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Smoke And Carbon Monoxide Alarm Legislation Warning

Smoke And Carbon Monoxide Alarm Legislation Warning

New Smoke And Carbon Monoxide
Alarm Legislation 
Comes Into Force
On 1st October

On October 1st 2015 the Smoke and Carbon Monoxide Alarm (England) Regulations are supposed to come into force meaning that landlords or their appointed lettings and property managing agents must install a smoke alarm on every floor of a rental property used for accommodation and fit Carbon Monoxide alarms in any room that contains a solid fuel burning combustion appliance, and all alarms should be in good working order.

However, there are calls for this legislation to be delayed due to lack of notice and ambiguity of the actual legislation.

The introduction of the new legislation is intended to save lives, we are already aware of the dangers that a potential fire in a residential rented property can cause, however, many landlords remain oblivious to the danger posed by Carbon Monoxide.

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UK PRS Rents Highest In EuropePRS Rents Still Increasing

Rent paid by tenants in the UK’s private rental sector, (PRS), increased by 2.1% in the 12 months up to and including March 2015, according to the latest published figures released by the Office for National Statistics (ONS), drawing claims from the National Housing Federation (NHF), that the UK is the most expensive country to rent property in within the European union.

In the 12 months to March 2015 UK PRS rents increased by:

  • 2.1% in England
  • 2.1% in Scotland
  • 0.8% in Wales

UK PRS rents are the highest in Europe, taking up 40% of tenant income despite having the shortest length of secure tenancies. In comparison our European counterparts only pay an average of 28% of their income on rent.

The NHF analysed the ONS data and found that on average UK PRS rents of approximately £750 per month for properties were almost double the rental costs of dwellings in countries like Germany and Holland, where average earnings are similar. However, it is worse for tenants in shared UK properties, who typically spent around 55% of their income on rent.

Across Europe, 43% of tenants had moved property in the last five years while in the UK this figure was more like 77%.

When the figures are analysed more closely it works out that approximately 23 minutes of every hour worked by UK PRS tenants is spent on rent; elsewhere in Europe, it is more like only 17 minutes.

The NHF also showed that the UK has repeatedly failed to invest in its own housing stock when compared to European standards, between 1996 and 2011 only 3% of the national Gross Domestic Product (GDP) was invested in UK housing, compared to 6% in Germany and 5% in France.

Other findings from the analysis include the fact that 72% of tenants renting in the UK private rental sector are employed compared to 62% of residential owner-occupiers.

NHF chief executive David Orr commented on the findings, stating: “UK tenants get a raw deal in comparison to their continental counterparts. High rents are just one symptom of the UK’s housing crisis, as a nation, we are simply not building enough houses due to under investment and problems with the land market.”

The Increasing Need For Student Property

The Increasing Need For Student Property

Student Property: Just How Great Is

The Need For It?

When it comes to tactical property investment, it would appear that the UK student property sector could be one of the shrewdest and lucrative choices property investors can make right now.

In 2013 over £2 Billion (GBP) was pumped into the student rental sector by savvy property investors who calculated the increased potential yields were well worth the risks.

This is because demand for student accommodation is at a record high and seems almost certain to continue increasing due to the growing number of UK and overseas university applications being made by prospective students and the increasing number of places being offered on courses by universities in order to attract student interest.

The UK is the current leading host country for attracting international students, with higher demand for places from foreign students than the USA, making our nation the world’s unopposed central student hub, and with good reason, our higher education system is among one of the best in the world, so it is of little wonder that many world leaders are choosing to send their children here to give them a head start in life. And the way current demand for university places is growing suggests that this top education status will not be changing any time soon.

Year on year there has been an increasing number of international students seeking a decent place to live, among fellow undergraduates, while they embark on their studies. Property investors are looking for properties within the

This means that in many UK university towns and cities, market rental prices will inevitably increase due to the increased demand for dedicated student properties, and property investors are virtually guaranteed to see a quick return on their investments because of the overwhelming need for their services.

Yields in student housing are 5-6% higher on average than the standard residential property in the private rental sector returns are well worth the effort.

See the infographic below to view the most important statistics on the current climate of Student Property Investment in the UK today.

Written by Braedon Frank
AspenWoolf.co.uk

Student Property Investment

Created by Aspen Woolf
Green Party Leader Blames Landlords For UK Housing Crisis

Green Party Leader Blames Landlords For UK Housing Crisis

Green Party Leader Under Attack For Demonising
Private Rented Sector Landlords

The leader of the Green Party, Natalie Bennett has attracted a great deal of criticism after she attacked buy-to-let landlords operating in the private rented sector (PRS) blaming them for helping to cause the UK’s housing crisis.

Ms Bennett cited extremely high rental returns for landlords with property in the UK private rental sector in the recent television debate between the opposition leaders.

She referred to a report published by the Wriglesworth Consultancy and lenders Landbay stating that there had been a 1,400% return for buy-to-let landlords since 1996.

But the report’s authors suggested that the calculations and methodology involved were far more complex than the Green Party leader had portrayed.

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Labour Manifesto Aims To Change PRS Forever

Labour Manifesto Aims To Change PRS Forever

Labour’s PRS Rent Control And Tenure Plans Under Attack

Labour’s manifesto confirms their plan to introduce 3 year tenancies and a ceiling on excessive rent rises in the UK’s private rental sector (PRS).

Previous Government’s have tried introducing rent controls and the result discouraged the building of new homes as well as reducing more financial investment in their rental property portfolios by landlords.

For years rent controls caused damage to the nation’s housing market, reducing the number of properties being built and recovery took almost a decade. The current rhetoric being touted around by politicians could have disastrous consequences for house builders and landlords alike.

The introduction of longer term tenancies is very much geared towards tenants but fails to address the problems already faced by landlords when tenants abscond without giving any notice, leaving the landlord out of pocket and looking for new tenants.

The UK’s private rental sector (PRS) has improved dramatically over recent year’s thanks in part to the introduction of tighter legislation, but there remains a delicate balance between regulation and altering the relationship between tenant and landlord. Intervention on rents and security of tenure has in the past damaged both market liquidity and good business values within the PRS.

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Property Investors Should choose Investment Properties Wisely

Property Investors Should choose Investment Properties Wisely

Property Investors Warned To Choose Potential
Property Purchases Wisely

Savvy property investors know that profit is made when buying property, not when it is sold, as equity can be locked in upon purchasing below market value, giving the property investor greater control of the purchase price by negotiating a deal with the seller, (vendor), rather than what the property eventually sells for on the open market.

Property investors are different from ordinary residential property buyers, as they are of the mindset that the property should meet all the financial requirements of a landlord first & foremost, rather than paying the high end retail price for a property just because it looks nice.

Many new and amateur property investors make the common mistake of falling in love with a property and begin to let their heart rule their head, becoming so emotionally involved that they lose control of their finances and let their emotions win, overspending massively and reducing any potential yield.

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UK Property Rental Prices Reach New Record High

UK Property Rental Prices Reach New Record High

UK Property Rental Prices Reach New Record High

Latest figures show that the new national average property rental price being advertised has reached a whopping £1,006 (GBP) per calendar month (pcm).

This is the first time ever that the national average property rental price has broken the 4 figure ceiling barrier in the UK.

The increase in the national average property rental price has been attributed to continued growth of the London and South East property markets.

Property rental prices being advertised in central London have reached £2,300 (GBP) per month, the highest recorded rental average apart from during the Olympic’s in the summer of 2012.

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Government End Outdated Law To Allow Short Term Letting In London

Government End Outdated Law To Allow Short Term Letting In London

New Measures Allow Londoners To Conduct Short Term Letting
Of Homes For Extra Cash

The UK Government have announced that they are set to introduce new measures that will bring to an end outdated rules from the 1970’s that prevented home owners in London from renting out their properties on a short-term basis to visitors.

Communities and Local Government (CLG), Secretary Eric Pickles said that there were almost 5 million overseas visitors to the capital between July and September 2013, and thousands of properties were advertised as being available as holiday lets on travel accommodation websites such as Airbnb.

However, under laws dating back to the 1970’s, Londoners who want to rent out their properties for less than 3 months, technically still have to apply for planning permission from the council, which does not apply anywhere else in the UK.

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UK Residential Property Prices Only Increased By 0.5% Last Month

UK Residential Property Prices Only Increased By 0.5% Last Month

Residential Property Prices Only Increased By 0.5% Last Month 

New data released by Hometrack shows that residential property prices only increased by 0.5% during May 2014, less than previous price rises recorded in the three previous months, suggesting a slowdown in property sales and price growth.

The data shows that the proportion of UK regions recording property price increases during May had fallen to just 42%, down from the 50% recorded in March and April 2014.

While property prices may have continued to rise in London, there has been an overall slowing in the rate of growth, with property prices only increasing by 0.6% in May, compared to the 0.8% average increase over each of the previous six months.

The main growth in London is in lower priced areas of the capital that are perceived as offering better value for money, however, central London prices only increased by 0.2% in May. 

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CML Say Help To Buy Is Not Creating Another Property Bubble

CML Say Help To Buy Is Not Creating Another Property Bubble

Help To Buy Only Accounts For 4% Of Annual Mortgage Approvals 

New analysis of the UK residential mortgage market by the Council of Mortgage Lenders (CML) has revealed that the impact of the government’s Help To Buy scheme on the UK property market has been fairly limited.

Property pessimists have tried to claim that the Help To Buy initiative is responsible for creating another property bubble, however, official figures show that HTB has had little impact on UK property sales.

The Help To Buy scheme accounts for just 1% of all residential mortgages taken out in the six month period to March 2014.

According figures from the CML, only 4% of all UK mortgage approvals between April 2013 and March 2014 were part of the Help To Buy scheme, but 85% of those taking part in the scheme were first-time buyers.

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There Will Never Be A Better Time To Invest In Property

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