lettings
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Features
Is Right to Rent wrong?
It’s four months since the Government rolled out its controversial Right to Rent regulations across England, so how’s it going? Nigel Lewis finds out.
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Uncategorised
Regional rents close the gap on London
Private rents in London are rising at their slowest rate for two years, the HomeLet Rental Index reports, prompting questions over whether tenants are close to reaching an affordability ceiling in the capital. The average new tenancy monthly rent in London signed over the three months to January 2016 was £1,510, HomeLet’s data shows, 6.2 per cent higher than in the same period 12 months ago; the slowest rate of rental inflation seen since March 2014. Rents in other areas have increased more quickly. Across the South-East (excluding London), rents on new tenancies rose by 7.2 per cent over this period. In the East Midlands, rents rose by 6.8 per cent. The slower rental inflation in the capital means the gap between the rate of increase in the capital and in the rest of the UK, where rent rises averaged 5.5 per cent over the three months, has narrowed to just 0.7 percentage points, the smallest gap since last April. In October, when London rents were rising at 7.5 per cent a year, this gap stood at four per cent. This convergence between London and the rest of the UK may suggest that the much faster rental inflation seen in…
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Latest property news
Rents rise 3.2% year-on-year
Rents rose by 3.2 per cent to an average £926 per month in February compared to the same time last year, the latest figures show. The Countrywide monthly Lettings Index for February has identified a fall in tenants’ negotiating power, with the average home in the UK let for 99.9 per cent of the asking rent, the highest such value since 2007, just before the global economic downturn. This figure is highest in London where the average let was agreed at 100.9 per cent of the asking price while it was lowest in Wales at 98.7 per cent. With demand continuing to heavily outstrip the supply of private rental homes, one in five of those renting in the capital pay more than asked for to secure a property of their choice. This equates to £94 a month over and above the asking rent against a UK average of £44 which, over the course of a typical 17-month tenancy, works out to be an additional £1,578 in rent for the average Londoner. Rental price growth in London has unsurprisingly outstripped all other parts of the country since 2007, with rents 34 per cent above their pre-recession record compared to12 per cent…
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Agencies & People
Life’s a beach
Life’s a beach …or it could be, if Belvoir – or any other business-hungry buyer – came knocking on your door. Nigel Lewis speaks to Commercial and Franchise Director Dorian Gonsalves.
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Latest property news
New law to tackle rogue agents and landlords in Wales
There are just a few weeks now remaining until it becomes compulsory for all landlords and agents in Wales to register with a central licensing authority and obtain a new type of licence, viathe Rent Smart Wales initiative. Under the new law, being introduced this autumn, with a view to improve letting and management standards for people who rent private accommodation in Wales, all landlords and agents will be required to take part in a new registration and licensing scheme, which forms a key part of The Housing (Wales) Act 2014. This new legislation will see Wales become the first country in the UK where managing landlords and agents are obliged toobtain a new type of licence as well as undertake training to ensure they are aware of their rights and responsibilities. The new Rent Smart Wales scheme will replace the existing voluntary Landlord Accreditation Wales initiative, which has been operated by Cardiff Council on behalf of all local authorities in Wales. The aim of the new legislation is ultimately to increase awareness among landlords, tenants and agents of their respective rights and responsibilities, as well as improve standards in the PRS. All private landlords who own a rental home…
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Regulation & Law
Strictly come letting
Finders Keepers’ Chairman Frank Webster comments on Government proposals for mandatory licensing for private landlords.
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Agencies & People
Hunters takes aim at London float
Hunters is preparing to float on the AIM market of the London Stock Exchange to take advantage of the improving residential property market. The large estate agency firms, which has over 150 branches, the vast majority of which are franchised, has already appointed Numis Securities as Nominated Adviser and Broker with a view to start trading on AIM by the end of next week. Kevin Hollinrake (left), the Chairman of Hunters, who was recently elected as a Conservative MP, said, “Hunters is a highly ambitious company. Our success to date has been born out of our focus on providing our customers with an exceptional service combined with local market knowledge. The Group is excited about its next chapter as a public company. This status will help to further enhance the Hunters brand and provide access to capital to accelerate business growth.” Hunters last week welcomed Norfolk-based Kudos Residential to its fast growing network estate agents. All seven of Kudos Residential’s branches, located across the county, including the main towns and cities of Norwich and Great Yarmouth, have all been rebranded. Glynis Frew (right), Managing Director of Hunters Property Group, said, “This is another exciting milestone for Hunters. As we continue…
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Regional Reports
Devon, London and Dorset
Each month we visit three agents across the country to discover what is happening in their businesses and local markets. This month we visit Devon, London and Dorset.
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Agencies & People
Lettings – it’s all about risk and reward
Are you doing everything possible to support your landlords?
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Agencies & People
Countrywide Residential Lettings Celebrate ‘100 Deals’
Countrywide plc has capitalised on the growth of the UK rental market and significantly increased its regional footprint. Over the past five years Countrywide has invested over £80 million in acquiring over 100 lettings businesses throughout England and Scotland. During that period, Countrywide has opened over 100 offices in a number of key town and city locations. In celebration of succeeding more than 100 acquisitions during that period of time, Countrywide Residential Lettings held a celebratory boat trip last week. The boat trip launched from Embankment Pier, London and began with a Champagne reception followed by a River Thames tour of London Countrywide employees enjoyed a gala dinner. Commenting on the event, John Hards, Managing Director, Countrywide Residential Lettings: “Countrywide has a unique ability to grow businesses by ensuring they operate autonomously, retain their local heritage and benefit from Countrywide’s ongoing investment and support. “We have built a very strong and successful network of branches in the UK, via strategic acquisitions and new branch openings and we are delighted to be able to celebrate ‘100 Deals’. We would like to thank DWF legal businesses who sponsored the event. “Countrywide Residential Lettings value the importance of all our acquisitions and it…
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