Press Centre
Estate Agents & Letting Agents in Leeds
Here you will find the latest Hudson Moody Wass and property news.
NLA to insist on mandatory training for all members in future
All landlords belonging to the National Landlords Association will in future have to go on educational courses.
The NLA has announced the plans as part of a commitment to accredit all its members by 2020.
Members will have to complete a course, either in person or online, and also maintain their knowledge by attending meetings, conferences and further courses, and reading NLA literature to gain ongoing points in Continuous Professional Development.
While details have yet to be fully spelled out, it appears to mean that new members will have to pass a foundation course and commit to CPD before their applications are accepted, while existing members will have to undergo the training if they still wish to belong to the association.
A foundation course currently costs nothing if it is done online, but £95 for members (£125 for non-members) if they attend. CPD currently demands ten hours of study per year. If CPD is not adhered to, then the accredited status is lost: presumably in future, this will mean that landlords will also lose their membership.
The plans were outlined in a speech on ‘Delivering excellence in the private-rented sector’ by Carolyn Uphill, who is deputy chairman of the NLA.
She said that the NLA believes that landlord accreditation is a key tool to improving standards in the private-rented sector and it actively encourages all landlords – members and non-members – to become NLA accredited landlords.
Uphill said: “We believe that NLA membership should be synonymous with landlord professionalism, and accreditation is a significant factor in helping us achieve this. To have all our members accredited is an ambitious target but realistic in the lead-time provided.
“By demonstrating a level of competence represented by NLA accreditation, NLA members will be able to set themselves apart through evidence of their commitment to quality and standards.
“We all need to work together as an industry to improve the reputation of our sector, and NLA members can play an important role through leading by example.”
A spokesperson for the NLA said that having to undertake training and CPD would not impact on costs of membership if members did their studying online, but there would be extra to pay if landlords personally went on courses.
The spokesperson said: “We are confident that this is the way forward for the NLA and we hope that the majority of our members agree.
“We also hope that setting a target date of 2020 will provide adequate time for NLA members to manage the transition.”
Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!
Immigrant checks would be 'light touch', Prisk promises
The immigration status of tenants will only have to be checked under a ‘light touch’ regime, housing minister Mark Prisk has said.
Prisk was speaking to MPs who were asking questions about proposals unveiled in the Queen’s Speech which will make landlords responsible for checking whether their tenants have a right to be in the UK.
If landlords fail in their duties, they have been threatened with heavy fines.
Few details, including responsibilities delegated to agents, have yet been spelled out, but Prisk told MPs that the new rules would not be over-burdensome.
He said: “What we’re asking for is all landlords undertake that basic check to see people are who they are and they are entitled to be here.
“The intention is to make it light-touch. We’re working on the proposals at the moment and we don’t want to make it unduly onerous. The idea is to make sure someone takes a reasonable step to check someone’s identity and that would naturally be a passport.”
Prisk also dismissed suggestions that a national registration scheme for landlords would be set up, but said that selective licensing schemes could be more widely used.
He said: “If there’s a good argument demonstrated that a significant proportion of local authorities would welcome an extension, I would certainly be happy to look at the evidence.”
Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!
Benefit claimants lettings portal rapped by advertising watchdog
Claims on a website advertising “unlimited access” for £4.99 to properties that accept tenants on housing benefits have been banned by the advertising watchdog. A complaint was also upheld that property listings on the website may not have been genuine.
Dsshousinguk, a website owned by Horizon Housing, said that home hunters looking on the site could register and receive direct contact numbers for landlords and agents accepting housing benefit tenants.
It said that after paying £4.99 for “limited access, you can keep using the site until you have found your property”.
But a complainant told the Advertising Standards Authority that after she registered and paid the fee, she found she had access to landlords in only one area, and would need to pay additional fees to access contacts in other areas.
She also challenged whether the listings were all genuine, because she said that when she contacted some of the landlords, all were unaware of the website.
Horizon Housing told the Advertising Standards Authority that they thought it was clear that the registration fee was payable for each geographical area. The firm also said that all the properties listed on the website were genuine at the time they were posted, although some might have been let and were no longer available.
The firm said that 800 letting agents had access to the website and could update their own properties, although some used email to ask Horizon Housing to update the agent’s properties for them. The website was updated daily, attracting 50,000 customers annually.
Both complaints were upheld. The watchdog said that properties listed in the scroll bar of the home page were not actual properties for rent but simply examples.
The ASA said in its ruling: “We also noted that Horizon Housing had not provided any evidence to show that the property listings on the rest of the website were genuine.
“We invited HH to provide us with a selection of the letting agents who had listed properties on their website with a view to us contacting them, but HH did not provide that information. We considered that because we had not seen evidence to show that the properties listed on the website were genuine, it was misleading.”
Horizon Housing has been told to amend their website to make clear that a £4.99 registration fee is payable for each of the areas listed, and to ensure that they only list properties on their website which are genuinely available for rent.
Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!
New property disputes service unveiled for landlords
A new property disputes service has launched for private landlords.
The new service from the Chartered Institute of Arbitrators (CIArb) will allow both commercial and private landlords, and tenants of both sectors, to settle their property disputes.
The Property Disputes Appointments Service (CIArb-PDS) is said to be suitable for all commercial and residential property disputes providing a more cost-effective alternative to traditional litigation.
In addition, the new service, the first of its kind for the Institute, will deal with a variety of different issues including property and ownership interference; boundary or nuisance by noise; professional disputes claims against professionals for negligence; and general issues regarding easements and rights of way.
Anthony Abrahams, CIArb Director General, said: “The Institute has been offering alternative methods of settling disputes since 1915.
“Although many may view litigation as the way of resolving property disputes, the use of Alternative Dispute Resolution is on the rise and is invariably a more practical and flexible means of approach.”
www.ciarb.org/das
Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!
Paragon's lending to buy-to-let landlords shoots up
Lending by Paragon Mortgages to buy-to-let landlords rose to £102.3m in the six months to the end of March.
The figure was up 14.6% on the £89.2m lent over the same period the year before, said parent company Paragon Group in its half-year results. Its pipeline business of £241.2m as at the end of March, was up 134% on the £103m of a year earlier, and had more than doubled over the final three months.
Director of mortgages John Heron says Paragon expects to grow its lending more over the coming months.
Paragon Group made a pre-tax profit of £49.1m in the six months to the end of March, up 9.6% on the £44.8m of a year earlier.
The company also said it still has ambitions to hold a banking licence. Further progress will be reported to shareholders in due course.
Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!
UK housing market on road to recovery
The residential property market in the UK appears to be going from strength to strength, with average asking prices rising to a recent high, according to data supplied by Move with Us.
The company’s Q1 Residential Market Review shows that the average asking price of a home in the UK has increased by 1.2% since January which, coupled with rising numbers of new properties coming to the market, shows positive signs of an improving market.
As largely expected at this time of the year, there was a surge of new properties listed on the market in January and this increase continued throughout the first quarter.
Around 117,000 new properties came to the market in England in March, 125% more than in December 2012, reaching levels not experienced since May 2012.
Robin King, director at Move with Us, commented: “Although it’s still too early to call if the property market is improving, there are encouraging signs in place. Next quarter’s figures will confirm our thoughts and for the first time we will also be able to see what impact the Government’s new Help to Buy scheme has had on the market, if any.”
Regional highlights
Greater London
The average asking price in London has increased by over £10,000 (2.85%) to £368,357 in the last three months, despite an increased number of properties coming to the market which would typically place downwards pressure on prices. Sale times for residential property in Greater London are 40 days faster than the national average in March and remain among the fastest in the country.
South East
Although the average asking price dipped in January to £295,798, perhaps in reaction to an increased number of new properties, by February it seems the market had adjusted to higher competition amongst sellers with asking prices surpassing the level seen in October 2012 (£296,929). By the end of March, the average asking price had increased by over 1.4% to £299,934, £4,000 more than in January 2012. The South East maintained its position as the largest regional housing market in England in Q1 2013.
South West
The average asking price in the South West fell significantly in January to £253,524 as the number of new properties surged. However, prices recovered each month in Q1, reaching an average of £255,976 in March, 8.9% above the national average.
East Anglia
East Anglia had a positive quarter, ending Q1 at £251,519, the highest average asking price seen in recent years. Although the average time required to sell residential property increased overall in Q1, in March timescales decreased and if this trend continues, East Anglia will have adjusted to rising prices and increased competition amongst sellers signifying a flourishing market.
East Midlands
Average asking prices in the East Midlands increased incrementally in the first quarter of 2013, close to the overall trend for England. Prices returned to an average of £175,286 at the end of Q1, which could be a very early indication of an improving market.
West Midlands
The average asking price reduced marginally in January compared to December 2012, most likely as a reaction to increased competition from new properties. Despite the average asking price rising in February and March, the first quarter ended with prices at an average of £189,762, a similar level to that seen in October 2012.
Yorkshire & Humber
Despite the increase in supply with around 4,900 more properties coming to the market in March than December, the average asking price in the region increased throughout Q1, suggesting optimism from sellers and perhaps signifying an improving market. The first quarter ended with the average asking price at £168,145, the highest since October 2012.
North East
As the number of new properties coming to the market increased in January, prices typically reduced in the North East region. Prices rose in March, similar to January’s figures but remained at lower levels than seen in Q4 2012 indicating that the North East didn’t initially take to the increased competition from new properties coming to the market until the average asking price reached £152,350 in March.
North West
A rise in new properties coming to the market naturally causes a reduction in price and the North West has followed this trend. In March, there were over 7,700 (127%) more new properties coming to the market than in December 2012. However prices reduced only marginally and stood strong for most of Q1, which in the face of such a sharp upturn in new properties indicates a robust market. Average prices remain at around £171,000 in March, a fall of less than 0.3% from December 2012.
Article courtesy of Property Investor Today | Sign up for Property Investor Today newsletter | Get this news on YOUR site!
£1.8m raised at latest Savills auction
Just over £1.8m worth of residential and commercial properties as well as rural lots went under the hammer at the latest Savills auction which took place at Nottingham Race Course on Thursday 16 May 2013, thanks to fierce bidding among a packed sale room.
The star residential lot was a traditional detached house in the Lady Bay district of West Bridgford. The property attracted interest from developers, home owners and investors and achieved a sale of £192,000 from a guide of £80,000 - £100,000.
Other residential highlights included the sale of 12 Hillfield Road, Stapleford, a three bedroom semi-detached property, sold on behalf of the County Council for £81,000.
Bob Crocker, director of residential auctions at Savills Nottingham, comments: “This auction saw an uptake in viewings, with over 50 viewings in the pre-auction marketing period. Many of these were parents looking to invest on behalf of first time buyers. With our next sale on 27th June 2013, we have already listed a number of properties, both in and around the city and county.”
Of the commercial lots, a four storey office building at 7 Derby Terrace on The Park Estate, Nottingham generated high levels of interest from investors and owner occupiers alike. Offered at a guide of £185,000 on behalf of a Frank Hodson Trust the property sold for £223,000.
Paul Giles, associate director of commercial auctions at Savills Nottingham, comments: “Over the past 12 months we have sold a number of period office buildings similar to 7 Derby Terrace, all of which have attracted high levels of interest and selling over the guides. What is interesting is that the auction sales are often achieving stronger prices than the traditional private treaty method and we are seeing both buyers and sellers attracted to the quick turnaround of auction sales.”
Other commercial highlights include two sales on behalf of high street retailer Boots. Savills sold 71 Bracebridge Drive, a retail investment let to Sue Ryder producing £18,000 per annum and with 33 years remaining on the long leasehold interest. The property achieved a strong sale price of £146,000 off a guide of £100,000. Meanwhile, a retail investment on Silver Street in Coningsby, Lincolnshire which comprised two retail units producing £12,025 per annum, sold for £100,000.
Article courtesy of Property Auctions Today | Sign up for Property Auctions Today newsletter | Get this news on YOUR site!
Pugh and Co. release June catalogue – view online
Nine public houses, three police stations and two nightclubs are amongst the 192 lots on offer at Pugh and Company’s June auctions in Manchester, Liverpool, Leeds and Newcastle.
The Crown Court House, in Dalton in Furness, Cumbria, is a vacant public house, café and restaurant with residential accommodation and a former town court house and jail. The guide price is £100,000 plus.
Similarly in Flintshire, the former Crown Hotel is a vacant pub on a parcel of residential building land with planning consent for nine dwellings. Situated close to the North Wales Coast and three miles from Prestatyn town centre, the guide price for the property is £100,000-150,000.
Oldham’s vacant three-storey Kiss nightclub and bar will be available at the Manchester auction on 13th June, guided at £75,000-85,000.
Meanwhile, the former Filey Police Station in Filey, North Yorkshire is up for offer with a guide price of £300,000 and will be available at the Leeds auction on 6th June. The site is being sold on behalf of North Yorkshire Police and has development potential subject to gaining the necessary consents.
Pugh’s residential division, The Auction People, is offering a mix of vacant and tenanted properties including a four bedroom semi-detached home in Liverpool on behalf of The Salvation Army guided at £150,000 plus.
Lot 58 is located on Bangor High Street and comprises of eight single bedroom, self-contained flats and one self-contained duplex, producing an annual income of £49,380. It is guided at £275,000-300,000 and will be available at the Liverpool auction on 11th June.
Stephen Swainson, director at Pugh and Company, said: “We’ve had a fantastic start to the year, with almost 300 lots sold generating total sales in excess of £26million. Investors and developers across the North recognise that this is a great time to buy and are snapping up the great deals in the room.
“The great mix of properties available at our four auction venues is already generating interest and we’re looking forward to seeing the turnout on the days.”
Pugh and The Auction People’s catalogue of properties is now available to view by clicking here.
Article courtesy of Property Auctions Today | Sign up for Property Auctions Today newsletter | Get this news on YOUR site!
Sharp increase in property auction sales in April
There was a significant rise in the number of properties offered, sold and raised at property auctions across the UK in April, according to the latest data released by the Essential Information Guide (EIG).
The organisation, which provides the property industry with detailed information about the results of all UK property auctions, reports that overall results were very positive, with increases of 9% month-on-month in the volume of lots offered, 13% in lots sold and almost 21% in amounts raised for the month of April.
This rise has been primarily attributed to a major London auction house bringing forward their Spring auction from March to April.
Exclude this sale and the figures show very slight gains in the volume of lots offered and sold, 1% and 2% respectively, whilst the total raised would have contracted marginally.
“The medium-to-long term outlook remains optimistic, as demonstrated by the rolling quarterly and yearly statistics, with slight gains made in the majority of metrics,” said EIG’s David Sandeman.
National Auction Analysis
The commercial market was reasonably quiet in April, with only 373 lots going up for auction, down 4% on April 2012, while the amount raised also dropped off slightly to £25.7m.
“The quarterly statistics show that despite a slow month the market has still shown signs of growth in recent times, and with May being one of the busiest month's in the commercial auctioneers' calendar it will be interesting to see how the market fares in next month's edition,” Mr Sandeman added.
The residential sector continues to grow, with gains made in all but one of the measurable parameters. Notably, in the last 12 months the amount raised has climbed by over 5% to £2.48bn, whilst the sale rate remains stable in the mid-70%.
Article courtesy of Property Auctions Today | Sign up for Property Auctions Today newsletter | Get this news on YOUR site!
Auction House redraws the map of the North
Auction House claims that it is revolutionising the pattern of property sales in the north of England, thanks mainly to the success of its residential division.
EIG figures for auction activity so far this year show that Auction House has overtaken many of the traditional sales rooms in the region to become one of the market leaders, having sold 434 lots from 541 offered during the first four months of this year (a success rate of 80%).
Auction House Founding Director Roger Lake said: “Auction House is redrawing the map of auction sales in the north of England. The result clearly demonstrates the attraction of our 13 northern auction rooms, with the vast majority of vendors now choosing to sell in-region rather than from an auction room far away. The benefits of better marketing, hosted open house viewings and busy auction rooms with more local buyers are the clear reasons for better prices being delivered.”
Nationally, the Auction House network offered 279 lots across its 30 auction rooms last month, with 218 sold at a healthy success rate of 78%, raising £23m.
Commenting on the figures, Mr Lake added: “Our early spring sales were a great success; viewing levels are up and auction room attendances are too. We are currently entering far larger numbers of commercial lots alongside more must sell residential properties. Investors have become more active, tenanted stock is particularly popular and builders are back acquiring land and development sites.“
There is now a big window of opportunity for struggling Private Treaty stock to be quickly sold by auction - and it is pleasing to see that sellers and local agents are realising the better chances that we offer”.
Other trends being reported by Auction House include an increasing number of ASTs being sold at auction to landlords who like to buy with instant income; the better prices now being achieved for commercial lots sold in region; a noticeable rise in rural entries and an increased demand for secondary retail.
Lake concluded: “Auction House is now the logical first choice for sellers of residential, commercial and investment lots. The service we offer is second to none and our results are way ahead of the rest.”
Article courtesy of Property Auctions Today | Sign up for Property Auctions Today newsletter | Get this news on YOUR site!
