Tag Archives: real estate
Landlords more ethical than many might think, new poll finds
Like estate agents, landlords often get a bad press but new research has found that they are more ethical that they are given credit for. Indeed, tenants rate their landlords highly but think more could be done, according to new research from Saga Home Insurance. In a poll of UK adults, 77% of tenants rated their current landlord as good or excellent, with just 8% giving a poor rating. Despite this 56% of tenants said that their landlord should do more to help them. The research also revealed the top complaints experienced by both landlords and tenants. Landlords were more likely to complain about late rent payments (37%), damage to the property (32%) and even tenants who vacated the property with little or no notice (20%). Tenants were most likely to complain about hard to reach landlords (23%) and poor quality tradesmen used for repairs (21%). However, the firm found it worrying that one in 10 landlords don't pay the deposit in to the Deposit Protection Scheme. This can cause issues with eviction, requiring landlords to pay tenants the full deposit before serving notice and starting the eviction process. The research also found that many landlords understand the value of responding to tenant enquiries more quickly (55%), or having home emergency cover that the tenant can call upon 24/7 (32%). However just 19% believed they should provide alternative accommodation when a property is made uninhabitable by an insured event such as flooding or fire, something they would get as standard with a Saga policy. ‘In the age of housing shortages and escalating rents, landlords have been getting some bad headlines, but the research shows the extent to which this portrayal is unfair,’ said Sue Green, head of home insurance at Saga. ‘The vast majority of landlords are conscientious and ethical, although tenants do believe more can be done which is why we have released our guide with practical tips to help them improve their ethical credentials,’ she pointed out. ‘Anyone who is a landlord should consider whether there might be more that they could do to make things easier for their tenants, which will be beneficial to all involved,’ she added. To coincide with the research, Saga Home Insurance has released a free Guide to Being an Ethical Landlord which offers insight on the benefits of being an ethical landlord, as well as advice on how to become one. Continue reading
Annual sales up 15% in Scotland but prices down 0.4%, latest index shows
Annual home sales in Scotland jumped 15% in September but prices slipped by 0.4%, slowing the annual change to 5.1%, according to the latest index. That taxes the average price of a house in Scotland to £163,630, the data from the LSL Property Services/Acadata report shows. Prices dropped at the top end of the market in two of the most expensive areas in the country, Edinburgh and Aberdeenshire, down 1.3% and 1.2% respectively. ‘Following almost a year of fair winds and steadfast price rises, this is the second month in succession to muddy the waters. Edinburgh and Aberdeenshire saw the tide turn, reflecting the ripples in evidence in prime central areas of London, as the top tier of the housing market experiences the keenest downturn,’ said Christine Campbell, regional managing director of Your Move. The report says that while Scottish house prices have increased by nearly £8,000 in the last 12 months overall, the rate of annual growth has eased back to 5.1% in September from 5.8% in August. Since June, the monthly pace of house price growth has slowed and this is put down to the referendum vote on independence which put the brakes on activity in the housing market. ‘However, these shifts we’re seeing on the surface haven’t uprooted the solid foundations of the recovery, with average house prices across 81% of Scotland higher than a year previously,’ explained Campbell. East Renfrewshire led the way in terms of annual price growth, with property values soaring 13.4% in the year to September 2014, and new price peaks were reached in East Lothian and Aberdeen. Indeed, the price of a detached home in Aberdeen has risen by an average £15,000 over the last three months, to total £410,000. ‘September also saw sales snap back after the vote put the lid on uncertainty, and transactions were up 15% year on year, compared to only 7% growth over the 12 months to August. After the ground that was lost in August, renewed demand saw more vigorous activity buck the usual seasonal pattern, and this was the strongest September for house sales in seven years,’ Campbell pointed out. Continue reading
UK second steppers want a four bed detached home, new research has found
Detached houses are now the property of choice for home owners moving up from their first property, new research shows. In 2010, three bed semi-detached properties were the preferred next step but now they are increasingly looking to move to a bigger four bedroomed detached house, according to the latest report from Lloyds Bank. The research also shows that second steppers spend 19 months longer in their first home than they expected, 37% are increasing their savings and 41% are overpaying their mortgage to fund the £58,000 jump to their next home. In 2010 when three bed semi-detached properties were the preferred option some 60% said that they were looking to move to a semi-detached house, with 48% also saying detached properties would also be an option. Fast forward to 2014 and 54% of Second Steppers stated they would be looking to next move to a detached house, now the most preferred option, with semi-detached properties reducing to 51%. Three bed properties remain the preferred size of house in 2014 at 45%, although this has reduced by 10% since 2010 while four bed properties seeing a significant increase in this time. Some 31% now say they are looking for a four bed house, an increase of 7%. Second steppers are becoming increasingly prepared for their next move and taking their time to make the jump up to a family home. On average, they are spending 19 months longer in their first property than they expected as they continue to save and build up equity. Overall, the average second stepper spends four years and five months in their first home. Only 6% of these people intended on staying put for over six years, however in reality, some 36% have done this. The research also found that 37% have increased their monthly savings in the last year, and 41% are overpaying their mortgage. As a result, the proportion of people concerned about the size of deposit they require to move also fell in the last year, from 50% of second steppers in 2013, to 37% in 2014. This suggests that changing behaviours and increased levels of equity are allowing people to put more towards their next deposit and save for bigger homes. The findings also show that second steppers may be delaying having a family until they can move into a suitable property. Those moving as result of needing more room to start a family have reduced by nine percentage points in two years, to 22%, from 31% in 2012. Value for money remains a key driver for purchasing a property, with 46% of second steppers saying so. This is down 6% in the past year. Finding a nice area to live in is growing in importance and has seen the greatest year on year increase. In the past year, the number of respondents selecting this has risen by 6% to 38%. Both of these changes in the past 12 months suggest a more long term perspective for second steppers looking… Continue reading
