Deadline for landlords to register deposits

April 20th, 2015

The UK Government is currently running a 90 day amnesty for landlords who have yet to put their tenants’ deposits into an official scheme. It is thought that up to a third of landlords in England and Wales are not registered with a deposit protection service despite the legislation being in place since 2007. After the June 23 deadline, fines worked out at three times the initial deposit will be applicable. In addition to the possible penalties, landlords who fail to register deposits will be left powerless if they want a tenant to leave at the end of a tenancy as they will be deemed to have failed in their obligations.

Full story available in The Telegraph: http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/11532831/Landlords-have-two-months-to-register-deposits-or-face-3600-fine.html

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

 


Labour’s proposals for longer tenancies not thought through….

April 17th, 2015

Rob Ellice, CEO of easyProperty has argued strongly against Labour’s longer tenancy proposals in an article written for property industry journal Property Week. Whilst it’s easy to understand that introducing a minimum tenancy of 3 years may discourage buy-to-let investors and thus result in housing shortages in the rented sector, Rob also argues that such changes will not benefit the majority of tenants. He states that the average UK tenancy is 19 months and the families that the increased minimum tenancy length may benefit only make up around 10% of all tenancies in the private rented sector.

Full story available from LandlordZone: http://www.landlordzone.co.uk/news/longer-tenancies-will-help-no-one#

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


RLA launch dedicated election website

April 16th, 2015

All major political parties contesting the UK general election have now published their election manifestos ahead of the 7th May 2015 polling date. For those with an interest in the Private Rented Sector (PRS) the Residential Landlords’ Association has created a dedicated website providing a summary of what the main parties would do for housing if elected to Government. The website can be found via the following URL:

https://www.rla.org.uk/general-election-2015/index.shtml

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


Buy-to-let best long term investment

April 15th, 2015

A comparative analysis, sponsored by lender Landbay, revealed that buy-to-let was the best performing long term investment when compared against equities, gilts, commercial property and cash. The results showed that over the last 18 years, £1,000 invested in an average buy-to-let property purchased with a 75% loan-to-value mortgage in the final quarter of 1996 would have been worth £14,897 by the final quarter of 2014. This translates to a compound annual return of 16.2%.

Full story available from Mortgage Introducer: http://www.mortgageintroducer.com/mortgages/252214/238/Buy-to-let/Buy-to-let_returns_beat_all_asset_classes.htm

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


UK rents rise by more than 10% over last year

April 14th, 2015

The latest HomeLet Rental Index shows that rents across the UK have risen by an average of 10.2% over the last year. Rent rises were experienced in every UK region except Wales. Analysis of the report also shows that rent rises in Greater London are no longer out pacing other areas with larger increases experienced in six other regions.

Full story available from Property Reporter: http://www.propertyreporter.co.uk/landlords/average-uk-rent-surges-10-in-a-year.html

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


Tenants rush into tenancy agreements they later regret

April 13th, 2015

According to research carried out for mortgage and loans provider Ocean Finance, almost a third (32%) of those questioned say they hurried into renting their property and 61% admitted to disliking something about their home.

Among the list of things that tenants did not like about their home was that the property was too small, it was cold and not it a good location.

Read the full story on Property Reporter

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


Call for help with immigration checks on tenants made by agents and landlords

April 10th, 2015

Letting agents and landlords have made 636 enquiries since 1st December to a helpline set up by the Home Office to advise on immigration checks on tenants. Of these enquiries, 258 have originated from outside the west midlands – the pilot area in which the ‘right to rent’ scheme was launched last September. As yet, there is no information as to when the scheme will be rolled out to the rest of the UK.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/10584/

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

 


Young people less optimistic about joining housing ladder

April 9th, 2015

The latest Generation Report from Halifax shows that the number of first time buyers in 2014 was at its highest level for seven years. Further analysis of the report however shows a disconnect between the reality for such buyers and their perception of the housing market. High profile government schemes such as Help to Buy, along with improving economic conditions, resulted in 311,500 first-time buyers in 2014, up from a low of 192,300 in 2008. Despite this, the number of people saving to buy a home dropped in the last year with the perception among young people that mortgages are not available to them or the goal of purchasing a property is out of reach.

Full story available from Mortgage Introducer: http://www.mortgageintroducer.com/mortgages/252164/238/Buy-to-let/Generation_Rent_2015:_Don%E2%80%99t_stop_believing.htm

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


Buy-to-let investors in North East least confident

April 8th, 2015

Research from Emerging Property has found that buy-to-let landlords in the North East of England are the least confident in the market with only 21% believing that it will continue to grow. London on the other hand is the most optimistic region with 39% of landlords positive about future trends. After recent changes in pension rules the research also predicts that more people will want to invest in property with student property the most popular sector.

Full story available from Mortgage Solutions: http://www.mortgagesolutions.co.uk/mortgage-solutions/news/2403018/north-east-buy-to-let-investors-least-confident

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


Members of the Council of Mortgage Lenders adopt new statement of practice

April 7th, 2015

Buy-to-let lenders who are members of the Council of Mortgage Lenders are adopting a new statement of practice, designed to provide clarity about how responsible buy-to-let lenders operate.

31 lenders representing an estimated 90% of the buy-to-let market have already adopted the statement of practice. All CML members who offer buy-to-let mortgages are expected to adopt it over the course of 2015.

CML director general Paul Smee said: “Lenders know how important it is to have a transparent mortgage market, in which borrowers can have confidence, and where lending policy is both responsible and clearly understood. The new buy-to-let statement of practice reflects what responsible lenders already do and offers a clear explanation of how buy-to-let lenders operate. We hope it will make a valuable contribution to understanding the buy-to-let lending environment.”

Read the full story on Property Reporter

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