Government indicates that it aims to have the regulations in place ahead of the May general election for minimum energy efficiency standards (MEES)

January 27th, 2015

The non-domestic minimum energy efficiency regulations for England and Wales will mean that by 01 April 2018, all relevant properties will have to be improved to a minimum energy efficiency standard before being let to tenants, except where certain exemptions apply.  This means that landlords can no longer pay lip service to energy efficiency. Whereas it was once a worthy aspiration, it is becoming as fundamental as fire safety or building regulations.

Read the full story on Property Wire

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


Rents are higher than a year ago in three out of five regions of Scotland

January 22nd, 2015

The latest index figures from Your Move, one of Scotland’s largest lettings agent networks, reveal the pace of annual rent growth in Scotland dropped by two thirds in 2014 with average rents now just 1.2% or £6 higher than a year ago.

‘This wider downturn in growth during 2014 marks a return to the natural market rhythm. Scottish rents were holding fast on an even keel throughout 2011 and 2012, until the abolition of tenancy fees in November 2012 sparked a new tide of unnaturally steep rent hikes,’ remarked Christine Campbell, regional managing director of Your Move.  ‘This should act as cautionary tale for policymakers considering further constricting changes to lettings legislation. The rental market is thriving by its own hand, and too much undue intervention may poison the current climate of affordability,’ she pointed out.

Read the full story on Property Wire

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


Longer tenancies could result in more tenant disputes

January 21st, 2015

My Property Inventories, an inventory service provider, has suggested that longer tenancies in the private rental sector may result in additional costs to letting agents and landlords due to an increase in the number of tenant disputes. Recently there have been calls for longer private rental tenancies so that tenants can be more secure over their future. This however may result in a significant rise in the number of disputes relating to wear and tear unless the services of independent and experienced inventory assessors are employed.

Full story available from Property Reporter: http://www.propertyreporter.co.uk/landlords/will-longer-tenancies-increase-the-amount-of-tenant-disputes.html

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


Excessive fees are top complaints, says redress chief

January 20th, 2015

The Property Redress Scheme, is claiming an increase in consumer complaints against lettings agents and property management firms as the right to redress becomes better known to the public. The major causes of complaint have been claims of excessive fees (21 per cent), the non return of deposits (18 per cent) and perceived poor service or lack of communication (also 18 per cent).

Read the full story on Letting Agent Today

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


Rent rise of 3% recorded in 2014

January 16th, 2015

LSL Property Services has reported an average 3% rise in rents over 2014 across England and Wales. This translates to an average rent figure of £767 per month. As usual there are regional variations with a 7.6% rise in the East of England, but a 2.1% fall in the North East. Total annual returns on the average rental property are also on the up, with an average value of 11.1% over the twelve months to December 2014 compared to 9.2% over the course of 2013.

Full story available from Property Reporter: http://www.propertyreporter.co.uk/landlords/3-rent-rise-recorded-in-2014.html

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


Surge in tax receipts sparked by HMRC investigations into buy-to-let

January 15th, 2015

HM Revenue & Customs (HMRC) has experienced record receipts of capital gains tax after a crackdown on landlords. Figures published by accountants UHY Hacker Young show that probes by tax inspectors into underpayments of capital gains tax has resulted in HMRC obtaining £136m for the year 2013-14. This marks a 24% increase on the previous year.

Full story available from INEA: http://www.inea.co.uk/a/HMRC-investigations-into-buy-to-let-spark-surge-in-tax-receipts

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


Residential Landlords’ Association launches election manifesto

January 14th, 2015

As thoughts turn towards May’s general election in the UK, the Residential Landlords’ Association has detailed its own manifesto. Recommendations for any future government include enforcement of powers to tackle criminal operators who bring the sector into disrepute, measures to encourage investment in homes to rent and a new right for tenants to renew their tenancies for up to five years.

Full story available from Letting Agent Today:  http://www.lettingagenttoday.co.uk/1360-landlords-urge-longer-tenancies-sales-to-first-time-buyers

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


Landlords and tenants failing to submit deposit dispute evidence

January 13th, 2015

Many landlords and tenants are failing to submit evidence in the required time scales when caught up in security deposit disputes. According to the Deposit Protection Service almost 18% of landlords and 23% of tenants who agreed to dispute resolution either missed the deadline to submit evidence or sent in nothing. In cases where the landlord fails to submit evidence, DPS adjudicators automatically rule in favour of the tenant.

Full story available from Property Industry Eye:  http://www.propertyindustryeye.com/landlords-tenants-fail-submit-evidence-disputes/

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


‘Silver landlords’ trend set to continue in 2015

January 12th, 2015

The Mistoria Group research revealed that there was more than a 20% increase in silver landlords buying student property last year.   In April, when the new pension rules are introduced it is estimated that around 200,000 people will cash in their pension and that approximately 32,000 (16%) are expected to use the money to fund a property purchase, according to Ipsos Mori research.

Investing in student accommodation offers retirees a long-term investment option, as the property is highly likely to be in constant demand throughout the calendar year.  Typical rents are significantly higher for student properties, than a comparable buy-to-let property in the same city.

Read the full story on Property Reporter

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


Council of Mortgage Lenders against rent controls

January 9th, 2015

The Council of Mortgage Lenders has joined many voices opposing the concept of rent controls, which many people feel may be the end result of proposals being put forward by the SNP-led government in Scotland.

CML’s policy consultant for Scotland, Kennedy Foster in an official response to the consultation said “We believe that the introduction of rent control is likely to dampen appetite amongst institutional investors to invest in the sector, will impact adversely on the availability of buy-to-let mortgages, will result in higher rents being set at the outset to compensate for lower rent increases during the rental term and could impact on quality if a rental yield cannot be achieved to allow continued investment in the property.”

Read the full story on Letting Agent Today

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