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Latest property news
Tenant Fees Bill is last thing sector needs, Residential Landlords Association tells MPs
A group of MPs leading an investigation into the private rented sector and the draft Tenant Fees Bill got more than they bargained for yesterday afternoon when David Smith (pictured, right), Policy Director at the Residential Landlords Association (RLA) came in to give evidence. The Ministry of Housing, Communities and Local Government Select Committee had convened to hear from the RLA but also the National Landlords Association, a build-to-rent company called PlaceFirst, campaigning group Generation Rent and Citizen’s Advice about how best to police the private rental sector. It’s other task was to find out what the wider world thinks of the proposed lettings fees ban Blunt language David Smith, during a sometimes tour-de-force performance, told the MPs – who included former housing minister Mark Prisk – his views in sometimes blunt language during a two-hour session. His main points, some of which were echoed by the other people giving evidence, were: Fees charged by agents are charged at different levels and employed in varying ways all around the UK, so a blanket ban will be a blunt tool. It’s not true to say fees have been banned in Scotland – they’re now just post-loaded into tenancies, rather than being…
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Latest property news
Tax changes will drive 46,000 properties out of private rented sector, says NLA
The number of private rented sector landlords intending to reduce the size of their portfolio is at its highest for ten years, it has been claimed, with 46,000 properties due to be taken out of the rental market. The National Landlords Association (NLA) says 20% of its members plan to shrink the number of properties, largely because the recent tax changes for landlords and the looming tenants’ fees ban are “undermining the viability of many landlords’ businesses”. Research firm Capital Economics were commissioned by the NLA to look into the recent tax changes, which reveal that landlords are set to lose £400m from the changes, which come into full effect in 2020. The research also reveals that ‘moderate earner’ landlords will soon pay “significantly higher taxes” than those who earn comparable incomes through other means. Private rented sector The NLA’s CEO Richard Lambert (pictured, left) says the government’s recent tax assault on private landlords is clearly taking its toll and that “the Government needs to look at the impact these policies will have on the PRS”. Landlords have recently had several tax allowances rolled back including an automatic wear and tear allowance and tax relief on mortgage interest payments, and…
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Latest property news
National Landlords Association hires former publishing boss to lead expansion
The National Landlords Association (NLA) says it has added 42,000 landlords to the total number it helps, an increase from 39,000 to 81,000, over the past five years. Its announcement comes as a new Chairman is revealed – former Archant magazine CEO Adrian Jeakings (pictured, right) who replaces outgoing role holder Carolyn Uphill (pictured, below). The organisation says Carolyn has overseen a significant expansion of the NLA, including the addition of 16,000 paying members to its landlord client list. “The private rented sector has witnessed a lot of change over the last five years,” she says. “Chairing the organisation and watching it grow and develop in such turbulent circumstances has had its challenges, but has been a privilege and an honour.” Adrian joined the NLA’s board of directors in June last year as a non-exec and, as well as his publishing experience, has also worked at the Independent Press Standards Organisation (IPSO) and as President of the Newspaper Society and Chairman of the News Media Association. “Carolyn has been a fantastic Chairman, and the growth of the NLA during her tenure has been great to see,” he says. “I’d like to thank her for the all her hard work, and…
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Features
Whisper it quietly, but landlords need all the help they can get!
It may just be a blip, but tough times are ahead and landlords need professional support.
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Latest property news
Has the London rental market topped out?
The pressures and costs of living in the capital are persuading many tenants to look elsewhere to live as demand within the London rental market ‘slides’, it has been claimed. According to the National Landlords Association (NLA) the number of landlords in central London reporting a rise in tenant demand has dropped from 45% to 17% compared to January last year. But figures from the Council of Mortgage Lenders also suggest that the reduction in demand among tenants is down to increased number of first time buyers in the market, something that Prime Minister Theresa May put at the heart of her vision for Britain when she came to power last year. The CML’s latest figures show first time buyer mortgage borrowing increased by 9% in November, year-on-year. But London’s rental market problems, coupled to looming tax increases for landlords, are either driving many investors out of the market, or frightening them off new property purchases. The CML say that landlord borrowing has fallen by 10% year on year. The NLA says just 5% of London landlords say they plan to buy further properties this year, down from 15% last year, while outside London confidence is much higher. In the North…
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Latest property news
Homelessness rises
October 10th is World Homelessness Day and the statistics for homelessness in the UK are on the rise.
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Latest property news
Private landlords ‘rake in’ £9.3billion in housing benefit
The National Housing Federation (NHF) last week released data about the cost – borne by the taxpayer – of housing benefit, which has risen to £9.3billion, double the amount paid out 10 years ago and the Sunday newspapers knew that the public would be furious. Most of the Sunday papers inferred that the growth in costs was, once again, down to greedy landlords and unscrupulous agents who charge fees to tenants; once again ignoring the true situation, that there is a massive shortage of housing because councils and housing associations are not building enough social housing, builders are not building enough homes for people to buy and the Government’s Right to Buy scheme is removing more homes for the social sector than it is building. The view from the national press is that private landlords are getting rich quick, with their pockets lined by high rents paid by housing benefit. David Orr (left), Chief Executive at the National Housing Federation said: “It is madness to spend £9 billion of taxpayers’ money lining the pockets of private landlords rather than investing in affordable homes. “Housing associations want to build the homes nation needs. By loosening restrictions on existing funding, the Government…
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Latest property news
51 per cent of North East England’s landlords experience abandonment
A process created under the new Housing and Planning Act should help, says the NLA
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Features
Leaving the scene
The number of accidental landlords soared during the recession but now they’re cashing out as house prices rise again. What, asks Nigel Lewis, does this mean for sales and letting agents?
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Associations & Bodies
NLA launches new campaign
The National Landlords Association (NLA) has launched its latest campaign, Reinventing Renting, which identifies opportunities for landlords to enhance their lettings businesses. Reinventing Renting is designed to help landlords transform their businesses into more successful profitable enterprises and it contains lots of useful resources, guides and presentations, including how to: Choose the right investment Improve financial planning Expand portfolios and maximise gains Reduce exposure to a range of risks associated with letting property, such as impending interest rate rises, rent arrears and rogue tenants. The campaign focuses on supporting landlords who are struggling to turn a profit by exploring different business approaches and tenant markets, while providing assistance for landlords looking to make their business more profitable. It comes as the Summer Budget and Autumn Statement announcements could seriously affect profitability within the sector. Reinventing Renting also defines some of the good and bad characteristics of being a landlord through its ‘Vogue or Rogue’ section. Carolyn Uphill, Chairman of the NLA, said:“As the leading landlord association we’re here to provide landlords with all the tools and information needed to make a success of letting. “Over the next few months, Reinventing Renting will look at some of the key issues for…
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