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Research shows some UK tenants resort to paying for repairs
Some two thirds of tenants in the UK have had to dip into their own pockets to fund repairs because they could not wait for the landlord any longer, it is claimed. A new study shows that 55% of tenants spent up to £50 to sort out a repair and that half of tenants would like landlords to deal with repairs quicker. Two thirds of tenants say that it takes their landlord too long to respond to emails and calls about problems. The research from online agents Property Let By Us also reveals that just a third of tenants would rather deal with a landlord than a letting agent and one in six tenants have experienced bad landlords in the past. However, over 80% say their landlord is approachable and friendly and only 12% of tenants claim their landlord has made promises that he/she could not keep. The recent case of Edwards v Kumarasamy, highlights the legal responsibility that landlords have under the statutory requirements of Landlords Repairing Obligations, part of the Landlord & Tenant Act. Edwards was a tenant renting a flat from Kumarasamy. This case features his claim for compensation, when he tripped on an uneven paving slab on the outside path to the parking and communal bins area. A new Court of Appeal held that as the landlord had a right to use the path under his lease from the freeholder, he had a sufficient ‘estate or interest’ in the area to satisfy section 11 and so was liable for the repair. It means that landlords and agents doing inspections need to monitor the exterior areas of properties to ensure that they are safe and that any necessary repairs are done promptly. ‘There are many professional landlords in the buy to let market that are responsive to tenant communications about problems and issues. However, there are a few bad landlords that neglect their tenants and put lives at risk,’ said Jane Morris, managing director of Property Let By Us. ‘Every landlord has a duty of care and should respond to tenants emails and calls with 24 hours if possible. While it may not be possible to deal with repairs immediately, it is important that landlords maintain open communications with their tenants, so they can provide updates on timing etc. Communication is key and the landlord should keep the tenant informed of the action,’ she explained. The research shows that the most common cause of complaints are faulty boilers followed by leaking roofs, faulty showers, mould and condensation, leaking bathroom and window locks, broken windows, smoke alarms and pests and vermin. ‘Some of these can be very dangerous for the tenants, so it imperative that landlords carry out repairs to their properties within a reasonable time,’ added Morris. Property Let By Us has put together some guidelines on landlord response times for tenant complaints…. Continue reading
Signs of a strong house market recovery in the UK regions
The outlook for the UK housing market in 2015 is positive, despite some challenges, with signs of a strong recovery in the regions, according to the latest quarterly analysis report. National estate agent Strutt & Parker is forecasting UK house price growth of 5% in 2015 overall and 9% in the Greater London area. But prime central London is expected to stagnate at 0%. According to Stephanie McMahon, head of research at Strutt & Parker, there is still an imbalance between London and the rest of the UK but there are signs of strong recovery in the regions as buyers outside the capital look for affordability. ‘The holding off of interest rate rises, now not expected before autumn 2015 at the earliest, is a big positive. This combined with continued wage growth and low inflation, should give the national market the momentum it needs. We should see a flurry of activity up until the autumn as buyers take advantage of the low interest rate environment,’ she explained. As part of the report, Strutt & Parker with its retained economic advisors Volterra, also analysed the behavioural profiles of its buyers who purchased country homes in the £2 million plus market outside of London throughout 2014. It was clear that the majority, 79%, were buying a large country home for their primary residence while for 13% it was a second home and 8% were buying as an investment. The firm believes that this could be linked to the increasingly high cost of buying and moving, meaning that people are choosing to buy one large house rather than two smaller ones or numerous buy to let investment properties. ‘The beginning of 2015 has seen a significant increase in new applicants registered with us looking for prime properties in excess of £2 million. We are witnessing at least double the amount of potential purchasers enquiring about properties we are currently offering or are now bringing to the market,’ said James Mackenzie, Strutt & Parker’s head of Country Department. ‘However, our viewing levels are not higher, which would indicate that there are a significant number of people who are beginning to look at moving but are waiting to see what the market has in store for this year,’ he added. The report shows that 2014 saw a significant increase in the number of transactions compared to 2013 especially in the regions outside of Greater London, as well as in Scotland, both of which recorded 7.8% and 11.6% growth respectively. In Scotland, 93,972 homes were sold in 2014, worth a total of £15.4 billion. In Greater London, 110,417 homes were sold in 2014, worth a total of £57.8 billion. ‘Given the pending election, we are pleasantly surprised at the levels of activity, most specifically in those areas closest to London, in the sub £2 million market,’ said Guy Robinson, head of Regional Residential Agency at Strutt… Continue reading
UK landlords becoming more competitive for sought after student market
With more students in the UK living in privately owned hall style accommodation, landlords in the sector are having to compete more to attract them as tenants, new research has found. But they are doing so successfully and 70% of landlords let all of their properties for the 2014/2015 academic year, according to a bi-annual survey from student accommodation website Accommodation for Students. And it is those who are relatively new to the market reporting greatest success at letting their entire portfolio. Some 89% of relatively new property managers, those with one to three years of experience, reported letting their entire portfolio, compared to 65% of those with five to 10 years of experience. Of those that have not let all of their properties yet, just under 50% have let over three quarters of their portfolio and whilst some experienced student landlords are left redirecting rents to renovate their properties, those entering into the market more recently are benefitting from a greater understanding of student expectations and a desire to compete with what the rest of the market has to offer. Consistent with the previous AFS survey in July 2014, 68% of respondents said that in their experience it is better to let to students than non-students, with 87% believing that students make good tenants and 92% expressing their plans to continue renting to students. This is linked to a number of associated benefits with 77% saying it has led to better rental yields, 67% liking a fixed tenancy length and 47% benefitting from an annual market for new students. The survey also shows that 61% of respondents have increased rent across all or some of their portfolio with the majority, 93%, keeping this increase below 10%. There is also a correlation between rental increases and confidence in the market, with those who increased rents for the 2014/2015 letting year feeling up to three times more confident about the future. Market confidence is highest in London and Scotland and lowest in the North West and Yorkshire and the research suggests that landlord confidence in the student lettings market was also linked to whether properties are accredited or not. Indeed, some 59% of respondents stated some or all of their properties were accredited and as a result, were increasingly likely to report being considerably more confident about the market. However, perceived barriers to becoming accredited included it not being considered necessary for a successful let, the associated costs and administrative burden. The level of respondents offering a bills inclusive package has risen to 60% from 56%, although those offering this also report a lower success rate. It is possible landlords use this to improve competitiveness in saturated markets, although previous surveys carried out by AFS have suggested that students look favourably on bills inclusive rental packages. The majority of landlords who do not offer this are deterred by the potential for over usage. ‘This is the second survey of this kind that we… Continue reading
