Labour Party sets out its policy aspirations for the Private Rented Sector

Labour Party sets out its policy aspirations for the Private Rented Sector

Labour Party sets out its policy aspirations for the Private Rented Sector

Ed Miliband will set out the Labour party’s planned reforms of the lettings sector – if the party wins the 2015 general election. A future Labour government would impose longer tenancies, stable rent increases and an end to up-front lettings fees.
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Mortgage Market Review: What you need to know

Mortgage Market Review: What you need to know

Mortgage Market Review: What you need to know

What was the MMR?

The Mortgage Market Review (MMR) was a comprehensive analysis of the mortgage market. Following on from the MMR new regulations were implemented by the Financial Conduct Authority (FCA) on April 26.

Why was the MMR needed?

The MMR set out reforms to the current mortgage market to ensure its continued recovery and sustainability in the wake of the credit crunch.

Policy makers believed that the current regulatory framework was ineffective in keeping high-risk lending and borrowing in check. The policies stemming from the MMR will ensure that those who can afford mortgages can access them, while preventing a return to the poor practices of the past.

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Spring/Summer 2014: Stamping Out Poor Practice

Peter Bolton King, Global Residential Director, Royal Institution of Chartered Surveyors

Peter Bolton King, Global Residential Director, Royal Institution of Chartered Surveyors

Last year, as confidence began to return to the market, more people were looking to sell or let their property. All told, things are beginning to look up for the residential sector with the January RICS Housing Market Survey showing sales demand at a six year high and rental demand holding up well.

However, a pick-up in the market also means that the issue of industry regulation, for sales and lettings, has become more prominent in recent months. For far too long estate and letting agencies have operated without the necessary training or knowledge to properly serve their clients.

There is a need for a greater number of agents to be working to properly enforced standards.

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A Focus on Compliance

A Focus on Compliance

A Focus on Compliance

PRSupdate’s ‘Compliance’ series brings together all our compliance-related articles giving a quick and easy point of reference to enable anyone involved in the Private Rented Sector to follow best practice and stay one step ahead of legislation changes.

To help I’ll also be including some practical examples and insight into how Young London is meeting the ever-changing challenge to remain compliant!

This blog is a round up of a number of topics raised at the recent ARLA Regional Meeting, including recent case law, the forthcoming Immigration Bill and the Government’s Green Deal.

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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, Director of LettingFocus.com

David Lawrenson, Director of LettingFocus.com

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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