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NLA calls for extension to PRS energy efficiency deadline
The National Landlords Association (NLA) has warned the UK government to tread cautiously in introducing minimum energy efficiency requirements in the private rented sector (PRS). The NLA has also called for an extension to the deadline for rented properties to reach minimum energy efficiency standards after the difficulties in introducing Green Deal finance into the sector. The warning was outlined in the NLA’s response to the consultation on the implementation of the provisions in the Energy Act 2011 to set minimum standards in the PRS. ‘The government set an original implementation date of 01 April 2018 for all private rented properties in the expectation that Green Deal finance would be available from autumn 2012, and that it would be supported by ECO subsidy,’ said NLA chief executive officer Richard Lambert. ‘As it turned out, Green Deal loans were inaccessible to private landlords until April 2014, by which time the restructured ECO was by and large unavailable to the sector. The Green Deal Home Improvement Fund proved to be an inadequate replacement, with all the funding for the 2014/2015 financial year apparently allocated within seven weeks, and the prospects for future funding are now highly uncertain,’ he pointed out. ‘This means that landlords have already effectively lost almost two years’ time to act and there is likely to be a hiatus in Green Deal applications until the future of the Government incentives has been clarified,’ he added. He also pointed out that setting the backstop date by which all tenancies must meet the minimum requirements at April 2020 is too soon. ‘Given the difficulties associated with the funding, which look likely to persist, we believe that it would be sensible instead to review actual progress in 2020 and to set a new working provisional date of April 2023,’ said Lambert. ‘It is vital that we prevent the situation arising where a responsible landlord, faced with the choice between not complying with the regulations or investing thousands of pounds in the knowledge that they are unlikely to recover the cost, let alone see a return, concludes that the rational business decision is to leave a property unimproved and empty,’ he concluded. Continue reading
More than 50% of UK tenants have problems with landlords and letting agents
Over half of UK tenants have problems with landlords and letting agents and two thirds don’t consider if their letting agent or landlord is licensed, new research has found. The research from the Association of Residential Letting Agents (ARLA) also found that the top issue is the time it takes to fix problems and on average tenants wait just over a month for issues to be resolved. For those who didn’t consider whether their landlord or agent was licensed, some 54% said it didn’t even cross their mind to check, while 23% did not know that letting agents or landlords should be licensed and 12% wrongly assumed that all letting agents and landlords were licensed and therefore do not know the difference in standards they can expect. This lack of knowledge around the industry may be the reason for many problems which arise during a tenancy, according to ARLA. The research also found before they’d signed on the dotted line, 22% of tenants had concerns about their landlord or letting agent, doubling to 43% amongst Londoners. The most common problems faced by would be tenants at this stage were lack of clarity around fees (8%), agents not knowing enough about the property (6%), being pushy (6%) and not turning up to appointments (6%). Whilst 45% haven’t had any problems with their landlord or letting agent over the last five years, 55% of the tenant population have experienced at least one problem. The most common issue which affected 31% was the amount of time it had taken to fix any problems such as boilers, heating and electricity. Once a problem was flagged, tenants had to wait 36 days on average for the issue to be resolved and an unfortunate one in seven never had their problems sorted. The next most common problem was landlords not replacing old items such as kitchen cupboards and worn carpets, affecting 18% of tenants. For 14% the biggest problem was that they felt their complaints fell on deaf ears. ‘Our home is our castle, and there is no reason for it to not be fit for a King. Just because you rent a property it should not impact your levels of enjoyment, especially as there is such a high price to pay for renting,’ said ARLA managing director David Cox. ‘For anyone looking to rent, there are basic boxes to tick to ensure you receive the best possible end result and this starts with choosing your letting agent and landlord. Choosing an unlicensed letting agent could leave tenants with a long list of problems,’ he added. The research also revealed that for 37% of tenants, the problems they experienced with their landlord or letting agent led to them being stressed and 16% admitted to having sleepless nights. As well as emotional results, many tenants were also left out of pocket, with 14% spending a lot of their own money, and 9% moving out of the property and unfairly losing their deposit. ‘While problems can of course arise during a… Continue reading
Research reveals how little mortgage holders in UK know about their finances
Almost half of all UK mortgage holders are unaware of their current mortgage rate and over a third are surprised to learn that if the base rate rises by just 1%, it could add £91 to the average UK variable mortgage payment. The figures, from research conducted by the Keep Me Posted campaign, suggests that many home owners with a mortgage don’t know enough about their finances. Overall 42% don’t know what the current rate is, 31% think they will have to make sacrifices if the interest rate rises 1% and 11% would get into financial difficulty. The research also found that when asked how they would like to be notified of a change to their mortgage rate, 67% preferred a printed letter, rising to 77% of those aged over 55. This is compared to just 22% who would like an e-mail and 5% who would like a text. Furthermore, 65% of mortgage holders admitted that a printed letter would make them most likely to take action including shopping around for a better deal compared to just 23% for e-mail and 5% for text. When asked how a base rate rise would affect them, 31% of mortgage holders polled believed that a rise of 1% would not be affordable. Of these, 20% state that they would have to make significant sacrifices to afford their mortgage, and 11% think it would tip them into financial difficulties. A further 42% claimed they could afford it but they would find themselves financially stretched by this change. ‘There’s no doubt that at present, a large number of people stand to be affected significantly if the base rate rises, meaning many may be left struggling to afford their monthly mortgage payments,’ said Judith Donovan, chair of the Keep Me Posted campaign. ‘What was particularly shocking to us was the number of people that currently aren’t aware of their mortgage rate. It is also clear from our research that home owners are more likely to react to any changes if notified via a posted letter. Companies should be aware that digital channels may not be suitable for all their customers and should be careful not to take a one size fits all approach,’ she added. Keep Me Posted champions communications choice for everyone in society. The campaign believes that when it comes to important financial information, consumers should be communicated with in a manner more likely to encourage them to take the best action for them. More importantly, consumers should be able to choose how they are communicated with by their service providers. The campaign believes legislative and regulatory action needs to be taken before this becomes a serious issue. Continue reading
