private rental sector
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Features
Public policy and the Private Rented Sector
Nigel Lewis wonders if the Government’s exciting initiatives in building and regulation are actually a veiled attack on the private landlord and letting agent.
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Latest property news
Landlords increasing rents to pay for extra regulatory costs
Read how ARLA says more landlords are increasing their rents to pay for deluge of new legislation being introduced to regulate and tax the sector.
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Regulation & Law
Rogue Manchester landlords to have properties bought off them
Greater Manchester's Labour mayor Andy Burnham says landlords who can't achieve minimum standards of service and accommodation will be offered way out, but not at market value.
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Latest property news
Letting agents must ‘stop encouraging longer tenancies’
Read how a leading MP and Select Committee chair has called for lettings agents to stop encouraging longer tenancies within the PRS.
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Latest property news
Tenancy Deposit drama makes EastEnders episode
EastEnders continued its tradition of tackling social issues head-on when it made a deposit dispute a key storyline. The recent depiction has been praised by the TDS (Tenancy Deposit Scheme), with the organisation saying it has brought to light important issues in the private rental sector. The plot centered on a landlord who returns to Albert Square with money problems. He decides to terminate a tenancy and uses the check out as an opportunity to make some money for himself. Although the property had been left in good condition, the landlord pours coffee over the carpet and blames the tenant, stating he’ll have to keep the deposit to until he knows how much it will cost to rectify the damage. “The vast majority of landlords look after their tenants and abide by the law, but there’s a small minority who don’t and that can be a problem if tenants are unaware of their rights.” While maybe not as thrilling as shady dealings, shootings and secret love children, the deposit storyline has brought into focus a number of issues that many landlords and tenants can relate to. As well as questioning whether the TV landlord had protected the tenant’s deposit, the…
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Latest property news
64% of London tenants still target homeownership
Latest measure of confidence and intent shows two thirds of London’s private tenants still want to own their own home, despite confidence dip.
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Features
Innovation will drive PRS
Despite the challenges weighted against landlords, Paul Staley, PRS director at SDL Group, believes the private rental sector will show sustained growth in 2018.
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Latest property news
Landlord exodus revealed as stock of London rental properties drops by 21%
The stock of rental properties within the private sector dropped last year by 4% across the UK and by 21% in London, helping push the average rent for a property to £960 a month, and without London to £768, it has been revealed. The East of England also saw a double digit (-15%) reduction in the number of rental homes. Five other areas also witnessed a shrinking stock of rental properties includes Scotland, the SW, Yorkshire and the Humber, East Midlands and the NW. But stocks in four rental markets are still expanding including Wales (+13%), the West Midlands (+12%) the NE (+6%) and the SE (+5%). Countrywide’s monthly rental index reveals that the ratio of homes bought by landlords during 2017 as a percentage of the total market dropped to 12.5%, a nine year low, and lower than during 2016 (14.7%) and 2015 (16.3%). Increasing rents This reduction in the stock of privately rented homes, set against a trend of increasing numbers of tenants, is helping push up rents, Countrywide says. Rental increases have jumped by a third from 1.8% in 2016 to 2.4% during 2017. The figures also reveal that forty-six per cent of landlords increased the rent…
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Housing Market
Supply of rental housing on the rise
The number of available private rented properties rose in July, the latest Association of Residential Letting Agents (ARLA) monthly Private Rental Sector (PRS) Report has revealed. ARLA registered letting agents, which managed an average of 189 properties per branch in July, compared to 178 in June, have continued to see increases in the cost of renting for tenants. Some 37 per cent of agents reported that rents rose between June and July; the highest number since tracking began in January, when levels were at 27 per cent. The report also revealed that tenants in the West Midlands have been affected the most by rent increases, with 64 per cent of agents reporting that rents had increased in July, followed by the East of England where 53 per cent of agents witnessed rent rises. In contrast, less than a quarter – 21 per cent – of tenants in the North West experienced an increase. But despite the rise in the volume of available private rented homes in July, it would appear that higher rental prices are deterring some tenants from moving home, with demand across the UK having fallen marginally in July to 35 prospective tenants registered per ARLA branch, down…
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Housing Market
Ed’s last stand: “a load of cobblers”
General Elections bring out the opinions of the electorate and property people have been more than forthcoming in these last days before the big election day on 7th May. Naomi Heaton (left), CEO of London Central Portfolio says that Ed Miliband’s “last stand” is “a load of cobblers”. Among her points are: “The latest Labour pledge is to abolish stamp duty for first-time buyers buying homes worth up to £300,000 for the next three years. They have said that it will benefit nine in 10 such buyers to the tune of £5,000. Rubbish. “Labour is clearly very bad at its sums, which is why, of course, we are so worried about them running the economy. “The average purchase price for a first time buyer outside London is £137,120, (Halifax). Following the Stamp Duty reforms introduced by the Conservative coalition last December, the Stamp Duty charge for buyers at this level is just £242. This is what the Labour policy would save, not £5,000. “If we look at the country as a whole, including London, the average price for a first time buyer, is £171,870. Again, due to the recent reforms, Labour would be knocking off £937 off their purchase costs,…
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