Another landlord has been fined following the death of a six-year old girl who was poisoned by fumes from a faulty boiler. It has prompted the Health and Safety Executive (HSE) to again highlight the fatal consequences of carbon monoxide gas following the case which hit the national headlines. MORE
Shaky consumer confidence contributes to strong rental demand
Members of the National Association of Estate Agents (NAEA) claim the property market is stabilising but that there are still regional variations due to shaky consumer confidence. The latest NAEA report appears to indicate that the current rise in demand for rental property will continue because it is still a tough time for first time buyers. This fact is backed up by the recent... MORE
Private rented sector can help ease overcrowding says Flint
Working with local authorities has shown that providing access to larger properties in the private rented sector can be a positive solution to the problem of overcrowding in some circumstances said Minister for Housing Caroline Flint during a House of Commons debate recently. Her comments were in answer to a question by Dari Taylor (Stockton South, Labour) who... MORE
Report into Buy to Let could have gone further says ARLA
Although welcoming the Select Committee report into the supply of rented housing, published last week, ARLA, the Association of Residential Letting Agents, believes that it could have said more to help consolidate and build on the successes of the Private Rented Sector over the past decade. Ian Potter, Head of Operations for ARLA, said: "Many of the recommendations to Government are aspects that ARLA has long proposed. MORE
Ground 8 possession for rent arrears is unhelpful, inconsistent and unfair says CAB
A new report from Citizens Advice Bureau (CAB) reveals that while the Government's rent arrears pre-action protocol appears to be bedding down well, some housing associations are continuing to choose to seek possession for rent arrears using the mandatory Ground 8 under the 1988 Housing Act. MORE
'Perverse' taxes stifle buy to let housing improvements
A report on 'The Supply of Rental Housing' published by the Communities and Local Government Committee this week says that 'perverse' taxes have damaged the Government's efforts to deliver housing. A statement from The British Property Federation (BPF) claims the report criticises disincentives that prevent improvements to properties and stops large investors from building new homes. MORE
Landlords reap benefits as housing market demand slumps
Owners experiencing difficulty selling their properties, have turned to the rental market to take advantage of rising yields, says the RICS Lettings Survey published this week. New instructions to let property increased significantly in Q1 2008. The net balance of Chartered Surveyors reporting a rise in new landlord instructions (an indicator of supply) increased to... MORE
Mortgage lending volumes to get worse before they get better
Gross mortgage lending reached an estimated £25.3 billion in April, a 5 percent increase from March and an 8 percent decline from April 2007, according to the Council of Mortgage Lenders (CML). A fall is typically expected from March to April. However, the fact that Easter was in March is likely to have affected the monthly... MORE
Optimism low but expectations still high among buy to let landlords
Overall optimism among buy to let landlords is at the lowest level recorded in the past 12 months claims a quarterly survey into the sector. But despite this dip in business expectations, more than half (52 percent) of the landlords interviewed by independent buy to let mortgage broker The Money Centre still believe their prospects are good or very good... MORE
Private rented sector should not be seen as 'second best' says NLA
Property investors in the private-rented sector must work harder to dispel the myth of rented housing as second-best says the National Landlords Association (NLA). Broadly welcoming a select committee report into the supply of rented housing, the NLA is pleased that the needs and aspirations of those who rent have... MORE
Don't let sitting tenants take you by surprise
Property auction experts have warned new investors to exercise caution when bidding on a tenanted property.
Auction Finance Limited, a Manchester firm that provides finance for property professionals purchasing at auction, says that it has witnessed several instances of investors running into difficulties because they were unaware that their new property came with a sitting tenant. MORE
Empty homes can alleviate housing problem claims RICS
A new report by the Local Government Association (LGA) warns that the impact of a slowdown in the economy combined with the credit crunch could lead to two million households, or 5 million people, on the waiting list for social housing in less than two years. Concerns have been raised by council leaders that the bank's aggressive lending policies over recent years have overheated the economy and brought... MORE
Market forces should determine payment methods
Landlords and letting agencies who accept cheque payments for rent will be keeping a close eye on the Payment Council's new National Payments Plan, in which it agrees not to phase out cheque payments until adequate alternatives are in place. The move has been welcomed by the Forum of Private Business whose survey at the end of last year revealed that most smaller businesses want market forces to determine when they should switch payment methods. MORE
Jail for tenant who killed landlord in fire
A tenant who caused the death of his landlord after starting a fire in the flat where they lived has been convicted of manslaughter. In a strange twist, 22 year old Stuart Willard had been hailed a hero six months before the fatal fire when he rescued two people, including landlord John Skilton, from the flames of... MORE
Beware of exploding back boilers
Landlords are among property owners being issued a safety alert by The Health and Safety Executive (HSE) following five incidents in the last five years where redundant solid fuel back boilers exploded. A number of these incidents led to injury and sadly, in one case, a fatality when a woman died after an incident in Twyning, Gloucestershire last November. MORE
OFT sale and rent back study gets underway
The Office of Fair Trading (OFT) has launched a market study into the sale and rent back sector. The arrangement – also known as sale and lease back – enables homeowners to sell their property at a discount to property investors or buy to let landlords in return for the option to remain in the house as a tenant. It can be seen as attractive to people in financial difficulty and facing possible repossession of their homes. MORE
New social landlord regulator goes for carrot and stick approach
Anthony Mayer will be the first Chair of the new social housing regulator, the Office for Tenants and Social Landlords (Oftenant), Housing Minister Caroline Flint announced this week. She has promised the regulator will listen to tenants' concerns and have powers to ensure they're getting a good service... MORE
Buy to let loans increase in subdued house buying market
Mortgage lending for house purchase remained subdued in March but remortgaging levels held up well in the face of funding constraints, according to data released today by the Council of Mortgage Lenders (CML). The proportion of 'other' lending, predominantly made up of buy to let loans and further advances, increased to £7.2 billion... MORE
'Truly dreadful implementation' of HIPs says property specialist
Property investment companies and individual residential landlords looking to purchase or sell buy to let homes were first dismayed by the original introduction of Home Information Packs (HIPs), and are now frustrated by the subsequent delays. The latest delay and moving of the goalposts announcement this week from Housing Minister Caroline Flint has prompted... MORE
Property industry voices dissatisfaction over interest rate decision
The Bank of England's decision to leave interest rates at 5 percent has been met with disappointment by the property industry in particular. Generally it is felt that the Monetary Policy Committee has focussed simply on inflation rather than the overall health of the economy and there are fears the Government is letting the UK slip into recession because they are taking the... MORE
Property industry voices dissatisfaction over interest rate decision
The Bank of England's decision to leave interest rates at 5 percent has been met with disappointment by the property industry in particular. Generally it is felt that the Monetary Policy Committee has focussed simply on inflation rather than the overall health of the economy and there are fears the Government is letting the UK slip into recession because they are taking the necessary corrective measures. MORE
Government aims to prevent mortgage misery
A new £10 million package of measures to support property owners who may be facing difficulties with their mortgage has been announced by Chancellor of the Exchequer, Alistair Darling and Housing Minister Caroline Flint. This package includes measures to ensure that financial advice and support is available for borrowers who may need it and includes an... MORE
Repossession figures will not be as high as 90s say CML and RICS
The Ministry of Justice recently released figures that show the biggest increase in repossession claims since the property crash of the early 1990s must be kept in perspective says the Council of Mortgage Lenders (CML). The threat of repossession to householders who have failed to keep up mortgage payments has... MORE
House prices continue to fall as credit crunch squeezes lending
In what has been described as 'gloomy reading', The Royal Institution of Chartered Surveyors' (RICS) latest house price survey showed that confidence in the UK housing market fell to its lowest point for 30 years in March. This was the eighth consecutive monthly fall and it exceeds the previous lowest figure recorded in June 1990. MORE
HIPs due for another makeover
The National Association of Estate Agents (NAEA) has expressed disappointed that first day marketing is not going to be scrapped completely, but welcomes the move by the Minister for Housing and Planning to work with the industry to make HIPs more effective. Its views follow a Government announcement to introduce a package of measures to help ensure... MORE
Bank holds its nerve and interest rates
Although borrowers and builders were hoping for another cut in interest rates, the Bank of England, as many analysts predicted, held the base rate at 5 percent on Thursday. The Monetary Policy Committee (MPC) would have been under pressure due to falling house prices and low consumer confidence but decided to maintain the current figure after cutting interest rates three times in the last six months. MORE
How will Boris affect the London property market?
Protecting private tenants from unscrupulous landlords by publishing an online 'Fair Rents Guide', and exploring the possibility of a tenant deposit scheme with a guaranteed arbitration period of one month are two of Boris Johnson's pledges in his housing manifesto. The new London Mayor's other detailed policy pledges are designed to help more Londoners afford their own homes. MORE
Cash still available from other sources claims finance broker
While banks and mainstream lenders continue to put the brakes on the kind of lending available before the credit crunch, there is actually still a vast amount of cash out there if you know where to look says an independent commercial finance broker. And, says Galapark Ltd, some property investors may be surprised that flexible finance facilities from other sources remain very readily available. MORE
Momentous year for the mortgage industry
The Council of Mortgage Lenders (CML) has published its annual report 2007 which, the organisation says, is a record of a momentous year for the mortgage industry.The report highlights how, in the first eight months or so of the year, mortgage and housing markets continued a pattern of strong growth that had extended for... MORE
A POSITIVE approach to the mortgage market
Whitney UK and Rich Dad Education, a provider of educational programmes in property investment and financial well-being, have drawn up their own POSITIVE advice relating to the current mortgage market. The advice is: Plan ahead for the longer term. Try not to sell your home or investment properties unless... MORE
BPF labels NLA statement 'absurd'
The British Property Federation (BPF) has responded to what it calls an absurd press statement from the National Landlords Association (NLA) criticising moves to encourage greater investment into rental housing. The NLA's statement suggests that moves to encourage a US style branded rental scheme may pose a threat to individual landlords and could leave the vulnerable 'out in the cold'. MORE
ARLA's new man with a mission
The new ARLA president is calling on members to promote the benefits to landlords and their tenants of the Association's Code of Practice, Client Money Protection and professional qualifications. David McMaster, 40, who takes over from Robert Jordan this month is making it his personal mission to ensure landlords and buy to let investors understand exactly what they should expect from professional letting agents. MORE
Accommodation shortage means rents could rise by 50 percent
The recent announcement by housebuilder Persimmon that it has postponed the start of scheduled new sites until the mortgage market improves will be one of several similar statements to come from developers predicts an investment specialist. These postponements will have the affect of stalling the government's home building plans and will see rents rise as demand for existing rented accommodation increases. MORE
Shortage of large homes in rental sector
Although there is a market for those looking to rent larger homes, they are in short supply and the houses that do come up are quickly snapped up. This is the view of Zaza Patterson, of the Winchester lettings department of Dreweatt Neate. She said: "There is always the demand for larger houses at this time of year as... MORE
Government must help landlords go green
The government must make better use of the Enhanced Capital Allowances scheme, designed to reimburse landlords for greening existing buildings says The British Property Federation (BPF). At a recent UK Green Building Council 'Dragon's Den' event the BPF joined organisations including Friends Of The Earth and the Empty Homes Agency to make a case for one type of incentive scheme to help green the country's... MORE
Buy to let property company goes into administration
A buy to let company that promised to show investors how to become property millionaires went into administration this week. Three years ago Inside Track was reporting profits of £12m, but in the current climate the company is now showing a loss. It blames the credit crunch for its collapse which has caused banks to tighten up buy to let lending although media reports had already previously suggested that... MORE
All borrowers will be affected by credit crunch says CML
The Bank of England's special liquidity scheme is designed to improve liquidity in the banking system, not to support the housing market, Council of Mortgage Lenders (CML) director general Michael Coogan told a Debt and Personal Finance All Party Parliamentary Group meeting this week. MORE
House price fall not in same league as the 90s says Nationwide
The not altogether unexpected news that house prices are lower than they were a year ago was revealed by the Nationwide's' latest House Price Survey. Average prices have dropped 1 percent since April 2007 to £178,555, the first time this has happened since 1996. Falling demand from first time buyers, higher mortgage costs... MORE
Former media mogul turns attention to cowboy builders
Landlords whose properties have suffered from the hands of 'cowboy builders' may have found an ally in the form of Eddy Shah, the man whose Messenger News Group company took on the print unions 25 years ago. He has vowed to uncover dodgy working practices in a blog on the new website www.showhouse.co.uk, which is a forum for the UK housebuilding industry. MORE
Branded rental market will not benefit vulnerable claims NLA
Calls for the adoption of a large institution-driven, US-style branded rental market in the UK could leave the vulnerable 'out in the cold' says the National Landlords Association (NLA). The warning follows proposals to incentivise large institutions to invest intensively in rental accommodation. MORE
86 percent rise in complaints involving residential lettings
Estate agents who deal with lettings are being advised by the Ombudsman for Estate Agents, Christopher Hamer, to pay particular attention to their dealings with clients. With uncertainty in the residential sales sector, there is an increasing emphasis on renting property in the private sector as a housing solution for many people as they wait to see what happens with... MORE
Significant risk of greater falls in housing market says Savills
Savills Research has issued a revised forecast for the property market anticipating total falls of 6 percent over two years, provided the Bank of England takes all necessary steps to halt the credit crisis. Unlike other forecasters, Savills believes the current credit constraints, rather than affordability issues, to be the major downward pressure on the property market. MORE
Put EU integration on hold says CML
The Council of Mortgage Lenders (CML) has urged the European Commission to shelve its White Paper proposals on the integration of EU mortgage markets.
The CML says that conditions have changed so much in the months since the White Paper was prepared and published in December last year that it would make no sense to proceed. MORE
Refurbishment opportunities excite buy to let landlords
A survey of buy to let landlords has revealed that 70 percent view the current property market conditions as an opportunity to expand their portfolios. The survey, carried out by property fulfilment company i-PropertyAssets, also showed that refurbishment opportunities were the most likely way for a buy to let landlord to add to their portfolio with 40 percent preferring that option. MORE
Housing association records lowest ever number of evictions
The biggest housing association in Chester claims it is bucking the national trend by reducing the number of evictions at their properties due to rent arrears. The government has recently announced it is to launch a working group to look into concerns that some housing associations are too quick to evict tenants. MORE
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