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Inventory clerks can carry out smoke and carbon monoxide alarm checks for landlords
Landlords and their letting agents can use the services of their inventory clerk to carry out checks of smoke detectors and carbon monoxide alarms in rented properties if required, it has been confirmed. From 01 October landlords in England will be required to install smoke detectors on every floor of their property where someone is living or partially living. Carbon Monoxide alarms must also be fitted in any room within a rented property where there is a solid fuel burning appliance, this includes open fires and wood burners. Both of these alarms must be tested at the start of every tenancy beginning on or after 01 October and any landlord who doesn't comply with the new legislation could be hit with a fine of up to £5,000. This checking requirement, however, does not apply to renewed or statutory periodic tenancies and there has been some confusion and concern surrounding the new rules which has centred on the checking of alarms and who will be able to do it. Other landlords have raised concerns about extra costs incurred by possibly having to employ a tradesman to carry out the checks. However, Patricia Barber, chair of the Association of Independent Inventory Clerks (AIIC) said that its independent inventory clerks should be able to carry out these checks at the outset of a tenancy if required. ‘As part of an inventory compilation or check in procedure at the beginning of the tenancy, an AIIC independent inventory clerk will be able to check smoke detectors and carbon monoxide alarms for power where possible and report back any problems found,’ she explained. ‘This then paves the way for landlords or their property managers to carry out subsequent checks during mid-term visits. While the majority of landlords and agents may already have some sort of procedure in place, hopefully this news will help to put some property professionals' minds at ease, saving time and money,’ she pointed out. ‘As always we maintain the importance of making sure that any property inventory is carried out by an independent inventory clerk. AIIC clerks are highly trained and can report the presence of each alarm and test for power at the start of the tenancy. A tenant will then be asked to sign a statement agreeing the clerk’s findings,’ she added. Continue reading
Some home markets in the US are still struggling to recover, latest index suggests
More than a quarter of homes across the United States lost value over the past year, despite the ongoing housing market recovery, according to the latest real estate market report. Some markets have already surpassed home values reached at the height of the housing bubble, while other markets are struggling to leave the recession behind, the analysis from real estate firm Zillow shows. Nationally, homes appreciated 3.3% from a year ago, rising to a Zillow Home Value Index of $180,800. However, the national growth rate has levelled off over the past five months, suggesting the housing recovery is ending and the market is returning to normal. Overall some 27.9% of homes lost value over the past year. Before the housing market crashed, an average of 21.2% of homes were losing value and in December 2008 some 81.6% of homes lost value, the highest amount during the recession. Markets on the East Coast and in the Midwest had the highest share of homes that lost value, led by 48.1% of homes in Baltimore which saw prices fall over the past year. Philadelphia with 43.4% and Washington DC at 41.2% also had large shares of homes losing value. Conversely, few homes lost value in hot markets like Denver, Dallas, San Jose, and San Francisco, which all saw double digit home value growth over the past year. Just 1.5% of homes in Denver and 4% in Dallas were worth less in August 2015 than they were a year ago. ‘We're not going in reverse, but we are hitting the brakes a bit in some markets. It's easy to say the recession is over when a third of the biggest markets are more expensive now than ever before, but we're still seeing a number of homes losing value. The reality is there are still areas lagging behind in the recovery,’ said Zillow chief economist Svenja Gudell The report suggests that renters looking to become home owners may find more opportunities in slower markets like Philadelphia. According to the January 2015 Zillow Housing Confidence Index when home values there were growing at 2.8% annually, eight percent of renters in the area said they planned to buy within a year. This jumped to 18% in the most recent survey, when home value growth was nearly flat at 0.3%. The index data also shows that rents are still growing faster than home values. The Zillow Rent Index rose 3.8% on an annual basis to $1,381, giving potential buyers another reason to consider entering the market. Continue reading
Three bed homes in UK see fastest rent rises, new index shows
UK rents are rising fastest for three bedroom homes with 4.6% year on year growth in August compared to a rise of 3.3% for all UK properties, according to a new index. The new index from Landbay Rental is the first to track rental trends to the county and London borough level in combination with the number of bedrooms. Areas where three bed rental growth is highest are mainly located within commutable distance of London, such as Windsor and Maidenhead up 22% to £1,936, Southend on Sea up 20% to £1,121 and Swindon up 13% to £813. The data shows that across the UK as a whole, rents climbed by 3.3% in the last year to £1,281 and this is well ahead of inflation but while rents continue to climb year on year, the rate at which they are growing has eased from a high of 4.9% in February. It also points out that average UK rents fell between May and July 2015, with August seeing the first monthly rise in rents since March. Across all property sizes, the top rental rises outside of London were Southend on Sea up 12.6%, York up 12.1% and Wrexham up 11.1%. At the other end the biggest fall was in Cheshire were rents were down 6.9%, Aberdeen City down 5.7% and Buckinghamshire down 3.5%. ‘At the national level, rents performed very strongly in 2014 after a dip in 2013. This year has seen rents continue to grow, but at a slower rate. The macro trends at the national level aren’t uniform when you drill into the local level and look at different types of property, which is why we want to establish a rental index that gives landlords, tenants and others interested in the private rented sector access to a more granular level of insight,’ said John Goodall, chief executive officer of Landbay. ‘For investors in the private rental sector, our data makes family homes in the south east look like an attractive proposition. As well as performing well now, rents for three bedroom homes saw the smallest falls when rents dipped in 2013. The challenge for investors looking to benefit is finding suitable properties for professionals at a cost that produces a good yield,’ he added. Continue reading
