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Rise in people looking to rent their property on a short term let
Just over a quarter of letting agents in the UK have seen a rise in the number of inquiries for short term lets, according to new research from the Association of Residential Letting Agents. The latest report from ARLA reveals that 26% of letting agent members have reported a rise in this sector where lets are classed as under 90 days. Such a tenancy is regarded as having many perks such as offering landlords a quick income and providing people with an alternative to hotels. However, there are legal requirements involved in the process and ARLA says it is easy to get it wrong. Homeowners, who are looking to let their property out short term should ensure they’re complying with the law, ensuring best practice and making the most of their property. ARLA advises landlords to check mortgage or tenancy agreement to ensure you are permitted to rent out your property and to use a reputable agent. For example, an ARLA Licensed agent will not only help with marketing and finding tenants for your property, but also ensure that all legislation is being met, whilst you happily benefit from the income. If you go through an agent, using them to manage the property as well means you don’t have to worry about maintenance on the property as the agent will do that for you. For landlords who are letting their property out because they’ve had to move away or are abroad, this will be invaluable in making the process as pain free as possible. Landlords also need to ensure the property is in a decent condition including being clean and tidy with little clutter. Also, all of the furniture in the property needs to comply with the relevant safety legislation and vital safety checks will need to be carried out before you make the property available for a short let. If you are only letting your property for a couple of weeks, for example during Wimbledon or whilst you go on holiday, ARLA’s advice is to make sure someone visits it regularly. Consider having someone come in every day to clean and change the bed sheets. This will mean your property is kept in a good condition for when you return and also ensure that a short term license does not become a full statutory tenancy. ‘Short term lets can be hugely beneficial for both tenants and landlords, offering freedom and convenience for both parties. A short let can also be a more profitable option as you may be able to charge a higher rent than you would if you were letting a property out full time,’ said David Cox, ARLA managing director. ‘We’ve already seen a massive rise in the number of enquiries for short term lets and with the rising popularity of websites like Airbnb this is only going to continue. Landlords looking to let their property out short term should follow our simple tips to ensure they’re… Continue reading
Four new housing zones for London to add 12,000 new homes
The Mayor of London has announced a further four Housing Zones across London, accelerating efforts to deliver the new housing that the rapidly expanding city needs. The new zones in the boroughs of Havering, Enfield, Redbridge and Tower Hamlets will together deliver over 12,000 new homes, nearly 3,500 of which will be affordable housing. This will bring the number of Housing Zones announced to 15 with a total of 45,109 homes created, 14,055 of them affordable. A total of £162 million in funding will be contributed by the Mayor to the new Housing Zones as are a collaborative effort between the Greater London Authority, the government and local boroughs to streamline approval processes and fast track development in areas where it may not otherwise happen. Included in the new Housing Zones will be two brand new rail stations, a large new park, new primary schools, and new retail and entertainment precincts. They will revitalise currently disused brownfield sites and turn them into neighbourhoods where Londoners will work, live and visit. ‘Housing Zones will provide the swift delivery of new homes for Londoners that is so desperately needed and create entirely new, highly connected urban districts for generations to come,’ said the Mayor of London Boris Johnson. ‘By freeing up empty brownfield sites from lengthy approval processes and providing a funding boost, we can ensure new housing capacity is created in areas where it might never otherwise have happened,’ he explained, adding that the four new zones brings the project within touching distance of the 50,000 new homes target. Rainham and Beam Park Housing Zone in the borough of Havering is one of the biggest development sites at 12 square kilometres, and will include the new Beam Park rail station with 20 minute access into the heart of London. The Housing Zone will include the Beam Park site recently released by the Mayor for development, the largest slab of land that had been in the Mayor's portfolio. The council plans on creating a new garden suburb from former industrial land with 3,457 new homes, 941 of them affordable. ‘This is incredibly exciting news for the residents in Rainham, and the Borough as a whole. The changes this funding will allow us to implement will have a lasting positive impact on their lives,’ said Havering council leader Roger Ramsey. Meridian Water Housing Zone in the borough of Enfield will build 3,650 new homes in a development designed to complement the riverside canal district it is situated on, of which 1,460 be affordable. The Housing Zone will contribute to the development of Meridian Water station, currently Angel Road station, which will have four trains an hour running into central London by March 2018 under the Stratford to Angel Road rail scheme. In early June a procurement process was launched to secure a master developer for the project. The Ilford Town Centre Housing Zone in the borough of Redbridge will capitalise on the arrival of Crossrail to the area by… Continue reading
US sales to foreigners down but they are buying higher value real estate
Total property sales in the United States to international home buyers have decreased from last year, but in terms of price the sales dollar volume increased 13%, the latest data from estate agents shows. From April 2014 through March 2015 total international sales were estimated at $104 billion, compared to the previous year's estimate of $92.2 billion, according to the figures from the National Association of Realtors. In 2014 sales transaction to buyers outside of the US dropped 10%, possibly due to the strengthening of the US dollar in relation to international currencies and weakening foreign economies, according to NAR chief economist Lawrence Yun. ‘However, the amount of money spent has increased; this means international purchasers in the US have become an upscale group of buyers, spending more money on fewer homes,’ he explained. In 2014 five countries accounted for 51% of all purchases by international buyers. These were led by China, followed by Canada, Mexico, India and the United Kingdom, the data also shows. For the first time, buyers from China exceeded all other countries in terms of units purchased and dollar volume, purchasing an estimated $28.6 billion worth of property. Buyers from Canada followed with $11.2 billion in purchases, followed by India with $7.9 billion, Mexico with $4.9 billion and the UK with $3.8 billion. International buyers tend to purchase more expensive properties with the average purchase price being $499,600, compared to the overall US average house price of $255,600. Chinese buyers typically purchased the most expensive properties, at an average price of $831,800. Some 35% of real estate agents reported working with an international client in 2014, up from 28% in 2013 and 46% said international buyers were seeking main homes, 20% wanted buy to let and 26% was for investment rentals. Global buyers also purchased properties for commercial rentals and as residences for children studying in US educational institutions. Indian buyers were the most likely to purchase a primary residence with 79% doing so, while Canadian buyers were most likely to purchase property as a vacation home with 47% doing so. While international buyer clients purchased property across the nation, four states accounted for half of all international sales: Florida, California, Texas and Arizona. Florida remains the top destination for international buyers with 21% of all foreign purchases, followed by California at 16%, Texas at 8% and Arizona 5%. Chinese buyers tended to gravitate towards the West Coast, which provides ample education, business and trade opportunities, while Canadians seeking winter vacation opportunities focused on the Southwest and Florida. The majority of international purchases, some 55%, were all-cash, compared to about 25% of all purchases made by domestic buyers. Mortgage financing tends to be an issue for non-resident international clients because of a lack of a US based credit history or Social Security number, difficulties in documenting mortgage requirements, and financial profiles that can be different from those normally submitted to financial institutions by domestic residents. Continue reading
