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Good news for landlords

Good news for landlords

There is a lot of Good News For Landlords Around As PRS rents Increase, Tenancies Last Longer And Demand Remains Strong

Good news for landlords as monthly PRS rents have increased by 1.1% year on year to average £845 (GBP) per calendar month (pcm). Scotland has witnessed the greatest rental price increase at 6.7% compared with the first quarter of 2013.

There has also been an increase in the number of older private rented sector tenants according to the latest quarterly index published by Countrywide lettings agency, who noted a 6% annual growth in the number of tenants over the age of 50 renting property in the UK private rented sector (PRS). The lettings agency also report that there has been a 7% annual decline in the number of tenants aged under 25 in the second quarter of 2013.

Buy-To-Let yields are strengthening across the UK, with the average yields being recorded in 3 regions:

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MP’s Table New Proposals To Regulate Private Lettings Market

MP’s Table New Proposals To Regulate Private Lettings Market

Two new proposals have been individually tabled by Labour MP’s calling for the regulation of landlords and lettings agents.

Former Labour housing minister John Healey and veteran Labour backbencher, Sir Alan Meale, made the proposals in the House of Commons separately but both are calling for better regulation of the private rental sector

Mr Healey’s Bill seeks to introduce mandatory licensing for lettings and property managing agents and a ban on lettings agents charging fees and is called “The Letting Agents (Competition, Choice and Standards) Bill 2013-14”.

The objective of the proposal is to establish a national mandatory licensing scheme for lettings and managing agents, with established standards and redress for landlords, tenants and leaseholders, and prohibition of lettings and management agent fees; to enable local authorities to administer and enforce the scheme; to require that tenants, landlords and leaseholders have written agreements; and to empower local authorities, either alone or in partnership, to trade as letting and managing agents.”

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Is Your Rental Property Safe?

Is Your Rental Property Safe?

Landlord fined for ignoring dangerous hazards in rental property

The national press have recently reported that a landlord was handed a £2,745 (GBP) legal bill for renting out a dangerous property to tenants, highlighting the need for all landlords and their appointed lettings or property management agents to ensure that their rental property is safe to live in.

According to the Association of Independent Inventory Clerks (AIIC), landlords and lettings agents ignore potentially dangerous and potentially life-threatening hazards all too often.

The AIIC report that the most common dangers found in a rental property are:

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