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UK landlords left fuming over new smoke alarms laws
Landlords in the UK have criticised what they claim are unnecessary delays in the introduction of legislation which will make it compulsory to install smoke and carbon monoxide alarms in private rented homes. Draft regulations were published earlier in the year to require private sector landlords to install at least one smoke alarm on every storey of their rental property from 01 October 2015, providing local authorities with the power to fine landlords who fail to comply £5,000. However, the UK’s upper house of parliament, the House of Lords, has rejected the draft legislation at is final stage on the basis that the proposed introduction is less than three weeks away, that the government has not done enough to inform landlords of the changes, and that the legislation is poorly worded. The British Property Federation (BPF), which represents residential landlords and has supported the draft legislation, has warned that by the time the legislation is approved, landlords will be left with mere days to comply with the legislation, risking the £5,000 fine. The BPF has issued further concerns that information about the impending change in legislation has been poorly disseminated, and that many landlords may even be unaware of the changes and the potential fines. ‘We have been fully supportive of the campaign to make smoke alarms compulsory in private rented properties, and are therefore extremely disappointed to see this unnecessary delay in proceedings,’ said Ian Fletcher, director of policy (real estate) at the BPF. ‘The original timeframe for the legislation was tight, but allowing time for a further debate in the Lords is going to make this even worse. Coupled with the fact that there has been no publicity on the changes, we are worried that many landlords are going to be caught out by the fine as a result of government’s disorganisation and lack of clarity,’ he explained. ‘It is particularly frustrating that one of the reasons that this revocation has happened is because the introduction is worded poorly, as there has been no consultation on this,’ he added. Richard Lambert, chief executive officer of the National Landlords Association (NLA), described the situation as ‘farcical’. ‘These regulations are poorly worded, badly timed and being tabled with just days to spare before they are due to come into force on 01 October,’ he said. ‘As we understand it, there will be no guidance from the Government explaining how to comply before then. How can a landlord about to let a property on a tenancy from the start of October be expected to comply with these new requirements if they’ve not been told what they are and what is expected,’ he pointed out. ‘Given that there is no Government budget for marketing these new laws, and so it is relying on industry organisations and professional advisers as the main route to compliance, it’s shoddy, to say the least,’ he added. Continue reading
Buying a home near a British stately home costs on average £40,000 more
Buying a house close to one of Britain's many stately homes can cost on average £41,000 more than in neighbouring areas, but they also grow in value, new research shows. The average house price in an area with a stately home was £319,203 in May 2015 compared to an average of £277,990, a premium of £41,213 or 15%, according to a study by UK lender, the Halifax. Indeed, it found that some 76% of postal areas with stately homes have higher house prices than neighbouring locations and overall prices command a premium relative to the surrounding area in 54 of the 71 stately homes covered in this survey. Homes close to Kenwood House in Hampstead Heath currently command the highest premium of £770,023 or 120% in cash terms, followed by Ham House in Richmond upon Thames at £513,918 or 116% and Ightham Mote in Sevenoaks at £231,230 or 82%. Outside southern England the areas with stately homes commanding the highest premiums are Tabley House, Tatton Park and Peover Hall and Gardens, all in Knutsford in Cheshire, with an average house price premium of £181,517 or 83%. In all, there are 14 areas with stately homes where properties trade at an average premium of at least £150,000. They include Winterbourne House and Garden in the Edgbaston area of Birmingham at £162,551 or 91%, Highclere Castle, setting of the TV drama Downton Abbey, in Newbury at £155,532 or 44% and Chatsworth House in Bakewell at £154,063 or 89%. The research also found that owners of properties in areas close to Britain's many stately homes have seen the value of their home rise by an average of £89,506 over the past decade, from £229,697 in 2005 to £319,203 in 2015. The 39% increase in the average property price is equivalent to a monthly rise of £746. In cash terms, the average price growth of £89,506 in areas with stately homes is more than twice the national increase of £39,311 or 22%, which has grown from £178,016 to £217,328 in 2015. Average house prices in nearly all stately home areas in the survey increased in the past decade. The largest price growth was in the area of Kenwood House at £822,810 or 140%, followed by Ham House at £451,123 or 89%, and Hatfield House in Hatfield at £228,367 or 71%. The only area to record a fall in average price since 2005 is Coleraine in Northern Ireland, home to Downhill House and Mussenden Temple at a fall of 10% or £12,977. However, there are 17 areas with stately homes where properties trade at a discount to neighbouring areas. The largest discount compared to average house prices is around Wimpole Hall in Royston, where prices are typically around £50,000 or 13% lower than in the county of Hertfordshire. This is followed by Saltram House in Plymouth with values £40,903 or 18% lower, and Osborne House on the Isle of Wight lower by £32,071 or 16% despite the house being… Continue reading
Research suggests UK home owners over 50 with a mortgage could get a better deal
One in three home owners in the UK aged over 50 still have a mortgage and many have never tried to renegotiate for a better deal, new research shows. Mortgagees in this age group have still got around £50,000 to pay and one in 14 think they have been prevented from moving their mortgage to a more competitive deal because of their age. The research by the Saga Equity Release Advice Service also shows that of those home owners in their 70s who still have a mortgage on average they have £40,000 to pay. While many of those in their early 50s still have years of working life to chip away at their debt, around one in seven people in their 70s are faced with having to use their weekly pension to pay off what’s owed instead of using it to enjoy their retirement as they had planned. Saga says that shopping around for a new mortgage could help people pay it off quicker but one in 10 over 50s say they are concerned about their lenders maximum borrowing age and it appears they are right to be worried as 7% say they have been prevented from moving their mortgage to a more competitive deal because of their age. ‘Millions of older homeowners have found themselves abandoned by mortgage lenders and stuck in uncompetitive deals because of the unfair age restrictions that many lenders have in place,’ said Alex Edmans, head of retirement at Saga Personal Finance. ‘If these people had access to a better deal they wouldn’t have to pay as much back each month which would leave them with more money to enjoy their retirement. For those in retirement struggling to meet their monthly mortgage costs it may be worth considering a lifetime mortgage to help ease the burden of the monthly repayments,’ he explained. ‘This may not be suitable for all, so it is well worth speaking with a specialist adviser, who would consider all alternatives and review whether any state benefits could help provide some relief. It is also extremely important that people discuss their options with their family or loved ones and we advise our customers to do this before taking out a lifetime mortgage,’ he added. Continue reading
