Bank of England considers buy-to-let mortgage restrictions

July 2nd, 2015

The Bank of England has expressed concerns over excessive landing to fund buy-to-let purchases. In its latest report, the BoE states that buy-to-let lending now accounts for 18% of new mortgage lending. This could pose a risk if interest rates rise, resulting in investment properties becoming unprofitable due to higher debt-servicing costs. The report also states that later this year the Treasury will consult on possible tools to be used by the Bank’s financial policy committee which could ultimately restrict buy-to-let lending.

Full story available from Letting Agent Today: https://www.lettingagenttoday.co.uk/breaking-news/2015/7/buy-to-let-mortgage-restrictions-on-the-way

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


Landlords report surge in demand

June 30th, 2015

Research conducted by Paragon Mortgages has found strong growth in the buy-to-let market during the second quarter, with 43% of landlords experiencing a rise in tenant demand. The latest figures confirm that demand is well established, with ongoing, steady growth for the past three consecutive three quarters. With 51% of landlords believing that they will continue to see a rise in demand, the level of growth appears set to continue.

Full story available from Property Reporter: http://www.propertyreporter.co.uk/landlords/43-of-landlords-say-demand-is-booming.html

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


Increase in residential lets being agreed before tenants move out

June 26th, 2015

The number of properties being re-let before the existing tenant has moved out is on the increase. New research from Countrywide shows that in the current year 33% of all new lets were agreed whilst the property is still occupied, up from 27% last year. Obviously this is good news for landlords as it translates to a shorter average void period. Furthermore, the average let agreed whilst tenants are still in place equates to 105% of the asking rent, or an average of £35 per month more than the asking rent. In comparison tenants moving into an empty property have more room to negotiate, knocking an average of £21 per month off what the landlord originally asked for.

Full story available from Property Wire: http://www.propertywire.com/news/europe/uk-lettings-tenants-landlords-2015062610675.html

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


Availability of rental properties falls

June 25th, 2015

The Association of Residential Letting Agents (ARLA) has reported a fall in the number of rental properties available to tenants during May. The supply of rental property fell by 7% from April, with only 179 properties managed per ARLA branch in May. This represents the lowest level recorded this year. Although the number of available properties may be falling, demand is remaining constant with ARLA members reporting 36 potential tenants registered per branch in May – the same as the previous two months. With demand outstripping supply it’s unsurprising that agents are reporting an increase in rents.

Full story available from Property Reporter: http://www.propertyreporter.co.uk/landlords/demand-outstripping-supply-as-rental-stock-plunges.html

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


Landlords providing sub-standard service, claim, but majority of tenants are happy?

June 24th, 2015

At the start of the month a report by the National Association of Citizens Advice Bureaux, claimed that private landlords are providing a sub-standard service whilst “pocketing £5.6bn in rent on unsafe housing”.  This report however was widely criticised within the industry, with Richard Lambert, Chief Executive Officer of the NLA suggesting that the report uses loose definitions to compound a perception that private housing is insecure and unsuitable across the board, and it ignores the weight of evidence to the contrary.  More evidence emerged to refute the Citizens Advice Bureaux’s report during the month when Paragon Mortgages released its most recent research that found the large majority of tenants – 82 per cent – said they consider the property they rent to be their home and 70 per cent said they perceived the rent they pay to be either good or very good value for money.

Despite this optimistic response from tenants there still appears to be work needed in the area of educating both tenants and landlords about their responsibilities.  According to research by the Endsleigh insurance firm, there’s growing uncertainty over where the responsibilities of private sector tenants and their landlords meet.   The biggest discrepancy between what tenants and landlords believe relates to providing meter readings at the beginning and end of the tenancy period. Nearly three quarters (73 per cent) of landlords correctly think it is their tenants’ job to do this, but only 35 per cent of tenants agree.  With RentPro a letting agent can now easily assist with this issue thanks to our partnership with TenantShop.  TenantShop makes the job of notify local councilswater suppliers and energy providers of new and vacating tenancies, set up and close void accounts for your landlords and ensure there are no stray bills an easy and quick one.  Find out more about TenantShop from our recent newsletter.


RLA claims government discriminates against private rented sector

June 24th, 2015

The Residential Landlords Association (RLA) has accused the Government of discriminating against private landlords in relation to the roll out of Universal Credit. This follows the establishment of a helpline for social landlords with tenants on Universal Credit facing difficulties with their housing costs. Private landlords are excluded from using the service. With 26% of tenants in private rented housing in receipt of housing benefits the RLA claims that if the government does not provide the necessary support to private landlords then many may consider if renting to benefit claimants is worth the risk.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/government-accused-of-discriminating-against-private-rented-sector/

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


Number of BTL deals for first-time landlords soaring

June 23rd, 2015

Moneyfacts today revealed that the number of buy-to-let deals available to first-time landlords has risen by 13%, up from 574 in April to 664 today, arguably as a result of the new pension freedoms.  Charlotte Nelson, finance expert at Moneyfacts commented that “with high rents and mortgage rates at record lows, the potential for big returns is high” but did caution that “it is essential for those thinking about a buy-to-let mortgage … to seek the advice of a financial adviser to see if this is the best route for them.”

Read the full story on Moneyfacts.co.uk

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


Deadline looms for protecting deposits

June 22nd, 2015

Landlords have until tomorrow evening 23rd of June to protect any outstanding tenancy deposits they took for tenancies commencing before that date, according to the Deregulation Act 2015 amnesty, otherwise they will be barred from using the no-fault section 21 eviction process.  There has been much confusion on the law surrounding deposit protection and it is hoped that the Deregulation Act 2015 will clarify the situation once and for all.

Read the full story on LandlordZone

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


53% of North West landlords say they struggle to keep up with new laws

June 19th, 2015

According to a report published by the rochdaleonline.co.uk website, more than half of all North West landlords say they are struggling to keep up all the regulation changes which have been coming “thick and fast” recently.

Despite the Government’s promise to reduce red tape for businesses and cut the amount of regulation needed to run a business, it seems they are making an exception for the private rented sector (PRS).

Read the full story on LandlordZone

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


Tenants and landlords unclear on responsibilities, claims survey

June 18th, 2015

According to research by the Endsleigh insurance firm, there’s growing uncertainty over where the responsibilities of private sector tenants and their landlords meet.  ‘Touching up paintwork’, ‘meter readings at the beginning and end of a tenancy’ as well as ‘informing utilities companies and the council of a new occupancy in the property’ are disputed responsibilities by tenants.  The biggest discrepancy between what tenants and landlords believe relates to providing meter readings at the beginning and end of the tenancy period. Nearly three quarters (73 per cent) of landlords correctly think it is their tenants’ job to do this, but only 35 per cent of tenants agree.

Read the full story on Landlord Today or check out the Landlord and tenant rental property responsibilities guide on Endsleigh’s website.

With RentPro and our new partnership with TenantShop you can make the job of notify local councilswater suppliers and energy providers of new and vacating tenancies, set up and close void accounts for your landlords and ensure there are no stray bills and easy and quick one.  Find out more about TenantShop from our recent newsletter.

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