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Number of tenants Renting Property Set To Overtake Number of Home Owners By 2025

 

Renting To Overtake Home Ownership By 2025

According to a new prediction from the professional services network – Price Waterhouse Cooper, (PwC), the number of tenants in rented properties will outnumber the overall number of property owners with mortgages in less than a decade.

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Will The Housing Crisis Win The Election?

Will The Housing Crisis Win The Election?

The Politics Of Housing

It is still generally acknowledged by all political parties that there is a housing shortage in the UK, and each political party wants to offer the public alternative methods of tackling the problem in an attempt to win electoral favour.

Most political parties see the housing crisis in the UK as a possible election winning issue and each party’s election manifesto promises the general public many things, including further private rented sector (PRS) reforms and the introduction of additional legislation. There isn’t much offered by any political party for landlords, except for the promise to put an end to the private rental sector.

A recent survey by Ipsos MORI research published in January 2015 discovered a confusing conundrum, in that:

  • 75% of the public agree that there is a housing crisis in the UK
  • 48% of the public disagree there is a housing crisis in their locality

The publication of each political party’s election manifesto is intended to give the public a clearer indication of the housing priorities of the UK’s next parliament.

However, despite claims of a housing shortage nationally there are still some UK regions that have large proportions of derelict and abandoned properties, many still in a habitable condition.

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RLA Hit Back At Rent Control Calls

RLA Hit Back At Rent Control Calls

Rent Controls Are Not The Answer
To The UK Housing Shortage

The Residential Landlords Association (RLA) have hit back at politicians and housing and homeless pressure groups who are openly calling for rent controls in the UK’s private sector by claiming that private sector rents are falling in real terms following analysis of the official English Housing Survey (EHS).

The English Housing Survey (EHS) results are taken from a continuous survey conducted by the Department of Communities and Local Government (CLG) and show that average private sector rents increased by just £10 from £153 to £163 (GBP) per week in 2014, representing a rise of 6.5%.

In contrast, average weekly rents in the UK’s social sector increased by more, with weekly rental prices increasing 25.4%, rising by £18 from £71 to £89 (GBP).

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Landlords Warned To Get Ready For Universal Credit

Landlords Warned To Get Ready For Universal Credit  Chaos!

National Universal Credit Roll-Out
Starts February 2015 

Department of Work and Pensions (DWP) Secretary, Iain Duncan Smith surprised commentators with an announcement that Universal Credit (UC) will be rolled out to all Jobcentres and local authorities in the UK by February 2015 following the apparent success of the pilot scheme that was originally trialled in the North West.

Many Universal Credit detractors predicted that nothing significant would happen, before next year’s General Election, however, Iain Duncan Smith stunned everyone by announcing that Universal Credit will be rolled out to all Jobcentres and local authorities across the country, starting February 2015.

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Funding Boost For Government Build-To-Rent Plans

Funding Boost For Government Build-To-Rent Plans

Finance Secured To Build Thousands Of
Affordable Properties For Rental Purposes

Government housing minister Kris Hopkins has welcomed a deal that will release £500 Million (GBP) of additional funding to build new affordable residential properties in the UK.

The new investment finance has been secured through an agreement with the European Investment Bank (EIB), that will help deliver up to 4,300 new and affordable homes to rent in areas of the UK.

The funding is set to form part of the £3.5 Billion (GBP) Affordable Housing Guarantees programme, which enables housing associations to use Government guarantees to secure private investment at more competitive rates than they would otherwise be able to secure.

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More Tenants Face Eviction Over Bedroom Tax

More Tenants Face Eviction Over Bedroom Tax

Bedroom Tax Blamed For Increasing
Eviction Numbers

The apparent shortage of 1 and 2 bed properties in either the social or private rented sector means that more tenants are facing eviction for non-payment of the Bedroom Tax because there are no suitable properties available for them to move into.

Mark Rogers, Chief Executive of the Circle Housing Group, one of the UK’s largest housing associations managing 65,000 residential properties, has warned of a rise in tenant evictions because of the government’s new under-occupancy penalty, more commonly known as the bedroom tax.

Mr Rogers said “It is inevitable that there will be a long-term increase in the number of people failing to pay their rent as there are simply not enough vacant smaller properties for people affected to move into to avoid the charge. Circle Housing Group are offering tenants financial advice and encouraging those affected to look at a house exchange scheme, which has seen a 26% rise, but an increase in evictions is also to expected. The under-occupation charge is hitting a lot of people very hard, as you would expect. They are losing money and by the very nature of being on benefits, they are on very low incomes. People can’t down-size because there aren’t enough properties for them to move in to. We did a survey and one finding was that if you let every single bedroom that came vacant, and you housed an under-occupier there, it would take eight years to clear the backlog. Our view is that  for the vast majority the transfer system is untenable. We won’t evict someone if we can’t find a solution for them. If they don’t take that solution that we offer, then we will evict, but we see it as our job to make sure we don’t go down that route. If that happens we see it as a failure; it is expensive to the local authority, it is expensive to the person, traumatic for the person, often not good for the community. We see evictions generally as a last resort. From our perspective I think as time goes on they will go up a little but our plan is that by using our solutions we minimise the impact.”

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New Affordable Housing Guarantees Funding Is Intended To Deliver

New Affordable Housing Guarantees Funding Is Intended To Deliver
Thousands Of Affordable Properties

New Affordable Housing Guarantee Funding Is Intended To Deliver Thousands
Of Affordable Properties

On the 24th July 2013, Government ministers announced a multi-million pound boost to build thousands of new and affordable residential properties in the UK.

69 different housing associations and developers will each receive a share of £220 million (GBP) to deliver almost 14,000 new and affordable residential properties outside of the London area.

Work on the new residential properties will be started by March 2015 and will be expected to be completed by 2017.

The move is part of wider government efforts to get Britain building, which will lead to the fastest annual rate of affordable house building for over 2 decades.

The increased funding is part of the expanded £450 million (GBP) Affordable Housing Guarantees which will support up to £3.5 Billion (GBP) in government debt guarantees to deliver thousands of new homes.

Of the almost 14,000 homes this money will help deliver, the majority will be available at an affordable rent with 2,000 of those available to buy through shared ownership.

Housing associations and developers who plan to use the guarantee scheme will now work with the Affordable Housing Finance to finalise the details of the loan funding that will work alongside today’s grant allocations.

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Government Offers Direct Payment Guarantee For Social Landlords

Government Offers Direct Payment Guarantee For Social Landlords

Private Rental Sector Landlords
Expected To Fend For Themselves

PRS landlords were left furious after the Government Welfare Reform minister offered social landlords the opportunity for direct payment of housing benefit under the Universal Credit scheme, but there was no such offer for private landlords.

Government Welfare Minister, Lord Freud has offered landlords a series of small concessions over Universal Credit, with payment of housing benefit to tenants temporarily suspended if rent arrears exceed two months. However, this only applies to social housing landlords, i.e local authorities and housing associations and not private sector landlords.

Lord Freud confirmed that direct payment of housing benefit to tenants who are at least two months’ behind with their rent, would be suspended, with the total amount of rent outstanding paid back to social landlords within six to nine months.

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 Obey Gas SafetyLaws Or Face Prosecution – Landlords Warned

Gas Safety Is A Legal Responsibility

Gas Safety Is A Legal Responsibility

UK Landlords need a better understanding of the many laws and regulations regarding the safety of tenants in private sector rental accommodation, or they may find that non compliance with any of the prescribed regulations can make them liable for prosecution and will render their Landlord Insurance invalid.

UK Landlords have moral and legal responsibilities regarding the safety of all tenants living in private rented sector (PRS) rental accommodation, occupied under a lease or licence, which includes, but not exclusively:

  • Residential premises provided for rent by local authorities, housing associations, private sector landlords, housing co-operatives, hostels
  • Rooms let in Houses of multiple occupation (HMO’s), private households, bed and breakfast accommodation and hotels
  • Rented holiday accommodation such as chalets, cottages, flats, caravans and narrow boats on inland waterways.

The Gas Safety (Installation and Use) Regulations 1998 outlines the landlords’ duties to make sure gas appliances, fittings and flues provided for use by tenants comply with all the latest UK safety regulations and are not hazardous to the health of the tenant.

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