PRS
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Latest property news
Root out rogue letting agents
NALS launches a toolkit to raise standards in the Private Rented Sector.
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Latest property news
Hamilton Fraser joins The Leap 100 List
Hamilton Fraser, provider of specialist insurance services, has been named in The Leap 100.
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Uncategorised
PRS man rumbles with the agents
A Property Redress Scheme (PRS) member of staff has joined Landlord Action founder, Paul Shamplina’s ‘Rumble with the Agents’ white collar boxing event...
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Latest property news
The Budget 2016
A mixed bag for the residential property market, with no cuddly Easter rabbits coming out of Mr Osborne’s hat and a nasty shock for larger property investors.
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Associations & Bodies
The PRS needs a dedicated research centre
The Trustees of the TDS Charitable Foundation have announced that the Foundation is seeking expressions of interest from organisations looking to establish a dedicated research centre for the private rented sector in England and Wales. The Foundation works to advance education about housing rights and obligations in the private rented sector. Making the announcement, Martin Partington (left), Chair of the Charitable Foundation said, “Since we established the charity in 2013, we’ve been overwhelmed with organisations seeking funding for a whole range of projects, but it has become quite apparent that there is a real gap in proper research in the PRS.” “The Trustees are concerned that there isn’t a dedicated centre for research and often when information is available, it appears in quite a fragmented way.” The TDS Charitable Foundation would be interested in receiving proposals for funding a feasibility study as to whether such a centre could be established for England and Wales. The Foundation is currently welcoming bids for the next round of funding which is open until the end of February 2016. Organisations can download an application form and view the bidding criteria online at www.tdsfoundation.org.uk Funding Enquiries: [email protected] 01442 218 031
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Latest property news
Fresh cash boost to tackle rogue landlords
The Government’s approach towards private landlords risks hurting tenants, a major property consultancy has warned, after the Housing Minister Brandon Lewis last week announced a £5 million cash boost for local authorities to tackle rogue landlords in their area. Forty-eight councils will share the funding so they can take on the irresponsible landlords that force tenants to live in squalid and dangerous properties. It is hoped that the cash will also allow councils to root out more ‘beds in sheds’. Since 2011 almost 40,000 inspections have taken place in properties with over 3,000 landlords facing further enforcement action or prosecution. The funding will allow local authorities to carry out more raids, increase inspections of property, issue more statutory notices, survey more streets and to demolish sheds and prohibited buildings. The Housing Minister said last week that the funding is part of a package of measures that will ensure millions of tenants get a better deal when they rent a home. Mr Lewis (left) said, “Many private rental tenants are happy with their home and the service they receive, but there are still rogue landlords that exploit vulnerable people and force their tenants to live in overcrowded and squalid accommodation. “We…
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Associations & Bodies
Shelter bashes PRS again
Housing charity Shelter Cymru is calling for an end to excessive letting agency fees, as more than a third of renters in Wales face charges of more than £200. The charity is launching an online survey for tenants who are in the private rented sector to share their experiences of the prices and hidden costs they have been charged. Current figures show more a quarter of renters in Wales who have used a letting agency have been charged what the charity calls ‘excessive fees.’ It is also says that in some cases tenants have been charged as much as one month’s rent, as well as paying for the bond and rent in advance. Letting agents argue these charges are in place to cover business and administration costs. However Shelter Cymru say they should be paid by the businesses themselves or by the landlords who are making a profit. “These letting agents fees are so unfair on tenants and are causing serious financial hardship when they have to find hundreds of pounds to cover the cost of moving. This makes renting impossible for some people, and finding good quality accommodation in the private rented sector well out of their reach. It’s…
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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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Regulation & Law
Righting the wrongs
When a vendor was recently advised by the estate agent to reduce his asking price and complete additional works on the property, it seemed like sound advice to speed up the sale of his property, especially as the house went under offer just a few days later. But when it materialised that the buyer was actually a member of staff at the estate agency, the seller issued a complaint to the Ombudsman Services on the grounds that the company had failed to disclose this conflict of interest, which may have influenced the negotiation. “In the small number of cases where people have complaints these should be addressed quickly and effectively.” Brandon Lewis, Minsiter for Housing & Planning The estate agent maintained that it sold the property to the highest bidder. It also stated that the complainant was aware of the conflict in interest. However, upon investigation, the Ombudsman Services could find no evidence to show that the conflict of interest was disclosed to the complainant (the vendor) in writing, which is a legal requirement, in accordance with the Estate Agents Act. Following its failure to follow the rules, Ombudsman Services ordered the company to reduce their commission for selling the…
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Housing Market
PRS set to soar
The private rented sector (PRS) is expected to increase by 700,000 households to 5.5 million by 2020, accounting for one-fifth of the total housing stock in this country, according to a new report. A fresh study on the buy-to-let sector by Kent Reliance finds that the PRS now accounts for 18 per cent of all housing stock, after almost 150,000 new households were added to the PRS in the year to March. A higher number of buy-to-let investors entering the market coupled with capital growth have led to an average rise of 11 per cent in the total value of PRS property, or £97.8 billion, to £990.7 billion, with gains led by London, at £406.5 billion, followed by the South East at £147.6 billion. Andy Golding, Chief executive, Kent Reliance, said, “Buy-to-let has come of age, moving from a niche asset class to one big enough to rival the stock market. Landlords are seeing the benefit of a structural change in Britain’s housing market, with tenant demand ever strengthening. Yes, house prices are showing signs of steadying somewhat, but growth remains brisk.” If recent growth continues, the whole sector is set to be worth in excess of £1 trillion by…
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