February 17, 2009
Bargain Hunters
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The amount of Bargain Hunters in the Buy to let investment industry is likely to increase over the next few months, as the lower interest rates allow more potential investors into the market.
Sales expectations over the next month or two are looking to top sales figures over the last 3 months, and could be the start of a positive turn around in the property market.
As both house prices and interest rates fall, Residential Landlords with finance are still looking for bargain opportunities says the recently published RICS’ UK housing market survey.
Expectations that sales will increase have turned positive once again with 10 percent more Chartered Surveyors expecting sales to pick up in the coming months. Optimism is most visible in London and across the South of England with the balance of surveyors expecting sales to increase in London rising from 18 percent to 38 percent. In contrast Chartered Surveyors expect house prices to continue to decline in the near term.
Buy to let investment loans
Story link: Buy to let investment loans
The Empty Homes Action Plan will help many residential landlords, with the aim of renovating empty or out of use homes, ready for rental in the future, which of course would be an asset to any landlords portfolio.
The project will be looking to target all the 2,000 homes that they have identified.
Residential Landlords in a Lancashire district may be offered loans as part of a new Empty Homes Action Plan to renovate problem sites. It is one of the options being considered by Pendle Borough Council to overcome the problem of an estimated 2,000 empty homes in its area.
The empty properties are considered a ‘wasted asset’ and the council has warned that it could begin legal proceedings to take over rundown locations to prevent the long-term decline of neighbourhoods.
Flood risk increases
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Thanks to the recent whether, flood warnings have been given throughout the UK throughout the past few weeks, with some areas being completely devastated by the scale of the bad whether.
As of now around 100,000 homes have a huge risk of potentially being damaged by floods, according to Landmark Information Group.
With the current weather producing 94 flood warnings across the country, properties belonging to residential landlords will be among the one in four homes in England and Wales are at potential risk from flooding according the Landmark Information Group.
Plus in Scotland, the Government says there are approximately 100,000 homes at risk from flooding, however Landmark Information Group predicts this figure to be much higher.
Norwich helps landlords
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Councils are giving landlords more help now than they ever have before hand, which is of course excellent, especially if you are a new landlord and are unsure about certain rules.
Landlords in the greater Norwich area are being offered a helping hand through a variety of soon to be launched initiatives.
The Norwich landlord forum hosted by Norwich City Council, in association with the greater Norwich housing partnership (GNHP), made up of Norwich City Council, Broadland District Council, South Norfolk Council and Eastern Landlords Association – will be held on Wednesday 18 February from 5-8pm at the Council Chambers at County Hall.
Online for landlords
Story link: Online for landlords
The evolution of the internet has enabled jobs such as our shopping to take place both quicker and cheaper than ever.
Now a new initiative, set up by Charnwood Borough Council, hopes to turn things around for those with empty homes. The Council has set up a specialist website which aims to give hope to empty homes.
Residential landlords are being given an extra incentive to sign up to Charnwood Borough Council’s specialist website that aims to give a fresh start to empty homes.
The Authority’s Strategic Housing and Health Directorate has negotiated a number of discounts for property owners who register for the online Tenant Finder, Fresh Start and Landlord’s eForum.
Lower rates means investment opportunities
Story link: Lower rates means investment opportunities
Property experts are of course happy with the recent cut in interest rates, and many suggest that the latest interest rate has allowed investment properties to become a lot more accessible for many people looking to invest, especially in the rental market.
Only time will tell if the interest rates have had a positive affect.
Lower rates means investment opportunities
The Bank of England’s Monetary Policy Committee’s decision to cut interest rates by 0.5 percentage points to 1 percent presents an opportunity for investors says one property company.
Property experts broadly welcomed the recent cut but still maintain other measures are still needed to stimulate the market.
Sale and rent back companies should be crippled
Story link: Sale and rent back companies should be crippled
Finally a Government consultation document will highlight the fine details regarding the rules and regulations and the impact they can have on unregulated sale and rent back sector, with the possibility of the Financial Services Authority getting involved as well.
Sale and rent back companies have been taking advantage of people in a disadvantage for to long and putting them in stalemate as regards to sale and rent back deals on their property, not any more!
Sale and rent back companies should be crippled
A Government consultation document setting out the details of the proposed legislation over the unregulated sale and rent back sector will close on 1 May 2009.
The consultation will decide if companies offering sale and rent back agreements, which may target homeowners facing repossession, should be brought within the scope of Financial Services Authority (FSA) regulation.
Rental property improvements agreed
Story link: Rental property improvements agreed
Not only is this a great deal for the private and council rental sector partnership, but that’s a good chunk of money invested into the economy and of course, a great deal for the Swan Housing Group.
Hopefully the standard of properties will allow the 1,300 properties to be turned around into tip top properties once more!
Rental property improvements agreed
Newham Council has signed a 20-year £174 million contract with Swan Housing Group under the Government’s Private Finance Initiative that will see improvements to around 1,300 properties in Forest Gate.
The contract will ensure that around 900 rented council dwellings are brought up to the Government’s Decent Homes Standard by 2012 with new kitchen and bathroom fittings, windows and heating systems. There will also be external works to around 400 leasehold properties.
HMO water contaminated
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If you are a landlord and you are presented with a Emergency Prohibition Order then you know you have done something wrong on a major scale.
Houses in Multiple Occupation as rental properties are extremely complicated and hard to look after, so if you are looking to purchase one, then its advisable to do extensive due diligence.
A landlord who failed to ensure a wholesome supply of water to his property pleaded guilty to failing to comply with an Emergency Prohibition Order (EPO) pursuant to Section 43 of the Housing Act 2004 when he appeared before Holyhead Magistrates Court recently.
The Isle of Anglesey County Council served an EPO on Barry Lloyd in May 2007 for the offence at his property at Tyn Coed Farm, Talwrn Road, Llangefni. As the landlord and owner, he was responsible for the House in Multiple Occupation (HMO).
Landlord fined £2,000
Story link: Landlord fined £2,000
Landlords who fail to ignore subtle advice should definitely be treated in this way, after all, the properties they are being asked to improve are peoples homes and way of life, so should be treated with care and respect, not disrespect.
A landlord who ignored calls for him to improve his cold, damp property has been ordered to pay almost £2,000.
Andrew Bevan, who lives in Southend on Sea, was convicted of failing to comply with an Improvement Notice for the house he let on Kara Street in Seedley, Lancashire.