls for rent controls in the capital at the heart of his campaign for re-election. Speaking to Politico he has said that: “Fundamental change in the private rented sector in London is long overdue. More and more Londoners are renting long-term, including families and older people, and the law […]

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Online self assessment tax return deadline-help for landlords

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The self-assessment tax return deadline is fast approaching, and landlords have until 31st January 2020 to file their self-assessment tax return online. Here, we have put together some useful resources for landlords, including where to find help completing an online self assessment tax return, and we take a look ahead to upcoming tax changes. Self-assessment […]

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£4m to crack down on criminal landlords and agents

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New government press release today: More than 100 councils across England have been awarded a share of over £4 million to crack down on criminal landlords and letting agents, Housing Secretary Robert Jenrick MP has announced.  The majority of landlords provide decent homes for their tenants

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Real cost of borrowing for a deposit

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Research by Hamilton Fraser’s deposit alternative scheme Ome, has looked at the real cost of a tenancy deposit for those that have to borrow the money in order to overcome the initial financial hurdle of renting.

For many

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Funding to tackle criminal landlords is not enough

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Government funding to root out criminal landlords is welcome, but not enough to tackle the scale of the problem. Ministers have today confirmed details of more than 100 local authorities in England which will share £4 million in new funding, as part of what it describes as a “crackdown on criminal landlords”. Whilst the RLA […]

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