Material Information consultation launches – YOUR views wanted!

Propertymark is today launching a consultation exercise, seeking the views of lettings and sales agents – amongst others – about Material Information issues. 

Following the two phased introduction of Material Information guidance by the National Trading Standards Estate and Lettings Team (in 2022 with Part A, and subsequently B and C in…

Ex-rental properties make up well over 10% of sales listings

A new analysis by Zoopla suggests and one in eight homes currently for sale were previously let out.

The portal says this proportion – 12% – has broadly held steady over the last three years. 

It says: “Tax changes introduced in 2016, higher mortgage rates and greater regulation of rented property have…

Landlord Law Newsround #350

Landlord Law Newsround #350

Welcome to our weekly Newsround let us see what has caught our eye at Landlord Law this week.

Rents hit an all time high

The Goodlord Rental Index has recorded that the average cost of a property in England is up by 7.5% year on year. The average cost of a rental property is now £1470 compared to £1367 this time last year.

The South West has recorded the biggest year on year increase as rents are now 10% higher than July 2023. The smallest rental increase was in the West Midlands where rents are up by only 4% than last year.

East Midlands and the North East month on month costs are up be more than 20%. Greater London as seen the smallest of increases. Void periods are also lower than last year with 17 days in June last year to just 11 days in 2024.

William Reeve Chief Executive of Goodlord said

July’s figures have smashed rental price records and set a new baseline for the market’s busiest months. At the same time, voids have notably shortened, further highlighting the squeeze on supply.

All Jersey landlords hit by new licensing scheme

With effect from the 1st August it is illegal to rent out a property without a license in Jersey. This could see some landlords who have missed the deadline unable to rent out their properties until a licence has been granted.

The Rented Dwelling Scheme requires all landlords to have a licence for each property they rent out in Jersey. It was bought in on 1st May with a three month transition period in order for landlords to apply. It launched the licensing scheme to protect and improve rented homes there.

The government there has stated that it has more than 15,000 licences that have been applied for. Landlords can still apply for a licence but are not allowed to rent out their property until they are granted one.

Guarantors are becoming the norm

There has been a huge increase in the number of rental guarantors lately, this is due to the high demand for properties. Housing Hand, a rental guarantor service has seen an increase for its services increase by 50% during 2023 and it has now exceeded this for 2024 already.

Graham Hayward MD of Housing Hand says

Competition for rental homes is such that tenants are keen to do all they can to appeal to landlords. Those who already have all their paperwork in order, including a guarantee that rent will be paid, can demonstrate to landlords that the rental process will be both fast and smooth.

He adds that as one in five tenants have been asked to provide a guarantor just shows how large the demand is and renters must do all the can to secure properties.

Demand will remain high for rental property despite predicted easing

Zero Deposits, a tenancy deposit alternative, has released some statistics following their research into the number of tenants to available properties with forecasting trends up to 2030, and they state that the gap between the number of tenants against the available rental properties up for rent will close by 2030, but there will always be more than two tenants after each property.

Pre pandemic ratio stood at 2.28 tenants per property and it is now 2.19 tenants per property. They predict a further decline by 2030 to a ratio of 2.06 tenants per property.

Chief Exec Sam Reynolds says

PRS stock levels are expected to continue increasing over the coming years which should see the tenant to property ratio ease further and this could be boosted by Labour’s pledge to deliver 1.5m new homes.

Snippets

Will this soon be Britain’s biggest-ever HMO?
One in eight homes for sale is an ex-rental – Zoopla
Landlords face £34,000 repair bill nightmare
Essex landlord banned for three years after HMO court case

See also our Quick News Updates on Landlord Law

Newsround will be back next week.

 

The post Landlord Law Newsround #350 appeared first on The Landlord Law Blog.

Landlord Law Blog Roundup for July 2024

Landlord Law Blog Roundup for July 2024

Here are all our posts for July.

Monday 1st July

Election 2024 – We need more legal education in schools

Read my election blog, where basic law should be taught in schools

Wednesday 3rd July

Urban Myth – Landlords can take tenants possessions if they are in rent arrears

Read my blog on why I think this is unfair on landlords

Friday 5th July

Landlord Law Newsround #346

Our first Newsround under a Labour government

Monday 8th July

Message to Government – Legislation needs to be clear and understandable by ordinary people

Read my blog of why this new government must create clear and consistent legislation

Friday 12th July

Landlord Law Newsround #347

Our weekly housing news update

Monday 15th July

Can the mandatory ‘owner occupier’ ground for possession be used during the fixed term?

A question that was asked via my Blog Clinic from a tenant

Tuesday 16th July

17 Reasons NOT to use the Welsh Government’s Model Contract

If you are a welsh landlords make sure you are using the correct Model Contract

Friday 19th July

Landlord Law Newsround #348

Our weekly Newsround blog

Monday 22nd July

Can our new landlord increase our rent?

A tenant asked this question to our Blog Clinic

Friday 26th July

Landlord Law Newsround #349

Our last Newsround for July

Monday 29th July

Eviction notice and deposit problems experienced by tenant

This was a question asked via my popular Blog Clinic

Wednesday 31st July

Three ways to prepare for the Renters Rights Bill

Are you ready for the impending changes?

Further Reading

Landlord Law News Blog

For more housing news, follow me on twitter and the Landlord Law Facebook page Get it direct

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The post Landlord Law Blog Roundup for July 2024 appeared first on The Landlord Law Blog.

Recruitment evening for agency to be set in the heart of Mayfair

Fine & Country is holding a recruitment open evening in its flagship office on Park Lane in London next month. 

Managing director Nicky Stevenson says: “It’s a great opportunity for us to display the tools we deliver to our network including all the branding, marketing, technical support and widespread exposure needed….

Agency’s new chief oversees lettings and sales, preparing for AI

A high end agency has created a new senior role to oversee co-ordinate lettings activities with sales, and oversee a raft of initiatives including the development of Artificial Intelligence.

Knight Frank has appointed Andrew Groocock as Chief Operating Officer – a role which will span lettings and sales, and which will focus…

Bank of England reveals interest rate decision

The Bank of England has cut base rate from 5.25% to 5.0% – its first cut in four years.

It was a close-run thing – the monetary policy committee of the Bank voted 5-4 for the cut.

A group of three committee members led by the Governor of the Bank of England,…

Agents can use orphaned funds to donate to good causes

The Propertymark Trust is to help agents donate orphaned funds to support charitable causes, thanks to support from CRM suppliers across the UK.

Orphaned funds can happen for many reasons, and after six years, rather than allowing these funds to sit dormant, agents can now donate them to the Propertymark Trust,…

Interest Rate Decision – it’s touch and go, admits analyst

The chance of the Bank of England deciding to cut base rate today and thus trigger further interest rate cuts, is on a knife-edge according to an investment platform.

The Bank’s monetary policy committee meets this morning with a decision at midday – the decision will be covered here on Letting…

Warning that Labour will be stricter on lettings compliance

Compliance issues are on the increase in the private rented sector according to a prominent industry supplier.

Inventory and software chief Nick Lyons, the chief executive of No Letting Go and Kaptur, says: “Compliance rarely if ever goes backwards: legislation the same. Landlords and agents have to protect the people in…

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