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Referrals To The Property Ombudsman Increase

Referrals To The Property Ombudsman Increase

Huge Rise In Referrals To
The Property Ombudsman

There was a 42% increase in the number of referrals to The Property Ombudsman (TPO) last year, according to The Property Ombudsman’s Annual Report for 2014.

The latest publication of The Property Ombudsman’s annual report shows that six months after the introduction of new legislation, making it a legal requirement for UK letting agents and property managers to join one of the three government approved redress schemes, the number of letting agencies and property management companies signed up to the TPO scheme has reached 12,915, a new record level.

The 42% increase in registered property lettings and estate agent businesses brings the total number of UK estate agents and property lettings offices offering free, independent route to resolve property and tenancy disputes to 26,735.

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UK Property News In Brief from Estate Agent Today & Letting Agent Today

UK Property News In Brief

Weekly UK Property News Video Round-up

Provided By Estate Agent Today & Letting Agent Today

We always try to keep Spotlight readers updated with the latest property news from across the web, and with this in mind we thought we might try something new.

Our readers have found extra resources from some of the best property information providers available on the web, and they have asked that we share the information with the rest of our readership, so please grab a cuppa and sit back while watching the latest property news brief video from Angels Media.

The video features the latest property news stories from these 2 well known UK brands – Letting Agent Today and Estate Agent Today,  including: details on a new property conveyancing portal, a warning about the requirement of higher value deposits for new landlords and the success surrounding an old fashioned and proud single-office estate agency that has sold £26 Million (GBP) worth of property so far this year.

We hope that you have enjoyed watching the property news in brief and consider signing up to receive updates and information from the video’s providers – Subscribe to Estate Agent Today by Clicking here or Subscribe To Letting Agent Today by Clicking here

UK Rental Prices Have Not Grown As Much As The Media Hype Suggests

UK Rental Prices Have Not Grown As Much As The Media Hype Suggests

UK Rental Price Growth Has Slowed Down
Everywhere Except London

The hype suggesting spiralling rental prices in the UK’s private rental sector (PRS) are out of control, has been previously used by tenants and even some agents to brow beat private sector landlords into lowering the expected monthly rental prices has been exposed as a myth by the Office for National Statistics (ONS).

Apart from the ridiculous rental situation in London, where rental prices for single dwellings are getting beyond affordable, landlords across the rest of the UK are lucky if property rental prices just about keep pace with inflation.

Private rental sector rental prices are flat in monetary terms when viewed year on year even if there has been some seasonal adjustment for the Spring & Summer lettings market.

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Housing Minister Wants Crackdown On Rogue Landlords

Housing Minister Wants Crackdown On Rogue Landlords

Government Want New Measures To Tackle Rogue Landlords

Government housing minister, Kris Hopkins, has stressed the need for a fairer, more flexible private rented sector, and wants to raise standards of all rental property conditions and he intends to root out rogue landlords.

The housing minister wants PRS landlords and their tenants to offer their views on what else the Government can do to tackle the problems in the UK’s private rented sector, and what action needs to be taken to further boost the growth of the sector.

In particular, Mr Hopkins wants tenant and landlord views on a variety of new initiatives and safety measures including:

  • Tackling retaliatory evictions where a minority of PRS landlords evict tenants for requesting repairs to the property
  • Requiring landlords to repay rent where they have rented out a property that proves to have serious defects or hazards to tenants health, or where landlords have evicted a tenant illegally
  • Making landlords responsible for improving safety measures in rental properties, such as fitting hard wired smoke and carbon monoxide alarms and periodic electrical safety checks

The UK Government has already introduced an array of new guidelines, including providing local authorities with over £6.5 Million (GBP) to root out and prosecute rogue landlords in their areas.

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Landlords may avoid LHA tenants in future

Benefit Cuts To Make 40,000 Homeless

PRS Landlords Urged Not To Refuse
Housing Benefit Tenants

Following the decision by UK mega landlord, Fergus Wilson to evict benefit tenants from his rental properties, a campaign group has called on landlords with rental properties in the private rental sector not to discriminate against tenants on benefits.

Dan Wilson Craw, a spokesperson for poverty charity ‘Priced Out’, said such action could make people who need benefits unwilling to claim them due to fear of losing their home, meaning they could fall further into poverty, stating: “This is just one symptom of a wider housing market that is simply not working in the consumer’s interests”. The charity chose to discuss the issue with the Guardian newspaper, after the broadsheet featured the announcement by Fergus Wilson, who owns around 1,000 rental properties in Kent, after he had taken a drastic course of action to evict all tenants claiming benefits and instructed his appointed letting agents not to accept any further applications from prospective tenants who receive housing benefits due to the high number of tenants claiming local housing allowance (LHA) who had fallen into rental arrears. 

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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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Grab Your Copy Of The 2013 Emergency Cashflow Report

Grab Your Copy Of The 2013 Emergency Cashflow Report

Warning: Why buying property
could ruin you

More people than ever are discovering that property investing is an excellent way of making substantial returns on their savings.

Savings that would normally be eroded away in their bank accounts thanks to high inflation and low interest rates.

It’s no secret – ordinary people, with no specialist property investment education, are right now buying properties easily, with big discounts, renting them out, and making consistent monthly cashflow profits – without having to become ‘hands-on landlords’ or becoming overwhelmed in the process.

BUT with easy access to finance, a plentiful supply of heavily discounted properties, strong tenant demand and a massive rental market to play with, comes a warning

As with every investment boom and opportunity, it is your responsibility to make yourself aware of the facts, and not become sold on the hype and excitement of other people generating cash from property investment.

Get The Insider’s Secrets On Profitable Property Investing

If YOU are thinking of investing, or continuing to invest in property in 2013/2014, then it’s essential you read the latest Property Cashflow Report, written by 4-Time Bestselling Property Investment Authors Rob Moore & Mark Homer, the brains behind Progressive Property.

If you’re brand new to property and property investing, this report will give you the best step-by-step guide to generating a healthy second, or even replacement income…

Access the report here before Wednesday

Rob & Mark have bought over 350 properties since 2005, trained over 300 private VIP clients, and trained over 26,700 residential property investors.

In the last 8 years they’ve witnessed the expensive property investing mistakes, the lengthy tests, and they have documented action-steps which create reliable, cash-flowing buy to let property investments.

These two controversial, 30 year old property investors, who were recently featured by the BBC, are releasing their 6th annual Property Cashflow Report

Inside you’ll read the nuts-and-bolts details of how to buy and profit from residential property, explicit facts highlighting the mistakes and assumptions about property investing that you must avoid, mistakes that other investors have already fallen victim to…

PLUS: The full debrief of the biggest controversial warning ever to be shared outside of the property investment community.

Access the report here before Wednesday

Don’t expect any fluff or padded filler waffling about the joys of property investing, this report delivers the reality about what to do, HOW to do it, and what to avoid for the next 12 months, including:

  • The property investing buying process – every step explained in simple terms
  • How to ALWAYS have enough money to invest, age and credit no factor
  • Why buying at auction is one of the best kept secrets + how it works
  • How to make £2k per month without ever owning property
  • How to make letting, tenancy, and property management easy and stress-less
  • How to find big discount properties through estate agents – at zero cost!
    &…
  • The Top 20 Mistakes Investors Make When Dealing with Agents

Access the report here before Wednesday

PLUS: Case studies of career employees who have easily replaced their above-average incomes, on their own terms, by simply following the advice complied in this report.

Download your copy now, and avoid risking your finances RUINED by poor investment decisions or inexperienced guesswork.

Access the report here before Wednesday

2013 Emergency Cashflow Report

Landlords Face Closer Scrutiny From HMRC

Landlords Face Closer Scrutiny From HMRC

HMRC Want Landlords
To Pay Up

Her Majesties Revenue and Customs (HMRC) are determined to hit private rental sector (PRS) landlords for as much tax as possible.

Over the past few months, HMRC inspectors have been closely scrutinising PRS landlord activity, focusing on any money generated by sales of buy-to-let properties that were purchased by property investors.

HMRC have created dedicated task forces in the Yorkshire and Humber region and in the South East of England to ensure property investors are not evading tax obligations.

HMRC have also been publicising a property sales campaign to try and round up property investors who have yet to declare income from the sale of rental properties, so if you are a property investor who has recently sold a rental property, (that has never been your main residence), you better hurry up and declare it to HMRC before 6th September 2013.

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Countrywide’s Quarterly Lettings Index Results

Survey Reveals Favourable Rental Market For UK Landlords

Survey Reveals Favourable Rental Market For UK Landlords

Results from the latest Countrywide Quarterly Lettings Index has revealed a favourable UK lettings market for buy to let landlords.

Countrywide’s Quarterly Lettings Index analyses rental prices, rent arrears and gross rental yields in the UK private rented sector and is the UK’s largest national lettings index based on over 50,000 properties across England, Scotland and Wales and the latest survey has uncovered a number of interesting statistics:

  • Average monthly rents in Inner London are the highest in the UK and four times more than in Scotland
  • Scotland has the cheapest rental accommodation in the UK and is the only region where arrears have increased
  • Average monthly rents increased the most in Wales and the East of England at 5.5%, followed by Outer London at 5.4%
  • Average UK rental yields of 6.2%, with Wales topping list at 6.7%
  • Rising rents, falling arrears and fast letting times provide perfect recipe for buy-to-let investors
  • Average rents have risen and rental payment arrears have fallen in Q1 2013 compared to the prior year.

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Landlords Suffering Financially Due To Unexpected Costs

A recent survey by a national lettings agency has highlighted financial losses incurred by landlords due to failing to plan for unexpected costs.

Landlords Lose Out Due To Unexpected Costs

Landlords Lose Out Due To Unexpected Costs

Landlords pay an average of £1500 (GBP) per year out of their rental income on covering tenant rent arrears, maintenance and repair bills and void periods; a figure that equates to over £2 Billion (GBP) per year nationally, according to the survey by Northwood.

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There Will Never Be A Better Time To Invest In Property

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