Tag Archives: crisis
Faulty boilers are top cause of complaint for UK tenants
The top cause of complaint from tenants in the UK is a faulty boiler, with nearly a third of tenants suffering from lack of hot water and/or heating at some time during their tenancy. A new survey conducted by online letting agent PropertyLetByUs, also found that the second most common complaint was a leaking roof with 22% of respondents experiencing this problem. Mould and condensation accounted for 14% of complaints, as did faulty showers while problematic window locks accounted for 10% and broken windows 8%. Faulty smoke alarms was the cause of 6% of complaints, as was pests and vermin, while noisy neighbours caused 4% of complaints and problems with fire escapes 2%. The research also shows that some tenants are waiting a long time to get problems fixed. Nearly 20% of tenants are having to wait up to two months, while 12% of tenants have experienced landlords that never fix the problem. Just a third of tenants report that their landlord fixes problems quickly, within a couple of days. ‘Landlords have a duty of care for their tenants and leaving problems, such as faulty boilers can be very dangerous and put lives at risk. Some tenants are having to wait long periods of time to get problems fixed, which is unacceptable. It is worrying that only a third of landlords deal with tenant problems quickly,’ said Jane Morris, the firm’s managing director. The firm pointed out that only recently, two Kent landlords were fined £20,000 for leaving a flat so severely riddled with damp it posed a risk to tenants’ health. The landlords had left tenants living in damp conditions and without heating for more than two years. Both properties were also lacking vital fire safety alarms. ‘Whilst this may be an extreme case, the message is clear. Landlords and agents should deal with maintenance issues as quickly as possible. If they delay, issues can deteriorate, resulting in a higher cost to the landlord or tenant. It is also important that landlords or their agent make regular maintenance checks, ideally every three months, so they can identify potential and existing issues and sort them quickly,’ added Morris. The firm also pointed out that landlords and agents have a duty of care to advise tenants on the correct course of action while contractors are organised, such as turning off gas taps, water stop cocks or main electricity supplies, to ensure that any problem does not cause danger to life and property. Any gas or major electrical fault is classed as urgent and should be attended to within 24 hours or less. This also applies when heating or hot water is affected, especially during cold weather. Water leaks should be dealt with within 24 hours, cookers within 48 hours and other broken appliances such washing machines and dish washers should be attended to within 72 hours. Communication is key and the landlord or agent should keep the tenant informed of… Continue reading
Political uncertainty over 2015 election hits central London prime property market
Demand in the prime central London residential property market has become more restrained against a backdrop of heightened uncertainty due to next year’s general election, according to a new analysis. Prices in this sector fell by 0.2% in November, which was the first drop since October 2010 and meant annual growth eased to 6.1%, the report from real estate firm Knight Frank shows. Discounting a minor dip in the second half of 2010 due to concerns over the euro zone, November marked the end of a run of growth that lasted five and a half years, during which time prices have increased by 73%. According to Tom Bill, Knight Frank’s head of London residential research, it is difficult to rank individual reasons for the decline in order of importance, but anecdotally they appear to include the looming UK general election, the proposals for a mansion tax and the impact of capital gains tax reform for non-residents. ‘The conclusion must be that prices have softened in prime central London due to the magnitude of the cumulative uncertainty rather than the quantifiable extent of the risks. However, short term or domestic risks don’t obscure London’s wider appeal,’ he said. ‘Whatever happens in 2015, for example, London will retain a competitive advantage versus New York, where residents are taxed on their global income. Neither should buyers overlook the long-term potential for price performance of prime central London property which, as the graph above shows, has been exceptionally strong through past elections,’ he added. The report also shows that price declines in November included a 2.3% fall in Notting Hill, due to weaker demand in the £5 million to £10 million price bracket, a family house market that is more reliant on domestic demand than other areas of central London. Elsewhere, prices in South Kensington fell 1.2%. Bill explained that although more buyers are adopting a wait and see approach to pricing, the most in-demand and well-priced properties are selling quickly. There were declines of less than 1% in Kensington, Islington and Marylebone, while prices were flat in the three golden postcodes of Belgravia, Knightsbridge and Mayfair. Continue reading
Highest level of house lending in Scotland since 2008, latest CML data shows
Home lending in Scotland remains driven primarily by lending for house purchase, with remortgage activity showing a year on year decline, according to the latest figures from the Council of Mortgage Lenders. In the third quarter of the year there were 7,500 first time buyer loans in Scotland, 1% down on the previous quarter, but 15% up on the same period in 2013. First time buyers in the period borrowed £810 million, up 1% on the previous quarter and 23% on the third quarter of 2013. This was the highest quarterly total lending value since the middle of 2008. At 8,900 loans, there were 2% more home mover loans in the third quarter than the second, and 7% more than in the same period of 2013. The value of home mover lending was £1.3 billion, up 4% on the second quarter and 12% up on the third quarter 2013. Remortgage lending in the quarter increased in Scotland compared to the previous quarter but declined compared to the same quarter in 2013. House purchase lending to home buyers increased quarter on quarter in Scotland totalling 16,400 loans, up 1% compared to the second quarter and the value of these loans totalled £2.1 billion, a rise of 3% on the second quarter. Compared to the third quarter of 2013, the number of loans increased by 11% and the value of lending by 16%. This was the highest quarterly volume and value of house purchase lending in Scotland since the second quarter of 2008. First time buyers borrowed more in this quarter than in any other since 2007 totalling £810 million, and was second in total number of loans only to the previous quarter with 7,500 loans. The data also shows that first time buyer affordability may have been a factor in this, with first time buyers typically borrowing 2.94 times their gross income, less than the 2.98 income multiple in the second quarter and less than the UK average of 3.41. The typical loan size for first time buyers was £98,307 in the third quarter, up from £95,000 in the previous quarter. The typical gross income of a first time buyer household was £33,516 compared to £32,273 in the second quarter. The relatively low level of interest rates saw first time buyers' payment burden remaining relatively low in the third quarter at 17.3% of gross income being spent to cover capital and interest payments, higher than 16.7% in the second quarter but a smaller proportion of income than the 19.6% UK average. Home movers borrowed more this quarter than any other quarter since the second quarter of 2008 totalling £1.3 billion. Home mover affordability changed fractionally, with home movers typically borrowing 2.62 times their gross income compared 2.69 in the second quarter and to 3.05 for the UK overall. The typical loan size for home movers was £130,000 in third quarter, up from £128,800 in the previous quarter. The typical gross household income of a home… Continue reading




