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Illegal Immigrants To Be Banned From Renting Property In The UK

Illegal Immigrants To Be Banned From Renting Property In The UK

Landlords Face £3000 Fines
For Letting To Illegal Immigrants

Private rental sector landlords will be risking a fine of £3000 for breaking the law by letting rental property to illegal immigrants without doing proper background checks and comprehensive tenant referencing.

The proposal is currently undergoing a seven week consultation process and set to become part of the forthcoming Immigration Bill, launched by Immigration Minister, Mark Harper.

Under the proposed new legislation, illegal immigrants will not be entitled to free NHS treatment and will be prohibited from renting property in the UK.

Mr Harper said: “The consultation seeks views on the creation of a duty to require landlords to conduct immigration status checks on tenants before providing residential accommodation, with financial penalties for those landlords who let property to illegal migrants having failed to conduct the necessary checks. The landlord checking proposal is modelled on the existing civil penalty scheme for employers of illegal migrant workers.”

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Cracking The Property Code with Matthew Moody

Cracking The Property Code with Matthew Moody

Cracking the Property Code Live is the culmination of 10 years hands on experience and brings one of the UK’s best property investment educators ready to share with a select audience what he knows to be the key to property investment success.

 

Take action to move your property business
onwards and upwards

Spend the day with Matthew Moody learning how to create a property business that is profitable, and sustainable

BOOK YOUR PLACE NOW!

Attendees Will Learn:

  • How to understand if the path you are on is the right path for you
  • How to choose two property strategies that work for you
  • Which systems to use and which ones to ditch
  • Which three marketing strategies you need to use

Learn how to have more time, make more money
and secure the future of your property business

  • How to have more time, and make more money
  • Strategies for ensuring your property lets out for a premium rent
  • Foolproof guides to leveraging your time so you can do more and make more
  • How to make your business work in the recession
  • Busting wide the myths about regulations
  • How to avoid the ticking time bomb of interest rates

 With featured exhibitors:

  • Mir & Co Solicitors
  • HMO Tax
  • The Mortgage Practice

BOOK YOUR PLACE NOW!

 

June 22nd 2013 at The London Ealing Hotel, DoubleTree Hilton

Time: 09.00am – 05:30pm

Cracking the Property Code Live!

Cracking the Property Code Live!

UK Buy-To-Let Landlords Want To Expand Rental Property Portfolios

UK Buy-To-Let Landlords Want To Expand Rental Property Portfolios

UK Buy-To-Let Is Booming Again!

According to a new study conducted by market research firm BDRC Continental, UK Buy-To-Let landlords want to purchase more rental properties over the next 12 months.

The survey showed:

  • 23% of Buy-To-Let landlords plan to grow their rental property portfolios within the next year
  • 61% Buy-To-Let landlords are confident about the future prospects for their rental businesses.
  • 40% of Buy-To-Let landlords have increased rents during the last 12 months.
  • 7% of Buy-To-Let landlords had lowered rents in order to retain tenants.

The survey also discovered that tenant’s are staying longer in the same rental property, for an average period of two-and-a-half years.

This is good news for buy-to-let landlords as the UK private rented sector is growing at such a rate that landlords with low fixed rate or tracker buy-to-let mortgages are enjoying excellent rental returns and are able to fund further property portfolio expansion.

The survey also found that an average two-bed flat in central London now commands an average rent of around £1,515 (GBP) per month, that is more than three times the average monthly rent of £480 (GBP) for a similar property type in the North-East.

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Government Help To Buy Scheme Set To Boost

Property Ownership

40% Of Trapped Tenants Could Become First Time Buyers With Help To Buy Scheme

40% Of Trapped Tenants Could Become First Time Buyers With Help To Buy Scheme

Almost 40% of tenants trying to escape being part of Generation Rent could become homebuyers when the Governments 95% Help to Buy scheme is implemented in January 2014.

New research released by Rightmove found that very few trapped renters, tenants who would like to buy but can’t afford to, are currently saving for a deposit.

39% of tenants feel they will never be able to become property owners unless they strike it rich, which Rightmove reckon could come in the form of the Government’s Help to Buy scheme, which will enable people with only a 5% deposit to get on the housing ladder.

The research, conducted among 3,214 current private rental sector (PRS) tenants, last month, between April 9th and April 25th, shows that while 42% of trapped tenants are trying to save for a deposit, currently less than 10% of tenants are on course to meet their deposit goal , with the majority not in a position to start saving.

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Tenants are renting the same UK private rented sector property for longer as the rental property shortage

continues to limit choices.

Tenants are staying put in the same rental property for an average period of some 20 months, according to the latest research from the Association of Residential Letting Agents (ARLA).

The tenancy length figure is up year-on-year from an average of 19 months reported in the first quarter of 2012, indicating that tenants are beginning to take a longer-term view of renting property in the UK private rented sector (PRS).

ARLA’s data comes from 527 member offices and 56.9% of ARLA registered letting agents have reported greater demand from tenants looking for rental property than there are properties available.

There has also been a dramatic reduction in the number of lettings and property managing agents reporting an increase in suitable properties coming on to the market for rental purposes because they can’t be sold, with figures down to just 29% from 42% at the end of 2012. The result is a rental property shortgage across the UK.

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Home rental costs still rising, says LSL

The average cost of renting a Private Rental Sector (PRS) property is now 3.4% more than it was 12 months ago, according to a new survey.

Rents Reach Record High and Continue to Rise

UK Rents Reach Record High and Continue to Rise

The cost of renting a property in England and Wales reached another new record high in October 2012, with typical PRS rents averaging £744 (GBP) a month, up 0.4% on September.

October’s increase is the seventh consecutive month of overall rent rises, with the biggest increases being in London – up 0.9% and the South East of England – up 0.7%.

However, it wasn’t all good news for landlords as five areas saw average PRS property rental prices fall, with the biggest decrease being in the East Midlands – down 1.8%.

The survey by LSL Property Services suggested that the pace of PRS rent rise’s has slowed and that the heat had come out of the rental market as the quieter season for new tenants approached.

David Newnes, LSL Director, said “A combination of improved buyer activity and a seasonal slowdown has taken some of the heat out of the rental market as it enters the traditionally quieter final months of the year. However, despite the deceleration, the fact that monthly rents rose by twice the rate seen a year ago points to the underlying strength of tenant demand for PRS property.”

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