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Shelter Say Rogue Landlords Are Damaging Tenants Health

Shelter Say Rogue Landlords Are Damaging Tenants Health

New Survey Reckons PRS Properties Are In Such A Poor
State They Affect Tenants Health

According to a newspaper report published in The Independent last week, around 10% of private rental sector tenants have suffered ill health in the last 12 months because they feel that rogue landlords had failed to deal with poor conditions in their rental properties.

Housing and homelessness charity Shelter and British Gas commissioned a survey of 4,500 private rented sector tenants and reckon that poor living conditions are commonplace for tenant families in the UK’s private rented sector.

Around 50% of the tenants surveyed said they had lived in a rental property with damp or mould in the past year, and 20% of tenants said their rented home has electrical hazards, while 17% of tenants reported living with pest infestations including mice, ants and cockroaches.

Campbell Robb, Shelter’s chief executive, said “No family should have to live in a home that puts their health and well-being at risk, let alone face eviction just for asking their landlord to fix a problem. Yet every day, we hear from parents up and down the country living in fear that damp or gas and electrical hazards are putting their children in danger, but feeling powerless to do anything about it. With a bill to end revenge evictions going through parliament next month, we now have a real chance to change the law and protect renting families. We’re calling on people across the country to email their MPs and ask them to vote to end this unfair practice once and for all.”

Have Shelter got their facts wrong?

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Does House Price Index Data Provide A Clearer Picture Than The Newspaper Headlines Suggest?

Does House Price Index Data Provide A Clearer Picture Than The Newspaper Headlines Suggest?

Does House Price Index Data Provide A Clearer Picture Than The Newspaper Headlines Suggest?

There can be a great deal of contradiction with the rising number of published House Price Indices, (HPI), that attempt to show the general public what is happening in the UK residential property sales market.

Many Spotlight subscribers are already aware that some of the published House Price Index data provided by mortgage lenders only relate to residential property sales, whilst others relate only to property asking prices.

However, property purchasers are often told to use the official published Land Registry data as a true guide to property prices rather than rely on any house price index data, but Land Registry data is a few months out of date because the Land Registry only record actual completed residential property sales.

Consumers need to know if all the HPI data is anywhere near accurate before they decide to part with cash to purchase a property, and with some degree of disparity between different indices the information provided can be confusing.

However, one thing is becoming very clear – UK property price growth is slowing!

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Are Property Price Rises Slowing?

Are Property Price Rises Slowing?

Is The UK Property Market Just Experiencing
A Seasonal Slowdown Or Is It Something Worse?

There are a lot of reports in the media attempting to suggest that the UK property market is doomed to failure, with the latest House Price Indices (HPI) published by mortgage lenders suggesting that the UK property market is slowing, however there are fears that it might be in more serious trouble.

Halifax latest figures show that property prices in the three months prior to September 2014 were 2.7% higher than in the preceding quarter but there was an average 0.6% property price rise across the UK during September, resulting in an average property price of £187,188 (GBP).

Halifax say that this is the second successive decline in the quarterly rate and predict that the annual house price growth rate has already peaked at 10% and future growth will be at a considerably slower pace. 

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Is The Mortgage Market Review Slowing The UK Property Market?

Is The Mortgage Market Review Slowing The UK Property Market?

Is The Mortgage Market Review Slowing The UK Property Market?

The number of new mortgages being approved by lenders dropped to an 11 month low in May 2014 as the new affordability rules brought in by the Mortgage Market Review (MMR) caused borrowers to be put off and delayed hundreds of existing mortgage applications.

The Mortgage Market Review brought in on the 26th April 2014 requires all UK based mortgage lenders to carry out rigorous affordability checks on the financial status of borrowers.

These stringent affordability checks include stress tests designed to determine if a borrower could continue to repay their loan if interest rates rise significantly.

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More Details Emerge On Government Demand For Transparency Over Letting Agent Fees

More Details Emerge On Government Demand For Transparency Over Letting Agent Fees

More Details Emerge From Government
On Letting Agent Fees Debate

The Government have declared that all UK letting agents and property management agents must display full details of all fees charged to tenants on websites and in offices.

Deputy Prime Minister, Nick Clegg faced a tough grilling at his House Of Commons session from Labour MP Harriet Harman, who wanted the Government to back the ban on letting agents charging fees to tenants.

Ms Harman told MPs: “Not least because of the difficulties of affording to buy a home, there are now 9 million people renting, including 1.3 million families with children – security and continuity are particularly important for them. It is time to move from one-year tenancies with unpredictable rents to three-year tenancies with predictable rents. What we need to be sure is that letting agents do not rip tenants off by charging fees to the tenants, as well as charging the landlords.”

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UK Property Market Bubble Warning

UK Property Market Bubble Warning

OECD Warn About Sustainability Of UK Property Market

The Organisation for Economic Cooperation and Development (OECD) has warned about the sustainability of the UK property market as residential property prices gain more upward momentum across the UK, and continue surging phenomenally in London, prompting growing fear of another property market bubble, as the UK economy continues to recover from the financial crisis in 2008.

A property market bubble occurs when property prices become so over inflated that they become unsustainable and the market collapses

The Confederation of British Industry (CBI) also aired concern saying that they are on high alert about the property market in London and the South East of England as house prices surge.

The Bank of England are said to be monitoring the situation, however BOE policy maker, Ben Broadbent reckons there’s no need for alarm over the UK property market as they have already curtailed incentives for home loans through the Funding for Lending Scheme.

Rising property prices are a good thing, they are a good indicator of the overall health of a nation’s economy, and the current government are confident that prices will continue to rise, hence the introduction of financial incentives such as the Help To Buy scheme, encouraging property buyers with loans or guaranteed underwritten mortgages, allowing them to gain a stake in the UK property market.

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Property Sourcing Revolution Report is causing controversy already and it hasn't been released yet

Property Sourcing Revolution Report is causing controversy already and it hasn’t been released yet

Property Sourcing Revolution Report

The UK’s biggest property buying educators, Progressive Property, have just released a fascinating training report and video guide on CD that shows how you can identify and snap up a house at up to £25k off the market value!

It’s revolutionary because it requires no ‘negotiation’ or ‘sales’ skills – You just need to know what to look for, using a major website that house buyers and tenants use every day.

The report is called “Property Sourcing Revolution” so click the link below and take a look.

Grab your copy –> Click Here Now! <–

The report details examples of properties bought using the exact techniques laid out in the pages, and there is a detailed video training CD that accompanies the report to show you the exact how-to steps that the author used to find them!

What this report is NOT about!

  • This report has nothing to do with posting adverts in newspapers or putting ‘I Will Buy Your House’ stickers on cars in order to find cheap properties
  • This report is not about buying properties for £1, purchasing under someone else’s name or rent-to-buy or any other insider ‘tricks’ or ‘3 step secrets of the professional  formulas’
  • This report will not show you how to ‘click your fingers’ and ‘make millions overnight’ from property.

Let’s be realistic, that doesn’t happen in real life, otherwise everyone would be doing it!

The techniques described in this report are far better and much smarter than that!

This report will show you in detail how to quickly build up an expert-level of knowledge about your local area (or any area of the UK in which you’d like to buy a house)…

Allowing you to find and buy good properties quickly and easily at well below their market value.

Grab your copy –> Click Here Now! <–

It’s already causing quite a stir on Facebook due to its controversial but easy to copy tips!

What’s more… the tips included in this report actually do work! (with plenty of proof provided)

I’ve read the “Property Sourcing Revolution” report and I would say that it is well worth a read, even if its just to discover the techniques that house buyers across the country are .

Rob & Mark from Progressive Property are giving a limited number of copies of the “Property Sourcing Revolution” report away to get some reader feedback before it goes on open sale in a few weeks time.

Grab your copy –> Click Here Now! <–

If it’s not for you at this time, you’ll still be able to order this 24 page printed report and video training CD in a few weeks time when Progressive release it via their online shop for £47 (GBP).

 

Treasury Watchdog Sounds Alarm Over Runaway Property Market

Treasury Watchdog Sounds Alarm Over Runaway Property Market

Treasury Watchdog Sounds Alarm Over Runaway Property Market

  • Office for Budget Responsibility (OBR) says speculators are inflating property prices
  • Average price of a London home is expected to jump from £458,000 (GBP) to £650,000 (GBP) by the year 2020
  • Average price of a UK residential property reached £254,000 (GBP) in January

Following on from last Friday’s post about the Government’s independent watchdog the Office for Budget Responsibility (OBR), the Treasury’s chief watchdog, Robert Chote has spoken out.

Soaring UK property prices are being inflated by speculators banking on further gains, causing Robert Chote, head of the Office for Budget Responsibility (OBR), to issue a warning that the UK is on the verge of a dangerous housing bubble.

Mr Chote told Treasury Select Committee MP’s: “With very rapid house price increases in some parts of the country you might see bubbly activity where people are willing to buy stuff off plan or not intend to live in it. The surge in prices is partly down to soaring demand, driven by rising confidence, increased lending, and government schemes such as Help-To-Buy combined with a general lack of supply. You can explain the increase in house prices by fundamentals without having to resort to saying there is a bubble going on. That doesn’t mean to say there may not be some bubbly components to what is going on in the housing market in particular parts of the country.

Treasury Watchdog Sounds Alarm Over Runaway Property Market as average price of a typical residential property climbed to £254,000 (GBP) in January 2014 – an increase of 6.8% in a year

Treasury Watchdog Sounds Alarm Over Runaway Property Market as average price of a typical residential property climbed to £254,000 (GBP) in January 2014 – an increase of 6.8% in a year

Official figures show the average price of a typical residential property climbed to £254,000 (GBP) in January 2014 – an increase of 6.8% in a year.

Residential property prices were up:

  • 13.2% in London
  • 7.1% in the South East
  • 6.9% in Wales.

As already reported on Spotlight, the OBR expects house prices to rise by more than 30% in the next five years, meaning that the average price of a typical residential property in London is expected to jump from £458,000 (GBP) to £650,000 (GBP) over the next six years.

Mr Chote insisted that the OBR was not “taking a view that house prices are over or undervalued, house price inflation should cool from 8.5% this year to 3.7% in 2017 and 2018.

Steve Nickell, an economist who sits on the OBR with Mr Chote, said: “A bubble arises when demand is being driven by people wanting to get in because of expectations of price growth rather than for somewhere to live. The house price to income ratio has been growing for the last 40 years but that cannot go on forever because everything you consume would become housing and there would be nothing else left.’

But David Ruffley, a Tory MP on the Treasury committee, said forecasters always expect a ‘benign return to equilibrium’ and fail to predict the cycle of boom and bust.

UK Rental Market Remains Healthy Despite PRS Rent Falls

UK Rental Market Remains Healthy Despite PRS Rent Falls

UK Rental Market Remains Healthy Despite PRS Rent Falls

Rental price increases in many UK regions have slowed according to the latest data gathered by the latest Buy-To-Let Index conducted by LSL Property Services group.

The data showed that UK PRS rents increased by 1.5% in the 12 months to December 2013, less than half the 3.2% growth observed in 2012 and on the whole, UK PRS rents fell by 1% in December 2013, (around £8), reducing the average private rental sector rent to £745 (GBP) per calendar month.

The largest drop in PRS rental prices was observed in the South East, with rents down 2% since November 2013, rents also fell 1.9% in both London and Wales.

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UK PRS Landlords Expect Tenant Demand To Increase

UK PRS Landlords Expect Tenant Demand To Increase

UK PRS Landlords Confident About Continued

Strong Tenant Demand

As we reported yesterday (UK Property Boom ContinuesSpotlight – 7th January 2014), the private rented sector boom looks set to continue throughout 2014 and a recent survey conducted by LSL Property Services, has discovered that six in ten UK private rented sector landlords agree.

The LSL survey of 2,195 private rental sector landlords found:

  • 58% of UK PRS landlords are confident that tenant demand will continue to increase over the next twelve months
  • 41% of UK PRS landlords reported growth in tenant demand in past six months
  • 16% of UK PRS landlords expanded rental property portfolios during 2013
  • 18% of UK PRS landlords expect to expand their rental property portfolios in 2014
  • 10% of UK PRS landlords expect tenant demand to fall
  • 6% of UK PRS landlords experienced a drop in tenant demand
  • 77% of UK PRS landlords believe now is a good time to buy or sell rental property
  • 71% of landlords cited attractive property prices
  • 50% of UK PRS landlords highlighted better capital returns on offer compared to other types of investments
  • 47% of landlords said that strong tenant demand was a key investment driver

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