Operating in the Private Rented Sector: An Introduction

Neil Young, CEO

Neil Young, CEO

Young Group’s latest biannual PRSupdate publication will be landing through letterboxes just in time for the Easter weekend.

The theme of this new PRSupdate publication is Operating In The Private Rented Sector; timely, since over the past six months my fellow Young Group Directors and I have seen a noticeable change in discussions about the Private Rented Sector (PRS).

No longer is the conversation dominated solely by talk of acquisition, whether land or existing stock.

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Stamp Duty Land Tax (SDLT) for Tenants

Stamp Duty Land Tax (SDLT)

Stamp Duty Land Tax

Stamp Duty Land Tax (SDLT) isn’t only confined to sales.  It’s important that tenants remember that they could have an obligation to pay SDLT when renting a property.

SDLT is due on rents that exceed £125,000, cumulatively, during tenancies and (unlike SDLT for sales transactions) is charged at 1% on any amount over and above that threshold, not on the entire cumulative amount of rent.

Here is some additional information, and a link to the HM Revenue and Customs (HMRC) website, that you may find useful.

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DCLG’s consultation on property conditions in the PRS

DCLG's consultation on property conditions in the PRS

DCLG’s consultation on property conditions in the PRS

Following the 2013 call for evidence on Private Rented Sector quality, regulation and levels of rent (which Young Group responded to), the DCLG has called for further comment on  its Policy Paper ‘Review of Property Conditions in the PRS’, covering a raft of issues, including:

  • Rights and responsibilities of landlords and tenants
  • Retaliatory evictions
  • Illegal evictions
  • Safety conditions
  • Licensing of rented housing
  • Housing Health and Safety Rating System

As an organisation with a long-standing vested interest in the Private Rented Sector, Young Group wanted to ensure that our experience and views were shared.

Our full response can be found here but we have included a few extracts in this blog post to highlight our stance on the issues raised.

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Is the Private Rented Sector finally coming of age?

Geeta Nanda

Geeta Nanda

The push for institutional investment in the Private Rented Sector (PRS) has helped bring the barriers down and increase confidence in the market, with a number of players and partners leading the way.

Last month Fizzy Living, the wholly owned subsidiary of Thames Valley Housing (TVH), was successful in raising £200m of capital commitment from Silver Arrow, a subsidiary of the Abu Dhabi Investment Authority. This investor will have a significant shareholding in the Fizzy Group and, with TVH as a joint venture partner, grow the Fizzy PRS business and brand. TVH brings the expertise in acquisition and development of new homes and Fizzy brings the management expertise.

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PRSupdate Spring/Summer 2014 has arrived

PRSupdate has arrived

PRSupdate has arrived

The hard work has paid off and the 2014 Spring/Summer printed edition of PRSupdate has arrived!

This invaluable publication is full of insightful articles focusing on Operating in the Private Rented Sector (PRS). We are pleased that a raft of top contributors wrote articles for this issue and made it such a great success.

We’ve highlighted our contributors previously and hope you’re looking forward to reading what they have to say about this issue’s theme of operating in the PRS.

This printed edition of PRSupdate focuses on topics that are fundamental to running an effective PRS operation, such as; regulation, compliance, processes, systems and much more. It is a great resource for anyone considering investing, or operating, in the PRS.

Through PRSupdate, Young Group shares best practice and encourages discussion about the PRS . We are pleased that so many of you are continuing that conversation with us and helping to improve our sector.

Don’t miss out!

If you haven’t already, sign up here to receive a complimentary copy straight to your letterbox. It’s quick, easy and you get to control what you want to receive from us.

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In Conversation with… David Lawrenson

David Lawrenson

David Lawrenson

There’s a plethora of leading figures in the property, investment, finance and charity sectors who we’re regularly in conversation with, many of whom are guest authors for PRSupdate. If you would like to feature in this series, or to suggest someone who might, please get in touch through our contact us page or let us know on twitter. Why not take a lucky dip into our In Conversation archives and discover:

Today we speak with David Lawrenson, Director of LettingFocus.com.

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Young London’s tips for a perfect spring clean

Young London’s tips for a perfect spring clean

Young London’s tips for a perfect spring clean

Spring has sprung and that means it is time to get the cleaning equipment out.

The Young London Property Management team have gathered some of the top tips we provide to our residents throughout the year to help them in their obligation to look after their home.

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Focusing on Spring/Summer PRSupdate

PRSupdate March 2014

PRSupdate March 2014

From tomorrow the PRSupdate blog will be be going on a short hiatus.

This is so that our team can turn their full attention to our latest Biannual PRSupdate publication, which is due for release towards the end of the month.

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Area Update – London Bridge & Borough

Area Update: London Bridge & Borough

Area Update: London Bridge & Borough

The latest edition in Young Group’s Area Update series is now available to view and download.

The London Bridge & Borough area is the focus for this edition as the area has undergone massive transformation over the past 6 years.

The improvements to the area have made it a highly desirable location for residents and businesses alike and as the development of the area continues it can only lead to a positive impact on income returns and capital values.

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Young London and Young Group Shortlisted for RESI Awards

RESI Awards Finalists 2014
RESI Awards Finalists 2014

Young Group and Young London are proud to have been shortlisted as finalists in the prestigious RESI Awards.

Once again Young Group has been recognised for its Asset Management expertise while Young London’s continuing drive to set the standards for Lettings Agency has also been acknowledged.

Neil Young, CEO Young Group and Young London stated that he is “delighted that our Private Rented Sector (PRS) businesses have, for another year, been shortlisted by Property Week’s RESI Awards.”

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Capital Gains Tax Targets Overseas Investors

HM Revenue and Customs

HM Revenue and Customs

This article is for information purposes only and in no way constitutes advice.

From April 2015 there will be changes to the current Capital Gains Tax (CGT) rules for overseas sellers. Currently the disposal of UK property by a non-resident individual is not normally subject to UK CGT, while UK residents pay 18% of the profits for basic rate tax payers and 28% for higher rate payers.

However, it is not yet clear exactly how the new rules will be implemented as the Her Majesty’s Revenue and Customs (HMRC) have yet to release the consultation documents. Until then, we will not know exactly what is being proposed.

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The Private Rented Sector Needs Stock And Stability

Harry Downes

Harry Downes

London is on a roll and, while this is great news for the economy, one of the consequences is that housing demand continues to outstrip supply. While house builders are doing their best to play catch up, much of the new stock being brought to market is outside the price range of young buyers, whose only option is the Private Rented Sector (PRS).

According to the Greater London Authority (GLA), the PRS grew by 83% between 2000 and 2010, which has led to one in four households being rented. Demand on private rentals is at its highest since the 1970s, yet the supply is mostly sourced from existing stock, as opposed to new builds. Currently two thirds of landlords own fewer than five properties, and a significant number have been classed as ‘rogue landlords’. This is not unconnected to the fact that approximately one third of PRS properties in London fail to meet the ‘Decent Homes Standard’ as set out by the Department of Communities and Local Government.

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In Conversation with… Jasper Goodford

Jasper Goodford

Jasper Goodford

There’s a plethora of leading figures in the property, investment, finance and charity sectors who we’re regularly in conversation with, many of whom are guest authors for PRSupdate.

If you would like to feature in this series, or to suggest someone who might, please get in touch through our contact us page or let us know on twitter. Why not take a lucky dip into our In Conversation archives and discover:

Today we speak with Jasper Goodford, Relationship Director – Real Estate Finance at Santander.

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Customer Experience in the Private Rented Sector

Winning Customers' Hearts and Minds

Winning Customers’ Hearts and Minds

On Tuesday, I was in the audience at the BPF Residential Conference and was particularly struck by the post-session feedback and comment prompted by the panel session entitled “Winning Customers’ Hearts and Minds”. The session certainly seemed to capture the attention – and imagination – of the delegates that I caught up with in the programme breaks.  So I thought it worth penning a précis…

Michela Hancock of Bozzuto brought a US perspective to the panel highlighting the base level services which are commonplace in North America and which should be firmly embedded into our own Private Rented Sector (PRS) – as well as the opportunities that PRS owners and operators can create through enhanced services.

CEO of Young Group, Neil Young, was quick to point out that some PRS operators in the UK, such as Young London and Get Living London, are already investing heavily in understanding their customers and delivering an experience that precisely matches their specific needs.

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Minister calls for a fairer Private Rented Sector

Kris Hopkins has asked for solutions to certain PRS problems.

Kris Hopkins has asked for solutions to certain PRS problems.

The Housing Minister, Kris Hopkins, has urged landlords and tenants to come forward and offer their views on what more the government can do to improve the Private Rented Sector (PRS) as part of his drive to create a fairer and more flexible PRS.

The minister wants to raise the standards of property conditions and root out “rogue” landlords.

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