Tag Archives: css
Cleaning disputes between landlords and tenants in UK increasing
Landlords and letting agents in the UK are increasingly faced with dirty properties at the check-out stage and this has led to cleaning now accounting for 53% of deposit disputes. Over the last three years cleaning disputes have leapt by 13% whilst damage has dropped by from 60% to 46% in the same period, according to research by inventory software firm Imfuna Let. According to Jax Kneppers, the firm’s chief executive officer many tenants fail to leave their property in the same condition at check-out and are often very surprised when they are told that professional cleaning is required. As a result deductions made by landlords in relation to cleaning charges are regularly disputed by tenants. Many tenants claim that the cleanliness of the property at the start of the tenancy was not clear, or that the tenancy agreement did not make clear what was expected of them ‘If agents and landlords wish to make deductions for cleaning costs, they need to be careful to record the cleanliness of the property in sufficient detail, at the start and end of the tenancy. They will also need to ensure any charges they claim are a fair reflection of the property’s condition at the start of the tenancy,’ added Kneppers. One agent, Simon Smith, managing director of KS Property Rentals, said he has seen a decrease in cleaning disputes since using the firm. ‘I believe this is down to the very detailed inventory we carry out using the Imfuna Let software. We are able to record the cleanliness of the property with commentary and photographs and the digital inventory is shared with tenants at the start of the tenancy,’ he explained. ‘Cleanliness and rubbish removal are responsible for at least 90% of our deposit claims, less and less of those claims are reaching ADR due to the fact that once a tenant moves out, we email them a copy of their check-in and check-out reports, showing the clear evidence gathered with the Imfuna App, which speaks for itself,’ he pointed out. ‘As a result of seeing a thorough analysis of the property’s condition, more and more tenants are aware of the state of their fridges, ovens and the property in general, during the tenancy. Tenants are aware of cleaning issues and generally make more of an effort to keep the property clean during their tenancy,’ he added. Continue reading
UK residential landlords see lowest void periods for 13 years
The average annual void period for residential landlords in the UK has dropped to its lowest level since 2002, new research shows. Indeed, the average void period, which is the length of time between rental property tenancies, reported in the first quarter of 2015 was just 2.4 weeks, the lowest since the Paragon Mortgages survey began. In the last quarter of 2014 the average void period was 2.6 weeks, and comparing the first quarter of this year against the first quarter 2014, the length of time a landlord has experienced a void has fallen by 14% from 2.8 weeks. Landlords have been reporting low or falling void periods since 2013, with only a slight fluctuation in the middle 2013 when the average climbed marginally to three weeks. ‘Void periods have been consistently low for some time, which is not unexpected when you also look at what landlords are telling us about the level of demand from tenants,’ said John Heron, director of mortgages at the specialist buy to let mortgage lender. The survey also found that in the first quarter of 2015 some 42% of landlords said in their view tenant demand was either growing or booming and 54% felt demand was stable. ‘The housing market is currently experiencing a shift, with more people choosing to live in the private rented sector. This is supported by the figures released this month by the English Housing Survey which show 4.4 million households are now privately rented, compared with 3.9 million households in the social rented sector. This change in housing dynamics appears to be a continuing and long term trend,’ added Heron. Continue reading
US home prices growing at fastest rate for a year
Existing home sales increased modestly in the United States last month but prices are growing at their fastest pace for a year, the latest index data shows. Total existing home sales, which are completed transactions that include single family homes, town homes, condominiums and co-ops, rose 1.25% in February and are 4.7% higher than a year ago and above year on year totals for the fifth consecutive month. The data from the National Association of Realtors also shows that the median existing home price for all housing types in February was $202,600, some 7.5% above February 2014. This marks the 36th consecutive month of year on year price gains and the largest since last February when it was 8.8%. According to Lawrence Yun, NAR chief economist, although February sales showed modest improvement, there’s been some stagnation in the market in recent months. ‘Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,’ he said. ‘Stronger price growth is a boon for home owners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise. Severe below freezing winter weather likely had an impact on sales as more moderate activity was observed in the Northeast and Midwest compared to other regions of the country,’ Yun explained. The data shows that total housing inventory at the end of February increased 1.6% but remains 0.5% below a year ago. For the second month in a row unsold inventory is at a 4.6 month supply at the current sales pace. The share of first time buyers was 29% in February, up slightly from 28% in January and the first increase since November 2014. First time buyers represented 28% of all buyers in February 2014. All cash sales were 26% of transactions in February, down from 27% in January and down considerably from a year ago when it was 35%. Individual investors, who account for many cash sales, purchased 14% of homes in February, down from 17% in January and 21% in February 2014. Some 67% of investors paid cash in February. Distressed sales, that is foreclosures and short sales, amounted to 11% of sales in February, unchanged for the third consecutive month and down from 16% a year ago. Some 8% of February sales were foreclosures and 3% were short sales. Foreclosures sold for an average discount of 17% below market value in February compared to 15% in January, while short sales were discounted 15% compared to 12% the previous month. ‘Investor sales are trending downward due to the continued rise in prices and fewer bargains available from distressed properties coming onto the market,’ said Chris Polychron, NAR president. He added that real estate agents in areas popular with foreign buyers, such as South Florida and the West Coast, are reporting tempered demand from international clients who typically pay in cash and this… Continue reading
