Landlords say no to online agents

August 29th, 2014

The latest Property Academy Landlord Survey shows that only 7% of landlords would chose an online agent over a high street equivalent. The main reasons given were the importance of local knowledge, the preference for face-to-face contact and accessibility.

Full story available from Letting Agent Today: http://www.lettingagenttoday.co.uk/885-landlords-reject-online-agents-and-social-media

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


Government confirms redress scheme starts October 1

August 28th, 2014

The Department of Communities and Local Government has confirmed that the lettings sector’s compulsory redress scheme will begin on October 1. Under the scheme any lettings agency in England found not to be in one of three official schemes can be fined up to £5,000. The three schemes are the Property Redress Scheme, Ombudsman Services Property and The Property Ombudsman.

Full story available from Letting Agent Today: http://www.lettingagenttoday.co.uk/878-dclg-confirms-redress-regime-starts-october-1

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


Private rental sector growing, but you still need to do your homework

August 27th, 2014

The private rented sector is growing with reports of an annual increase of 4% on rents and with 6 tenants chasing every available property across the country.  So it was not surprising to also read this month that the average deposit in England and Wales has increased by 34% since the launch of tenancy deposit protection in 2007, according to figures released by My|Deposits.

This growth in the sector is likely to be a long term trend as it was reported this month that it would take the average person as long as 22 years to save up for a deposit according to CML figures.  Many people may therefore resign to the fact that renting is going to be a long term option for them rather than a short term solution.

With such positivity in the sector in terms of growth it becomes all the more vital for landlords to do their research before investing.  However according to research conducted by Platinum Property Partners many buy-to-let investors carry out no or little research before making property purchases.  Steven Bolton from Platinum Property Partners states that ” research and advice is essential to help pinpoint the right type of property and identify the right locations to maximise income”, with even as small an increase as 1% they could see a significant increase in their investment.


Fees ban adversely impacts tenants

August 27th, 2014

Evidence from the first Scotland Buy-to-Let Index from Your Move shows that rather helping tenants, the ban on charging tenant fees has actually resulted in the same tenants being worse off. In the two years prior to the ban, the average annual rental change stood at 0%. However, in the 21 months since the ban, rents in Scotland have increased by 2.3% – a rate much higher than that in England and Wales. This rise could be explained by agents charging increased fees to landlords to compensate for the loss of income from tenants. The landlords in turn are demanding a rise in rent to maintain their property income.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/anti-fees-campaigners-warned-rents-rise-ban/

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


Landlords unaware of agents’ professional credentials

August 26th, 2014

The latest annual survey from the Property Academy shows that 55 per cent of landlords who use letting agencies are unaware if their agents belong to any professional body. The same survey also highlighted that the biggest concern that landlords had about their portfolio was void periods which significantly outstripped problems such as arrears or property damage.

Full story available from Letting Agent Today: http://www.lettingagenttoday.co.uk/839-landlords-don-t-know-agents-professional-credentials

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


Fair wear and tear ‘most misunderstood area’ of renting process

August 22nd, 2014

According to the Association of Independent Inventory Clerks, fair wear and tear is the most misunderstood area of the whole renting process, especially as “everyone has their own view of what constitutes fair wear and tear”.  In order to help landlords and tenants with this the AIIC has put together some useful tips in the following article:

Article courtesy of Property Reporter: Fair wear and tear ‘most misunderstood area’ of renting process

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


Unscrupulous letting agents are ‘double dipping’

August 21st, 2014

Research published by Direct Line for Business has found evidence of both landlords and tenants being charges for the same service, such as tenant referencing and contract extensions which only amounted to a change of date.  The research also revealed the disparity in charges, with the cost of a letting agent completing an inventory on a property ranging from £65 to £300; property visits from £20 to £100; and the charges for managing a checkout from £30 to £125.

Read the full story on Property Reporter

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


Tenants allowed to start businesses without landlord’s permission

August 20th, 2014

The Business Minister, Matthew Hancock, is to introduce a new law that removes the need for a tenant to seek permission from their landlord to operate a business from private rented accommodation. Other measures included to support entrepreneurs operating from home are the exemption from business rates, except in a small number of cases, and the scrapping of the need to apply for planning permission.

Full story available from LandlordZone:  http://www.landlordzone.co.uk/news/business-minister-scraps-landlord-rights#

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


Many renters have never met their landlord

August 19th, 2014

Research from Ocean Finance reveals that 30% of private tenants deal only with their letting agent. This figure is most pronounced in London and in the North East (36% and 38% respectively.) Respondents to the survey aged between 18 and 24 years old were the most likely to rent their home and also the most likely to have not met their landlord.

Full story available from Mortgage Introducer

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


Sharp rise in Scottish rent prices

August 18th, 2014

New findings released from the July 2014 HomeLet Rental Index show a 10% increase in the Scottish private rental market since June. This compares to an average rise of 4.4% across all UK regions. Other regions showing strong recent growth include Wales, East Anglia and the South West.

Full story available from Property Reporter:  http://www.propertyreporter.co.uk/view.asp?ID=14167

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