Letting PropertyNews About Letting Property Industry | Linley & Simpson, Leeds, Yorkshire
Research reveals need for urgent action over supply shortage
Friday 15th February 2013
New research has revealed that the private rented sector is expanding at a faster pace than predicted - with Leeds identified as one of the UK's letting hotspots.
The findings have prompted Linley & Simpson to renew its calls for Government and banks to lift barriers, and stimulate investment in the sector, to give stock levels a much needed boost.
Unless more is done to entice a wider range of landlords, it warned that 2013 would see the current supply shortage remain on a collision course with ever-growing demand.
The scale of the challenge is revealed in the latest UK census, which suggests that the private rented sector now accounts for 18 per cent of all households - double the figure when Linley & Simpson launched 15 years ago.
In Leeds, 23 per cent of all homes - almost one in four - are now privately rented. And the rate is set to accelerate.
This year sees the introduction of the Government's £200m Built To Rent Fund to support the development of purpose-built privately-rent homes, and a reduction in Stamp Duty Land Tax from 5 per cent to 1 per cent on bulk purchases.
While these measures will help to generate extra capacity - as will changes to council tax rules in some districts from April that will see empty and second homes liable for the full rate - Linley & Simpson is urging further urgent action.
Meanwhile, the company is launching a series of informal advice sessions across its branch network for landlords wishing to expand their portfolios. As well as demystifying the process for new buy-to-let investors, the team will be on hand to give an expert insight into the current and future health of the market, highlight which properties are in high demand and where, and outline the potential returns that are available.
Chance to follow in historic footsteps as Grade 1 Yorkshire manor house becomes available for rent
Linley & Simpson's Jon Graham at the historic Farnley Hall, now available to rent at £1,950 per month
Residential letting specialists Linley & Simpson is offering tenants the rare chance to follow in historical footsteps - after being appointed to handle the rental of a well-known Yorkshire manor house.
Farnley Hall, a stately Grade 1 listed property nestling in some of the Wharfe Valley's most picturesque countryside, was originally the home of Walter Fawkes - an MP in the 1800s and a distant relative of Guy Fawkes.
Now a new chapter in the life of the imposing four-bedroomed furnished property beckons - as it becomes available for let at £1,950 per month through the Ilkley office of Linley & Simpson.
Branch manager Jon Graham said: "This is one of the most illustrious homes we have been invited to let. It offers a rare opportunity for someone to experience its unique heritage first-hand, and follow in the historical footsteps of its past residents
"Dating from the Jacobean period, the property is steeped in 400 years of history - but alongside the stone mullioned windows and original features, there is no shortage of modern amenities.
"It holds tremendous appeal for people looking to rent a piece of history, particularly families, and we expect there to be significant interest in the property."
Further information is available from www.linleyandsimpson.co.uk or by calling its office in Brook Street, Ilkley, on 01943 816888.
SAFEagent scheme launches to public with Government blessing
Tuesday 6th September 2011
The SAFEagent scheme has now launched to the public, with a major endorsement from housing minister Grant Shapps.
The endorsement includes displaying the kitemark on the CLG website, whilst Shapps has congratulated the industry for taking matters into its own hands and urged agents not signed up to the SAFEagent scheme to do so immediately.
He announced the Government's official support for the industry-led campaign at the same time as launching new factsheets for landlords and tenants.
In them, both tenants and landlords are specifically advised that they should seek out a SAFEagent member.
Shapps emphasised that he is supporting initiatives such as SAFEagent in preference to regulating the private rented sector.
SAFEagent, which has drawn registrations from over 1,200 agents, is also supported by Shelter, NUS, Trading Standards Institute, Council of Mortgage Lenders, Residential Landlords Association, The Property Ombudsman Scheme and the British Property Federation.
Noticeably, however, ARLA and NAEA plus RICS have not thrown their weight behind the initiative, which is being administered by NALS.
Instead, ARLA yesterday reacted with fury to Shapps' latest announcement that he would not be bringing in regulation.
Shapps, however, has taken no convincing regarding the merits of the SAFEagent scheme. He said it was aimed at addressing a key area of concern for both tenants and landlords when it came to letting agents - making sure their money is safe.
Shapps said: "The private rented sector provides a valuable source of accommodation for over three million people in England, and the vast majority of them are happy with the service they receive.
"That's why I have promised not to wrap the sector in red tape, but instead to work with the industry to help them develop their own plans to tackle those bad landlords, and with councils to throw the book at those who don't live up to their responsibilities."
He added that with SAFEagent he was "delighted the lettings industry has taken matters into its own hands, and is launching a quality standard that will ensure that landlords and tenants know what to expect from their members. These improvements could never be achieved by adding layers of pointless Government regulations."
He went on: "This is exactly the sort of measure the private rented sector needs - simple and sensible changes that are driven by industry and designed to deliver results."
Shapps had this message for lettings agents not signed up to the scheme, saying: "I would urge them to do so immediately, so they are not left behind when consumers vote with their feet."
Nick Cooper, managing director of Northwood and chairman of the SAFEagent steering group, said: "We want SAFEagent to become a recognised kitemark that every reputable letting agent signs up to. We would welcome the opportunity to work with all organisations with an interest in the private rented sector."
The new CLG factsheets are available online and are designed to strengthen tenants' and landlords' awareness of their rights and responsibilities.
Shapps said that too often, unnecessary disputes between those renting and letting a property are caused by misunderstandings that could be prevented by having access to better information on the rights and responsibilities of both tenants and landlords.
Agent cites Downton Abbey effect for upsurge in renting a piece of Yorkshire history
Markington Hall
Thursday 25th August 2011
THE popularity of TV dramas such as 'Downton Abbey' has triggered an upsurge in interest among people wanting to rent a piece of Yorkshire history.
Residential letting specialists Linley & Simpson have properties on eight ancestral estates of Yorkshire's rich and famous on their books, as more and more people seek an insight into living life as Lords - or Ladies - of the Manor.
Its property portfolio includes homes with links to anti-slavery MP William Wilberforce and Parliament gunpowder plotter Guy Fawkes.
"The Yorkshire rental market is buoyed by the 'Downton Abbey' effect," said Linley & Simpson director, Will Linley. "The resurgence of period dramas such as this and 'Upstairs, Downstairs' has sparked an upsurge of interest in properties from a bygone age.
"Many of these properties have been modernised and tastefully renovated and, as a result, there is no shortage of tenants wanting to step back in time and follow in the historical footsteps of the people who lived in the properties hundreds of years ago."
Linley & Simpson has been appointed to handle the rental of homes in some of the country's most prestigious halls and manor houses.
Instructions include:
Markington Hall, between Ripon and Harrogate, owned by descendents of anti-slave trade campaigner William Wilberforce. Parts of the hall, which is set in eight acres of sprawling grounds, date back to the 14th Century and during the Second World War, plans for the allied invasion of Sicily were reputed to have been drawn up within its walls.
Farnley Hall, a grade 1 listed manor house near Otley, which was owned by MP Walker Fawkes a relative of Guy Fawkes in the 1800s. Among the many visitors attracted to the property in the past are John Ruskin, the Victorian artist and philosopher, who was taken with the collection of paintings by J.M.W. Turner, a friends of the then owner; and John Carr, who designed Harewood House. There have also been Royal visitors.
Eshton Hall, in the Yorkshire Dales near Gargrave, a stately home designed in the neo-Jacobean style in the 1820s, and the former seat of Sir Matthew Wilson MP
Ingmanthorpe Hall, a grade II listed mansion near Wetherby racecourse once owned by Andrew Montagu in the late 1800s. He was the owner of over twenty-seven thousand acres of land in five counties, bringing him a gross income of £53,000 a year. He used part of his wealth), to help to ease the financial problems of the Conservative leader, Benjamin Disraeli.
Steeton Hall, near South Milford, home to a striking and well-preserved 14th Century manorial gateway classed as an ancient monument and protected by English Heritage.
Allerton Castle, a Grade 1 listed Gothic house by the A1 near Harrogate, with links to the nursery rhyme 'The Grand Old Duke of York and his 10,000 men'. It was also featured in the 1993 film 'The Secret Garden'.
The letting specialists also has on its books Spofforth Hall, a renovated Georgian mansion between Harrogate and Wetherby, Heath Manor, a listed building near Wakefield; as well as something slightly more offbeat for history lovers the former Victorian fire station at Sandal, near Wakefield. It also has the grade II listed, 3-bedroom detached house the Old Dovecote, which used to belong to the former Vicar of Darrington, near Pontefract, and dates to the 17th Century. The building's oak doors and oak-framed leaded windows were fitted by craftsmen who worked on York Minster.
Prices for the properties available on these estates range from £800pcm to £2,400 and further details are available from www.linleyandsimpson.co.uk or from its offices at Harrogate, Wetherby, York, Ilkley, Wakefield and three in Leeds.
Plans to give a landmark building in Leeds a smart new look are set to come under scrutiny from the council
Tuesday 2nd August 2011 - Yorkshire Evening Post
A local authority planning panel will discuss the proposals for City House at a meeting on Thursday.
Dating back to the 1960s and designed by crooked architect John Poulson, the no-frills city centre tower block is widely regarded as one of the least attractive features of the Leeds skyline.
But its owner, property company Bruntwood, sees a bright future for the 14-storey building, which stands next to Leeds City Station.
If the planning application being considered at Thursday’s meeting gets the green light, City House's exterior would be re-clad with stylish glazing.
Its interior would also be fully refurbished, creating office space to suit all sizes of business.
A report on the plans compiled by Leeds City Council officers says: "City House has a tired appearance and is in need of refurbishment as it currently provides little visual benefit [to the city centre].
"Being such a tall and prominent building it is considered the character of the city centre, adjacent conservation area and setting of nearby listed buildings would be significantly enhanced following the proposed refurbishment."
Family-owned Bruntwood bought City House in July last year after its previous owner, Kenmore Property Group, went into administration in November 2009.
Once home to several government departments, the building has stood vacant since 2006.
Following the purchase, Bruntwood said its plans for City House would involve "meticulous design, precision craftmanship and the highest quality materials".
The firm's other developments in Leeds include West One and 14 King Street.
Pontefract architect John Poulson was jailed for corruption in the 1970s. His projects aside from City House included the now-demolished Leeds International Pool.
Battle cry ahead of new Leeds planning inquiry
Monady 1st August 2011 - Yorkshire Evening Post
Developers have lodged an appeal to build hundreds of new homes in a Leeds suburb.
Members of Leeds City Council's Plans Panel West recently opposed the move to build up to 550 houses on the former Clariant and Riverside Mills sites in Horsforth.
But now, a Government Inspector is set to hear the week-long appeal at Leeds Civic Hall at the end of the year.
Local residents are now being urged to make sure that they make their voices heard over the scheme. Planning officers had received more than 160 objections against the proposed development next to the ring road during the planning process.
But Councillor Chris Townsley (Lib Dem, Horsforth) has warned residents to make sure that they have had their say.
He said: "We have really got to show a united front on this.
"It is so important because it is clear that we can’t cope with much more traffic on the roads."
He added: “We want to try and get as many people backing this battle cry to let planners know.
"This issue is coming to the bitter end now because over just one week, somebody will decide whether it is given the go ahead or not."
A previous planning hearing was told that developer Harrow Estates, part of housebuilder Redrow, proposed to pay towards a new bus service, road improvements, Metrocards for 60 per cent of residents and money for primary education.
But councillors threw out the plans because of the impact it would have on the area.
Coun Townsley added: "Developers have got to start looking further afield and should not just be trying to cram new homes in.
"You can’t shoe-horn them in places where they can't possibly work.
"There are plenty of other brownfield sites available across the city."
Leeds City Council has lost a series of appeals brought by developers over the last few months.
In some cases, costs were even awarded against the council, which now faces legal bills running into tens of thousands of pounds.
But planning appeal inspectors have repeatedly rejected the council's case and ruled in favour of the developers.
Taxpayers bail out DPS with £12.7m revelation
Thursday 21st July 2011
The Deposit Protection Service is costing taxpayers £12.7m, it has emerged.
The revelation about the 'bail out' came in a reply to a question in Parliament, asked by Chris Kelly, Conservative MP for Dudley South.
He asked about financial payments or guarantees that had been made or underwritten by the Government when it renegotiated its agreement with the DPS in August last year.
The DPS was set up as a free service, being funded out of the interest paid on all the deposits that it banks.
However, while the original agreement was set up at a time when it could never have been envisaged that low interest rates would fall to 0.5%, the agreement did provide for a guarantee of Government support if necessary.
This week, answering Mr Kelly's question, housing minister Grant Shapps revealed that the original agreement would have left the taxpayers liable for over £30m by next year, when the original contract was due to end.
Shapps revealed that a new, revised agreement was drawn up. This removed the guarantee and all associated liabilities, and incorporated a payment of £12.7m. The revised agreement also extended the original agreement by four years.
Kevin Firth, director of the DPS, said: "There's nothing further to add. The DPS continues to successfully deliver the custodial scheme with 200 new landlords registering every day and in excess of 750,000 deposits currently protected."
News of how much the DPS is costing taxpayers may come as a shock to the Scottish government, which is introducing compulsory tenancy deposit protection.
It has banned insurance-backed schemes such as the TDS and Mydeposits in favour of services such as the DPS, which physically remove tenants’ money from landlords and agents for the duration of the tenancy.
The full exchange in the House of Commons is below:
Chris Kelly: To ask the Secretary of State for Communities and Local Government -
(1) pursuant to the answer to the Hon. Member for Selby and Ainsty of 5 April 2011, Official Report, column 855W, on tenancy deposit schemes, what financial payments were made or underwritten by his Department as part of the revised agreement negotiated in August 2010;
(2) what the estimated shortfall arising from low interest rates was that resulted in the revised agreement negotiated in August 2010;
(3) if he will place in the Library a copy of the revised agreement of August 2010, redacting any commercially confidential elements to facilitate disclosure.
Grant Shapps: A service concession agreement that was originally agreed by the previous Administration with the custodial tenancy deposit protection scheme contained a guarantee that the Government would meet any shortfall arising if approved fees were not covered by the interest on deposits held.
As a result of the low interest rates that emerged due to the financial turmoil in 2008 and 2009, this agreement left the Government - i.e. taxpayers - liable for a shortfall under that guarantee which was estimated to reach over £30m by the end of the contract in 2012.
In May 2010, the Coalition Government inherited this unacceptable situation and looming liabilities. Following extensive negotiations in summer 2010, the guarantee and all associated liabilities were removed as part of a revised agreement which also incorporated a payment of £12.7m and a four-year extension of the original agreement.
The new agreement has been designed not only to remove future and current liabilities for Government and secure the best deal for taxpayers, but also to safeguard the ongoing viability of the custodial model of tenancy deposit protection and safeguard the interests of tenants.
Hon. Members and the broader public will rightly wish to scrutinise the poor decisions of the last Administration. The new agreement was made in the form of a letter amending the original, flawed agreement. Redacted copies of both documents will be deposited in the Library of the House in due course.
Trinity Leeds: A new city vista
Trinity Wharf
Friday 17th June 2011 - Yorkshire Evening Post
With just 20 months to go before Trinity opens, developers of the city shopping and leisure development have unveiled the latest stage. Rod McPhee took a look around.
THE world of business, retail and construction is terribly excited about Trinity. It represents a £650m investment in Leeds, creating an extra 120 shops and revitalising a seriously run-down quarter of the heart of Leeds.
But the wider population have still to fully absorb the impact of the development. This is partly because, although the scheme covers a massive block of the city centre, there are currently only small glimpses of the site emerging on the main entrance points on Boar Lane, Briggate and Albion Street.
However, inside the site work is continuing at an astounding pace. The metal skeleton of the boutique Everyman cinema is already having glass cladding attached and the Conran-backed restaurant - which will create the highest dedicated restaurant in the city - is also taking shape.
So too is the terracing which will provide the first unrivalled place to eat and drink overlooking the key thoroughfare of Briggate.
Meanwhile, Albion Street is already being cleared off much of the remnants of the 1960s arcades which saw bridges and escalators clutter up the bottom of this important road in Leeds.
Gerald Jennings, portfolio director for the North and Scotland at Land Securities who are developing the site, said: "It's a huge site, but people walking around Leeds don't yet quite understand the sheer scale of what we're doing in the city.
"It's only when you get a real vantage point that you can actually understand what we're building."
Standing in the offices of Land Securites on Albion Street offers a breathtaking view into the scheme. It offers an open vista of the space cleared away by demolishing the mish-mash of construction on the opposite side of the road, but, more importantly, it shows the vast framework that’s risen since workmen went back on site last summer.
But it still only gives a hint of the epic nature of the finished product.
Newly released images of the construction, as it will be, show a huge curved glass roof covering, though not enclosing, the malls inside.
And unlike the previous Burton and Trinity arcades that were demolished to make way for Trinity, they will actually reopen thoroughfares that were blocked off and disjointed by the post-war development.
Gerald said: "With the old arcades, there was no sense of place, no identity and really poor connectivity with the city - we are addressing all of those with the new development.
"We actually took time to go back and look at how a city centre has been and we had to add to that, we look at the old streetscapes and we're connected streets in Leeds that were closed off."
The most obvious example is Trinity Street which was closed off by the back end of Marks & Spencer, forcing visitors to take a dog-leg round into the dark arcades.
The new development fully reopens the street allowing pedestrians to walk all the way from The Headrow down to Boar Lane. The plans also reopen part of Bank Street, not to mention the opening up of the bottom half of Albion Street.
But most importantly it will help the city to rediscover Trinty Church on Boar Lane, from which the development takes its name.
"The new roof will become part of the skyline of Leeds," says Gerald. "But it's interesting how it plays with Trinity Church.
"As people navigate around Leeds they currently don't really look up that much and they don't really see the spire, but the scheme will open up the church and visibility of that tower. For the first time in maybe hundreds of years people will actually notice the church.
"And that's been incredibly important to us, it's almost an anchor for the whole development, which is why it's fundamental and fully integrated with the project."
One of the largest entrances and most protruding buildings on Boar Lane stand in contrast to the brutal building (housing C&A) which stood next to it for decades. The new construction is not only curved but clad in stone similar to that of the church.
But as well as being complementary to the surroundings Trinity is a statement project and a serious business proposition intended to solve a problem which has been evident in Leeds for some time.
Gerald said: "We know that retailers want to come to Leeds, not just new but existing retailers who occupy poorly configured spaces at the moment - they want better space.
"A recent survey showed that Leeds had the fourth largest demand from retailers in the UK. So we know there's demand there.
"Because some of the existing units are poorly configured certain big retailers cant get the full range in, so in situations like that consumers might go to bigger stores like Meadhowhall or the Trafford centre because they have the space - the depth and width.
"But Trinity will stop a lot of that leakage and instead of people jumping in their cars and going to Manchester or Sheffield, they'll stay in Leeds - and that's hugely important."
As well as existing big names like Boots, H&M and Marks & Spencer, Next have also signed up to open a far larger store inside Trinity. Then there are smaller but no less significant retailers like River Island, Cult and Hollister.
So far bosses of the scheme are sticking with the figure that they are 60 per cent let, though the amount of space that's been taken up is likely to be far higher.
Confidence in them hitting the 100 per cent target stems from the fact that Trinity have had their hand in various schemes across the country with projects like the Bull Ring in Birmingham and Cabot Circus in Bristol.
But they want to build on that with a crucial point of difference.
"Leeds will take those developments one stage further," said Gerald Jennings. "It will be a best in class which has taken lessons from what we've done elsewhere up and down the country.
"Some 300m people walk through our shopping centres. But they only keep coming out shopping if we provide the right experience.
"So rather than shops closing at 5.30pm then having people come back in later, they'll stay in Leeds.
"To achieve this we'll be making clear to retailers that we expect the trading hours to go to 8pm, so the leases will dictate the retailing the evening economy will change substantially as a result.
"And this, combined with the Everyman cinema and the restaurants, will create a great synergy which we want to take the life and activity beyond in Leeds. We think this is something very exciting for the city - and we're convinced that it will offer something very different."
NEW NATIONAL LETTINGS INDEX LAUNCHES
RLA Newsletter - June 2011
A new Rental Index, launched by the tenancy referencing firm Homelet, quotes actual rents agreed, and not advertised rents - a first in the industry.
It takes data each month from over 3,000 letting agents across the UK and provides tenant demographics plus commentary - including, for example, that tenants are getting older and are 10% more likely to be male than female.
The new index shows that in May, rents in the UK decreased slightly, by just £1, when compared with April, to stand at an average of £747.
Large regional valuations included a rise in the West Midlands and a drop in the North-West. While rents continued to rise in London, their rate of growth slowed to just 0.42%.
The index also found that there was a month-on-month growth in the percentage of tenants who were previously owner occupiers. According to Homelet, 16% of private tenants were previously owners, compared with 39% who were living with family and 49% who are moving from previous rental accommodation.
The index has been months in the preparation, so that it is able to present both monthly and annual comparisons.
Homelet plans to expand the index on feedback from customers. Additions could include data about tenants with county court judgments, the length of tenancies, and tenant income.
BRITAIN'S RENT GENERATION
RLA Newsletter - June 2011
Britain is home to a generation of renters who are giving up on buying their own home, says a report that attracted major headlines.
The 'Generation Rent' report from the Halifax warns that, if attitudes become reality, the shape of Britain's housing market will be fundamentally changed within a generation.
According to the research into the attitudes and behaviour of young people towards home ownership, 77% of all those who do not own a home still aspire to owning one.
However, despite this aspiration, nearly half of 20 to 45-year-olds say Britain is becoming more like Europe where renting is seen as the norm, and predict that Britain will become a nation of renters within the next generation.
Produced by the National Centre for Social Research, the report analysed the results of a survey of 8,000 20 to 45-year-olds and identified the emergence of 'Generation Rent': two-thirds (64%) of non-home owners who believe they have no prospect whatsoever of buying a home.
The perception that banks are not lending, the size of mortgage deposits necessary, and a fear of the application process has prevented 'Generation Rent' from making any significant attempts to buy a home.
Longer term, only 5% of this group are making sacrifices to save for a deposit; 95% say they have no spare cash, no interest in saving for a deposit, or were trying to save but failing to do so.
Stephen Noakes, commercial director of Halifax Mortgages, said: "Our research indicates just how many potential first-time buyers are not making it to the application stage because of a fear of being declined.
The report revealed widespread pessimism about lenders and the mortgage application process: 84% say first-time buyers are put off by a belief that banks do not want to lend to them and find excuses to turn them down, and 60% believe getting a mortgage is very hard or virtually impossible.
Almost seven in ten (67%) believe that everyone is rejected by lenders so there is little point in applying.
Tax ignorance hits landlords in pocket
Thursday, 16 June 2011 - George Bailey Propertytalk Live!
Landlords are being urged to ensure they are fully tax efficient after research shows many are failing to claim for the full range of tax allowances.
Buy-to-let mortgage specialist Paragon said landlords could offset many of the costs incurred through letting property against their income, but many were unaware of the full range of costs they could claim.
For example, Paragon's research shows that more than one in 10 landlords (13%) are not claiming for mortgage interest, despite it being a major cost for landlords.
Meanwhile, a third of landlords don't claim management or letting agent fees, with 55% of landlords not claiming for advertising costs incurred in letting their property.
Paragon's Tax Guide (prepared in association with Perrys Chartered Accountants), which can be downloaded from http://www.paragon-mortgages.co.uk/, helps landlords from purchase through to sale and provides comprehensive information on income tax, limited companies and Capital Gains Tax, in addition to the list of tax reliefs available to landlords and top tax tips.
Nigel Terrington, Paragon Group Chief Executive, said: "Good tax planning is key. How landlords implement, manage and run their tax affairs could have a major impact on landlords' property investments and their overall performance.
"Tax is a complex area and we are confident that our Tax Guide will help landlords obtain a better grasp of tax matters. It's vital that landlords take advantage of the allowances open to them to maximise their return on investment."
He added: "I'm sure when landlords take all of these costs into consideration it could generate a significant saving on their tax bill."
Tenant demand continues to push rents higher
Friday, 10 June 2011 - George Bailey Propertytalk Live!
Increased tenant demand and low levels of rental property coming onto the market pushed rents higher in the three months to April, according to the latest RICS UK Residential Lettings Survey.
Overall, 42% more surveyors reported rents rose rather than fell in the three months to April (up from 40%). Although rents increased across Great Britain, it was London and the South East which saw the most notable increases.
Comments from surveyors reveal that rents in some areas have now risen so sharply that previously affordable homes are now unattainable to many, as an increasing number of renters are priced out of the market.
Meanwhile, home ownership remains out of reach for many would-be buyers, partly because of the high deposits required by lenders, but also due to the cost of available mortgage finance.
As a result, surveyors report that many people have little choice but to rent. In the three months to April, 35% more respondents reported demand rose rather than fell - the highest level for more than two years.
Turning to supply of rental property to the market, 6% more surveyors reported new instructions from landlords increased rather than fell - taking the net balance into positive territory for the first time since April 2009.
Instructions from landlords to let flats showed the most pronounced change, with a net balance of +6% (from -7%). The increase for houses was slightly less than in the previous three month period (+2 compared with +5%).
Despite an upturn in new instructions, supply to the market still remains unable to keep up with demand. Tenants are staying longer, resulting in less availability, while fewer landlords are selling their properties at the end of a tenancy. Just 2.8% of landlords sold property in the three months to April (down from 4%).
Looking ahead, the overall rental outlook remains strong, with 33% more surveyors expecting rents to rise rather than fall. Expectations for rental prices were highest in London, followed by the Midlands, the South East and the North.
RICS UK spokesperson James Scott-Lee said: "Although we are beginning to see more mortgages aimed at first-time buyers, many potential homeowners are still restricted from getting a foot on the property ladder, leading to increased demand in an already oversubscribed rental market.
"There has been a small uplift in supply, but the imbalance between demand and availability can only mean rents will continue to rise."
Tenant deposit dispute system 'easy to use'
Thursday 9th June 2011 - Nigel Poole Propertytalk Live!
An overwhelming number of tenants in dispute with their landlords over the return of deposits found it easy to submit evidence for adjudication by the Tenancy Deposit Scheme.
All tenants questioned by the Scheme had been involved in a dispute with their landlords during the first three months of the year.
Some 85% of the tenants questioned said providing evidence for Alternative Dispute Resolution ranged from satisfactory to very easy.
Landlords were also impressed. Nearly 80% of those surveyed were also satisfied with the evidence submission process. Unsurprisingly, with their greater experience of handling deposit disputes, nine out of ten letting agents were pleased with the methods for providing evidence to TDS for adjudication.
This level of satisfaction applied to the end of the adjudication process. More than four out of five tenants and letting agents were impressed by the clarity and reporting style of the adjudication reports. Three quarters of all landlords agreed.
Mike Morgan, Head of Adjudication for the Tenancy Deposit Scheme, said: "These results are a pleasing vindication of the work we have put into simplifying the evidence process and in making our reports to disputing parties clear, concise and as free of jargon and legalese as possible. In other words, short, sweet and to the point."
Flurry of openings at Trinity Walk
Wednesday 8th June 2011 - Rachel Covill - Business Correspondent (The Business Desk.com)
TRINITY Walk, the first major new shopping centre development in the North since the start of the downturn, has seen five retailers open their doors in the last week.
Argos has opened a two-storey, 17,250 sq ft flagship store at the Wakefield centre, located close to Sainsbury's at the main entrance to Trinity Walk from its 1,000-space car park.
The fashion lineup at the centre has been boosted by the arrival of River Island and Pulp.
River Island is arranged across two floors in the main mall, stocking a range of men's and women's fashion.
Pulp can be found opposite Menkind on Teall Way and houses alternative music and pop culture inspired fashion, gifts and homeware.
It is the group's milestone tenth opening across the UK.
Pizza Express and Panini Shack have become the latest additions to the catering offer at the centre, joining Costa Coffee and Greggs.
The new Pizza Express restaurant is located in Grammar Square, occupying a 2,800 sq ft unit with additional outside seating.
Panini Shack's new 1,000 sq ft eaterie marks the chain's fourth opening in the North.
Trinity Walk shoppers can also look forward to the launch of traditional Chinese and Thai restaurant The Chinese Buffet.
Centre manager Susan Mendoza said: "These new openings are fantastic additions to the great lineup here at Trinity Walk. We've had a tremendous response from Wakefield shoppers over the past few weeks since we opened.
"Nearly 30 stores have already opened their doors and the centre will see one or two new stores opening every week for the next few months - it is certainly a very exciting time at Trinity Walk."
Transactions set to drop further this year
Friday 3rd June 2011 - Estate Agent Today
Housing transactions are due to drop to just 840,000 this year, the Council of Mortgage Lenders predicts. One third will be cash transactions.
Its new forecast lowers its earlier prediction of 860,000.
The figure of 840,000 compares with 901,000 residential property transactions in 2008, 859,000 in 2009 and 886,000 last year.
The CML believes that transactions will pick up next year to 900,000. It believes mortgage financed sales will climb back up to around 50,000 a month.
It has not changed this year's forecast of 40,000 repossessions but is predicting that next year's repossessions will rise to 45,000.
The CML said: "Our forecasts assume hesitant economic growth for the rest of 2011 as the pace of fiscal tightening intensifies and households suffer an ongoing contraction in real incomes, but a moderately more positive backdrop as we go into next year."
It did, however, point to growth in buy-to-let activity, with the market boosted by strong rental demand.
It also said that the 'soft' housing market away from London and the south-east would continue.
It added: "The aftermath of the global financial crisis continues to have a pronounced impact on mortgage and housing markets.
"This year and next, lenders need to refinance large amounts of existing wholesale borrowing and repay much of the funding advanced through official support schemes."
It warned: "The underlying position remains challenging. Under such conditions, lenders will continue to have only a modest risk appetite, and this will limit lending at high loan-to-value ratios. Lenders' caution is understandable in the uncertain economic environment.
"It is also being reinforced by the higher capital requirements that low-deposit loans entail and conservative lending practices that are being entrenched by the supervision of the Financial Services Authority and the uncertain outcome of its ongoing mortgage market review."
Leeds to become 'super city'
Thursday 2nd June 2011 - James Reed - Deputy Editor, Yorkshire (The Business Desk.com)
LEEDS is set to be a "super city" of the future that will play a key role in the future direction of the country's economy, according to a new report.
York is set to take a leading role in the development of the regenerative healthcare sector, the Humber is set to be a focus for renewable energy and the region as a whole will lead the way on biochemicals.
The findings are included in the Future of Business report compiled for HSBC http://www.thebusinessdesk.com/yorkshire/343/ by trend analysts The Future Laboratory.
Mark Vines, HSBC http://www.thebusinessdesk.com/yorkshire/343/'s regional commercial director for Yorkshire and the Humber, said: "As businesses in our region constantly look for new opportunities this report offers them a glimpse of what the future will hold and the exciting business trends that are starting to emerge.
"Within Yorkshire, Leeds remains a super city, driving the region's economy and businesses forward. The city is also continuing to establish itself as a hub for financial and ancillary services.
"We also have several growth clusters. In particular York is becoming known as a key area for regenerative healthcare. We're also striding into the future with expertise in renewable energy, plastronics, biotech, biochemicals, nanotechnology and low-carbon transport."
Buy to let booming in North of England
Thursday 2nd June 2011 - George Bailey Propertytalk Live!
With endless doom and gloom stories about the property market, finally there is some positive news - and this time it's from outside London.
Manchester agent Philip James has been monitoring the local market and has witnessed one of the greatest property bounce backs in recent history; the return of the buy-to-let landlord.
In the first quarter of 2011 rental figures have increased by nearly 8% as a flood of landlords return to the northern property market.
The mini-boom has been boosted by low interest rates, restricted borrowing and the lack of first-time buyers.
Property is now very affordable in Manchester, but only for those with money behind them or a decent deposit.
And for the north of England, that means landlords, both professional and amateur.
Philip James owner Philip Nolan said: "Landlords are having a field day in the north of England.
"In the first quarter of 2011 one of our Manchester branches witnessed two-thirds of its entire rental property stock rise sharply in value without a single property dropping.
"This is a record for Manchester and we expect the trend to continue throughout 2011 and into 2012."
6 million Britons say they will never buy a home
Friday 20th May 2011 - George Bailey Propertytalk Live!
With market conditions continuing to make it difficult for would-be home owners to get on the ladder, the average age Britons expect to be able to buy their first property is now 38 years old, according research from moneysupermarket.com.
Individuals who currently do not own property were asked at what age they expected to be able to buy and how they planned to pay for the deposit on their new home.
Some 31% (six million Britons) claimed they did not intend to buy a property at all.
The number of mortgage products available to first-time buyers currently stands at just 1581, a fraction of the 14,940 available in pre-crunch Britain in July 2007.
Over the last year, the number of first-time buyer products available has risen by almost 200, offering some hope for those trying to break into the housing market.
There has also been a 47% increase in the number of mortgages available up to 90% Loan to Value (LTV), and the average interest rate has dropped by 2.43% since July 2007, bringing more welcome news for first-time buyers.
However these changes don't tell the whole story. The average LTV for products available to new buyers is 77%, meaning someone taking out a mortgage on a £150,000 property would need a deposit of £34,500 - well beyond the means of most first-time buyers.
Clare Francis, mortgage spokesperson at moneysupermarket.com said: "The housing market has been hugely affected by the credit crunch and economic downturn, and first-time buyers have been hit the hardest.
"It's easy to see why nearly a third of non home owners do not intend to set foot on the property ladder. House prices may have fallen in many areas but they are still high. This coupled with the need for such a high cash deposit is pushing many people out of the market.
"There is still limited choice if you have a deposit of less than 10%, and the rates on these mortgages are around 5.30%, which is significantly higher than the most competitive rates. This also means that the monthly repayments first-time buyers face are often higher than for those who have larger deposits to put down."
"For anyone wanting to get on the ladder, who is renting or living with parents, it's important to think about how they can make cutbacks to help them build up a deposit more quickly."
Rising rents cause death of love nest
Friday 20th May 2011 - Alex Bell Propertytalk Live!
The number of couples being forced to share rental homes with others is booming, according to the latest research from flatsharing website, easyroommate.co.uk.
Since May 2010, the number of couples looking to share a flat with other tenants has nearly doubled, increasing by 91%. Now, couples looking to live with housemates represent 11% of all flat-hunters, according to easyroommate.co.uk's analysis of over 60,000 room rentals around the country, and 35,000 flathunters' profiles.
Jonathan Moore, director of easyroommate.co.uk comments: "The boom in rental prices is taking its toll on couples as much as it is individual tenants. Thousands of couples are finding that even when they pool their monthly income, renting a whole property of their own – let alone buying – is currently out of reach. For many, the idea of sharing an intimate flat with their partner has had to be placed on the backburner, and sharing with flatmates has become a financial necessity."
Couples do typically pay a premium for sharing a room. The average room available to couples costs £426 per month, a 2.6% increase from the cost a year ago (£415). This is 6% (£24) more than what a single occupant would pay per month.
Despite the premium, sharing a flat with others is 38% cheaper than having a whole place to themselves. The monthly rent for the average UK property stands at £687 a month[1] - £3,132 more expensive over the course of a year. In fact, from the savings from renting a joint room rather than a property, it would take a couple just over eight years to accumulate enough cash to fund the average house deposit.
Moore continues: "A fast growing minority of couples is feeling the pinch of soaring living costs and increasing rents. It's becoming more and more difficult for young would-be buyers to find the financial space to save for impossibly large deposits. Couples desperate to get on the property ladder are weighing up the drawback of living with others against less time spent in rental accommodation at all."
The number of landlords who are advertising rooms in flatshares for couples has risen to match the surging demand, with three times the number of rooms available (198% more) than a year ago. However, despite this increase, the vast majority of live-in landlords do not cater towards couples. Although one third of all rooms listed on easyroommate.co.uk include double beds, just 16% of flats will accept a couple.
Jonathan Moore continues: "Live-in landlords are starting to wake up to the growing appetite for rooms from flatsharing couples. But the market is still highly competitive for renting pairs. Many landlords still don't want to feel outnumbered in their own homes by lodgers, and tend to ban couples - just one in six landlords will accept them. For the limited number of rooms, couples are competing against single tenants - who are often preferred. But landlords who will tolerate couples get a welcome extra boost by sharing monthly bills among more people."
Buy-to-let lending steady in Q1
Wednesday 18th May 2011 - George Bailey Propertytalk Live!
New buy-to-let mortgage lending in the first three months of 2011 totalled £2.9billion across 27,600 loans, according to latest data from the Council of Mortgage Lenders.
Echoing a more pronounced decline of 11% in the wider mortgage market, buy-to-let lending in the first quarter was around 3.5% lower than the £3billion of lending across 28,600 loans in the fourth quarter of 2010, but up on the £2.1billion and 22,000 loans in the first quarter a year ago.
Overall, the total outstanding number of buy-to-let loans rose from 1,305,000 at the end of 2010 to 1,313,200 at the end of March 2011, with a rise in the outstanding value of buy-to-let lending from £151.5billion to £152billion.
Buy-to-let lending accounts for 12.3% of total outstanding mortgage lending by value, and 11.6% of mortgages by number.
Lending criteria and characteristics changed very little in the quarter. The average maximum loan-to-value ratio remained at 75%, with the average minimum rental cover requirement at 125%.
In terms of loan performance, the arrears rate on buy-to-let lending is increasingly similar to the owner-occupied sector. As at the end of March, the three-month arrears rate stood at 1.62% on buy-to-let loans where no receiver of rent was in place, and 2.24% on buy-to-let loans if receiver of rent cases were included.
This compares with a three-month arrears rate of 2.15% in the owner-occupier sector.
The repossession rate on buy-to-let mortgages remained higher than in the mainstream market (0.13% of buy-to-let loans were subject to repossession in the first quarter, compared with 0.07% of owner-occupied loans), as has been the case for a substantial period, primarily reflecting the additional forbearance efforts in the owner-occupier sector to keep borrowers in their homes (as opposed to landlords whose properties may be empty, for example).
CML director general Michael Coogan said: "Buy-to-let continues to progress positively in the context of a stable, but still low-volume, overall market. Demand for rental property remains strong, and as more funding becomes available we would expect to see buy-to-let lending increasing.
"The performance of buy-to-let loans is also holding up well, and the differential between arrears rates in the buy-to-let sector and the owner-occupier sector has narrowed substantially so that there is now only a modest difference between them."
More than one in five households to rent privately
Tuesday 17th May 2011 - Letting Agent Today
More that one in five households will rent privately by the year 2020, signalling enormous growth in the private rented sector in the first two decades of this century.
In 2001, a study by the University of York found that the private rented sector housed just over one in ten (10.6%) of households in the UK.
By 2009/10, according to the English Housing Report, the proportion had swelled to one in six households (15.6%) - a growth of one million more households in private rented accommodation since 2005/2006.
The latest projection comes from buy-to-let lending specialist Paragon, which estimates that the private rented sector is worth £500bn - more than the entire UK commercial property sector.
Its new 'white paper' argues that the private rented sector (PRS) is becoming a tenure of choice: 3.4 million households now live in rented accommodation, an increase of 1.4 million (70%) since 2001.
The report also argues that decline in social housing over the past 20 years means that the PRS is now the only real alternative to home ownership. It has also become, for some investors, an alternative to buying stocks and shares.
There are currently 1.3 million buy-to-let mortgages in the UK, with a total value of £152bn, says Paragon.
But, while buy-to-let lending increased by 22% to £10.4bn in 2010, it is still well below its 2007 high of £44.6bn.
One difficulty is funding: there are now just 330 buy-to-let mortgage products compared to some 3,500 in July 2007.
Yet the private rented sector is the only way that many people can provide a roof over their heads. "The current economic environment is placing severe pressure on the PRS, with rising levels of tenant demand outstripping the number of properties available for rent," says the report.
"Department for Communities and Local Government (CLG) figures show a dramatic rise of 300,000 in the number of PRS households between 2009 and 2010 alone, something which is leading to ongoing rental inflation. A recent RICS Residential Lettings Survey showed that the rate of rental growth is at an all-time high.
"Social change will drive much of the increase in demand. The number of UK households is forecast to grow by 6.3 million to 27.8 million by 2031, the equivalent of 252,000 new households every year. UK population growth, net migration, growing numbers of single-person households, people starting families later in life and an increase in the age of first-time buyers are all increasing long-term demand for rental properties.
"Key to the continued growth of the PRS is the availability of finance for landlords in the form of buy-to-let mortgages."
Commenting on the report, Nigel Terrington, CEO of Paragon, said: "The private rented sector is likely to expand significantly over the next decade, and is set to overtake social housing to become the UK's second-largest housing tenure, after owner-occupied.
"For that to happen, a vibrant and healthy buy-to-let mortgage market is vital, and the Government must foster a regulatory environment that encourages investment by landlords, thereby allowing an efficient private sector solution to the housing challenge facing the UK in the years ahead."
Calls grow to shake up 'archaic' evictions process
Thursday, 12th May 2011 - Letting Agent Today
A radical shake-up of the 'archaic' county court eviction process is needed to help landlords and agents get rid of problem tenants, according to a lettings industry specialist.
Sim Sekhon, director of Legal 4 Landlords, is calling on both HM Court Service (HMCS) and the Government to reform the way tenant evictions are handled.
Sekhon said: "There is no consistency in the eviction process and it is archaically slow. It can take up to three months to gain a court eviction order.
"Judges seem to review cases on a random basis and opinions differ from judge to judge. There is confusion amongst judges and magistrates on the terms in which eviction notices can be granted."
David Absalom, a property expert with the Residential Landlords Association and who provides advice and training to landlords and agents, supports the call for change.
He said: "Some judges are poorly trained in eviction notices. Others are even playing the system. For example, when a tenant asks for extra time, the judge sets a hearing for six weeks' time - giving the troublesome tenant longer time in the property at the expense of the landlord.
"Even if the judge is in the wrong, landlords find it difficult to fight their case in court. Who is going to argue with a judge even if he is spouting erroneous law?"
Under the Housing Act 1988, a landlord who has a shorthold tenancy agreement has a legal right to get their property back at the end of the tenancy using a section 21 notice. A section 8 notice is used where a tenant has broken part of their tenancy agreement. The most common reason is non-payment of rent, but there are 17 grounds for which a section 8 notice can be used.
The court will require that the landlord is able to show adequate evidence of the breach before it will award possession and /or a money judgment.
Legal 4 Landlords accused some judges of having 'an ill informed view' that the landlord or agent cannot enforce a section 8 notice until the section 21 has expired.
Sekhon said: "Around 5% of tenants we evict leave the property damaged and full of rubbish. We've entered properties with human excrement smeared over the walls, rooms littered with used needles and in one case a tenant had removed all the floorboards in the upstairs of the property and laid the carpet back down so the landlord fell through the floor, sustaining serious injuries.
"Speeding up the eviction process would limit the danger to both landlords and people in neighbouring properties."
This is not just a problem for private landlords - social housing landlords are also suffering from the slow court eviction process.
Irwell Valley, a housing association in Manchester, announced it took two months to gain a magistrates' eviction order for a problem tenant, by which time the house had been vandalised and stripped of anything of value.
Irwell Valley has also called on the Government to speed up the process and provide more powers to landlords to evict problem tenants.
Landlords welcome energy efficiency plan
Thursday, 12th May 2011 - George Bailey Propertytalk Live!
The British Property Federation has welcomed plans to introduce minimum energy efficiency from 2018 in the private rented sector but warned of "significant consequences"if capacity in the energy efficiency sector was not increased to meet demand.
The BPF was responding to comments made by Energy and Climate Secretary Chris Huhne, who announced changes at the second reading of the Energy Bill.
Huhne said: "The Government has made it clear that renting out dangerously cold and draughty homes is unacceptable - landlords will have to improve their properties or face prosecution."
Proposals in the Bill include:
* From April 2016 landlords will not be able to refuse reasonable requests from tenants, or local authorities acting on behalf of tenants, to improve their property;
* From April 2018 the Government will make it unlawful to rent out a house or business premise which has less than an "E" energy efficiency rating, ensuring at least 682,000 properties will have to be improved.
British Property Federation director of policy Ian Fletcher said: "We welcome the recognition that there simply isn't the capacity in the energy efficiency supply sector to expect change overnight and hence why the Minister has plumped for 2018.
"This seems reasonable for the private rented sector, but if the capacity does not come on stream or the Green Deal fails there will be significant consequences in terms of reducing housing supply and potentially poor works if there is a last minute rush.
"Previous drafts of the Energy Bill were proposing a more cautious approach which relied on a review in 2013/14 to check progress, and the implications if there was a lack of capacity, before considering how any legislative sticks would be applied. If that is dispensed with, the Secretary of State is obviously pursuing a riskier strategy.
"Some will also query why the Department is placing so much stall on the PRS, when there are far more carbon emissions emanating from the owner-occupied sector?
"Regardless, it is important that landlords start to consider whether they will be caught and have their plans ready for when the Green Deal goes live next year. The Government has binding climate change commitments and landlords are party to those. There are opportunities, however, as well as threats in improving energy efficiency and landlords who start thinking about and acting on the issues will be best placed to handle both."
Higher loan amounts offered to landlords
Wednesday, 11th May 2011 09:31 Mike Jones - Propertytalk Live!
Higher loan amounts were offered to landlords during Q1 2011, according to the latest Landlord Profile Tracking Index from TBMC.
Data from the buy-to-let and commercial mortgage specialist also reveals:
- Growing interest in tracker rates;
- Over 90% of buy-to-let tenants are families or professionals;
- Terraced houses and flats are the most popular buy-to-let properties.
Andy Young, chief executive at TBMC, said: "The buy-to-let mortgage market is continuing to show signs of growth and development as more lenders enter the marketplace, bringing new product ranges and greater choice for landlords.
"Increased competition has resulted in better schemes being offered to buy-to-let investors enabling them to borrow more at higher gearings."
TDS uses some very plain language
Tuesday 10th May 2011
The Tenancy Deposit Scheme, which has won awards for its use of plain language, has come up with new online publications.
To provide simplified guidance, the Scheme has published "10 Key Things to Help You Get it Right" in two versions, one for tenants and the other for agents and their landlords.
There is also a plain language accreditation for the description of how the Independent Case Examiner approaches disputed deposits and how the Scheme will deal with complaints.
At the same time, the Scheme has launched a new set of explanatory case studies covering the approach to disputes. The first covers the most common cause of all disputes, charges for cleaning. This is followed by a case study showing how disputes involving agents' fees are handled.
Mike Morgan, head of adjudication for the TDS, said: "We have worked hard to ensure that no one - tenant, landlord or agent - should feel that our processes and the way we adjudicate are in anyway secretive or opaque.
"We have gone the extra mile with the plain language awards so as to make deposit protection a simplified exercise for everyone."
Buy to let remains a sound investment as tenant demand continues to soar
Friday, 06 May 2011 08:41 Alex Bell - propertytalk Live!
Tenant eviction and rent collection firm Landlord Assist, believes market conditions for professional landlords have never been better as the demand for rental properties shows no signs of slowing down.
Since the recession the demand for rental accommodation has soared, as would-be buyers have struggled to get on to the property ladder.
This has allowed buy-to-let investors to charge record rental returns and experience shorter void periods than ever before.
Although conditions in the property market are now beginning to show slow improvement, Stephen Parry, at Landlord Assist, believes the rental market will remain buoyant and an attractive proposition for investment.
He says: "Recent data showed that a third of landlords have been able to increase the rents they are charging on their portfolios. This coupled with increased tenant demand and the fact that the majority of professionals are now estimated to be in rented accommodation for a decade before they buy a property means the situation for landlords is likely to improve even further."
Favourable market conditions have prompted many lenders to return to the market to launch fresh mortgage deals to attract new landlords into the market and encourage existing landlords to expand their portfolios.
Managing Director Graham Kinnear says: "The number of mortgage products available to buy-to-let investors has doubled since the onset of the downturn, rents have peaked and tenant demand is at an all time high. With such ideal conditions landlords should feel confident about their prospects over the coming months."
Paul Hughes, Landlord Assist Research Analyst says: "Low interest rates, huge demand from tenants, sensible pricing and a real chance of capital growth makes buy-to-let a sound investment. Add to this the recently announced changes in stamp duty, aimed at encouraging institutional investors, and it is easy to understand why we are excited about the prospects for the market."
Buy-to-let renaissance continues
The buy-to-let mortgage market is continuing to show renewed growth as more lenders enter the marketplace or relax criteria.
According to TBMC's Landlord Profile Tracking Index, optimistic signs during the first quarter of this year included higher loans on offer during the period.
The index also showed terrace houses and flats are the most popular property types.
Andy Young, chief executive at TBMC, said: "During Q1 2011 the average loan size for offers received by TBMC was £136,359, up from £130,145 in the previous quarter - an increase of almost 5%.
"Average loan-to-values also continued to rise during the period, with 49% of mortgage offers made with LTVs of over 70% and the overall average LTV at 66%. This reflects the increase in lenders offering more 75%, 80% and even 85% LTV buy-to-let mortgages.
"During the course of last year fixed rates were a more popular choice by landlords, making up 63% of applications in the last quarter of 2010, with just 37% of applications for variable rates. However, this preference appears to be changing as the Bank of England base rate has remained at its historical low of 0.5% throughout the first quarter of 2011.
"During Q1, 52% of applications were for variable rates, perhaps reflecting opinion that any interest rate changes during the year will be small. There have also been some very attractive discounted rates available via a number of regional building societies, resulting in an influx of applications for these products.
"Interestingly, the average rates chosen during the period increased slightly. The average fixed rate was 5% (up 0.24%) and the average variable rate was 4.20% (up 0.13%). However, one set of results is not sufficient to tell whether this is a developing trend or just a minor deviation compared with the previous quarter.
"According to the index, terrace houses (33%) and flats (31%) are the preferred buy-to-let investment properties for landlords in the UK, accounting for over 60% of the mortgage offers received during the last quarter. This is a consistent trend observed since the index started, together with over 90% of buy-to-let tenants being either families or professionals. These options are clearly the most reliable for a good yield.
New Landlord Today title is launched
The publishers of Estate Agent Today and Letting Agent Today have successfully launched a new title, Landlord Today.
It comes out once a week, on Tuesdays, and is for private residential landlords across the UK.
It aims to bring them the latest relevant news, market information and legal updates, with information that should help you as agents when you do business with your landlords and give them advice.
Like EAT and LAT, Landlord Today is completely impartial: it reports for its target audience and is totally independent of any advertiser or trade body. It is also completely free.
You are very welcome to put Landlord Today news on your own website as a free news service to your landlords. Email nat@estateagenttoday.co.uk, for more details. Here's the link to the site.
http://www.landlordtoday.co.uk
Tenant demand continues on the up
Nearly half of landlords reported that tenant demand rose during the first quarter of 2011.
But landlords also said they were finding that buy-to-let mortgage finance availability was remaining low, hampering their ability to grow their portfolios.
Buy-to-let mortgage specialist Paragon's latest Private Rented Sector Trends Report, which provides a quarterly snapshot of the buy-to-let market, shows that 49% of landlords recorded growing levels of tenant demand during the period, compared with just 5% who said it was falling.
The proportion of landlords reporting growing tenant demand was up from 40% during the final quarter of 2010. The proportion of landlords reporting increasing levels of tenant demand has now risen for seven consecutive quarters.
Looking forward, landlords expect tenant demand to continue strengthening, with over half (52%) expecting demand to increase over the next 12 months, and only 6% forecasting a decline.
Nigel Terrington, Paragon group chief executive, said: "Landlords are experiencing high levels of tenant demand, and this is expected to rise due to a number of factors, including social housing reforms, lifestyle choices, low numbers of first-time buyers and wider demographic changes.
"We are seeing evidence that strong tenant demand is feeding through to higher rents. A lack of available mortgage finance is restricting the sector's ability to expand and needs to be addressed to create a healthy and vibrant buy-to-let market in the UK."
Over six in ten landlords (64%) said that mortgage availability was limited. The average number of properties in a portfolio stood at 13, with an average weighted portfolio value of £1.51m.
Buy-to-let arrears fall back to pre-credit crunch levels
A buy-to-let lender says that its arrears have fallen back to the same level as they were before the credit crunch.
Specialist lender CHL Mortgages said that its figures for quarter one of this year reveal that only 1.95% of all its mortgages were over 90 days in arrears.
This is a 45% drop on the same period 12 months ago. CHL's levels for mortgages over 30 days in arrears have also fallen significantly.
The lender also revealed positive arrears news with regard to the £295m buy-to-let portfolio it manages on behalf of Irish Permanent International. From the time it took on the management of the book in December to the end of quarter one this year, CHL achieved a 50% reduction of the arrears levels within the book.
The portfolio has a variety of properties, borrowers and products. Borrowers are spread across over 40 legal jurisdictions, with securities in England, Wales, Ireland and Northern Ireland.
Bob Young, managing director at CHL Mortgages, said: "The start of the credit crunch back in 2008 seems a long time ago, given what has happened in the intervening years.
"Our arrears levels peaked back in February 2009 and, since then, have continued with the downward trend back to where we are today.
"While there is considerable concern in the industry about the high arrears and possession levels of some specialist lenders who operated during that time, we fully expect our figures to continue moving down during 2011 and beyond."
Buy to let investors are replacing first time buyers
Tuesday 26 April 2011 08:32 Alex Bell - Propertytalk Live
Buy to let investors with large cash deposits are replacing first time buyers, as risk-averse lenders are drawn back to the buy to let sector and away from the high loan to values required by most first time buyers.
nvestors are returning to the market in considerable numbers (Assetz has seen business double between April 2010 - April 2011), to take advantage of lower prices and strong rental growth which looks set to continue.
The new report from property investment expert Assetz say those buying with mortgages have deposits of 25-40% typically, and are an attractive prospect to lenders due to the lower loan to value loans required and their proven track record in repaying mortgages.
Typical first time buyers, in contrast, are being excluded from the market by stricter deposit requirements, lack of bank capital, and because they present a less attractive prospect to lenders due to the higher loan to value loans required and their lack of track record in repaying a mortgage loan.
Stuart Law, Chief Executive of Assetz, said:
"Lenders are making no secret of the fact that they would rather allocate the limited funds they do have to the lower risk option of buy to let loans, with deposits of 25-40%, than first time buyers loans with 90% loan to values. As a result, the buy to let sector is recovering at a remarkable rate, as investors are drawn back by the need for a long-term, low-risk investment for their cash.
"The buy to let sector has not been as hard hit by the recession as people feared, due to the fact that interest rates have remained extremely low. This has protected landlords by giving them cashflow, and future rate rises, which are likely to be small and gradual, will be covered largely by rental increases. As many as 40% of all investment purchases through Assetz currently are cash, requiring no mortgage lending at all."
Assetz stands by its original prediction of +5% growth in house prices in 2011, and believes the market will return to peak pricing by the first half of 2012, being currently just 8% away from peak pricing in March 2011. Prices were up just under 1% in the first quarter of 2011 according to the Assetz House Price Watch, a composite index of all the main indices.
First time buyers 'now renting for a decade'
Rents are continuing to shoot skywards, with the average rent in England and Wales now standing at £687 a month - 4.2% higher than last year.
According to property group LSL, parent company to Reeds Rains and Your Move, landlords in March increased rents by 0.4% compared with February.
It was the second consecutive month rents have increased.
The group also reported that 9.4% of tenants are in arrears with their rents. Total unpaid rent came to £224m in March, the group estimates.
Regionally, rent rises differed. The greatest monthly increases were in Eastern England, where they rose 2.2% and the South-East where rents increased 1.7%. However, on an annual basis, London is powering ahead: over the course of the last 12 months, rents have soared by 7.3%. The South-East is close behind: rents there have increased by 6.7%.
The biggest monthly decreases were in the South-West, where rents fell 1.6%, and the West Midlands, where they dropped by 1.3%. Smaller monthly decreases also occurred in Wales and Yorkshire and the Humber.
Over the course of the past year, across England and Wales, only the South-West and Wales have registered annual falls in rents - by 2.4% and 1.5% respectively.
LSL said growing rental demand continues to outstrip supply, with most would-be first time-buyers staying in rented accommodation for nearly a decade.
Commercial director David Brown said: "Landlords are not currently seeing bumper capital gains, but strong rental income is providing the bedrock for annual returns. The strong long-term underlying fundamentals of tenant demand and healthy yields are luring more professional landlords to the sector.
"With the recent Budget removing some of the financial barriers towards institutional investment - and making bulk purchases easier - we may well see an increasing number of property funds enter the private rental sector over the medium term.
"Much-needed investment by professional landlords should help alleviate some of the pressure on the private rental sector, preventing rents from soaring into the stratosphere."
Rise in number of more expensive propeties being rented
Wednesday 13 April 2011 - Alex Bell Propertytalk Live
The start of 2011 saw an influx of higher value property into the Private Rented Sector, according to the latest research from the Association of Residential Letting Agents.
Research for Q1 2011 shows an 11.6% increase in the average capital value of rental houses, from £401,400 to £447,900. Previously, this figure had declined following the last market peak at £442,600 in 2007.
This growth was driven by London and the South East, with a 14.8% increase in average capital value in central London and 16.2% in the rest of the South East.
The rest of the UK experienced a drop (5.2%). According to ARLA, this growth is due to an increase in family homes coming onto the rental market, which generally carry a higher value than smaller homes.
Ian Potter, operations manager of ARLA, said: "We believe that this increase in the overall average capital value of rental properties has been driven by different types of home being offered to let. Today's housing climate and uncertainty around jobs and income means many people are choosing to let rather sell their home, causing an increase in the number of family-sized homes available to rent."
ARLA's research shows that, of the 39% of ARLA members reporting an increase in property coming onto the market because it could not be sold, the biggest proportion was for family-sized homes, with 66% reporting an increase in semi-detached and 63% reporting an increase in detached houses.
Mr Potter added: "While these changes do not necessarily mean individual properties are worth more money, they do indicate that there is increasing flexibility in terms of the types of property available to would-be tenants in the PRS.
Void periods fall to under three weeks a year
Thursday 7th April
The average void period of private rented sector property has fallen for three consecutive quarters on the back of strong levels of tenant demand.
According to research by buy-to-let mortgage specialist Paragon, the average annual void period recorded in the first quarter of 2011 stood at just under three weeks.
This figure has steadily declined from a high of 3.5 weeks recorded in the second quarter of 2010. The current figure, 2.8 weeks, is at its lowest since the first quarter of 2009.
According to Paragon's research, nearly half of landlords (45%) experience a void period of less than two weeks a year, with 34% experiencing voids of between two and four weeks.
Nigel Terrington, Paragon Group chief executive, said: "We would expect the average void period to remain low during 2011 as a growing number of tenants compete for property in the private rented sector."
Buy-to-let mortgages double in number over last year
Thursday 7th April
More than double the number of buy-to-let mortgage products are available now compared to this time a year ago.
According to specialist broker Mortgages For Business, in the first three months of 2010, an average of 142 products were available to buy-to-let investors. This figure more than doubled to an average of 298 products in Q1 2011.
This rise is due in part to the entrance, or re-entrance, of four mortgage lenders to the market but, says the broker, can be attributed mainly to lender response to high demand from the investor market and an easing of lending criteria which has allowed for more diverse product ranges.
Average loan to values for buy-to-let transactions are now at 66%, three percentage points up from the end of 2010 and six percentage points up from the end of 2009.
There has also been an easing of criteria for Houses in Multiple Occupation (HMO) transactions. Average LTVs for these mortgages are now 63% compared to 61% at the end of 2010.
David Whittaker, managing director at Mortgages for Business, said: "As the owner-occupier market continues its slow, ambling advance through no-man's land, the private rental sector is flourishing.
"Unprecedented demand from renters is encouraging professional landlords and investors to grow their portfolios and this demand has been met to some degree by lenders."
However, lenders continue to surcharge buy-to-let borrowers with near-punitive rates,
For example, yesterday NatWest Intermediary Solutions introduced two new remortgage products - one for home purchase and the other for buy-to-let.
In the first, the 75% LTV, residential remortgage has an initial rate of 3.09% with a fee of £499. In the buy-to-let deal, there is the same 75% LTV, but an initial rate of 5.79% with a fee of £999.
Landlords benefitting from our economic woes
Monday 4th April 2011 - Christina Jordan
The recession and fragile recovery presents an opportunity to landlords. But it may be a double-edged sword...
The state of the economy is hardly something to sing and dance about, but there is one group that may feel like they have gained an advantage from the unprecedented turmoil of the past few years - buy-to-let investors.
Indeed, even in 2011 when household budgets are being squeezed, redundancies are rising and Government spending cuts starting to bite, the prospects for landlords look pretty rosy.
Are they really benefiting from the misery being heaped on the rest of us?
Every cloud has a silver lining
Over the last year rental demand has shot through the roof, with Government figures showing that nearly 300,000 extra households moved into privately rented accommodation in England alone.
Tenant demand hit record levels at the end of 2010 - and it remains high this year.
As a result rental income has also rocketed. Almost a third of landlords (32%) have already raised their rents this year, according to a survey published by Paragon Mortgages this week.
And, according to LSL Property Services, rents rose by 0.2% in February to £684, an annual increase of 3.9%
Clearly this is great news for landlords and it has come about as a direct result of three things.
Firstly the wider economic problems are making it far less likely that potential buyers will want to commit to a property purchase, instead continuing to rent.
After all, the latest unemployment figures show a rise to 2.54 million - the highest level since 1994 - with one in five of those under 25s without work. They are hardly going to be queuing up to commit themselves to mortgage right now.
Secondly, spiralling inflation (at 4.4% in February) is squeezing household budgets and making everyone feel less well off. Whether or not you think your job is under threat, you may have concerns over your finances and the rising cost of living. It's enough to put any aspiring first-time buyer off purchasing a property, meaning many will need to rent for longer.
Thirdly, even if you do want to get a mortgage, the strict lending criteria imposed by lenders means that it might be simply beyond your means.
After all, most mortgages require at least 10% upfront as a deposit, which is tricky for many first-time buyers to raise, not least those in pricey London and the South East. As a result, many willing first-time buyers are simply unable to get onto the ladder, unless they have wealthy and generous parents to give them a leg up.
Together all of these factors are a boon for landlords, who are enjoying unprecedented rental demand. And there is another factor that is helping landlords.
Like all borrowers, buy-to-let investors are benefitting from the record low Base Rate at 0.5%. Many are on extremely low long-term variable mortgage rates and are finding that they have surplus rental income each month.
It means that lots of landlords can overpay their mortgage and reduce their outstanding debts. Of course, low interest rates won't last forever, and they don't just benefit landlords, but they are another example of how the recession has been kind to property investors.
Not all good news
The fragile economy does give landlords a few headaches too, not least because their own living costs have risen, and probably the costs of maintaining their properties.
Their biggest concern though is the looming worry over tenant rental arrears, as unemployment and inflation bite.
Many tenants will find themselves unable to meet their monthly rental obligations this year and this has a direct effect on landlords' ability to meet their own buy-to-let mortgage repayments.
According to LSL Property Services, tenant finances continued to deteriorate in February, with 12.6% of all UK rent unpaid or late by the end of February, an increase from 11% in January. This unpaid rent totalled £296 million across the UK.
Landlords must tackle this problem now - talk to your tenants to ensure they know they can come to you at the first sign of a problem, rather than ignoring the issue until they can't pay.
You could also take out rental guarantee insurance which covers your rent if your tenants are unable to pay. It could certainly be a savvy investment this year.
Finally you could switch all or part of your portfolio to a fixed-rate mortgage to protect yourself against rising interest rates, which many landlords are vulnerable to.
Below are some of the best buy-to-let mortgages on the market right now - including both variable and fixed rates:
| LENDER | TYPE OF DEAL | RATE | FEE | MAX LTV |
| Principality BS | 2-year tracker | 3.19% (Base + 2.69) | 2.5% | 60% |
| Platform | 2-year tracker | 3.69% (Base + 3.19) | £2,635 | 60% |
| Bank of China UK | Term tracker | 3.88 (Base + 3.38) | £1,895 up to £500,000 | 75% up to £150,000 70% over £150,000 to £500,000 |
| The Mortgage Works | 2-year tracker | 3.99% (Base + 3.49) | 2.5% | 75% |
| Halifax | 2-year tracker | 4.09% (Base + 3.59) | £995 | 60% |
| Platform | 2-year tracker | 4.19% (Base + 3.69) | £2,635 | 70% |
| Leeds BS | 2-year discount | 4.29% | £999 | 70% |
| NatWest | 2-year tracker | 4.49% (Base + 3.99) | £1,999 | 75% |
| Nottingham BS | 2-year tracker | 4.59% (Base + 4.09) | £995 | 75% |
| Yorkshire Bank | Offset term variable | 4.99% | £999 | 80% |
15 fantastic fixed rates
| LENDER | TYPE OF DEAL | RATE | FEE | MAX LTV |
| The Mortgage Works | 2-year fix | 3.99% | 3.5% | 65% |
| BM Solutions | 2-year fix | 3.99% | 3% | 60% |
| The Mortgage Works | 2-year fix | 4.19% | 3.5% | 75% |
| Post Office | 2-year fix | 4.29% | 2.5% | 65% |
| Platform | 2-year fix | 4.39% | £2,635 | 60% |
| Coventry BS | 2-year fix | 4.49% | £1,249 | 60% |
| The Mortgage Works | 2-year fix | 4.69% | 2.5% | 75% |
| BM Solutions | 2-year fix | 4.80% | 2.5% | 75% |
| The Mortgage Works | 2-year fix | 4.99% | 3.5% | 80% |
| Post Office | 3-year fix | 4.99% | 2.5% | 75% |
| Nottingham BS | 2-year fix | 4.99% | £1,495 | 75% |
| Halifax | 2-year fix | 5.19% | £995 | 75% |
| Leeds BS | 5-year fix | 5.69% | £1,549 | 60% |
| The Mortgage Works | 5-year fix | 5.79% | 3.5% | 75% |
| Kensington Mortgages | 2-year fix | 5.99% | 2.5% | 85% |
This article aims to give information, not advice. Always do your own research and/or seek out advice from an FSA-regulated broker, before acting on anything contained in this article.
Finally, we tend to only give the initial rate of a deal in our articles, but any deal which lasts for a shorter period than your mortgage term may revert to the lender's standard variable rate or a tracker rate when the deal ends. Before you take out a deal, you should always try to find out from your lender what its standard variable rate is and how it will be determined in the future. Make sure you take all this information into account when comparing different deals.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
'Del Boy' wheeling and dealing over benefit tenants
Tuesday 5th April 2011 - (Letting Agent Today)
Councils will be able to protect private landlords who have tenants on housing benefit from the government's new regime for two years, it has been announced.
It means that councils will be able to make direct payments of local housing allowance (LHA) to landlords in exchange for them agreeing to lower their rents, for this period. After that, LHA will automatically be paid direct to the tenants.
But the British Property Federation lashed out at the arrangement, calling it worthy of 'Del Boy'.
Changes that will see LHA capped at £400 a week for new tenants in private rented accommodation are among LHA reforms that came into effect last Friday. LHA will not exceed £250 for a one-bed property.
Landlord groups have consistently called for LHA tenants to be able to choose to have their benefit paid to them or direct to their landlords. But the Government has decided against this, offering the two-year deal instead.
The British Property Federation questioned the two-year deal.
It described it as a move that would see council staff having to wheel and deal with local landlords to reduce their rent in return for the comfort of getting paid direct.
Ian Fletcher, director policy at the British Property Federation, said: "This is 'Del Boy' benefit policy - seeking to trade a landlord's right to be paid with the Government's desire to reduce its expenditure.
"If this was really about protecting tenants, why limit it at two years, and not give an ongoing commitment to direct payment up until housing benefit is absorbed into Universal Credit?
"Landlords should expect to get paid for the housing they provide. That shouldn't be contingent on lowering rents, or having to wait eight weeks under the current system.
"The Government would not dare treat other small businesses in such a way, but seems to think it is acceptable to allow people to rack up huge debts and treat landlords so badly."
Stamp duty proposals timely boost for the private rented sector
Thursday, 31 March 2011 - Alex Bell Propertytalk Live
New stamp duty measures, announced as part of the Budget, could help to address the shortage of affordable accommodation in the private-rented sector says eviction specialist Landlord Assist.
Under the changes to stamp duty, investors that are buying more than one property will pay stamp duty based on the average value of the properties rather than the total value, as is currently the case.
This means that if a property portfolio is sold at £10million with the average price of the individual properties at less than £175,000, the stamp duty tax payable would be one per cent, equal to £100,000 rather than at 5pc, equal to £500,000.
As well as saving investors a small fortune Landlord Assist says the change will make the buy-to-let sector more attractive to new investors and encourage more professional landlords and larger institutional investors to build up their portfolios.
This in turn will help to address the shortage of rental properties and new homes, which is currently at its lowest level.
Graham Kinnear, MD at Landlord Assist says: "The new proposals are a timely boost for the private rented sector, especially at a time when more people, especially young professionals, are choosing to rent rather than buy.
"The new measures should incentivise investors to expand their portfolios, which will boost the supply of homes for rent. Previous stamp duty costs significantly pushed up the cost of acquiring large portfolios, so landlords letting single properties, not surprisingly, were reluctant to expand."
The new relief is expected to apply from this summer when the 2011 Finance Act comes into effect.
Stephen Parry, Commercial Director at Landlord Assist says: "We have called on Government for a long time to identify the private rental sector as a way of solving Britain's housing shortage.
"This move, although long overdue, should encourage institutions and pension funds to consider residential property as an investment medium. This will lead to more quality houses available to let."
How to become a buy-to-let landlord
Tuesday, 29 March 2011 - Alex Bell Propertytalk Live
Data from the Association of Residential Lettings Agents shows that 71% of landlords believe renting is becoming increasingly popular, with demand continually outstripping supply.
And, the latest English Housing Survey shows that the PRS now accounts for more than 15% of housing in England, yet this is still nowhere near the scale of its European counterparts.
For any budding buy-to-let landlords hoping to enter the sector, ARLA would advise the following:
* Research local, background context - this is essential to ensure that you invest your money wisely to increase the likelihood of you receiving that monthly return. Buy-to-let is a solid long-term investment that supports the entire property market, not a quick money making scheme. The rental market does suffer ups and downs, and behaves very differently from region to region, so it's critical that you select theright property in an area you have researched in detail. A local, regulated ARLA letting agent will be able to help you get the information you need;
* Make sure you have the right mortgage and the right finance in place - as you'll need a specialist buy-to-let mortgage. Lending grew by around 7% in the buy-to-let sector during 2010, underlining the continued strength of the market, so look around to get the best deal. ARLA agents can advise on the most competitive buy-to-let mortgages in the market, while helping you choose a product to suit your individual requirements, or you can visit www.arlamortgages.co.uk for an open market option tailored to your requirements;
* Prepare your documentation - carry out full credit checks on all prospective tenants to assess the risks in accepting the tenancy. You should also check the current and previous employment status of the individual(s), as well as their renting history and any references provided;
In addition, your property must have buildings and contents insurance suitable for letting your property, and also consider insuring against the tenant defaulting. Recent ARLA statistics show that 40% of ARLA members reported an increase in tenants struggling to meet rental payments in the final three months of 2010.
* If you use a letting agent, only use a licensed agent - lettings is an unregulated industry, so the only way of ensuring that your agent will follow strict codes of conduct (and that there is a route to redress if they do not) is by checking that they are a member of a reputable organisation like ARLA. Also check that any funds being held by an agent on your behalf are protected under client money protection schemes;
* Sign up to Deposit Protection - this has been mandatory for all landlords since April 2007, so worth factoring in to the process. Tenancy Deposit Protection legislation requires all deposits on all Assured Shorthold Tenancies to be protected under a scheme licensed by the Government. For more information, visit the Communities and Local government website, www.communities.gov.uk.
ARLA Operations Manager Ian Potter said: "Buy-to-let properties can prove to be a sensible, long-term investment, but consumers must do their research first in order to achieve success.
"Becoming a buy-to-let landlord is a decision which must not be taken lightly. Landlords must be aware of the legal responsibilities to their tenants and ensure that they use an ARLA Licensed agent so that their money is protected."
Brokers positive outlook on buy-to-let market
Friday, 25 March 2011 - Alex Bell Propertytalk Live
A new survey gauging brokers' expectations of the buy-to-let market has painted a positive outlook for the coming year.
Overall, the majority of brokers surveyed believe the number of new landlords will increase this year and that very few professional landlords will be looking to sell part of their stock in 2011.
While there may still be some way to go before a full recovery is seen, the signs are that the buy-to-let market is in a buoyant mood.
The Mortgage Works asked brokers about their experiences in 2010 and their expectations for the buy-to-let market in 2011. The survey focused on first-time landlords, professional landlords, buy-to-let products and the market as a whole.
51% of brokers think the number of new landlords will increase in 2011, compared to 24% who think it will decrease.
56% of brokers believe that when a client buys their first buy-to-let property, they will remain open minded about future purchases.
Ian Andrew, Head of Intermediary Sales at Nationwide and The Mortgage Works, said: "These results show that the outlook for first-time landlords in 2011 is broadly positive. At the same time, we also recognise that some challenges do remain. For example, we know 45% of brokers found the number of first-time landlord applications in the second half of 2010 had decreased, compared to 33% who found that it had increased."
48% of brokers believe professional landlords will buy more properties in 2011. 32% of brokers believe that professional landlords will hold on to their properties and not make any more purchases. Of the 15% of brokers who think professional landlords will sell some of their properties, 12% actually think professional landlords will sell and buy properties.
Ian Andrew said: "The positive outlook of the first-time landlord market is also reflected in the professional landlord market. The overwhelming majority of brokers believe that most professional landlords will either maintain their stock or buy more properties in 2011, indicating a stable and improving market place. Either way, I think we can all be encouraged by this optimism, which is further supported by the fact that only 3% of brokers surveyed believe professional landlords will sell some of their properties."
70% of brokers found the majority of their buy-to-let business in 2010 came from purchases rather than remortgage customers. 31% of brokers made 16 or more buy-to-let applications in 2010.
Ian Andrew said: "While nowhere near the volumes of 2007, 2010's buy-to-let lending reached over £9.5 billion. This was up from £8.5 billion in 2009 and is expected to rise again in 2011. This suggests that the buy-to-let market is steadily on its way back up, which is great news for landlords and brokers alike."
One In Three Landlords Raise Rent This Year
22nd March 2011 (Letting Agent Today)
Nearly a third of landlords have increased rents during the first quarter of the year, research from buy-to-let mortgage specialist Paragon has revealed.
The research shows that 32% of landlords have raised rents across their portfolios during the period.
One in ten landlords said that rental income across their portfolio rose by up to 2% during the period, with a further 10% stating that it rose by between 2% and 4%. However, nearly 5% of respondents said that rental income had risen by more than 8%.
Nigel Terrington, Paragon Group chief executive, said: "Supply and demand dictates rental pricing, and landlords are experiencing significant tenant demand for their properties at present.
"Obviously landlords do not want to make rented accommodation unaffordable, but a considerable proportion of them have been able to make small increases to their overall rental income during the first quarter.
"Government figures show that nearly 300,000 extra households moved into privately rented accommodation in England alone last year and that is placing increasing strain on stock in the sector.
"It is encouraging that buy-to-let lending increased by 22% during 2010, but more needs to be done to ensure that the private rented sector can expand sufficiently to meet tenant demand."
100Mb broadband service now reaches one million homes
Friday, 18 March 2011
Virgin Media has now passed one million homes as it rolls out the country's fastest broadband across its entire next generation cable network.
The highly anticipated 100Mb broadband service is now on sale up and down the country from Greenock to Guildford, with complete roll-out on track for mid-2012.
Jon James, executive director of broadband at Virgin Media said:
"Reaching the one million home milestone is a hugely important step in ensuring consumers are able to keep up with the latest developments in this digitally connected world. We had more then 10,000 registrations on the first day we unveiled 100Mb so there is real desire for better broadband and all the wonderful things you can do with a fast connection. When we finish the roll-out of 100Mb across our network, half the country will have access to ultrafast broadband. That'll be six years ahead of EU targets."
Yorkshire Spa Towns Prosper
March 2011
House prices in spa towns across England and Wales are on average £38,000 (or 16%) above their county average, according to Lloyds TSB research.
Average house prices in fifteen of the eighteen spa towns surveyed are significantly higher than those in their neighbouring towns. Boston Spa (£153,629, or 98%) and Ilkley (£152,022, or 97%) - both in West Yorkshire - command the highest house price premium to their county average.
Only three spa towns have house prices below their county average: Epsom in Surrey (-5%), Llandrindod Wells in Powys (-7%), and Boston in Lincolnshire (-15%).
Fifteen spa towns have seen houses prices at least double in the past decade. The largest increase was in Builth Wells in Powys (153%) followed by Tenbury Wells in Worcestershire (143%), Boston Spa (141%) and Matlock in Derbyshire (140%).
* Epsom is the most expensive spa town in the country with an average house price of £357,837, followed by Tunbridge Wells (£337,144) and Bath (£324,250).
* The least expensive spa towns are Boston in Lincolnshire with an average price of £132,912 and Llandrindod Wells in Wales (£168,428)
Nitesh Patel, Housing Economist at Lloyds TSB, said:
"Spa towns tend to have a larger stock of period architecture, such as Georgian or Regency, which are often larger and command higher prices. Spa towns are also often thought of as having a high quality of life, including excellent schools, lower crime rates, and lesser traffic volumes, all of which drive desirability in these areas and ramp up value. It all adds up to a significant success story for the housing market in these areas."
Other Findings
* Homebuyers must part with over £100,000 more to live in one of the spa towns in Yorkshire's "Golden Triangle". House prices in the spa towns of Boston Spa, Ilkley, Harrogate and Knaresborough are, on average, £105,000 (or 59%) higher than their county average1.
* The average age of the housing stock2 in spa towns is 67 years, which is thirteen years older than for the UK (54). Bath and Matlock have the oldest housing stocks with an average property age of 92 years.
* Houses in spa towns also tend be bigger than in the UK as a whole, with an average of 5.5 habitable rooms3 compared to the national average of 5.2. The largest houses are in Ilkley and Malvern with an average of 5.8 habitable rooms in both towns.
Agents' CMP kitemark scheme makes headway
15th March 2011. .Letting Agent Today
The National Approved Letting Scheme has become the first organisation to welcome the SAFE kitemark inititiative spearheaded by a group of agents.
Under SAFE, agents who have client money protection in place will be able to display the kitemark. Subscriptions are a nominal £10 for promotional purposes.
Caroline Pickering, NALS chair, said: "Those agents who meet the criteria of organisations such as NALS, ARLA and RICS have to pay for compliance.
"It makes complete sense that they should get the added value for money that this single distinctive kitemark will give. Consumers should make their decision on who to place their business with based on the protection that they get, should anything go wrong.
"This kitemark will help to point them in the right direction, and as a consumer focused organisation we are delighted to have been asked to help the agents get this off the ground. We believe this is a very positive move for the sector."
Letting agents have become increasingly concerned that agents who do have CMP in place through NALS, ARLA, NAEA and RICS are - in the public's eyes - indistinguishable from agents who do not.
Yet in one recent case, an agent which recently closed down led to 120 people losing a total of £450,000.
One concerned agent who had to deal with the fall-out of a firm which had used its client account to fund its business through the recession, found that its landlords had believed they were dealing with a professional organisation because it showed the OFT and Ombudsman logos.
When a landlord complained to the TPO, they found out it was too late. The OFT advised that they did not deal with individual complaints and suggested the landlord contact the TDS, which in turn advised that as membership had lapsed, they should refer the matter to Trading Standards, which suggested that the TDS should deal with it as it was a deposit issue.
When the agent asked the landlord why they had used the firm, the answer was: "Because they were cheaper."
Another concern for agents is that although all companies report to Companies House, a number do so showing negative balance sheets but carrying the caveat that the shareholders will support the company in the coming financial year.
Yet such agents are actually trading insolvently. Nor do their abbreviated accounts show any debtors, and crucially, nor do they include any reports for their client accounts.
English Housing Survey records massive rise in renting
March 2011
Whether through choice or necessity the number of Britons renting privately has increased by more than 60% in the last decade.
Figures from the latest English Housing Survey produced by the Department for Communities and Local Government found the number of households renting privately has risen by 1.3 million since 2001, from 2.1 million to 3.4 million in 2009-10.
This is reflected in a fall in the number of owner-occupied households from a peak of 14.8 million in 2005 and 2006 to 14.5 million in 2009-10.
The study also found that in 2009-10, social renters paid on average £75 per week in rent and private renters £153.
Around 62% of social renters received Housing Benefit compared to 24% of private renters.
In 2009-10, 1.8 million households had moved into their current home during the previous 12 months. This was 200,000 less than in 2008-09, and 600,000 less than in 2007-08. The reduction was almost all in the owner-occupied sector.
Meanwhile, the energy efficiency of the housing stock continued to improve, with the average SAP rating increasing from 42 to 53 between 1996 and 2009. The rented sectors - private and social - improved more than the owner-occupied sector.
Go-ahead for Yorkshire transport plans
4th February 2011
The planned new entrance to Leeds City Station at Granary Wharf
PLANS for a new southern entrance to Leeds Station and improvements to a key road route in South Yorkshire were given the go ahead today after councils promised to cut the project costs by £2.3m.
The two projects were among those told by Transport Secretary Philip Hammond last year to look again at the costs and make best and final bids for Government support.
Mr Hammond has now given the go-ahead after the cost of the Government's contribution to the new station entrance was cut from £13.7m to £12.4m while the request for funding for improvements to the A57 fell from £12.8m to £11.8m.
Metro Chairman Coun Chris Greaves said: "This announcement that our revised bid for the scheme has been approved will be extremely good news for the thousands of rail passengers for whom the new entrance will mean quicker and more convenient daily access to train services. It will also go some way to improving the station's status as a gateway to Leeds.
"With over 100,000 people passing through Leeds station every weekday and a significant number of them now heading to business and leisure locations to the south of the city centre, Metro has pressed for the development of this new entrance that will provide them with step-free access to the station via escalators and lifts at the western end of the station."
There was also positive news for proposals on a new "bus rapid transit" scheme for South Yorkshire, improvements to the A164 between Beverley and the Humber Bridge and a maintenance scheme for the Leeds Inner Ring Road.
The three ideas have all been moved into a pool of projects that could qualify for a share of £630m in Government funding when Ministers take a decision later this year.
Other projects that are already in the pool include the Leeds trolleybus scheme, a new park and ride site in York and a bid for extra trams for Sheffield.
However, the Government today said plans to tackle congestion on the A61 in Sheffield and for a new transport interchange in Castleford will not be considered for a share of the cash. A separate bid has already been made to the Regional Growth Fund for backing for the Castleford interchange.
Mr Hammond said: "The Government is committed to delivering transport projects which improve journeys while also helping economic growth.
"Following the spending review we challenged local authorities to look again at the cost of proposed schemes to ensure we get maximum value for every pound we spend. The councils being awarded funding today have met that challenge by achieving a saving to the taxpayer of £45.5m on the original proposed costs.
"That means more money is now available for other schemes across the country and I would urge other councils to follow this lead as they bid for funding. This will allow us to fund as many schemes as possible, delivering improvements to roads and public transport across the country."
Should you rent for life?
1st February, 2011
The increasing difficulty of getting a foot on the property ladder may make renting for life seem like a more attractive - or perhaps the only - housing option. But is it a good idea?
For those looking to take the first step onto the property ladder, pessimism about their chances of home ownership is rife - and news that deposits have now hit a 40-year high will do little to improve that.
According to the Chartered Institute of Housing, at least 100,000 first-time buyers who have no help from the 'bank of mum and dad' were unable to enter the housing market last year as the number of low-deposit mortgages slumped to a record low.
In fact, findings from MyVoucherCodes show that 58% of people think they will never own a property, with more than two-thirds of these claiming they would "never afford a deposit" and 77% stating they would "probably always rent privately".
Elsewhere, figures from Halifax show that in 2010, first-time buyers were required to find an average deposit of £28,770, while the Council of Mortgage Lenders (CML) estimates the average age of those first-time buyers who have not had financial assistance has risen from around 33 in late 2007 to 36 now.
So, with the average age of the first-time buyer creeping up and affordability a growing problem, could this be the generation who, not out of choice, but out of necessity, rents for life?
Renting is on the up
In the UK, where an Englishman's house is his castle, renting has long been viewed as the poor relative to home ownership.
However, recent findings from the Communities and Local Government (CLG) show the private rented sector now accounts for 14% of all households in England, while the Association of Residential Letting Agents (ARLA) claims renting is becoming "increasingly popular".
The fact is, there may be little choice for the growing number of 20- and 30-somethings who find themselves priced out of the property market - and faced with renting for the longer term.
Melanie Bien from broker Private Finance told MSN Money: "This generation of would-be homeowners may have to get used to the idea that renting is the new reality," she said. "With lenders demanding at least a 10% deposit, only those fortunate enough to be able to call on their parents for financial assistance are able to realise their home ownership dream. Those who can't are now forced to rent for far longer."
Ian Potter from ARLA agrees that, while more and more people are renting post-recession, for many, this is through need, rather than choice. He said: "With the average age of a first timer now in the late 30s, renting could become the norm for more people than ever before. And, as long as the demand for homes outstrips supply, this trend is likely to continue."
On the continent
While this all makes for pretty gloomy reading for those dreaming of taking the first step, it's worth looking to the continent, where many people are happy to rent for life.
Both France and Germany, for example, have a thriving rental culture, and share none of our preoccupation with home ownership. In fact, in Germany, nearly half of the housing stock is private rental, and the mind-set is completely different.
A similar pattern is repeated around the globe, according to CLG, with the private sector accounting for 32% of the housing stock in the US, 21% in Australia, 18% in Belgium, 28% in Canada, 20% in France, 27% in New Zealand, 21% in Sweden and 57% in Switzerland.
In fact, despite growth in recent years, at just 14% of the housing stock, the private rented sector in England is still small by international standards. Would it really be such a bad thing if a trend of long-term renting emerges here?
There are, of course, upsides to renting, such as freedom from the responsibility of upkeep and maintenance, the flexibility to live where you want, and also to "up sticks" whenever you want.
Neil Young from letting and management specialist Young London told MSN Money that attitudes are changing: "We're still far behind continental Europe, but any stigma once associated with renting rather than owning is waning as the average age of the first time buyer continues to head upwards."
How do the costs compare?
The problem is, while many Brits are not averse to renting as such, there is a feeling that over the longer term, this is akin to throwing money down the drain.
And while in the past tenants have taken some solace from the fact that renting is the cheaper option on a month-by-month basis, even this is no longer the case.
"With interest rates at historic lows, those who can get mortgage finance are currently enjoying some very cheap rates," said Bien.
In fact, new research from property search website Zoopla shows that renting a home is now more expensive than buying across 80% of Britain, based on average rents for two-bedroom flats in the 50 largest cities and towns.
Nonetheless, to enjoy cheap monthly mortgage payments, you will need to drum up a big enough deposit to satisfy a mortgage lender in the first place.
"If you're aiming for the minimum deposit - just 10% of the property price - you will need a very good credit score," said Bien. "Lenders view those with more modest deposits as being higher risk than those with 25 or 40% deposit to put down. As a tenant, you will usually be required to stump up just one or two months' rent."
So how does this compare to the continent?
The short answer is that, outside the UK, renting remains the more affordable option - and therefore the norm.
In France, for example, those who rent do so because their income is too high for subsidised renting, but too low for home ownership in expensive areas. This is according to CLG, which found that nearly a fifth of private renters are in the top income quartile.
In Germany, CLG figures show renter households are over 40% of those in the top income quintile, and that average equivalent incomes do not differ greatly on average between renters and owners.
Regulation to protect tenants
Not only is renting the more affordable option in many countries on the continent, it is also the preferred option because of the high level of regulation.
According to CLG, some countries, such as France, Germany, Sweden and Switzerland, have a degree of restriction over rent levels - or at least rent increases - and a strong security of tenure for tenants.
In Germany, for example, renting is attractive because of the availability of good quality accommodation as well as the high degree of tenure security, with tenants enjoying notice periods of three to nine months, and termination of contract only in limited circumstances, such as rent arrears - even sale of the dwelling does not break the lease.
As such, it has been suggested that the private rented sector in Germany offers the security that is sought in home ownership in other countries such as the UK.
"Much of the private rented property in continental Europe is owned by institutions, such as pension funds and large-scale investors, who have a co-ordinated approach to managing their properties," said Young. "They also take a long-term view, and can offer renters stability and certainty in the form of longer tenancy agreements."
Limited regulation in the UK
So how does this compare to the regulation in place here? Well, in England, there are no limits on rent increases for sitting tenants, and very limited security of tenure (typically no more than six months).
"As there is no government-led regulation, things can and do go wrong," said Potter from ARLA.
Admittedly, there is the Tenancy Deposit Scheme, and access to an Ombudsman scheme which can offer redress if things go wrong, but many renters feel that landlords do not make life easy for them.
As a tenant, you have to fork out a big deposit, you're not allowed to decorate, and there are many anecdotal tales of tenants being thrown out of their rented property for no apparent reason.
Certain renters have found themselves at the hands of small-scale buy-to-let investors who see them simply as a means of making money - with little regard for the rights or needs - while more and more are now finding themselves in properties being let by the wave of 'reluctant landlords' who have no experience of letting a home or dealing with tenants, but who have been forced to rent because they can't afford to move.
The longer term
As things stand, it's hard to imagine we will ever see a professional, European-style rental market here in the UK, and until that happens, it's likely that the dream of home ownership will remain very much alive.
However, Young warns that buying in the UK is not set to get cheaper any time soon. "Lenders are unlikely to alter their deposit criteria in the short-term as they keep an eye on the early 2012 repayment date of the government bailout, and seek to bolster their balance sheets," he said.
The focus, then, must be on making changes to the private rented sector, which means real investment and improved regulation along the lines of our continental counterparts.
The problem is, all the large private rented sector countries overseas offer taxation advantages - especially to individual investors - which are more favourable than those in the UK, and these have been very important in encouraging investment in the sector.
"Service levels are increasing in the UK, and there is a drive to encourage institutional investors into the private rented sector," said Young. "But while there's an appetite among investor landlords - and tenants - for this type of professionally managed accommodation, it's still early days."
Only by addressing these issues will the UK's private rented sector provide a better and viable alternative for the increasing numbers of people who will simply not be able to buy a home in the future - and only then might the British love affair with home ownership finally come to an end.
Demand for Rented Property Higher Than Ever
January 2011
More people than ever are trying to find properties to rent in the UK, according to the Association of Residential Letting Agents (ARLA).
It says the number of tenants on agents' books has reached a record high.
A year ago, one in four agents say demand was higher than the number of properties available but that's now tripled to three quarters.
They say it's down to more people being forced to rent as they can't buy.
It means people are spending months trying to find a home and end up taking places with high rents or somewhere they don't want to live.
ARLA, the only professional self-regulating body that looks after lettings, is concerned people will be ripped off as independent landlords join the market, start renting out properties and try to exploit desperate renters.
Former Majestyk nightclub building set for rebirth
January 2011
The Majestyk building could be transformed
The Majestyk building could be transformed
A YORKSHIRE landmark leisure venue could become a music venue with bars and restaurants under plans submitted by its owner, property development and investment company Rushbond.
Plans for the former Majestyk nightclub, close to Leeds train station, are for it to be renovated as a basement music venue with bars and restaurant above.
Rushbond said it was in talks with several national operators interested in being part of the venue.
The plans also seek to let in natural light, as it is currently bricked up, and allow people in the upper floors to look out across City Square.
The building was most recently operated as the Majestyk nightclub, with six bars and space for 3,000 occupants, until its closure in 2006. Rushbond acquired the landmark building in August.
Rushbond Group managing director, Jonathan Maud, said: “This is one of Leeds most significant and attractive landmark buildings, playing a major role in Leeds prestigious City Square and heralding what was then a thriving industrial city to arriving rail visitors.
"Our plans, for a sensitive and high-quality restoration, aim to give the property, which is probably the best leisure venue in Leeds 1, but has lain dormant since 2006, a new lease of life.
"They will also give it a wider appeal by extending the leisure offer in Leeds city centre for local people and visitors. If supported, our plans will dramatically enhance the building’s appearance and visual impact upon City Square and Wellington Street and create a positive new vitality in the area."
The building originally opened in the 1920s as a 2,400 seat cinema, with a basement restaurant, The cinema closed in 1969 and became a Bingo hall which eventually closed and made way for Majestyk.
The plans have been submitted to Leeds City Council.
£1 billion aimed at buy-to-let professionals
December 2010
Buy to let specialist lender Paragon Mortgages has announced a 32% rise in profits as the firm looks to reassert its former position as a major funder of professional landlords by lending £1 billion.
After nearly three years away from the market, the lender has opened for new business after securing £200 million backing from the Macquarie Bank in Australia.
Paragon stopped lending in February 2008 after credit dried up in the recession.
Paragon said landlords were witnessing high rental demand as the current depressed state of the housing market has resulted in would-be homebuyers renting in larger numbers and for longer periods because they cannot obtain a mortgage or raise funds for a deposit.
The firm had an £8.3 billion lending book at the end of September – when new lending restarted. Credit performance of the mortgage book over the year was "exemplary", with three-month plus arrears in buy to let standing at only 0.83% against a market average of 2.45%. The resulting 40.5% fall in provisions for bad debt to £39.2 million contributed to a rise in pre-tax profits to £71.8 million from £54.3 million in the previous year.
"Low interest rates have increased affordability for customers, reducing the incidence of new arrears and assisting the correction of past arrears. The loan books continue to be carefully managed and credit performance remains in line with our expectations," said a statement from the company.
Paragon plans to lend the £200 million and then securitise the loans as an asset to borrow further funds to contribute towards a £1 billion lending target for the year to professional buy to let landlords.
"While the UK economic environment remains challenging with the outlook for growth, unemployment and house prices all uncertain, the group enters the new financial year with a term-funded, high quality loan book," said a Paragon spokesman. We expect that our new lending programme will expand over time and will be complemented by increasing opportunities to acquire loan portfolios."
John Heron, Paragon Mortgages MD, says, "We have been very encouraged by the initial phase of our return to new lending and have had a great response from both landlord investors and mortgage intermediaries. This underlines the strength of Paragon's reputation in the buy-to-let market and also the shortage of funding in the sector, particularly for landlords with more complex needs.
"We have managed the roll-out of our distribution network prudently, carefully and successfully to ensure that we could effectively manage business flows and maintain our customer service levels. We are confident that we have comprehensive intermediary coverage and we are working with the larger commercial finance specialist intermediaries, national mortgage advice firms and major regional intermediaries. We also have agreements in place or under development with the majority of major networks."
Commenting on landlord investor demand, John added, "Application flows have been very encouraging and reflect the diversity of propositions in the professional landlord market. Together with applications for regular self-contained properties, landlords also clearly value our criteria for Houses in Multiple Occupation and multi-unit blocks. There is a shortage of lenders with expertise in these more complex buy-to-let cases, but our experience in this area means we can consider a much wider range of properties and look at cases on their individual merits."
More people set to move into private rented accommodate
November 2010
In less than five years' time, 17% of households will live in privately rented accommodation, it has been predicted.
The proportion would be up from 14% at present, according to Capital Economics.
The proportion of households in private rental accommodation has been growing steadily, after standing at 10% in 2001.
Ed Stansfield, chief property economist at Capital Economics, said: "Over the next three to five years, we think the most likely scenario is that the private rented sector will continue to expand. By 2015, it is plausible that 16% or even 17% of households will live in privately rented accommodation."
He said the boom in tenancy demand was driven by students, immigrants and a rise in those squeezed out by property ownership.
He said it could be several years before house prices fall back to levels which makes home ownership a realistic option for many.
He also cited public spending cuts as increasing the number of tenants, as it would create more disadvantaged households whilst also reducing the provision of social housing.
Buy-to-let lending confirms investors return
November 2010
Buy-to-let lending rose by 12% in the third quarter supported by ongoing demand for rental property against the backdrop of a dysfunctional owner-occupier market.
There were 26,900 buy-to-let loans advanced in the third quarter, worth £2.8 billion. This quarterly rise of 8% by volume and 12% by value is the second consecutive quarterly increase in lending.
Compared to the third quarter of 2009, the volume of lending was up 14% and the value up 33%, from 23,700 and £2.1 billion respectively. Buy-to-let lending is low by historical standards - running at levels last seen in 2002 - and the market will likely continue to show growth into 2011.
At the end of September, there were 1.29 million buy-to-let mortgages outstanding, an increase of 2% from the previous quarter. The proportion of loans in arrears of more than 1.5% of the balance remains broadly unchanged at 1.45%, while repossessions (at 0.12%) and the appointment of receivers of rent (at 0.10%) were also virtually unchanged from the previous quarter.
According to the data published by the Council of Mortgage Lenders, Buy-to-let demand appears likely to increase, which is unsurprising in an environment where the demand for rental property will be boosted by the access problems that first-time buyers face in the owner-occupier market.
Commenting on the figures, director general Michael Coogan said:
"We would expect buy-to-let demand to pick up further if current rising rental trends continue and house prices remain broadly stable. However, there is short term uncertainty as a result of the unresolved debate on housing benefit and landlords' response to new limits.
"The bigger question is whether there will be sufficient supply side capacity to meet that demand, as the number of buy-to-let lenders dwindled in the credit crunch after 2007 and is yet to be fully restored.
"However, it is clear that in a market where access to home-ownership has become more difficult, the private rental sector is experiencing, and will continue to benefit from, high levels of demand for good quality housing."
Stuart Law, Chief Executive of Assetz, said:
"The latest CML buy-to-let mortgage figures confirm that investors are continuing to flock to the property market, encouraged by improving mortgage terms and in particular the prospects for strong rental yields.
"Rents have accelerated across the country, even in many city centres, with the first quarter of 2010 marking what we believe to be the start of a ten year rental boom. In the face of growing competition for property, rental price growth will help insulate landlords from future interest rate rises. I expect to see the number of buy-to-let mortgages secured continue to grow in the final quarter of the year and into 2011 as lenders and investors alike take advantage of the continuing strength of the rental market."
Landlords look to expand as rental demands soar
November 2010
Nearly a third of landlords are looking to increase the number of properties they have as demand for rented accommodation soars, research indicated today.
Around 28% of buy-to-let investors are planning to buy more properties during the coming 12 months, while 43% think they will maintain their portfolios at their current size, according to LSL Property services, the UK's largest letting agent network.
Landlords' confidence is being driven by growing demand for rental property, with 50% of landlords seeing an increase in the number of people who want to let a home during the three months to the end of October, while 69% expect demand to continue to grow during the coming year.
The increase in demand, combined with a shortage of rental homes, pushed rents up to a record high of £689 a month in September, following eight consecutive months of rises.
Landlords are also increasingly confident that their properties will not be empty for long periods in between tenants.
Just under half of landlords said they thought it was a good time to invest in property, while only 1% said they thought it was a good time to reduce the number of properties they have.
David Newnes, estate agency managing director at LSL, said: "Optimism is growing amongst landlords underpinned by very strong tenant demand, which has pushed up rents to new heights.
"With mortgage lending conditions so tight and uncertainty over the direction of house prices, many would-be buyers are choosing to stay in the private rented sector for the time being.
"The majority of landlords anticipate that tenant demand will increase further in the next year."
He said the Government's announcement in the Comprehensive Spending Review that new social housing tenants could be charged rents equivalent to 80% of what they would be charged to rent privately was likely to further boost demand, as people opted to rent privately rather than face long waiting times for social housing.
He said: "An increase in the supply of rental accommodation will be necessary to meet this demand - and many landlords recognise this as an opportunity for investment"
But landlords who want to buy more properties are continuing to face problems as a result of the ongoing shortage of buy-to-let mortgages.
Around 71% of landlords who recently tried to get a mortgage said they thought it was now more difficult to borrow money than it was a year ago, with only 5% saying it was easier.
But there is some evidence that the situation may be beginning to ease, with a number of new buy-to-let products launched by lenders in recent weeks.
Reluctant landlords make a comeback
November 2010
The 'reluctant landlord' - a phenomenon that emerged during the recession as home owners were forced to let their property rather than sell it - has returned to the rental market, according to ARLA.
ARLA's research revealed that 34% of member offices in the third quarter of this year experienced an increase in the number of rental properties coming on to the market because they can't be sold. This figure was an increase from 19% in Q2 of this year.
There was variation across the UK in the number of agents reporting this trend, with 58% of agents in the North-East reporting an increase in reluctant landlords, compared with 15% in central London.
The number of reluctant landlords peaked during the recession at the beginning of 2009, when 94% of agents surveyed reported an increase of property coming on to the rental market because it could not be sold.
Ian Potter, operations manager at ARLA, said: "The rise of the reluctant landlord seems to reflect wider market uncertainty and instability."
To view the Q3 2010 ARLA Review and Index, visit: www.arla.co.uk/q3ri
Buy-to-let lender Paragon re-opens its books to business
September 2010
Source: Estate Agent Today
Specialist lender Paragon's sudden return to the buy-to-let market could invigorate the entire sector.
Yesterday, it re-opened its books to new business with immediate effect, and launched a range of buy-to-let mortgage products. It closed its books to new business in February 2008. In its long-awaited comeback, Paragon is aiming to return to its top position in the buy-to-let sector and is specifically targeting what it calls 'professional' landlords, including those who want to buy properties such as student HMOs.
Funding is via a new 'warehouse' provided by Macquarie Bank, which will constantly provide a facility of £200m.
John Heron, Paragon Group's director of mortgages, said: "We are really excited about our return to new lending. The market is still fairly subdued and the road back to a 'normal' market is going to be a long one, but we are back in the race."
Paragon shut its books in the wake of the credit crunch, which has cut back mortgage availability of buy-to-let products. Since the peak of 2007, the number of buy-to-let products has fallen from over 3,600 in July 2007 to approximately 280 today.
The lack of finance available to landlords has constrained supply and put up rents, according to recent surveys by both ARLA and the RICS. Council of Mortgage Lenders figures show that buy-to-let lending hit its lowest point since 2001 by both value and volume last year.
David Brown, commercial director of LSL Property Services, said: "It's great news for investors that Paragon has returned to the market. Demand for rental properties is high, and rents have risen for seven months in a row. But the constricted supply of cheap mortgage finance has been strangling new investment in the private rental sector.
"We are clearly still a long way from the market of two years ago, but the re-entrance of lenders like Paragon should give professional landlords hope that the lending market is beginning to loosen and that more funding is becoming available."
David Salusbury, chairman of the National Landlords Association, said: "We warmly welcomes the announcement from Paragon that it is returning to the buy-to-let lending market.
"An increase in the availability of buy-to-let mortgages will stimulate the private rented sector into playing a bigger role in providing a much-needed alternative to owner occupation during these difficult times."
Demand outstrips supply as Yorkshire rental market enters new era
August 2010
Another year of rising demand for rental property shows no signs of abating, according to Yorkshire's largest residential letting specialists.
Linley & Simpson - whose eight-branch network includes offices in Leeds city centre, Horsforth and Roundhay, as well as Ilkley, York, Harrogate, Wetherby and Wakefield - has let more homes in the first eight months of 2010 than in any comparable timescale in its 12-year history.
More home-buyers continue to be unwilling or unable to step on to the property ladder, following the continental trend and preferring to rent - not least because of the flexibility it offers. A growth in the number of single-person households is also triggering extra interest in renting.
Director Will Linley said these changing trends were taking the residential letting market into a new era: "Recent months in particular have witnessed a shortage of properties available to rent. In some areas, our stock levels are down as much as 75 per cent on 'normal' levels, with around 18 times as many tenants now seeking accommodation.
"This is unprecedented. It has resulted in a rise in rental prices, some going up between 5 per cent and 10 per cent in the last few months. Void periods – which can be costly for landlords – are almost non-existent.
"We are letting more and more properties without the need to advertise them, and we've seen an increase in multiple applications for the same properties.
"We've recently turned down one prospective tenant – not on the grounds there was anything wrong with her application, but because another party was able to move quicker.
"She told us it was the fourth time she had suffered the same experience because other applicants were able to get there first."
The health of the rental market has also coincided with more investors taking advantage of Linley & Simpson's property acquisitions service, which guides prospective landlords through the maze of identifying, buying and letting out a rental property.
Under the directorship of Victoria Cribb, the initiative harnesses Linley & Simpson's long-standing knowledge and expertise of the regional rental market to deliver yields as high as 8.6 per cent on some buy-to-let properties.
She said: "Over the long term, property has historically proved itself to make a sound investment, provided that you make well-informed purchases.
"As our network within the industry expands, we are progressively able to identify stronger and stronger opportunities for our clients through a mix of good discounts and motivated vendors. The result is naturally high yields that outperform any bank or building society rate."
For more information about this service, visit www.lsbuytolet.co.uk.
Buy-to-let lending shows signs of recovery
August 2010
Buy-to-let lending is showing signs of recovery, according to figures from the Council of Mortgage Lenders.
The number of buy-to-let mortgages taken out in the second quarter was 24,900, 13% up on the figure for the previous three months (22,000) and 15% higher than the second quarter of last year (21,600).
CML director general Michael Coogan said: "The buy-to-let market has continued to grow, albeit slowly, since the credit crunch. With fewer people able to afford the entry costs to home ownership, as well as the pressure on social housing, tenant demand for private rented property will remain strong.
"Finance for private landlords, whether institutional or individual, is crucial if the UK is to have enough homes to meet the needs of the population.
"Funding conditions for lenders remain tight, but there is every reason to expect the buy-to-let sector to continue to make a powerful contribution to helping meet the country's varied housing needs."
The value of BTL lending in the first quarter was £2.4bn, of which £1bn was remortgaging.
Although business is only just over a quarter of its level of three years ago, both the number and the value of BTL loans were at their highest level since the fourth quarter of 2008, apart from the fourth quarter of 2009 when demand was inflated by the end of the Stamp Duty concession.
At the end of June, there were 1.26 million BTL mortgages outstanding, worth £149bn.
By value, BTL mortgages accounted for 12% of all mortgages - the highest proportion by value, as opposed to numbers, since records began.
BTL arrears cases have improved, but repossession rates remain higher than in the owner-occupier market, where lenders are more forbearing to prevent owners losing their homes. In the BTL market, a receiver of rent may also be appointed, instead of the lender taking possession of the property.
Tenant demand at all-time record high
July 2010
Rocketing demand for rental accommodation has prompted the UK's largest letting agent to call for more incentives to encourage buy-to-let landlords to invest in the market.
According to Countrywide, tenant demand is at a record high, with up to nine tenants competing for properties.
The 211 branches had 50,480 new tenants register in the second quarter of this year – a 16% rise on the first quarter.
The sharpest increase was in June, with over 18,000 new tenants registering, the highest number in a single month since Countrywide records began in 2003, and 22% more the previous month.
However, the rise in tenant demand is in sharp contrast to the fall in the number of new properties being offered to rent. They have fallen 6% in the last three months.
The excessive level of demand has led to marginal increases in rental prices. As more families turn to renting, four-bedroom properties have seen the highest increase, with the average rent rising to £1,090 per calendar month.
There is now an average of 5.5 tenants vying for each property compared to 4.9 tenants in the first three months of the year. The highest demand is for two-bedroom houses in the South-West where 8.9 tenants competed for each property.
This level of demand is having a significant impact on the market, with properties being snapped up on average within two weeks – three days less that in Q1 and six days less in Q4 2009.
John Hards, Countrywide Residential Lettings co-managing director, said: "The number of tenants entering the market is at unprecedented levels – and we have yet to enter the peak season. Student demand for private rental accommodation will increase further with university applications at record levels.
"The buy-to-let sector remains a good source of investment. However, the Government needs to do more to incentivise new landlords in order to ease the current shortage of properties. If tenant levels continue to rise at the same rate, this will be further exacerbated."
A new report from specialist lender Paragon also confirmed the huge growth in tenant demand.
Nigel Terrington, Paragon Group chief executive, said: "Tenant demand has been rising consistently for two years and shows no signs of slowing down. Would-be home buyers continue to be unwilling or unable to step on to the property ladder, whilst longer-term social changes, such as greater numbers of single-person households and economic migrants, are also creating more demand for rented property.
"Strong tenant demand is great news for landlords, but will lead to rental inflation for tenants unless the private rented sector is able to expand to meet this demand. Pressure is building on the finite number of properties in the sector, because the lack of buy-to-let mortgage availability has prevented landlords from growing their property portfolios.
"It is clear that confidence is high amongst the landlord community, which is reflected in the greater appetite for investment. There is obviously a dislocation between landlords' intention to purchase and their actual ability to do so, given the continued scarcity of buy-to-let mortgage finance. Landlords still value residential property as an investment vehicle."
Expert says housing minister must think again over planning regulations decision
Monday 21st June 2010
A leading residential lettings expert has warned that the market has been left open to 'cowboys' after the new Government's decision not to press ahead with plans to regulate the sector.
Will Linley, whose company Linley & Simpson is Yorkshire's biggest residential letting specialist, including offices in Ilkley and Horsforth, has urged housing minister Grant Shapps to think again.
He said Mr Shapp's decision to scrap planned regulations would leave a growing number of landlords and tenants exposed to unscrupulous agents.
He has written to the minister urging a rethink and for the long-awaited regulation to go ahead.
Mr Linley said: "This U-turn is another missed opportunity to clean up the industry in an unprecedented way. Compulsory licensing would be easy to achieve and deliver far-reaching protection to customers.
"There are professional bodies, such as ARLA, already setting the standard; membership of such a body should be mandatory for all agents. At the moment, anybody or any organisation can set up as a letting agent.
"Until that is changed by a licensing system, then unqualified, unethical and unprofessional operators will continue to operate, putting people's money at risk."
He said Linley & Simpson, which last month was crowned the UK's best small letting agent chain at the industry's 'Oscars', was keen to demonstrate its commitment to raising industry standards through its membership of the Association of Residential Letting Agents, the National Approved Letting Scheme and the Property Ombudsman.
Mr Linley emphasised that a mandatory licensing scheme was the only way to raise standards across the letting industry.
He added: "The last year has seen a rise in the number of reported cases where some rogue agents have used customers' money as an overdraft or, worse still, absconding with it completely. Many hard-working tradespeople have been left a trail of unpaid bills."
Mr Shapps's decision was welcomed by the National Landlords' Association, which described the national plans for a national register of landlords as "well-meaning but flawed."
Shapps accused of reneging on HMO planning rule
Friday 11th June 2010
Housing minister Grant Shapps has been accused of reneging on pledges to ditch new rules on House in Multiple Occupation.
The rules were rushed through Parliament in April, via a Statutory Instrument, and without any consultation – despite their wide-ranging effect on both home-owners and landlords.
The rules have brought in a new planning class. This means it is now mandatory for any home-owner or landlord who lets out or shares a property to between two and six unrelated people to have to apply for planning permission to turn the property into an HMO.
Planning permission is not guaranteed and costs money. If HMO status is granted, the property owner might have to pay more to have it licensed.
Local planning officers would have powers to inspect any property where they thought the rules are being broken.
The move was heavily criticised by landlords and the National Union of Students – and the Conservatives. David Cameron, then in opposition, tabled an early day motion for it to be reversed.
While in opposition, Grant Shapps said: "While councils need powers to tackle the excesses of slum landlords, this is a state sledgehammer to crack a nut. Labour have already kicked the housing market by imposing the red tape of Home Information Packs. Now they want to cripple the fragile market with even more regulation. Tenants will lose out, as these new costs will reduce the supply of housing and drive up rents. There is already public alarm at Labour plans for an intrusive council tax revaluation and inspections of family homes. Now Labour are giving even more powers for town hall snoopers to barge into people’s bedrooms and rifle through their underwear drawers."
However, in Parliament yesterday, Shapps said he was keen to have HMO controls in areas with "studentification" problems, but wanted to review the current legislation to ensure it is not too overarching and leading to problems in areas with no issues.
Ian Fletcher, director of policy at the British Property Federation, said: "Revoking the half-baked HMO planning legislation slipped in at the death by the previous Government was a pre-election pledge of the Conservatives.
"We hope this will be pursued swiftly as it is leading to confusion, unnecessary bureaucracy and expense at local level, and ultimately restricts affordable homes for those in need.
"If the minister wants to replace it with something better targeted, then that is his prerogative, but the clear message from landlords is that the current system is a dog’s dinner and time is therefore of the essence."
Rightmove strikes deal with Google
Friday 29th January 2010
Rightmove has done a deal with Google maps, ahead of Google's own launch into the UK property online market.
The deal, announced yesterday with immediate effect, takes the property internet to a new level, with the two huge players now literally on the same page.
The deal also ends speculation as to whether Rightmove would co-operate with Google on a 'if you can't beat them, join them' basis. As a result of the deal, Rightmove becomes one of the largest users of Google maps in Europe.
From yesterday, Rightmove properties are now placed on a Google map on each 'detailed view' page.
However, the application will be expanded over the next month so home-hunters will be able to see initial search results plotted out within their search area – just as they will be able to do on the Google property mapping service.
Google's own offering, expected to launch in the UK in the first quarter of this year, is likely to be a search engine based on its maps. Property searchers would then be diverted to the agent's own website in order to see property details. The facility would be free for agents.
The Rightmove deal appears to try to head off this potential threat, relying on its own brand for property searchers, who would not only see the mapping but also the details of several properties – all on one site, as Rightmove does not divert to agents' own websites.
Rightmove has been running a new TV ad campaign and attracted over 1m visits in a single day for the first time this Monday.
A Rightmove spokesman told Estate Agent Today: "Google are about to launch their own UK real estate offering, which will be based on maps. Rightmove can now offer something quite similar.
"However, we have two very different business models: Google is a search engine, and users will click through on each property to the agent's own website. On Rightmove, users can see everything they want, all in the same place – not just the location, but the complete property details.
"We also liked the Google maps because they are the best maps around. They're clear and easy to view."
Sanjay Patel, of Google Enterprise, said: "With this technology on their site, Rightmove will be able to provide property searchers with a faster, more accurate and more comprehensive mapping system to help them find that perfect home even more efficiently."
UK homeowners now adopting European rental habits
Thursday, 07 January 2010
UK homeowners are increasingly adopting the habits of Continental Europeans who often rent their homes, as 1.75 million state they would now consider selling their home and renting because of the housing market crash, according to research from Unbiased.co.uk.
Of these 1.75 million homeowners, 32% stated they had not considered doing this in the past. A further 31% said they would consider selling their home and renting but weren't able to do so at the moment as the price they would get for selling their home was too low.
Almost a third (31%) of those who already rent their home, believe that with the recent volatility in the housing market, renting gives them more freedom without the hassle of owning their own home.
More than one in ten (12%) state they now no longer aspire to the status symbol of owning their own home after the recent property market crash. Some 6% of renters have been put off buying due to the property market crash and 7% have been financially unable to buy due to the property market crash.
Only just over one on ten renters (13%) state the property market crash has not put them off buying, and they are still hoping to purchase their own house.
Owning their own home appears most important to the younger generations, with 22% of those aged between 18 to 34 still hoping to buy. The older generations of renters are less interested in buying after the property market crash, with only 6% of those aged between 35 to 54 and 2% of those aged 55 or over stating they are still keen to stop renting and buy their own home.
Karen Barrett, Chief Executive of Unbiased.co.uk said: "While there are mixed messages as to whether house prices are now starting to rise again, it is clear that the property market crash has had a profound effect on the way people view their homes. For many who own their own home, the worry and stress of this through the property market volatility has caused them to re-think about whether long-term renting is a viable option for them.
"It has also caused renters to think about their long-term options, and while some still want to get on the property ladder despite the recent crash, many have now decided that the British status symbol of owning your own home no longer has the same importance."
Rise in new mortgage sales hides 'two-speed market' as homeowners fail to refinance
Rebecca O'Connor, Property Correspondent, The Times - December 11, 2009
The number of mortgages taken out to buy a home rose to the highest level for almost two years in October as the housing market continued to rally.
The Council of Mortgage Lenders said that 55,000 mortgages were taken out for purchases in October, the highest monthly total since December 2007. The figure is more than double the January 2009 low of 23,000 and is a 9 per cent rise on the previous month.
The number of home loans advanced to remortgage borrowers and first-time buyers remained unchanged between September and October. However, the figures were viewed as a sign that low interest rates for those with large deposits, together with recent house price rises, are encouraging those who are able to move to take advantage of the favourable market conditions.
The number of loans to home movers - a group that does not include first-time buyers - rose by 15 per cent between September and October, with the bulk of borrowers opting for tracker mortgages as evidence grows that interest rates are set to remain low for the long term.
Michael Coogan, director-general of the Council of Mortgage Lenders, said: "We are still in a two-speed mortgage market. It appears that low interest rates for those with substantial deposits, coupled with this year's sustained increases in house prices, are encouraging more people to buy or move.
"But the same low rates that are driving house price activity provide little incentive for borrowers to refinance their loans. This, coupled with tightness in lending criteria, continues to hold back the remortgage market."
Signs from the mortgage market indicate that credit conditions are easing and that lenders are more willing to lend.
Friday 4th December
In the last eight months, while bank base rate has been kept on hold, the total number of residential mortgages available has increased from 1209 to 1624, the majority of which being two-year fixed-rate deals.
Average rates on two-year fixed deals continue to see significant falls, standing at 4.93% today.
Rates remain less favourable on longer term deals, where the average five-year fixed stands at 6.15%. The average three-year rate continues to increase, standing today at 5.60%.
Michelle Slade, spokesperson for Moneyfacts.co.uk, said: "In such uncertain times, borrowers and lenders alike seem to prefer shorter-term deals, where changes can be made relatively quickly if market conditions change dramatically.
"If lenders maintain the increased margins they have placed on mortgage deals, this short-term view is likely to prove more expensive for borrowers in the long run.
"Increased competition in the two-year market has increased the competitiveness of the deals available, but at £928, the average arrangement fee remains more than £100 higher than on longer deals.
"Borrowers' love affair with shorter-term deals means lenders benefit from the increased frequency with which arrangement fees become payable.
"Lenders appear to be discouraging borrowers from taking medium to longer term deals by charging higher rates, as extended periods of repayment, together with uncertainty over the economy in the medium term, bring a higher risk of default.
"By opting for a five-year deal, borrowers are likely to benefit from a more stable mortgage market when they come to remortgage. Increased equity in their homes from rising property prices will increase their chances of being eligible for a more competitive deal at a lower LTV band."
Buy-to-let lending increased in the third quarter of 2009 - it was ten per cent higher than in the previous three-month period.
Friday 20th November 2009
That is according to the Council of Mortgage Lenders (CML), which said this data represents the first increase in gross lending in the sector for two years.
Lending totalled £2.1 billion in total, while the number of buy-to-let loans advanced grew from 21,600 to 23,700 between the quarters.
The CML's director general Michael Coogan said the figures show that buy-to-let is here to stay.
"Buy-to-let lenders are among those facing some of the biggest challenges in raising mortgage funding, so the improved figures are all the more welcome." he added.
John Heron, managing director of Paragon Mortgages, said the data shows how strong and resilient the buy-to-let market is. He claimed that the sector has proved it can cop in a tough economic period
The recession is now officially over for buy-to-let as mortgage lending to the sector picks up once again and landlords look to take advantage of more affordable property prices and high tenant demand.
Friday 20th November 2009
That is the claim from website Lettingsearch.
Buy-to-let investors are beginning to fight their way back into the property market as prospects for the sector improve following a sustained period of restricted financing and, until recently, weak rental yields.
With banks finally increasing their buy-to-let lending in quarter three, a period of sustained investment in the industry is set to follow.
Many professional landlords still have liquid cash available to invest and are now likely to look to expand their portfolios over the next few months, buying property at the more affordable levels before prices climb too far. Investments in other asset classes continue to under-perform, and as a result, City bonuses will also be channelled into investment property, bolstering the buy-to-let sector further.
Investment in the sector will be underpinned by strong and rising tenant demand for lettings accommodation, as homeowners and first-time buyers turn away from the sales market and will fuel heightened activity in the property market as a whole.
Phil Calderbank, Director at lettingsearch.co.uk, said: "Mortgage lenders are once again recognising the important role lettings has to play in the property market and as investors with liquid cash make a move to take advantage of affordable property, strong tenant base and improving returns, I think we can safely say that the recession is now over for buy-to-let.
"Many so-called reluctant landlords have discovered a new income stream and we believe some of these people will stay in buy-to-let and even expand their portfolio. This will further strengthen the buy-to-let sector.
"The current rate of house building cannot meet the demand from potential buyers, and while lending to homeowners remains scarce and the uncertainty over unemployment looms on the horizon, we will see people choosing lettings from every rung of the ladder."
The recent reduction in rental market stock could lead to "quite strong rental growth" in the long term, according to one property industry expert.
Friday 20th November 2009
Lucian Cook, director of residential research at estate agent Savills, said that there are various other reasons why the private rented sector is set to increase in size.
He explained that a number of would-be first-time buyers will be "effectively excluded" from buying property due to mortgage constraints and deposit requirements.
These people will therefore spend more time renting homes, which will boost demand for landlords' services.
His comments came after various industry organisations - such as the Association of Residential Letting Agents - claimed that the so-called accidental landlord phenomenon from earlier in the year has started to fade away, with those who were forced to rent out property now looking to sell it instead.
"I suspect that you will see stock on the rental market become eroded over a period from here on in [and] get back to much more normal levels," Mr Cook remarked. "I suspect that will also bring some degree of stability into rental levels."
Property website Zoopla has now successfully completed the integration of all of its websites onto a single "super portal".
Friday 20th November 2009
The firm said that it would offer enhanced services to its users with more features for consumers and greater exposure and leads for its agent members.
As a result of combining the best features from each of the websites in its stable – PropertyFinder.com, HotProperty.co.uk and ThinkProperty.com – Zoopla.co.uk will now offer a range of new services to the millions of home movers who visit the website each month and a far broader audience for its thousands of estate agent members.
Zoopla CEO Alex Chesterman said: "Following our acquisitions over the summer, it was important for us to consolidate onto a single brand and technology platform as quickly as possible in order to deliver the benefits to our users.
"We have taken the best-in-class features of all of our websites and combined these to deliver on our goal of offering consumers the UK's best property market resource and our agent members the most efficient source of applicant leads, appraisal leads, exposure and tools to help them win more business."
Investors have opted to buy more property over the last year, new research from the Association of Residential Letting Agents (Arla) has revealed.
Friday 20th November 2009
The study indicated that the average residential landlord investor has boosted their property portfolio from 6.3 to seven homes in less than 12 months.
According to the survey, buy-to-let investment has almost doubled in the last five years, with the average number of properties per landlord increasing from four in 2004 to its current level.
Ian Potter, operations manager at Arla, said: "Low interest rates and proportionately higher rental yields are making the buy-to-let market attractive again to experienced investors."
The 0.5 per cent Bank of England interest rates Mr Potter refers to are expected to be kept at the same level for the rest of the year and most of 2010.
Indeed, many economists are predicting that the cost of borrowing will stay at this record low throughout next year.
Property News Archive
Buy to let landlords are now being rewarded
Following the acquisition of the PropertyFinder Group from News International, Zoopla.co.uk – the UK's fastest growing property portal – is set to integrate all of its
websites onto a single technology platform.
Yorkshire tourism awards 2009
Interest rates are down and rents are on the up - according to a recent RICS survey.
Gross mortgage lending totalled an estimated "12.5billion in September, a 2% rise from the £12.3billion in August but down 27% from September 2008
eturn of buy-to-let, if you can get a loan
Return of buy-to-let, if you can get a loan
RICS launches property standards board to protect against 'cowboy agents'
'Secret' tenants set to be given protection against eviction
Zoopla completes purchase of Propertyfinder
Market could have bottomed last winter, says Rightmove
First-time buyers need "32,000 deposits
Government looks set to order clampdowns on EPC disobedience
Tories will put pledge to scrap HIPs in manifesto
Agents must sign up with Anti Money Laundering register
33,000 tenants could face eviction over arrears
Land prices collapse but debt-laden builders can't buy
More arrears - but fewer repossessions are forecast
Law about to change on Assured Shortholds
Mandatory licensing body likely to charge £120 subscription
House prices are up - but could go down again, says Halifax
Warning over too much red tape in lettings
Do more to stimulate lending, pleads Paragon
Housing ministers all in expenses row
More landlords claim on rent guarantee insurance
ARLA Licensing Launch
Pension funds tempted by private rental sector
Valuers 'chasing house prices downwards' claim
House price falls near bottom
Consumer interests safeguarded by letting agent licensing
Licence to let will hit all private landlords
OEA changes its name as it widens its remit
Qualified agents to the fore as property spotlight switches to renting
MPs call for tenants to be protected during repossession
Rental Market Shake-up Brings Specialist Expertise To The Fore
Landlords 'need to take out rent payment guarantee'
Landlords Preparing For EPC
Buy to let investors to benefit from new stamp duty amnesty
HMO Alert
Fines Threat
London Falls
Lending Falls
City Loss
Auctions Hammered
Gas Safety
Redress pioneer welcomes Government approval
Break for forward-thinking landlords
New president and new mission for ARLA
Which way is best for UK rental market?
Carbon Monoxide still a threat to those letting property
Landlords and tenants told: Don't Risk It!
New housing regulator has best interests at heart
Opportunity knocks
ARLA April forecast
Energy Performance Certificates
Buy-to-let still thriving
Buy-to-let future bright
Allowances on income from property
Energy Performance Certificates and Tax Allowances
Major Review of Private Rented Sector
Can't sell it? Let it!
Tenant's Surveyed
New agency to have key regeneration role
Regeneration in east Leeds
Buy to Let landlords remain confident
Tenant demand at 'five year high'
Landlords and Tenants Begin to Understand Deposit Protection
Million pound property sales have nearly tripled over the last five years
Regional high rollers
Buy to let property out-performs gold
HIPs become mandatory for properties with three bedrooms
“10 Years of Buy to Let ”
Latest ARLA Letting Survey - is there a shortage of rental property in the UK?
Success for Tenant Deposit Protection Scheme
Letting agents celebrate double milestone in expansion plans
The Sky's the limit for Linley & Simpson's flagship York office
Success for Tenant Deposit Protection Scheme
Government awards contracts to three companies to run tenancy deposit protection schemes
Our Branches
Serving you throughout Yorkshire
Leeds City0113 246 9295
Roundhay0113 237 0281
Harrogate01423 540 054
Ilkley01943 816 888
Wetherby01937 586 060
York01904 611 722
Wakefield01924 375 245
Horsforth0113 239 0663
Ripon01765 690 219
Request a free marketingAppraisal
Free click here
Downloads & Forms
Application Forms and Guides
>> online tenant application form
>> landlords guide
>> tenancy deposit scheme (TDS)
>> online mailing list
Download a Residential LettingApplication Form
Click here
Follow Us