September see’s ease in rent prices

October 21st, 2014

The latest figures from the HomeLet Rental Index show that twice as many regions in the UK saw rental price falls than those recording an increase in rental prices in September,  taking the average monthly price to £728.

While the annual data still points to a rental market averaging largely positive growth, Martin Totty, chief executive officer of the Barbon Insurance Group of which HomeLet is a part believes that’with this month’s data being the second consecutive month of slower rental price growth, and house prices indices indicating a slowing of house price growth, this could suggest movement to a period of more settled rental prices.

Read the full story on Property Wire

RentPro cloud based rental property management software for letting agents and landlords.


Advertising Tenancy Fees

October 17th, 2014

As you may be aware, recent new guidance from the Competition and Markets Authority (CMA, previously the Office of Fair Trading) and agreed with the Advertising Standards Authority (ASA), states that all rental property adverts on portals need to reference tenancy fees, and that information on the actual fees a letting agent charges also needs to be provided.

Rightmove have updated their portal feed to allow this information to be sent through and displayed in a light-box which will appear when a user clicks the “fees apply” link.  This light-box currently contains generic fee information text as agreed with the ASA.  In line with this, RentPro has been updated to allow this information to be added so that it can be fed through to Rightmove, and other portals as they make this change.

The ASA will require that agents update their stock on Rightmove by the end of November. We have therefore introduced this field well in advance of this point so that agents have sufficient time to provide the required information on existing and new stock.  It will be the agent’s responsibility to comply with the guidance and provide specific tenancy fee information.

We realise that the same set of fees may apply to all properties that you market. As such, you can define a standard statement via Admin > Control Panel > Portals tab. This statement will be included in all new properties added to RentPro. Note that all existing properties that you intend to advertise via a property portal, or your agency website will have to be manually updated.

 


Landlords dispute Shelter’s claims regarding revenge evictions

October 16th, 2014

According to the Residential Landlords Association, the number of private sector tenants evicted has fallen over the past year. According to the most recent English Housing Survey just 7% of tenants that have moved in the last year said that that they had been asked to leave by their landlord or agent. Of these, research by the RLA shows that the vast majority of evictions happen for legitimate reasons. This data appears to strongly contradict Shelter’s campaign highlighting revenge evictions.

Full story available from Letting Agent Today: http://www.lettingagenttoday.co.uk/1068-landlords-insist-private-sector-evictions-falling-whatever-shelter-says

RentPro cloud based rental property management software for letting agents and landlords.


10% renters suffer ill health due to state of property

October 15th, 2014

Research from a YouGov survey has revealed that 10 per cent of 4,544 private renters in England have suffered ill health in the past 12 months because their private rented housing was of a poor state.

Almost half of the respondents to the survey (48%) said they lived in a property with mould and 44% in a home with damp, which can cause health conditions such as asthma and eczema.

Nearly a fifth (19%) lived in accommodation with electrical hazards and 18% reported their homes were infested with animals such as mice, ants and cockroaches.

Read the full story on Inside Housing

RentPro cloud based rental property management software for letting agents and landlords.


Buy-to-let not to blame for housing crisis

October 14th, 2014

Two market experts, David Whittaker and Ying Tan of Mortgages for Business and The Buy to Let Business respectively, said that buy-to-let is providing a market service and not contributing to the UK’s lack of housing supply. They say that buy-to-let represents no greater of lending now than pre-credit crunch. A further justification is that landlords are plugging a gap in the market which the government’s social policy fails to.

Full story available from Mortgage Introducer: http://www.mortgageintroducer.com/mortgages/250788/238/Buy-to-let/Don%E2%80%99t_blame_buy-to-let_for_housing_crisis.htm

RentPro cloud based rental property management software for letting agents and landlords.


Trading Standards authorities actively searching for non-compliant letting agents

October 13th, 2014

Letting agents are being warned that they face possible prosecution if they have not joined one of the compulsory redress schemes. Fines of up to £5,000 can be imposed on non-compliant letting agents. The Property Redress Scheme said that it is being actively contacted by local authorities questioning whether lettings and property management agents have joined one of the three approved schemes.

Property Industry Eye: http://www.propertyindustryeye.com/trading-standards-authorities-prowl-letting-agents-breaking-law/

RentPro cloud based rental property management software for letting agents and landlords.


Falling rental yields for standard BTL properties

October 10th, 2014

According to the latest Mortgages for Business Complex Buy to Let Index, rental yields on standard or ‘vanilla’ buy to let properties are falling. Gross yields on such properties, have fallen to 5.9% as of Q3 2014 from 6.3% in Q2. Other property types may offer much higher yields. For instance, multi-unit freehold blocks now provide landlords with a gross yield of 8.6%.

Full story available from Property Reporter: http://www.propertyreporter.co.uk/view.asp?ID=14470

RentPro cloud based rental property management software for letting agents and landlords.


Government releases another document on Redress Schemes

October 9th, 2014

A shorter document that the original one released early in the year, it provides clarity on who falls under the remit of a letting agent and thus has to be a member of one of the three ombudsman schemes.

Read the full story on Letting Agent Today

RentPro cloud based rental property management software for letting agents and landlords.


Rise in Britons giving up on home ownership

October 8th, 2014

The number of British tenants who never expect to own their own home as risen from 12% three years ago to 18%. Even for those that still aspire to buying a property, almost half believe it will be 5 to 10 years before they can get on the property ladder.

Full story available from Introducer Today: http://www.introducertoday.co.uk/790-more-britons-give-up-on-home-ownership

RentPro cloud based rental property management software for letting agents and landlords.


New type of tenancy for private rented sector in Scotland

October 7th, 2014

A consultation on a new type of tenancy has been launched for the private rented sector by the Scottish Government. The primary aim of the new tenancy type is to give tenants better security of tenure. Two aspects have the potential to prove controversial: the scrapping of the no-fault ground for repossession and the possibility of rent controls.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/rent-controls-scrapping-fault-ground-horizon-scottish-prs/

RentPro cloud based rental property management software for letting agents and landlords.