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Estate Agents & Letting Agents in Leeds

Here you will find the latest Hudson Moody Wass and property news.

Top rental hotspots in 2017 revealed!

Whilst it has been a challenging year for private landlords, the buy-to-let sector contuse to offer plenty of investment opportunities, but which cities have had the highest tenant demand and largest number of enquiries in 2017?

Taking an in-depth look at tenant enquiries and landlord listings broken down by property type, location, number of bedrooms, tenant demographic, among other factors, fresh research by TheHouseShop.com has found, somewhat unsurprisingly, that London received more enquiries about property listings available to rent when compared with other parts of the country.

London’s popularity was followed by Birmingham, Bristol, Leeds and Manchester.

The data varied from region to region depending on what users were looking for, which has helped to build a clearer picture of the rental market in each city, according to the co-founder of TheHouseShop, Nick Marr.

He said: “This data can be utilised by buy-to-let landlords, as they can use it to gain a better understanding of the local rental market for each of the top five areas, should they consider expanding their property portfolio in 2018 by choosing to invest in one of these areas.”

Given the ever-changing nature of the buy-to-let market, Marr advises buy-to-let landlords to keep an eye on existing rental market trends and to re-evaluate their investment portfolio accordingly, in order to “take advantage of a new investment opportunity in the next high-demand location”.

A breakdown of the data reveals that Bristol the majority tenant enquiries coming from the Millennial demographic with over two thirds, (63.64%) of total enquiries.

In comparison, Manchester saw the majority of enquiries from Generation X, (35-50 year-olds) with 71.43% and Birmingham had the highest number of Baby Boomer (51-69 year-olds) enquiries at 34.55%.

London also saw a high number of Millennials (18-34-year-olds), making up over half (50.65%) of enquiries on rental property listings in the city over the year, helping it become the number one area for total enquiries.

Other major findings included:

+ London saw a higher number of enquiries for flats at 69.98%

+ Those making enquiries on a property to rent in Leeds preferred houses at 59.15%

+ Leeds has the highest proportion of enquiries for one-bedroom flats at 35.92%

+ Bristol had the smallest number of enquiries for one-bedroom homes with just 21%

+ Two-bedroom properties were most popular in Bristol, with 47.48% of all enquiries.

+ Larger three-bedroom homes were most popular in Birmingham with 28.94% of total enquiries

+ London saw the lowest number of three-bedroom enquiries with just 17.82% 


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!



Millennials will have spent over £110k on rent by the time they buy a home

Millennials renting in this country will have spent more than £110,000 in rent by the time they are finally in a position to buy a property, according to fresh research.

Those renting an average-sized home in the capital started their tenancies at age 21 will have spent £110,830 by the time they buy their first home at age 32, which equates to 34% of their £330,234 household post-tax income, according to Landbay’s National Rental Survey.

Those living in London will unsurprisingly pay significantly more money in rent, with the study suggesting that the average household will have spent £273,210 on rent by the time they take their first step on the property ladder, reflecting the fact that house prices and rents are generally higher in the capital.

But the findings from the report also reveal that 41% of millennials do not expect to ever own a home of their own, relying instead on the private rental sector to support them into old age.

These tenants, it is estimated, will spend £1.1m on rent if they live outside of London, and a staggering £2.6m on lifetime rent if they live in the capital by the time they reach the average life expectancy of 82.

John Goodall, CEO and founder of Landbay, commented: “While younger people have always been overrepresented in the private rented sector, over the last decade there has been a marked increase in the proportion of younger households relying on the buy-to-let market.

“The government is giving off strong signals that it is ready to tackle the supply shortages gripping the nation, while also improving standards, affordability and the institutional supply of rental properties in particular.

“This can only be good news if it becomes reality, but with so many of the issues being systemic, only time will tell if these measures will have the desired effect.”

 


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Haringey Council launches consultation on new selective licensing scheme

Haringey Council has launched a public consultation on plans to introduce two new selective landlord licensing schemes in the London borough.

The aim of the consultation, which runs until 5 March 2018, is to assess whether the new scheme should be introduced in an effort to improve the condition of private rented homes, reduce anti-social behaviour and support landlords by providing guidance and support.

The proposal is to introduce:

+ A borough wide Additional Licensing Scheme for Houses in Multiple Occupation (HMO)

+ A Selective Licensing Scheme applying to all private rented properties in 29 defined areas across the borough

The Additional Licensing Scheme would be required by landlords or managing agents of HMOs across the whole borough, with a proposed fee of £208 per unit of accommodation, although a 50% discount would be available for applications made in the first three months of the scheme being introduced.

As far as Selective Licensing is concerned, which is expected to cost oin the region of £500 for five years, the council is proposing the introduction of selective licensing in 29 areas across the borough, in which all privately rented properties will need a licence. Click here to see ward maps of the 29 Selective Licensing areas

You can have your say by completing this online questionnaire. http://www.haringey.gov.uk/survey/private-rented-property-licensing

In addition, the council will be three holding public meetings – details below.

 

Tuesday 16 January 2018, 7.30pm - 8.45pm (General Public meeting)

Venue: Jacksons Lane, 29a Archway Road, London, N6 5AA

Thursday 18 January 2018, 7pm - 8.15pm (Tenants' and residents' meeting)

Venue: Northumberland Park Resource Centre, 177 Park Lane, London, N17 0HJ

Tuesday 23 January 2018, 6.30pm - 7.45pm (Landlord meeting)

Venue: Haringey Civic Centre, 265 High Road, Wood Green, London, N22 8ZW

 

To attend, email PropertyLicensing@haringey.gov.uk or phone 020 8489 6934. Spaces will be reserved on a first come first served basis.

 

We also will be hosting a number of drop-in sessions around the borough:

Tuesday 9 January 2018, 11am - 2pm

Venue: Wood Green Library and Customer Services, 187-197A High Road , Wood Green, London, N22 6XD

Thursday 11 January 2018, 3.30pm - 6.30pm

Venue: Hornsey Library, Haringey Park, London, N8 9JA

Thursday 18 January 2018, 10am - 1pm

Venue: Broadwater Farm Community Centre, Adams Road, Tottenham, London, N17 6HE

Friday 19 January 2018, 10am - 2pm

Venue: The Mall Wood Green (outside the cinema), 159 High Road, Wood Green, London, N22 6YQ

Tuesday 6 February 2018, 4.30pm - 7pm

Venue: Marcus Garvey Library and Customer Services - Tottenham Green Pools and Fitness, 1 Philip Lane, Tottenham, N15 4JA

Saturday 10 February 2018, 10am - 1pm

Venue: Marcus Garvey Library and Customer Services - Tottenham Green Pools and Fitness, 1 Philip Lane, Tottenham, N15 4JA

Wednesday 14 February 2018, 10.30am - 1.30pm

Venue: Muswell Hill Library, Queens Avenue, Muswell Hill, N10 3PE

Tuesday 20 February 2018, 5pm - 8pm

Venue: Park Road Pool and Fitness, Park Road, London, N8 8JN

Wednesday 21 February 2018, 4pm - 7pm

Venue: New River Sports and Fitness, White Hart Lane, Wood Green, N22 5QW


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Listen: landlord and tenant swap stories - ‘Encounters’

As well all know, the landlord is required to provide the property, the tenant needs to pay their rent on time and ideally they must both keep to their countless responsibilities, as stated in the tenancy agreement. However, sometimes things can go a little off track and disputes can undoubtedly arise, which is something that the BBC Radio 4’s Encounters picked up on this week.

In its latest episode, the show features a landlord and tenant with very different views on a difficult subject. The pair come together to see if they can empathise with each other by trading places in order to tell the other person’s story in the first person in an attempt to ‘find common ground’.

Listen to the show by clicking here.


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3mc launches new expat buy-to-let deal

3mc has launched a new buy-to-let mortgage deal designed for use by British expats, which is funded by Aldermore Bank.

Borrowing rates start from 4.18% up to 75% loan-to-value (LTV) for those looking to purchase or remortgage, with no personal income requirements except for first-time landlords

Lending is available to individual residential investment units, HMOs up to six bedrooms and multi-units of up to four units on a single freehold title.

The deal is available to all intermediaries and through 3mc’s network partners The Right Mortgage and Protection Network, Sesame, Stonebridge Network, Home Loan Partnership and to directly authorised members of the PMS Mortgage Club.

Doug Hall, director of 3mc, said: “Investing in UK rental property continues to hold considerable appeal for British expats living abroad and this exclusive deal has been designed to cater for their needs.

“Individual expats can purchase a wide range of rental properties including HMOs and multi-units on a single title, with a choice of fixed and variable rate deals starting from just 4.18%.”

Charles McDowell, commercial director at Aldermore, added: “We’re delighted to offer this exclusive deal via 3mc, who I know will provide brokers and their clients with a high quality service. Full product details are available via the 3mc website.”


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Government urged to introduce new buy-to-let tax on ‘nightly letting’

Buy-to-let landlords who let out their properties as short-term holiday lets should be hit with fresh taxes to deter them from breaking the government’s clear 90-night limit on short-term letting, it has been suggested. 

An increasing number of buy-to-let landlords are letting out their homes as short-term holiday lets following the introduction of a raft of ‘anti-landlord’ policies, such as the scrapping of the 10% ‘wear and tear’ tax allowance and the phasing out of mortgage tax relief, prompting concern that there could be a net reduction of long-term private rented properties next year.

But while landlords seek alternative ways to boost income levels, including the use of homes as short-term holiday lets, it is tenants who are starting to suffer as fewer homes are available for them rent for the long-term.

However, the council is concerned about ‘nightly letting’, i.e. people who break the rules to let their property all year round on a commercial basis, frequently for one-to-two nights at a time.

To help secure longer term security for tenants, Cllr Nickie Aiken, the Conservative leader of Westminster Council in London, would like to see the government change its tax policy when it comes to short-term lets, in order to encourage more landlords to provide longer term lets, by taxing nightly lets.

She said: “I am calling on the government to introduce a new tax on nightly letting as local tax payers unfairly bear the burden of our related council services and activities.” 

 

To help catch out landlords breaking the 90-night rule, Westminster Council has deployed a new team of investigative council officers to tackle irresponsible or unlawful nightly letting.

These officers will build evidence so that the council can prosecute landlords who are breaking the government’s 90-night limit on short-term letting.

AirBnB letting in Westminster has more than doubled from 1,603 in 2015 to 3,621 in 2017.

As of September 2017 almost 1,500 properties are being investigated for potential unauthorised use for short-lets.

Traditionally the council has found it difficult to gather sufficient evidence to prosecute, but this is expected to change with the launch of the Housing Standards Task Force as part of the MyWestminster programme.

Cllr Aiken commented: “I know there are many who legitimately and responsibly let out their homes for under 90-nights a year to make some extra money.

“However, some selfish people treat this as an entirely commercial enterprise, letting their property out for one or two nights at a time all year round, with little or no thought to the wider community.”

“It is quite simple. Ninety days must mean just that. Companies must take responsibility for some of the unintended consequences of their business model, which is causing misery in pockets of ours and other cities across the world.”


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UK letting market enjoys ‘robust’ boost, claims Agency Express

There has been a significant improvement in the letting market, according to board company Agency Express.

The number of new rental property listings increased by 12.6% during November compared to the previous month, while the volume of properties ‘let’ was up 2.8% during the same period, fresh data from the Agency Express Property Activity Index shows.

Year-on-year comparisons also show figures for both ‘to let’ and ‘let’ properties last month to be greater than those recorded in November 2016.

Looking at performance across the UK, nine of the 12 regions recorded by the Property Activity Index reported increases in new listings to let, while eight of the 12 saw a hike in properties let. 

November’s top performing region was the East Midlands, with new homes to let increasing by 33.3% month-on-month, while properties let rose to sit at 18.6%.The Property Activity Index’s historical records also highlights that the increase in new listings is the largest for November since 2012.

Here are the prominent performing regions:

Properties ‘To Let’

South West 38%

South East 5.1%

North West 22%

Wales 19.9%

West Midlands 10.2%

Properties ‘Let’

Wales 15%

North East 13.6%

Yorkshire & Humberside 12.7%

Central England 11.30%

South East 8.9%

The largest declines in November’s index were recorded in London, where new listings ‘to let’ in the capital fell to sit at -15.4%, as did figures for properties ‘let’ for a third consecutive month at -12.3%.

Historically, this is the sharpest decline in new listings for November since 2014.

Commenting on the latest report, Stephen Watson, managing director of Agency Express, said: “Following what has been a mixed few months for the UK lettings market, this month’s figures are robust overall and the increase has redressed the balance.

“As we move in to December where a seasonal slowdown is expected it will be interesting to see how the year-end figures fair.” 


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Marginal decline in rents as 2017 draws to a close

There was a symbolic decline in UK rents last month, new figures show.

The average UK rent may have dropped by just 0.01% last month, but this is the first time rental growth has entered negative territory in at least half a decade, according to the data provided by buy-to-let lender Landbay.

According to the statistics, which are powered by MIAC, UK rents have increased by an average of 0.53% in first 11 month of the year, although this is less than half the growth by November 2016, and a quarter of the 2.3% growth recorded at the corresponding point in 2015.

The East Midlands has seen rents increase more than any other part of the UK this year, with the average rent in the region up 2.13%, followed by the South West at 1.63%, and the East England at 1.57%.

In contrast, rents have dropped by an average of 0.83% in London, dragging down the UK average.

Excluding the capital, rents in the UK have proved rather resilient, increasing by an average of 1.27% in 2017. 

The findings from the second edition of Landbay’s National Rent Review show that the average UK rent now stands at a record £1,196 per calendar month (pcm), up from £1,190pcm at the turn of year.

Removing London from the equation puts average rents at £759pcm, up from £750pcm at the turn of the year, an extra £9pcm or £109 per year.

John Goodall, CEO and founder of Landbay, said: “Landlords have faced up to challenge after challenge over the past two years, from stricter regulation, reductions to tax relief, and a significant stamp duty tax hike when buying a buy to let property. One would expect this pressure to push up rents, but two key factors have allowed them to shoulder these rapidly rising costs: the Bank of England’s enduring Term Funding Scheme [TFS], which has injected a significant sum of cheap capital into banks, together with record low interest rates, which have also kept borrowing costs low.

 “With interest rates now rising, and the TFS coming to an end in February, we expect upward rental pressure to be just around the corner. Without a radical house building plan for purchase as well as purpose-built rental properties, rental prices are in danger of soaring over the coming decades.”


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TSB and Natwest introduce new BTL mortgage products

TSB has introduced a range of new two-year fixed rate mortgage deals, while Natwest has cut rates on selected deals to coincide with the roll-out of procuration fees from today.

TSB’s new buy-to-let range, with each product subject to a £995 fee, is available to purchases and those remortgaging at up to 60% loan-to-value (LTV) and start from 1.79%

Meanwhile, Natwest has increased rates on selected two-year fixed rate buy-to-let remortgages by 0.1%.

Mark Bullard, head of sales at Natwest, which from today will pay mortgage brokers a gross procuration fee of 0.2% on completion of each product transfer deal, said: "Having reviewed our portfolio we have made a few adjustments to rates to reflect the current market conditions and balance our mix of business.”

Data released earlier this week by Paragon Mortgages revealed that Buy-to-let mortgages made up 17% of all mortgage cases in the three months to October

John Heron, Paragon’s managing director, said “It is positive for the buy-to-let market to see application numbers increase after weaker numbers in the previous three quarters.

“Hopefully, this will be a sign of things to come for the buy-to-let market after a period of uncertainty following regulatory changes, reduced tax relief and the uncertainty around Brexit.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!



Government urged to introduce new buy-to-let tax on ‘nightly letting’

Buy-to-let landlords who let out their properties as short-term holiday lets should be hit with fresh taxes to deter them from breaking the government’s clear 90-night limit on short-term letting.

An increasing number of buy-to-let landlords are letting out their homes as short-term holiday lets following the introduction of a raft of ‘anti-landlord’ policies, such as the scrapping of the 10% ‘wear and tear’ tax allowance and the phasing out of mortgage tax relief, prompting concern that there could be a net reduction of long-term private rented properties next year.

But while landlords seek alternative ways to boost income levels, including the use of homes as short-term holiday lets, it is tenants who are starting to suffer as fewer homes are available for them rent for the long-term.

However, the council is concerned about ‘nightly letting’, i.e. people who break the rules to let their property all year round on a commercial basis, frequently for one-to-two nights at a time.

To help secure longer term security for tenants, Cllr Nickie Aiken, the Conservative leader of Westminster Council in London, would like to see the government change its tax policy when it comes to short-term lets, in order to encourage more landlords to provide longer term lets, by taxing nightly lets.

She said: “I am calling on the government to introduce a new tax on nightly letting as local tax payers unfairly bear the burden of our related council services and activities.” 

 

To help catch out landlords breaking the 90-night rule, Westminster Council has deployed a new team of investigative council officers to tackle irresponsible or unlawful nightly letting.

These officers will build evidence so that the council can prosecute landlords who are breaking the government’s 90-night limit on short-term letting.

AirBnB letting in Westminster has more than doubled from 1,603 in 2015 to 3,621 in 2017.

As of September 2017 almost 1,500 properties are being investigated for potential unauthorised use for short-lets.

Traditionally the council has found it difficult to gather sufficient evidence to prosecute, but this is expected to change with the launch of the Housing Standards Task Force as part of the MyWestminster programme.

Cllr Aiken commented: “I know there are many who legitimately and responsibly let out their homes for under 90-nights a year to make some extra money.

“However, some selfish people treat this as an entirely commercial enterprise, letting their property out for one or two nights at a time all year round, with little or no thought to the wider community.”

“It is quite simple. Ninety days must mean just that. Companies must take responsibility for some of the unintended consequences of their business model, which is causing misery in pockets of ours and other cities across the world.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!



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