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Research reveals differences between landlords and tenants on maintenance
There is significant confusion when it comes to where responsibilities lie in rental properties when it comes to issues relating to property maintenance and care, new research shows. The biggest discrepancy between what tenants and landlords believe relates to providing meter readings at the beginning and end of the tenancy period. Some 73% of landlords correctly think it is their tenants’ job to do this, but only 35% of tenants think so. The research from landlord and tenant insurance provider Endsleigh also shows that 60% of tenant respondents consider it as the landlord’s responsibility to touch up paintwork, yet 45% of landlords cite it as the tenant’s. Tenants and landlords are also unclear when it comes to the responsibility for pest control. Some 32% of landlords believe pest control is the tenant’s responsibility, yet 84% of tenants consider it as the landlord’s. Endsleigh, together with the London Landlord Accreditation Scheme (LLAS), has created a responsibilities guide to clear up the confusion when it comes to rental property maintenance and care. ‘Relationships between landlords and tenants can become strained when rental responsibilities aren’t fulfilled,’ said Marcus Latchford, Endsleigh's lettings and landlords manager. However, sometimes it’s just a case of one side being unaware of their responsibilities. Individual contracts will often spell out who should be taking care of what, but the small print is often the last place people look,’ he added. Jessica Alomankeh, projects coordinator at the London Landlord Accreditation Scheme (LLAS) said that while most of the responsibilities for landlords and tenants are well understood by both parties but some things are still confusing. ‘Landlords deal with repairs to fixtures and fittings, boiler servicing, as well as arrange buildings insurance if the property is furnished. Tenants look after tasks such as keeping the garden in check and the internet installation. For tasks such as pest control and touching up paintwork, the landlord is responsible,’ she explained. ‘What’s more, at the beginning of a tenancy, landlords should provide tenants with an inventory pack, containing contact details of the current service providers. It’s then up to the tenant to check metre readings and set up new payments with the suppliers,’ she added. Continue reading
Cash sales of homes in the United States falling, latest figures show
Cash sales made up 34.6% of total home sales in the United States in March 2015, down from 39% in the same month in 2014, according to the latest data available. The year on year share has fallen each month since January 2013, making March 2015 the 27th consecutive month of declines, the report from real estate form CoreLogic shows. Month on month the cash sales share fell by 2.8% compared with February but the firm pointed out that due to seasonality in the housing market, cash sales share comparisons should be made on a year on year basis. The cash sales share peak occurred in January 2011 when cash transactions made up 46.5% of total home sales nationally. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%t. The report predicts that if the cash sales share continues falling at the same rate it did in March 2015, the share should decrease to 25% by the middle of 2016. A breakdown of the figures shows that real estate owned (REO) sales had the largest cash sales share in March 2015 at 56.2% followed by resales at 34.5%, while short sales accounted for 31.6% and newly constructed homes 14.9. While the percentage of REO sales that were all-cash transactions remained high, REO transactions made up only 8.4% of all sales in March. In January 2011, when the cash sales share was at its peak, REO sales made up 23.9% of total home sales. Resales make up the majority of home sales at about 80% and therefore have the biggest impact on the total cash sales share. Florida had the largest share of all cash sales at 51.8 followed by Alabama at 50%, New York at 46.5%, New Mexico at 42.2% and Michigan at 41.3%. Of the nation’s largest 100 Core Based Statistical Areas (CBSAs) measured by population, Philadelphia had the highest share of cash sales at 60.7% followed by West Palm Beach-Boca Raton-Delray Beach, Florida at 59.9%, North Port-Sarasota-Bradenton, Florida at 59.5%, Cape Coral-Fort Myers, Florida at 59.3% and Miami-Miami Beach-Kendall, Florida at 58.3%. The data also shows that Colorado Springs had the lowest cash sales share at 16.1%. Continue reading
UK affordable housing target exceeded as next five year target is announced
More than 260,000 affordable homes have been delivered in the UK since April 2010 and a further 275,000 will be built in the next five years, it has been confirmed. In the last 12 months some 60,000 affordable homes were delivered, a rise of 63% on the previous 12 months, according to UK Housing Minister Brandon Lewis. He said that there will be £38 billion public and private investment for the Affordable Homes Programme between now and 2020 and he added that the 2011 to 2015 programme has exceeded expectation with 186,000 affordable homes since it started, some 16,000 more than originally planned. ‘This government is determined to ensure anyone who works hard and aspires to own their own home should have the opportunity to turn their dream into a reality. Our affordable housebuilding efforts are exceeding our ambitions and delivering more than 260,000 affordable homes,’ said Lewis. ‘It’s a boost to families across the country, providing them with new quality homes that are available at an affordable rent or to buy through our shared ownership scheme. This is real progress but we know there is more to do. That’s why £38 billion of public and private investment will be made available over the next five years to deliver 275,000 extra affordable homes, the fastest rate of delivery for 20 years,’ he explained. The Affordable Homes Programme includes social rented homes, affordable rented homes and affordable home ownership schemes, and is a key part of the government’s long term economic plan. The data shows that nearly a third of affordable homes delivered last year were in London. Council areas that have seen some of the biggest numbers of affordable homes delivered since 2010, include Cornwall with 3,750, Birmingham with 3,460, Wiltshire with 3,420, Leeds with 2,360, Liverpool with 2,270 and Manchester with 2,160. Continue reading
