Currently viewing the tag: "private rented sector"
Rent Control Argument Rages On

Rent Control Argument Rages On

Most Tenants Would Support Rent Controls

The majority of tenants renting property in the UK’s private rented sector (PRS) would support the introduction of rent controls if they were introduced according to data gathered by a Manchester based letting agent.

The research was conducted by Geo Property Lettings through a number of industry related websites and social media profiles over a 3 month period. The survey discovered that 77% of tenants in the UK private rented sector would support the introduction of rent controls should the Government decide to implement such a scheme. Only 5% of tenants were opposed to the introduction of rent control whilst 18% of tenants expressed no opinion either way.

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UK landlords are societies new favourite target for criticism

UK landlords are societies new favourite target for criticism

Everyone Appears To Be Taking A Pop At Landlords

I don’t think I am becoming paranoid but have you noticed that public attitude towards landlords has changed over the last couple of years?
I know opinion can be like the property cycle and generally rolls around, but have you spotted a few subtle and not so subtle digs being aimed at our profession?

Targeting the private rental sector and the landlords who provide tenants with much needed housing used to be the reserve of newspapers such as the Daily Mail, but now the derision is much more widespread.

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PRS Rental Price Growth Stalls

PRS Rental Price Growth Stalls

UK PRS Rental Price Growth Stalls

It was widely expected that UK private rented sector (PRS) rental prices would increase during the course of 2015, due to the lack of available rental properties on the market and continued strong demand from prospective tenants.

However, research by HomeLet found that the pace of rent rises had begun to slow in the three months prior to August 2015. Average PRS rental prices being charged to new tenants were only 1.6% higher than they were at the start of the year compared to the 2.2% rise that had been observed during the three months to August 2015.

PRS rents remain considerably higher than they were when figures are viewed on an annual basis, with average rental prices reaching £992 (GBP) in the three months to August, 10.5% higher than August 2014. 

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Government Issue Response To Tax Relief Petition

Government Issue Response To Tax Relief Petition

Government Issue Muted Response To Tax Relief Petition

The Government has published a response to the online petition that opposes the proposals to change the amount of tax relief on buy to let mortgages announced by the Chancellor, George Osborne, in the post election summer budget.

From April 2017 onwards landlords will only be able to claim the basic rate tax relief rather than the higher rate tax relief on buy to let mortgage payments. It is widely feared that the move will severely affect the profitability of the private rented sector (PRS).

The online petition to reverse the planned tax restrictions on individual landlords has attracted more than 23,600 signatures since being posted.

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Landlords Outraged At Right To Rent Prison Threat

Landlords Outraged At Right To Rent Prison Threat

Landlords Outraged At
Right To Rent Prison Threat 

Private rental sector landlords and letting agents have expressed outrage over proposed amendments to the forthcoming Immigration Bill (2015) expected to be introduced in September, when MPs return from their summer break.

Section 20 – 37 of the Immigration Act 2014 contained the provision to make it compulsory for landlords to check the immigration status of all new adult tenants. Now officials want to enforce the measures, in order to strengthen their grip on the private rental sector (PRS).

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Landlords Face Tougher Penalties Under Immigration Bill Proposals

Landlords Face Tougher Penalties Under Immigration Bill Proposals

Landlords Must Evict Illegal Immigrants Or Face Prison Under New Immigration Bill Proposals

It has been announced that UK private rented sector (PRS) landlords could face a 5 year prison sentence if they fail to conduct proper ‘Right to Rent’ checks included in new Government proposals for the Immigration Bill

The proposed changes to legislation will require PRS landlords to verify the immigration status of all prospective tenant applicants, before tenancies are agreed. Any landlord who repeatedly fails to conduct these checks would be in breach of a new offence, carrying maximum penalties of five years’ imprisonment or a fine.

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Harrow Selective Landlord Licensing Scheme Proposals Could Breach Tenants Rights

Harrow Selective Landlord Licensing Scheme Proposals Could Breach Tenants Rights

Harrow Landlord Licensing Scheme Proposals Could Force Landlords To Make Monthly Rental Property Visits

Harrow council’s decision to force private rental sector (PRS) landlords to make monthly inspections of their rental properties could be in breach of tenant rights, according to the National Landlord Association, (NLA).

Harrow Council’s Selective Landlord Licensing scheme comes into force on the 1st November 2015, and it is proposed that PRS landlords in Edgware will be required to make monthly inspections of their rental properties, disturbing the tenant’s right to quiet enjoyment of the property and creating extra work for landlords.

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Landlords Could Be Taxed Out Of The Market

Landlords Could Be Taxed Out Of The Market

Conservatives Set About Raising Increased
Tax Revenue From Landlords

Before the general election the Conservatives were the only political party to not openly target landlords and property investors with manifesto rhetoric, making them the property professional’s choice for power.

Even before the budget statement was delivered by Mr Osborne, there was plenty of press coverage about the generous tax treatment enjoyed by private rental sector (PRS) landlords and buy to let property investors.

So it was of little surprise that the Chancellor chose to turn to the private rental sector in order to raise some additional revenue for the government.

Conservatives Vowed To Leave PRS Landlords AloneSpotlight predicted that this would happen after the Conservatives were elected, and this year’s summer budget could be just the tip of the iceberg.

George Osborne before the  summer 2015 budget announcement George Osborne’s post election Budget announcement, made earlier in July, contained two  important changes to buy-to-let taxation that will impact on portfolio landlords and higher rate  tax payers.

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Rent_or_Buy_Property

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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Politicians Want PRS Control

Politicians Want PRS Control

Labour Announces Further PRS Controls

The Labour party leader, Ed Miliband, has announced his party’s plans to reform the private rented sector (PRS), with longer term tenancies and rent cap proposals, should they win the May general election.

Labour have been at the forefront of the PRS reform movement for some time, campaigning for longer term tenancies for tenants in the private sector and now the political party leaders want to introduce even more legislation that would effectively cap rental prices so they cannot be increased by more than the rate of inflation (CPI) during the proposed secure three-year tenancies.

The PRS control proposals were supposed to win the hearts and minds of the 9.1 Million households currently living in private rented sector properties, however even tenant campaign groups can see that these new proposals have more holes in them than an old Swiss cheese.

The introduction of new legislation that Labour are proposing would require landlords and letting agents to disclose the rental prices charged to any previous rented property occupants, allowing tenants to have the upper hand in negotiating the best possible rental price with landlords, before the start of a new tenancy.

Do TESCO provide customers with information concerning the actual purchase price that they pay for items before they sell them on at a huge profit, do they reveal operational profit margins – No they don’t!
Prices fluctuate as do operational costs, why should landlords be singled out for special measures when other business sectors are left alone?

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