Monday, 30 April 2018

Hiring a ghostbuster and only buying on the eighth floor: how beliefs and superstition can make or break a property sale


When the Norman Foster-designed HSBC building in Hong Kong was completed in December 1985, it was the most expensive building in the world ever to have been constructed.

While designed – much like earlier colonial-era structures on the island – with a trained feng shui geomancer, it did not anticipate the arrival, just a few years later, of the Bank of China building, with its knife-like edges, next door. 
Shortly after it was built, the governor of Hong Kong died and there was a downturn in the city’s economy; it didn’t take long for fingers to be pointed at the new building. Feng shui masters were consulted and two cannon-shaped structures were mounted on the roof of HSBC’s building to dispel incoming negative energy from its neighbour. 
Such is the power of the ancient practice of aligning buildings and objects, in order to attract good luck and ward off misfortune, that entire apartment buildings in Hong Kong have been built with holes through the middle. This is to allow dragons – traditional symbols of wealth and prosperity – to reach the harbour. Blocking the dragons’ path is thought to bring bad luck to residents.
While this may be a step too far for London developers, many are all too aware of its importance, and factor in a feng shui consultant if they wish to attract the lucrative Chinese market. 
The HSBC building in Hong Kong, with cannons facing the Bank of China tower CREDIT: RICHARD CHIVERS/VIEW PICTURES/UIG VIA GETTY IMAGES
That means changing addresses if they feature the number four, which is considered inauspicious in China because it sounds similar to the words for “death”. Property developer Ballymore also commissioned a feng shui audit report for its Embassy Gardens project at Nine Elms in south London. The number eight is lucky, and Chinese buyers will often make offers on apartments with eight in the number or floor, explains Merlin Dormer, of buying agent Heaton & Partners. 
“We also receive offers with eights in them from Chinese buyers,” adds Bertie Hare, from Strutt & Parker’s Knightsbridge office. “On the seller side, someone might decline a higher offer like £900,000 if a lower offer includes more lucky numbers, like £888,888.”
Mayfair and Marylebone-based agent Martin Kay, of Kay & Co, says that Chinese clients looking at high-end property will sometimes bring their feng shui consultant with them on viewings. “It’s nerve-racking as it can end a deal immediately if something’s not right, particularly if one of the couple is more superstitious than the other.”
In one example, an enterprising (and not superstitious) wife managed to persuade her husband to buy a flat on the edge of Regent’s Park by convincing him it was on the fifth floor rather than the fourth. “She just counted from the ground floor up instead,” says Kay.
These days in London, feng shui requirements compete with another Eastern system of beliefs, vastu shastra, which is important to some Indian buyers, says Camilla Dell, of Black Brick, a buying agent. “One of the main requirements of vastu is that the front door should face south, which, in theory, sounds relatively simple but in London it can rule out whole parts of the city where the streets simply face the wrong way.” 
Living room in a One Point Six apartment on Pont Street, Knightsbridge CREDIT: ONE POINT SIX
Earlier this year, developer One Point Six took the unusual step of designing a luxury apartment on Pont Street in Knightsbridge according to vastu shastra before putting it on the market. While this remains a niche approach, agents have to find other solutions to remedy such concerns. 
For one of Dell’s clients buying in a new development, this involved purchasing two flats opposite each other as well as the corridor space in between. By linking them together they were able to create a south-facing front door and the deal went ahead. 
“With off-plan developments, we can try and find a way around these problems. But with some Indian clients, it’s likely that their vastu consultant will be the first to see the floor plans,” says Dell. “If something’s not right, the property is simply ruled out before anyone has been to take a look.”
A feng shui flat in South Kensington, £2.5m with Strutt & Parker
Astrological concerns have also been known to delay a sale. “I was bidding on a property for a client, and we were all ready to exchange when she called a temporary halt because the planet Mercury was moving in the wrong direction,” says Guy Meacock, of Prime Purchase.
“While the planet was in retrograde she was of the belief that she shouldn’t sign the contract. I had to tell the selling agent we’d need to wait until it started moving in the right direction, which took several weeks.”
As international buyers increasingly enter the top end of the country house market, concerns regarding feng shui are having an impact here, too, says Rupert Sweeting, head of country house sales for Knight Frank. 
“Many Chinese buyers hate having a well in a house. So if a rural property has its own well in the grounds, they often won’t progress to offer stage,” he explains.
Buyers who believe in the paranormal can also affect how successful a viewing is, adds Sweeting. If there’s any hint of a problem, his advice to vendors is to get the house cleared of any such ghouls by “employing a ‘ghostbuster’ or a priest to exorcise the house”. 
Salisbury-based solicitor Marcus Thorpe, of Trethowans, says it’s important to be honest about any activity in the house. “While questions about the paranormal don’t form part of the standard buyer’s questionnaire, and perhaps it’s unique to the country house sector, a good solicitor might ask the question.”
For astrologer Shelley von Strunckel, who writes horoscopes in The Sunday Times and London Evening Standard, interest in the “mystical” is increasing. “There’s a big buzz about it now and a growing interest in the more subtle elements in life.” 
Concern regarding the alignment of buildings is not a new concept on British shores, as demonstrated by Stonehenge. According to von Strunckel, even the least mindful buyer of a property will be aware of the energy of a place when they walk into it – they just might not know how to articulate it. 
“As an astrologer, we talk about cycles. For a long time, we’ve been in one that’s been very focused on the intellectual – what you can see and measure – to the exclusion of the internal and reflective. That’s beginning to change,” she says.
The energy of previous owners of a property can remain in the walls, she believes; in the case of a new build development, even that of the builders can be present long after they have finished. 
Would-be buyers should, according to von Strunckel, stop and think about what they feel during a viewing, without being embarrassed. 
Can negative energy immediately stop a sale? Not necessarily. “Regardless of any religious belief, you can always ask someone to come and clear the energy or bless the space,” says von Strunckel. “If in every other way the property works, it’s a lot easier to do that than fix physical problems like replacing small windows or bringing light into eternally dark rooms.”
Von Strunckel is hoping to leave some of her positive energy in her loft apartment in King’s Cross, north London, which is on the market for £3.4 million through Currell.
Bought nine years ago, the three-bedroom converted warehouse flat is flooded with light by its huge windows. It overlooks Battlebridge Basin and Regent’s Canal and comes with access to a 24-hour concierge. 
“You get great views from here,” she says. “St Paul’s and the Shard in one direction, the London Eye in another and the arches of St Pancras to another,” explains von Strunckel. “It’s just time for me to move on. I’ll take my energy with me but hopefully some will be left for the new owners.”
https://www.telegraph.co.uk/property/buy/hiring-ghostbuster-buying-eighth-floor-beliefs-superstition/

Social housing is not just a safety net for the few


With more and more people made homeless or forced to pay excessive rents, the charity Shelter is investigating how to help them.

Although provoked by the Grenfell Tower tragedy, which drew attention to social housing in the UK, Shelter’s commission into the future of social housing will go much wider than one fateful fire and address concerns that people in social housing are being ignored.
Alongside 15 others, including Ed Miliband, Doreen Lawrence and those from the Grenfell community, I have joined the commission and will spend the next few months hearing from social tenants about their experiences, setting out necessary changes and scrutinising the role the sector could play in easing Britain’s housing crisis.
I am the first to admit that I’m an unlikely social housing commissioner. I have never lived in social housing. Even during my childhood, my parents turned to our wider family to support us during tough times. Social housing, meanwhile, was for people who had hit rock bottom and had nowhere to turn for help.
Growing up, I was fortunate enough to seize the opportunities provided by social mobility. I was lucky that, as a young lawyer in Yorkshire, I was able to buy my first home – for around twice my salary. Yes, interest rates were high 25 years ago and I still had to work hard, but it didn’t occur to me that I wouldn’t be able to buy my own home.
Now I meet young solicitors who, even with a promising career, know the prospect of owning their own home seems impossible. I used to assume that the market would always provide for people who worked hard, that any kinks in the housing market would iron themselves out in the end. Of course, a safety net would always be necessary for some, yet for the majority hard work would pay off and social housing would be as irrelevant as it had been to me. Housing would be a private matter, not a government concern.
Now, this basic social contract is broken. Socially mobile young people find that working hard isn’t enough unless they have help from the bank of mum and dad. And that safety net for people at the bottom? It’s looking ever more stretched as more and more people need help.
It’s clear that the housing market is fundamentally broken. Tweaks by successive governments have not rectified this and even the current Conservative government has published a white paper on the “broken housing market”. That’s because the effects are being felt widely, from the growing numbers of people being made homeless, to young people stuck in expensive and insecure private rents, despairing of ever finding a way out.
Politicians cannot look young people in the eyes and honestly tell them that everything will be OK if they just work hard. Our broken housing market has become a major barrier to social mobility.
This is an intolerable situation and demands politicians of all hues respond. Shelter’s commission will consider the role in which social housing, and government more generally, should provide an alternative.
I start this process with a genuinely open mind. I admit that I have been innately sceptical of large-scale social housing. I’ve always seen it as a safety net, but a worsening housing crisis forces us to ask whether that safety net needs to be stretched far wider. Or, with the market no longer providing a housing ladder, does a wider group of people need to use social housing as a stepping stone?
Shelter has embarked on a large consultation and fact-finding exercise, which will give me and my fellow commissioners the evidence we need to answer these questions. It’s a privilege to have the opportunity to debate this alongside 15 smart people from a range of backgrounds and political affiliations. We have met once and it’s impossible to guess what we will conclude, but what’s clear and exciting is a shared determination to set out a vision for social housing that everyone can support.


Friday, 27 April 2018

Renters face rent hikes amid tax changes

Almost a quarter of tenants experienced rent hikes in March as landlords are left with little alternative but to pass higher tax costs onto tenants by increasing rents.
According to ARLA Propertymark’s Private Rented Sector Report for March, 23% of tenants saw their rents increase last month, which is the highest level seen since September 2017 when 27% of landlords put rent costs up for tenants.
However, this level is down 25% year-on-year. 
Some 66 prospective tenants were registered per member branch in March, up 8% compared the previous month. This comes after an increase in January which saw the number of tenants registered per branch jump to 70.2.
But while more people are actively looking to rent, the supply of rental stock is failing to keep pace with increasing demand.
The number of rental properties letting agents managed increased marginally in March, from 175 in February, to 179 per branch. This is down from an average of 183 in March last year.
The supply-demand imbalance in the rental market is also placing upward pressure rents. The data for March suggests its “business as usual” for the private rented sector, according to David Cox, ARLA Propertymark’s chief executive, but he believes that “this isn’t necessarily a good thing”. He commented: “Supply is still too low and almost a quarter of tenants are experiencing rent hikes every month as landlords try to recoup the costs lost trying to keep on top of all the recent legislative changes – including the recent energy efficiency deadline.
“For the last two decades, successive governments have passed significant amounts of complex legislation for landlords, none of which have been properly policed or adequately enforced – but most of which cost decent landlords a lot of money.
“This is why we’re so supportive of the government’s proposals to crack down on rogue agents, and more recently, plans to confiscate properties from criminal landlords.
“The announcements mark a sensible shift towards focusing on the root cause of the issues affecting the sector, rather than trying to find solutions to individual problems. This, coupled with greater rental stock is the key to fixing Britain’s broken rental sector.”

Almost 70,000 first time buyers benefit from stamp duty abolition in UK

Some 69,000 first time buyers have benefited from the abolition of stamp duty tax since it was introduced by the Government last November. The official figures covering the period until the end of March 2018 show the numbers who have not paid the tax when buying a home under £300,000.

Over the next five years, it is estimated that the policy will help over a million people get onto the housing ladder and those who have bought properties of up to £500,000 will also have benefited from a stamp duty cut.

‘I’m proud that the cut to stamp duty for first time buyers is helping to realise the dream of home ownership for a new generation, alongside building more homes in the right areas,’ said Financial Secretary to the Treasury Mel Stride. The figures also show that over 387,000 people have now used the Government’s Help to Buy scheme, and over 1.1 million accounts have been opened with the Help to Buy ISA, offering government bonuses of up to £3,000.They reveal that the median age of a first time buyer in the Help to Buy scheme is 27, compared to a national first time buyer median age of 30.

Housing Minister, Dominic Raab, said that the figures build on the Government’s long term commitment to make housing more affordable. As part of the Autumn Budget housing package, the Chancellor announced at least £44 billion for housing, which includes at least £15.3 billion of financial support for house building over the next five years, and an aim to build 300,000 new homes a year in the areas that need it, as well as encouraging better use of land in cities and towns.

According to Kate Davies, executive director of the Intermediary Mortgage Lenders Association (IMLA) the statistics show that there is still considerable appetite for Help to Buy among first time buyers. ‘As we approach what is a pivotal juncture for the industry with the scheme due to come to an end in 2021 clarity is urgently needed over what will come next,’ she said. ‘The scheme has already helped over 150,000 households into home ownership –and with the Government setting itself targets to build a million new homes by 2020, it seems counter-intuitive to close the door on what has been a successful vehicle for helping to purchase those new homes,’ she explained. She pointed out that the IMLA’s own research shows that the Help to Buy scheme made up 27% of all new housing completions between April 2013 and March 2017, so its role in helping people get onto the ladder cannot be underestimated.

‘The Government has emphasised its commitment to mend the broken housing market, to speed up the planning process and to improve the whole buying and selling experience for consumers. But it will take time to put these proposals in place, and longer before their effects are felt. Help to Buy’s impact has been fairly immediate and it’s unclear why it should not continue,’ she added.

She also pointed out that 43% of all new build properties are currently dependent on Help to Buy, so the potential effect of any withdrawal would be significant, not just to developers and lenders, but also to consumers who may, in turn, see house prices increase.
‘The IMLA, along with many industry stakeholders, would welcome an announcement, or at least a firm indication, that some form of government support will continue post-2021. We would welcome discussions with Government as to what that continuation might look like. Some adjustments might be appropriate given the experience to date but the impact which the scheme has had on new home ownership is surely too significant for it simply to be abandoned at this stage,’ she concluded.

Thursday, 26 April 2018

Interview with John Corey of Property Fortress , on how to raise money legally
John started work in the Silicon Valley under Steve Jobs and worked along one of the co-founders of LinkedIn.
John shares his insights on how to raise money for property ventures legally .
You can ask John about anything Property Related during a free 20 minute call using https://www.propertyfortress.com/ask-john/
For more on John , please go to https://www.propertyfortress.com/

Please like this video and subscribe:

Tuesday, 24 April 2018

Money and Energy Saving Smart devices


It’s obvious that smart home concept becomes globally popular and appealing idea. It eases our life making it more tranquil and secure. A lot has been said about the many benefits house automation brings to homeowners. But have you ever thought those smart home gadgets that gradually invade the world markets can actually help you save money and energy? Well, they really can! So, enjoy your high-tech house and avail of the clever devices you have invested in!

Since hardware prices are dropping dramatically, smart gadgets turn to be more affordable for almost all social groups. Apart from providing a higher layer of comfort and protection, these devices will also reduce your regular expenses. How? Here are the much useful gadgets that will do the job!

Smart Locks
Want to save money? Protect your property! Smart locking mechanisms nowadays not only defend your house against burglars keeping yourself and all your belongings along with the fancy gadgets safe but also allow you to control the lock remotely and give access to your house to the third party or report an illegal intrusion through an app without leaving office. Moreover, using your phone as a “key” allows you to avoid any lockouts, thus saving on a locksmiths, too.

Thermostat
Do you constantly forget to turn down the heat at night? Expect fat energy bills then. Or get a Smart thermostat and safe up to £100 per year. This intelligent gadget automatically decreases the temperature at night and kicks it back up in the morning. On top of that, this device will track you anywhere at home to adjust the temperature of that very room in accordance with your set climate preferences.

Insight Switch
Make any device smart with only one smart switch! Being a mediator between your appliance and the wall socket, such computerized and Wi-Fi-enabled switch will monitor your energy use. It will turn off your air conditioner or heater after a certain amount of time; turn on the sprinklers once water restrictions have ended or turn off an appliance when its energy consumption reaches its daily limit.

Lights
This is one of the most popular ways of saving kilowatts. Simply, control the lighting in your house and cut down on waste by setting timers, dimming or shutting off all lights right away via your smartphone. Some of the smart devices are even able to store energy for emergency cases, providing up to 5 hours of reserve light.

Water Pebble
Consuming too much water? A tiny green gadget will make huge savings! Once it is set by the shower drain, it will “remember” the water amount of your baseline and notify you if you overuse water. After every following shower, it will be reducing the water amount till you reach a planet-saving amount!

Fridge
Voilà! With this smart home appliance you can forget about spoiled food and wasted money! Now your fridge will take care of its content, create shopping lists and even entertain you. The cameras inside it and Wi-Fi connection will inform you through a mobile app what you have in your refrigerator, which products are expiring and what are the last date to use them. What else a present-day homeowner might expect from his smart home?!

Home Automation Hub
A device that actually controls all! With it you can regulate your security system, thermostat, lightning and more, making your smart home way much smarter!

Well, now you can stop wasting money, water and energy! Just get the right gadgets to save your funds and preserve the nature!

http://www.hip-consultant.co.uk/blog/money-and-energy-saving-smart-devices-123/

Is now the right time to sell your buy-to-let property?

UK Buy to Let Market:
The UK buy-to-let market is well-known as one of the strongest investment markets around. Rental yields and property values are increasing across the UK – apart from the notable exception of the Central London market which continues to founder. In contrast, regional cities such as Manchester, Liverpool, Leeds and Sheffield have seen remarkable growth which is projected to continue far into the future.
This is largely down to the significant growth in the overall population of renters – the best current estimates state that approximately a quarter of the population will be living in rented accommodation by 2021. Renting is becoming an increasingly accepted long term lifestyle choice, especially amongst younger people for whom avenues to homeownership are largely closed off.
This so-called ‘Generation Rent’ is here to stay, and the rental market will keep growing far into the future because of this. As a consequence, the supply of high quality rental accommodation is shrinking rapidly, especially in key city centre markets. This is going to keep pushing rents upwards.
When you combine the potential financial returns with a base of tenants which is only going to grow, it is easy to see why property investment is a popular option for many people eager to secure their financial future. Property offers high returns in a way which is relatively less risky than other more uncertain forms of investment.
However, despite this, might it be time to streamline your portfolio and begin to sell some of your buy-to-let investments?
The most obvious worry for landlords is the Brexit process. According to a recent survey by Knight Knox, an expert property consultancy based in Manchester, more landlords consider Brexit to be a threat than an opportunity. The uncertainty caused by the process already seems to be all-pervasive and we haven’t even left the European Union yet.
On top of this, the government unveiled tax changes in 2017 which were aimed at landlords and have reduced profit margins. Restrictions on mortgage tax relief and changes to wear and tear allowances are squeezing many investors. This all came after changes to Stamp Duty in 2016 which added an extra 3% on top of new purchases, making new acquisitions harder to justify.
In these circumstances it is reasonable for an investor to look for options to sell their buy-to-let investment and release the capital appreciation that has built up in the property. Unfortunately, this is where many begin to run into difficulties, as selling a buy-to-let investment can be a difficult process.
When selling a regular residential home to an owner-occupier, it is easy – you list your property with Rightmove, Zoopla and a traditional nearby estate agent. When you are selling buy-to-let, the process is much less clear. The growth of the buy-to-let sector has ensured there are more potential investors than ever before. The latest figures from HMRC confirm this, showing that the total number of landlords has grown by 27% since 2011/12.
Despite there now being a surplus of potential landlords looking for new investments, there was no easy way for existing investors to sell their buy-to-let properties to this growing base of buyers. This is where Intus Residential comes in, to make the whole process simple and efficient.
Having sold more than £23.6m worth of buy-to-let property on behalf of investors, we have a wealth of experience in the field. We work with the UK’s largest database of serious, pre-qualified investors in order to sell your buy-to-let property and our specialist after-sales service works to reduce the frustrating risk of buyers pulling out at the last minute.
https://www.landlordzone.co.uk/sponsored/now-right-time-sell-buy-let-property

Monday, 23 April 2018

More funding is needed for affordable homes and tenant rights in the UK

Funding for councils to build more affordable housing and restoring legal aid for housing advice are needed to solve the housing crisis in Britain, it is claimed.
The Labour Party has put forward a number of policy aims relating to affordable homes and helping tenants beat rogue landlords as part of its plan to make sure that everyone has the right to a safe and decent home.
The Shadow Justice Secretary Richard Burgon said that the withdrawal of legal advice in many housing cases has weakened tenants’ rights and benefitted rogue landlords. In a speech in Manchester he said that the party will restore legal aid for housing advice which could help up to 50,000 households a year.
‘Prevention is better than cure and this policy will help stop problems like damp, leaking roofs or faulty electrics from spiralling out of control and causing tenants even greater misery,’ he said.
‘The withdrawal of legal advice in many housing cases has weakened tenants’ rights, which can only benefit rogue landlords. Restoring this legal aid for housing advice will help tens of thousands of people resolve their housing issues and regain their housing rights,’ he added.
Meanwhile, Labour Leader Jeremy Corbyn, pledged to build enough housing and make sure that housing is affordable to those who need it. At the launch of the party’s affordable housing review he said that if it comes to power it would deliver a million genuinely affordable homes over 10 years, the majority of which would be for social rent.
He pointed out that house building has been in steady decline for decades, from over 350,000 a year at the beginning of the 1970s to well below 200,000 today. ‘The only times we have built enough affordable housing is when councils have stepped up. To turn this around will require radical measures to properly fund, empower, and support councils to deliver affordable housing for all,’ Corbyn said.
He explained that it would create a new era of social housing, in which councils are once again the major deliverers of social and genuinely affordable housing and set the benchmark for the highest size and environmental standards.
According to Campbell Robb, chief executive of the independent Joseph Rowntree Foundation (JRF), the policy announcement should encourage the current Government to create more affordable homes.
‘Voters across all wage brackets want to see action on housing and it is simply not right that so many people in our country are locked out of the opportunity to build a decent and secure life because of crippling housing costs,’ he said.
‘This recognises the scale of the housing crisis and why we need to drive up the supply of low cost rented homes. It puts pressure on the Government to match this ambition and deliver the low cost rented homes struggling families desperately need. The Government’s forthcoming social housing green paper must commit to increasing the supply of low-cost rented homes in England,’ he added.

https://www.propertywire.com/news/uk/funding-needed-affordable-homes-tenant-rights-uk/
  • Slowing? Growing? What’s really happening in today’s property market?

    • The sun has finally returned to ours skies and you’re on the lookout for a little bit of summer reading. As keen follower of the property market, you’ve naturally signed up for all the daily newsletters charting the goings on in the market to make yourself a property whizz by autumn. 
      But after reading all the different articles and opinions, you soon become confused. Very, very confused!
      One day you read that property prices are slowing, that the time to secure a sale is getting longer and that purchaser demand is in decline.  
      The next day you see there’s been a surprise rise in mortgage applications; that asking prices are on the up and that more properties are being placed on the market than in recent times. It doesn’t exactly lead to a clear view of reality, does it?
      In the industry, we’re coming into contact with Joe Public each and every day and for a great many ‘normal people’, news headlines can lead to a huge amount of confusion and it’s our job, I believe, to instil some clarity and honesty.
      But what is that reality?
      Well, in my view it’s that things are all pretty positive. Rightmove recently reported that prices are at an all-time high, whilst Property Week highlighted that the number of properties being marketed across the UK’s top towns and cities is significantly up compared to last year.  
      At its most basic, that means that average prices are up at the same time as transactions are increasing – that’s surely a win, win situation and I believe it demonstrates that green shoots really are out there.
      Of course, reports and indices are all well and good, but they’re often measured using different criteria in different places at different times and, therefore, don’t provide useful points of comparison.  
      And indeed, ‘the’ property market probably isn’t, in all honesty, a single entity in any case. The market is more likely a combined mixture of many micro markets, not just based on regions but on localised need, suburban nuances and individual circumstance.
      For a business such as Andrews, however, we do gain a pretty good insight into what’s happening out there. Our branch network extends across a diverse geographical landscape and while that is, admittedly, just across the South of the UK, there’s no denying the stark differences that can be seen between South London suburbia and rural Gloucestershire – no-one would expect a one-bedroom flat in Stroud, Gloucestershire to command a similar value to its counterpart in South West London, would they?
      Naturally, there has been some cooling off in recent times and the speed of recovery varies from one area to another. What appears consistent, however, is that demand is encouragingly high across the board, albeit with purchasers and renters alike being increasingly discerning.
      In London (where some would lead you to believe the market is in freefall), our sales teams report a cooler market but one which remains encouragingly active. Similarly, sales demand in the South West remains high and the teams there anticipate price increases during the remainder of this year, albeit at a slower pace than they’ve witnessed before.  
      And it’s a positive message in the lettings sector too where all our key markets are reporting an increasingly buoyant market where quality property stock is letting faster than ever. 
      These aren’t areas that we’re comparing against one another. They’re simply places where confidence in property is buoyant and as an industry, it’s that which we need to remain focused on.  
      I honestly believe that confidence is key and right now, there’s little reason not to be confident… unless you allow yourself to be too swayed by some headlines, of course!

    • https://www.estateagenttoday.co.uk/features/2018/4/slowing-growing-whats-really-happening-in-todays-property-market

Friday, 20 April 2018

  • Some landlords struggling with ‘complex’ BTL legislation

    • New buy-to-let regulations are making it harder for landlords to keep up to speed with complex compliance responsibilities, as the government drives to improve standards in the private rented sector, according to a new survey.
      There are now no fewer than 145 individual laws and more than 400 regulations to follow, which means that it is surprisingly easy for even the most well-meaning landlord to end up breaking the law.
      A new survey by TheHouseShop has found that almost one in five landlords - 18.2% - now find it “impossible” to keep up with constant regulation changes, with a further 29.9% saying they find it “very difficult” and another 31.2% finding it “quite difficult”.
      The study suggests that some landlords are being overwhelmed by the sheer volume and complexity of rules and regulations in the rental market.
      In fact, compliance with law and legislation was listed as the most challenging aspect of managing a rental property by 63.4% of landlords surveyed.
      Nick Marr, co-founder of TheHouseShop, commented: “It’s a really difficult environment that landlords are operating in at the moment. The government have undertaken a range of measures to try and drive up standards in the rental industry, and while this is by no means a bad thing, it does mean that landlords have increasingly complex and wide-ranging responsibilities to deal with.”

    • https://www.landlordtoday.co.uk/breaking-news/2018/4/some-landlords-struggling-with-complex-btl-legislation

Britain’s housing market is broken. Here’s how Labour will fix it


We plan to build genuinely affordable homes for the millions of people priced out of the system
The housing market is broken, and, after eight long years it is clear that current Conservative housing policy is failing to fix it. Ministers talk big about housebuilding targets to be reached some time in the next decade. But what new homes we build, and who they’re for, matter just as much as how many we build.
To make housing more affordable, we need to build more affordable homes, and to hardwire housing affordability through the system, from planning to funding to delivery. The public know this: eight in 10 people think ministers should be doing more to get affordable housing built.
We will build for those who need it, including the very poorest and most vulnerable, with a big boost to new social rented homes. And we will also build Labour’s new affordable homes for those in work on ordinary incomes who are priced out of the housing market and being failed by housing policy. This is the “just coping” class in Britain today, who do the jobs we all rely on – IT workers, HGV drivers, joiners, warehouse managers, lab technicians, nurses, teaching assistants, call centre supervisors, shop staff.That’s why Jeremy Corbyn and I are launching Labour’s green paper: Housing for the Many. It will be Labour’s lodestar as we set out our ambition to build 1m genuinely affordable homes over 10 years, including the biggest council housebuilding programme for over 30 years. In the past, this scale of ambition was seen as common sense – a Labour government will show that it still makes sense. Because even the word “affordable” has been corrupted and discredited under the Tories, we will redefine and reclaim affordable housing – doing away with the Conservatives’ bogus “affordable rent” at up to 80% of market rates and replacing it with genuinely affordable homes to rent and buy linked to average incomes.
We must start by halting the huge loss of the vital affordable homes we already have. So we’ll stop the sell-off of 50,000 social rented homes a year by suspending the right to buy, ending all conversions to “affordable rent” and scrapping the government’s plans to force councils to sell the best of their homes. We will transform the planning system with a new duty to deliver affordable homes, an English Sovereign Land Trust to make more land available more cheaply and an end to the “viability” loophole that lets commercial developers dodge their obligation to deliver affordable homes. And we will back councils, housing associations and community providers with the funding and flexibility to build big for their communities. 
Our efforts to transform affordable housing has been redoubled after the terrible fire at Grenfell Tower, a tragedy that shocked the nation. When a country as decent and well-off as ours cannot ensure something as basic as a safe home for all its citizens, things must change. And when Grenfell survivors contributing to our green paper say that “tenants were victims before the fire” and “we’re treated as second-class citizens in social housing”, then radical, root-and-branch reform is needed. So we will make safe homes for all the very highest priority, with sprinklers fitted in high-rise blocks and fire safety the first standard in a new decent homes programme. And we will give new rights for affordable housing residents, including tenants on boards, a new national tenants’ commissioner, new transparency standards and a vote on estate regeneration schemes.
The green paper is a signal of our intent and ambition to fundamentally change the housing prospects for millions of people in this country – and to lead a new national debate about how we can finally bring an end to Britain’s housing crisis.
-John Healey is shadow secretary of state for housing and planning.
https://www.theguardian.com/commentisfree/2018/apr/19/britain-housing-market-broken-labour-council-houses

Wednesday, 18 April 2018

Research reveals many tenants in England don’t complain over fear of eviction

Quarter of a million households in the private rented sector in England put up with shoddy or unsafe homes and don’t complain as they fear eviction, new research suggests.
Overall some 28% of tenants who have experience problems do not complain and also fear that if they do their landlord might increase their rent, according to the report from Citizens Advice.
The research also found that repairs and maintenance is the most common issue that private tenants needed help for with more than 13,000 issues about problems such as mould, electrical faults and pest infestation dealt with by advisers last year.
The national charity is calling on the Government to use the planned introduction of an ombudsman for private landlords to further protect tenants from what it calls ‘revenge eviction’.
Last year Citizens Advice recommended all private landlords be required to join a dispute resolution scheme after it found 41% of tenants waited longer than is reasonable for repairs to be carried out. As a result 33% of people gave up, 13% paid out of their own pocket and 7% relocated.
The report says that tenants who rent privately face a complicated path for redress against their landlord when they have a problem with their home. Some 48% did not think their landlord or agent had a complaints process.
The vast majority, almost nine in 10 Citizens Advice staff interviewed for the research said people most often come for support after reporting the issue to their landlord or letting agent several times and 13% of tenants who experienced a problem didn’t complain because they were unable to contact their landlord or didn’t know how to.
The charity says any redress scheme for private renters should be simple to use, with a single, recognisable portal through which tenants can register complaints and it should have the enforcement powers to punish rogue landlords and mandatory membership so all renters are protected and landlords who ‘let and forget’ are included.
Landlords who receive the most complaints should pay more towards the running of an ombudsman, keeping the costs low for the majority, the charity added.
‘People who rent shabby or unsafe homes have few options when landlords let them down. Resolving disputes can be risky, costly and complicated. Our research shows many of these tenants fear eviction or rent hikes if they make a complaint about a problem including repairs, letting agents fees or deposit returns,’ said Gillian Guy, chief executive of Citizens Advice.
‘We welcome the Government’s proposal to extend redress to all private renters, bringing it into line with other consumer markets. However, for any scheme to be successful it must be simple, free and ensure renters are protected from losing their homes simply for raising a complaint,’ she added.

https://www.propertywire.com/news/uk/research-reveals-many-tenants-england-dont-complain-fear-eviction/
  • PropTech start-up wants progress on counting rent towards creditworthiness

    • One of the six PropTech start-ups shortlisted to develop a system allowing tenants’ rental histories to count towards their creditworthiness says it welcomes industry support for the change. 
      RentalStep has thrown its weight behind the Creditworthiness Assessment Bill, put forward last year by Big Issue founder Lord John Bird; it is currently awaiting a third reading in the House of Lords before being debated in the House of Commons.
      "We are delighted to see the cross-party and property industry support this movement has received so far and we relish the opportunity to continue working with the government to make this much-needed requirement a reality for all tenants" says Mike Georgeson, founder and chief executive of RentalStep.
      RentalStep is already working to provide a solution to this long-standing problem with its TenantPassport.
      This allows landlords and letting agents to verify tenants' monthly rental payments. RentalStep has also partnered with Experian, meaning that as tenants pay rent on time over a prolonged period, their credit score will subsequently increase.

    • The startup was recently named as one of six winners of the government's Rent Recognition Challenge; this offers a £2m fund to tech firms developing solutions that allow tenants to share their rental payment histories with mortgage lenders and credit reference agencies.
    • Along with each of the five other winners - whittled down from 43 entrants - RentalStep has received £100,000 to support the development of its product.
      The next stage of the competition will see three or four of the shortlisted receive further funding with their products marketed to the industry and public.
      "It's now time to further develop our platform while continuing to raise awareness of the Creditworthiness Assessment Bill and the importance of these issues for future generations" says Georgeson.
      "More people are choosing to rent for lifestyle reasons and for longer periods of time, meaning they’re likely to build up a history of payments which should provide a useful insight into their financial situation.
      "Rent is often described as 'dead money' but if it contributes towards helping renters get a loan or mortgage in the future, it can become much more valuable."
    • https://www.lettingagenttoday.co.uk/breaking-news/2018/4/proptech-start-up-wants-progress-on-counting-rent-towards-creditworthiness