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UK Home Counties prime property rents see highest quarterly increase for four years
Prime residential rents in the UK’s Home Counties increased by 3.5% in the first quarter of this year, the highest quarterly growth in nearly four years, the latest index figures show. On an annual basis prime residential rents have increased by 4.7%, according to the Home Counties Rental Index from real estate firm Knight Frank which also shows that this strong growth in prime rents between January and March was underpinned by an increase in demand. The data also shows that in the three months to March 2015, the number of tenancies agreed across the Home Counties increased by 18% compared with the same period in 2014. Meanwhile, the number of viewings rose by 26%, property inspections increased 37% and the total number of prospective tenants registering grew by 25%. Over this period, demand was strongest for family homes offered for up to £5,000 per month while three to five bedroom properties accounted for 55% of all tenancies agreed between January and March, a similar level to the average for 2014. Tenants have favoured towns with access to good schools, such as Beaconsfield, Ascot, Cobham and Esher. Though not prevalent, there is evidence to suggest that some tenants are renting before making a decision about purchasing in the area, a sort of try before you buy, the index report also suggests. Meanwhile, corporate demand from those relocating to the Home Counties for work also picked up in the first quarter. Interest from corporate tenants is expected to continue to increase as the summer months begin and this is when demand tends to be highest. In terms of nationalities, some 70% of new tenants in the first three months of the year were from the UK, followed by tenants from North America and Asia. Continue reading
NLA launches new landlord accreditation scheme
The National Landlords Association (NLA) has launched a new initiative to enable tenants to check if their landlord is accredited. The National Register of Accredited Landlords aims to provide a quick and simple look up for tenants to check whether their landlord is accredited and is open to every accredited landlord and accreditation scheme. NLA chief executive officer Richard Lambert said the organisation wants to raise the profile of accreditation and highlight those who are committed to best practice. Landlord accreditation is regarded as a way of improving standards and practice in the private rented sector through education and professional development. The NLA currently works with over 65 local councils and five universities across England as their accreditation partner, and the NLA scheme is recognised by another 50 local authorities. The NLA is also an accreditation partner for the London Rental Standard, working closely with the Mayor of London’s Office on establishing the initiative last year and the Register supports the NLA’s 2020 Vision to persuade all its members to become accredited by the end of the decade. ‘Accreditation is a badge of knowledge and competence that landlords should shout about. We should be encouraging tenants to check their prospective landlord and find out whether they have reached accredited status,’ said Lambert. ‘There’s more pressure on improving standards in the private rented sector than ever before and we’re trying to lead the way for landlords to become accredited, which is a huge challenge because currently there’s no fundamental need to do so,’ he explained. ‘However, too often the landlord community is unfairly tarred with the brush of illegality or incompetence shown by just a minority of the industry, which isn’t an accurate picture of private renting,’ he pointed out. ‘We want accredited landlords to put their details on our new Register so they can set themselves apart, and for tenants to have a quick and easy look up for peace of mind that they can rely on their landlord,’ he added. The NLA has written to all the existing accreditation schemes and providers, calling on them to support the Register by agreeing to verify those landlords who register as members of their schemes. Continue reading
Survey finds home owners think peer to peer lending is risky
Almost half of home owners in the UK who have not invested in peer to peer finance are put off by a perceived risk, new research has found. Some 42% who took part in a new survey feared it was too risky, 22% had never heard of it, 17% do not understand how it works but 5% had invested on at least one peer to peer platform. Younger generations however are more open to risk, with just 28% of those aged 25 to 34 citing risk as a factor for not investing in peer to peer, compared to 46% of 55 and overs, according to the YouGov poll commissioned by buy to let peer to peer platform Landbay. Some 30% of those home owners who do use peer to peer platforms invested moderate amounts of £1,000 or less. However at the opposite end of the spectrum, 18% invested larger sums of over £5,000. Investment in peer to peer finance appears to be divided into consumers trying out platforms with small amounts of cash invested, and those who regularly invest larger sums. ‘We’ve gone out of our way to be open and up front about the risks involved on our platform, but we’re equally open about the unique range of protections our model offers. We’ve based our proposition around creating the most risk proof peer to peer platform, in an industry sometimes reluctant to mention the risk,’ said John Goodall, cofounder and chief executive officer of Landbay. ‘These research findings highlight the need to debate the merits of risk more in financial planning. We need an open and proper discussion on whether more people should consider moving a small proportion of their savings into an investment,’ he pointed out. ‘Of course risk is not for everyone, but it appears too many hoard large amounts of money in cash savings when it might be wise to consider putting a small amount of those savings at risk in exchange for better returns as part of a balanced approach,’ he explained. ‘The question is whether too many people see it as a binary choice between keeping all their money safe in the bank or putting it all at risk. Instead it should be about finding the right balance to achieve what you want to with your hard earned cash,’ he concluded. Continue reading
