Revenge Eviction Bill Does Not Proceed

Sarah Teather’s Tenancies (Reform) Bill is talked down at its second reading

Sarah Teather’s Tenancies (Reform) Bill is talked down at its second reading

Sarah Teather’s Tenancies (Reform) Bill, dubbed the ‘Revenge Eviction Bill’, has failed to proceed from its second reading in the House of Commons.

During the debate MPs Philip Davies and Christopher Chope decided to ‘talk out’ the Bill so that only 60 MPs managed to vote before time ran out. This stopped the bill from receiving the 100 votes that are required for a motion to proceed.

The bill had received cross-party support but was openly opposed by leading landlord associations, who claimed it could lead to landlords finding it difficult to take back possession of their properties from problem tenants.

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UPDATE: Attempt to Ban Letting Agent Fees Defeated

The House of Lords voted against Labour's call to ban letting agent fees

The House of Lords voted against Labour’s call to ban letting agent fees

Labour has been unsuccessful in its attempt to ban letting agent fees.

As we reported yesterday, Labour had pushed to have the Consumer Rights Bill amended to make it illegal for an agent to levy fees against a prospective tenant.

The amendment was defeated by 45 votes.

This was not the first attempt by Labour to use the Consumer Rights Bill to ban letting agent fees. The Shadow Housing Minister, Emma Reynolds, has stated that it is their intent to push through the ban on fees (among other things) should Labour be voted into power in 2015.

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House of Lords to Discuss Consumer Rights Bill Amendments

House of Lords set to debate Consumer Rights Bill amendments

House of Lords set to debate Consumer Rights Bill amendments

The House of Lords will be in session today and on the agenda will be a discussion of various amendments to the Consumer Rights Bill, some of which could massively affect how letting agents operate.

Letting Agent fees and Client Money Protection (CMP) requirements are at the forefront of the discussions. The Labour party will be pressing for the Bill to include an amendment that would make it illegal for agents to charge any fees to tenants (like it is in Scotland).

The Government seems to be against such changes and believes that the Bill’s requirement for agents to display all their fees (those charged to both landlords and tenants) to be enough.

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Landlords find ‘going it alone’ stressful

Landlords find 'going it alone' stressful (Image by Firesam!)

Landlords find ‘going it alone’ stressful (Image by Firesam!)

A survey of 759 landlords found that 1 in 4 feel the whole experience of letting and managing their rental property was far more stressful than they had expected. A huge 67% of those questioned stated that they felt that their stress levels were higher than they were 12 months ago.

Unsurprisingly, expat landlords felt that they were under the most stress due the distance between them and their property, hampering their ability to properly manage it.

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Extolling the Benefits of Living Closer to Work

Live closer to work and avoid crowded public transport

Live closer to work and avoid crowded public transport

With working days getting longer, continual transport issues and the ever increasing cost of commuting I know that many people (including myself) have asked, “Wouldn’t it be nicer to live closer to work?”.

There’d be no overcrowded buses or tubes, no delays, no traffic jams and (possibly) no travel costs. Just a delightfully slow amble or bike ride to the office each morning, as the rest of the country battles their way in.

It seems I am not the only one who thinks like this, as Young London has recently seen a jump in the number of requests for rental properties within an easy commute (walk or bike ride) of the main employment areas in London’s Zones 1 & 2. As these are the areas we specialise in we’ve been more than happy to help people in their search.

But moving closer to work is not just about decreasing travel stress! There are also a raft of other benefits that this move can provide.

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Consultation on Definitive House Price Index

Office For National Statistics

Office For National Statistics

The Office for National Statistics has launched a consultation seeking input from “users” on the proposal of developing a single definitive house price index.

As I have blogged about previously, there is not a precise house price index as all of the current indexes source their data differently.

The move to a single, UK-wide, index would help end the confusion caused by the contrasting data thrown up by the current indexes.

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Landlords Lack Awareness of their Agent’s Professional Memberships

Property Academy Landlord Survey

Property Academy Landlord Survey

A Property Academy survey, which questioned 2,948 landlords, has turned up some interesting information in regards to landlord awareness of what professional memberships their chosen lettings agent hold.

Over half (55%) of the landlords that use a letting agent did not know whether that agent was a member of a professional body. Only 37% were aware if their agent was a member of the Association of Residential Letting Agents, the largest membership body in the lettings sector.

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Private Rented Sector ‘Code of Practice’ Launched

Private Rented Sector Code

Private Rented Sector Code

A new Private Rented Sector Code of Practice has been launched by 17* leading Private Rented Sector organisations.

The code, requested by the Department for Communities and Local Government, was created with the intention of driving up the quality of Private Rented Sector letting and management standards.

The document contains guidance for agents and landlords that outlines their mandatory obligations as well as recommended industry best practices.

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PRSupdate Autumn/Winter 2014 Has Arrived

PRSupdate has arrived

PRSupdate has arrived

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

This invaluable publication is full of insightful articles focusing on Delivering the Private Rented Sector.

We are pleased that a raft of top contributors wrote articles for this issue and made it such a great success. We know you’re looking forward to reading what they have to say on topics that are fundamental to delivering a successful Private Rented Sector scheme, such as; financing, land acquisition, master planning and space planning, asset management, branding, and much more.

Our PRSupdate publication is a great resource for anyone developing, investing or operating in the Private Rented Sector.

Through PRSupdate, Young Group shares best practice and encourages discussion about the Private Rented Sector and we’re 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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Immigration Bill Factsheet

Government

Government

Since the Immigration Bill received Royal Assent on 14 May, and became the Immigration Act 2014, letting agents and landlords have been awaiting further details.

In simplified terms the Act will require landlords, or their agents, to carry out checks on the immigration status of any prospective tenant.

More detailed information pertaining to the ins and outs of the act have been thin on the ground – there isn’t even a confirmed date for when the Act will come into force – and this has left landlords and agents confused.

At the start of August, The Home Office released their ‘Factsheet: Tackling illegal immigration in privately rented accommodation‘. The “factsheet”, far from being the comprehensive list of answers that was expected, is in fact a vague collection of information that has created more questions than it has answered.

We continue to wait for the government to release further information and hope that any new releases will answer the many questions that have been left unanswered.

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Can You Trust House Price Index Data?

Can you trust House Price Index stats?

Can you trust House Price Index stats?

A House Price Index… is it worth the paper it’s written on?

It seems that every month the property industry, and the general public, is bombarded with another statistic relating to average house prices. The headlines usually heap a lot of importance on these statistics, either stating that it highlights the impending burst of the “property bubble”, its continued inflation or using it to show people are being priced out of the market.

But each House Price Index uses different measurements and covers different sample sizes, areas and date ranges. Many can indicate a national average property price that varies greatly from the consumers experience.

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Private Rented Sector Tenant Satisfaction on the Rise

Satisfaction with Private Rented Sector homes on the increase

Satisfaction with Private Rented Sector homes on the increase

The recent English Housing Survey ‘Households Report’ has provided some good news for the much maligned Private Rented Sector. The report (published by the Department for Communities and Local Government) has highlighted that 84% of Private Rented Sector tenants say they are either ‘very satisfied’ or ‘fairly satisfied’ with their homes.

While this represents only an 1% increase on the previous survey, it helps to counter the column inches that the press gives over to the criticism of landlords and lettings agents.

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Government releases “How to Rent” guide

How to Rent: The Checklist for Renting in England

How to Rent: The Checklist for Renting in England

The Government has released its guide, How to Rent: The checklist for renting in England, in a drive to educate the public about renting best practices.

The guide, in an attempt to inform and educate tenants and landlords, has all the important ‘need to know’ rental information in one place.

The Government hopes that, by making the public more aware of their rights, they can help the industry as it strives to stamp out bad practices.

Kris Hopkins, the Housing Minister,  said that “encouraging a new generation of well-informed tenants with easy access to useful and understandable information would help root out the small minority of rogues and raise the game of any landlords who don’t know what is expected of them.”

Young Group believes that educating tenants and landlords is an important step in helping to improve the sector. This guide is a step in the right direction in the fight to help improve the growing Private Rented Sector market.

Young London has produced its own series of information guides to help renters navigate through the process of renting in London. Young London has produced its own series of information guides to help renters navigate through the process of renting. A market of informed renters will demand positive renting experiences which will in turn raise standards and root out bad practice.

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My Favourite Property: Jillian Hampton

Jillian Hampton

Jillian Hampton, Property Consultant

In this special series I will talk to each of Young London’s frontline team to discover which property they fell in love with the moment they entered.

To kick off this new series I asked Jillian Hampton, Young London’s veteran Property Consultant, to tell me about her favourite property.

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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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