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Jan30

Rental crisis?

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The Guardian newspaper recently ran a poll entitled ‘Is the Rental Market Working?’, which asked the public for it’s opinions on the current state of the sector. The findings, published on the Guardian’s website, revealed some interesting results.
According to the poll, an overwhelming majority (94.8%) commented that the rental market is not working. The poll revealed the area that most needs improving is an increase in housing supply, with 43.7% claiming this to be the biggest flaw in the…

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Jan25

Tenancy deposit changes come in from April

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Landlords in England and Wales are reminded of changes to the rules on tenancy deposit protection that kick in this April under the Localism Act.
The main change is that landlords will now have 30 days (not the current 14) in which to protect tenants’ deposits and give the tenant the required information.
Although 30 days sounds laxer, in practice this is unlikely to be the case: courts have apparently found the 14-day time limit too strict, together with the…

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Jan23

Landlord Regulation

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In its ‘Housing Strategy’ report, the Government has stayed away from any form of landlord regulation or any form of regulation for letting agents. Deeming it to be “unnecessary”, the report stated that it did not wish to create any burdens on landlords by introducing regulation.
The Government’s strategy does, however, aim to take measures to tackle rogue landlords, though the report was unspecific in its intentions.
The lack of regulation has not been welcomed by numerous bodies, such as…

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Jan16

Landlords challenge missing LHA payments

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A landlord has received compensation from a council who sent LHA payments directly to tenants who then vacated the property prematurely, leaving the landlord out of pocket for rent due.
The Local Government Ombudsman has supported the position of a landlord, and has required the London Borough of Merton Council to make a £4,000 compensatory award to cover loss in rent because the first LHA cheque was sent to the tenant and misused.
Are you a landlord who is struggling…

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Jan11

HMRC cracks down on stamp duty avoidance

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HM Revenue & Customs is looking to collect unpaid stamp duty of £35m after a surge in the number of companies offering ‘stamp duty tax planning’ deals that HMRC believes could amount to avoidance.
These companies, often operating almost entirely on the Internet, charge a commission that can be up to half the rate of stamp duty payable. By establishing a corporate vehicle to buy the property and then sell it back to the individual, these schemes say they can…

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Jan9

Are you properly covered?

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Landlords are being reminded to check their insurance policies, as apparently many do not realise that ordinary home insurance doesn’t cover rental properties. With rents continuing to rise, landlord are well advised to ensure they protect their rental income with a solid insurance policy, including a rent guarantee policy if needed. Some landlords mistakenly believe their policy will pay out if the tenant stops paying the rent.
But as The Times reported, “it often only reimburses lost rent for periods…

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Jan5

Buy-to-let is back

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In its latest report, the Council of Mortgage Lending showed that, during the second quarter of 2011, remortgaging hit it’s highest level since the last quarter of 2008. Paragon Mortgages’ intermediary survey revealed capital raises was the primary reason for landlords remortgaging during the second quarter.
Though sales to investors have been in decline since 2007, Barratt, the UK’s biggest house builder by volume, recently announced that the downward trend has indeed reversed in the first six months of 2011,…

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Jan3

Happy New Year

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We’d like to wish all our existing and prospective customers a Happy New Year for 2012.
We’ve some exciting changes planned for the site during 2012 so if you’re looking for a property to rent be sure to keep us in your favourites and check back regularly!
From all the staff at Sterling Properties.…

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Dec22

Landlords flee LHA

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Market research firm, BDRC Continental, recently put together a panel of landlords which revealed some telling attitudes towards the local housing allowance (LHA) cuts.
According to the panel, a substantial number of private landlords who currently rent accommodation to people on housing benefit are planning to withdraw from the sector, or at least reduce the number of tenants they have on LHA.
The research showed that 51% will stop offering LHA tenancies altogether, while one in four landlords have already…

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Dec20

Five people compete for each tenancy

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Rental demand continues to soar, with properties snapped up within a record low of 12.7 days and five tenants competing for each property.
Countrywide reported that tenant demand shot up by 11.9% in the third quarter from the second quarter of this year.
The group’s quarterly research into the private rented sector also revealed that the volume of viewings increased by 17.8% compared with the previous quarter.
Demand from investors is also strong, with an increase in the first-time investor…

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