Lending for the Private Rented Sector

Santander

Santander

At the end of 2013 Young Group used the Real Estate team at Santander to refinance one of our property portfolios.

Finance in the Private Rented Sector is a current hot issue and we thought it would be relevant to have a ‘Focus Feature’ article from a bank that is actively lending in our sector.

In 2012 and 2013 the Santander Real Estate team undertook a significant number of transactions in the PRS, with transactions ranging from £1m to £20m+. Whilst there is little doubt that the overall funding market is becoming more accessible to institutional borrowers, following the hiatus of the last few years, it is still not easy for the smaller, non-institutional borrowers to secure funding.

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ARLA rolls out television campaign

ARLA

Image: ARLA

The Association of Residential Letting Agents (ARLA) has created a TV advert aimed at increasing awareness of the work that they do.

The advert will inform consumers of the importance, and benefits, of choosing a licensed agent and is part of a campaign that has been designed to reflect the importance of sound choices when appointing an agent to work on any aspect of property ownership or rental.

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The importance of a professional inventory & check-in report

Some landlords feel that the cost of instructing a professional inventory provider, to compile an inventory and check-in report, is not worth the cost. Some feel that they are better off drawing up a list of items in the property themselves and leaving it at that.

It is to these landlords that I urge to rethink as the benefits of having a professional inventory and check-in far outweigh the nominal cost involved.

Inventory

This itemises and details the property (fixtures, fittings, furnishings, etc.) and therefore, the inventory should not change much from tenancy to tenancy, unless the property has been refurbished/re-decorated.

Check-in report

This details the condition of the property, fixtures, fittings and furnishing on the date that a tenancy starts. It will include a schedule of condition that provides the landlord with a general overview of the property i.e. cleanliness, decorative condition etc.
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Autumn Statement 2013: Key Information

Chancellor George Osborne

Chancellor George Osborne

Chancellor George Osborne used his Autumn Statement to update MPs, and the nation, on the state of the economy and the government’s future plans.

The biggest news from the Autumn Statement was that the growth forecast for this year has increased from 0.6% to 1.4% and has also been revised up for next year from 1.8% to 2.4%.

Revised figures showed that in 2008-09, under the leadership of Gordon Brown, UK GDP declined by 7.2% and not 6.3% as had been previously thought. This is the equivalent of £112bn.

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Moving Forward: London’s Private Rented Sector 2014

Neil Young, CEO

Neil Young, CEO

Every December, our guest authors take a break as I commandeer the final PRSupdate of the year. It gives me the chance to reflect on the previous 12 months and look forward to the challenges and opportunities that the year ahead might bring.

This time last year I summarised my thoughts on what 2013 would hold and, looking back, I’m pleased to report that the Private Rented Sector (PRS) has performed in line with expectations. London has seen continued rental improvements while our quarterly Young Index report shows that there is continued belief in London’s PRS with growing positive sentiment for the rest of the UK too.

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Economic Roundup

David Mackenzie, DIrector of Asset Management

David Mackenzie, DIrector of Asset Management

With the year coming to a close I thought I would take this opportunity to use the last PRSupdate of 2013 to focus on headline economic data and PRS statistics, and look at their implications for 2014.
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Mayor sets out bold vision to tackle London’s housing needs

Boris Johnson - Andy Wilkes

Image: Boris Johnson – Andy Wilkes

The Mayor of London, Boris Johnson gave a keynote speech on the debate surrounding Britain’s housing needs and focused on the pressure on housing in London.

The original Press Release can be found here.

The Mayor of London, Boris Johnson today announced initial new funding of more than £1 billion to deliver thousands more low cost homes as he warned that London needed at least 42,000 homes a year to meet the demands of the city’s ever increasing population.

During a keynote speech to launch his new Housing Strategy ‘Homes For London’ for public consultation, the Mayor said that housing supply has become the biggest challenge facing London’s economic development.

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What makes a great property consultant

Samantha Richardson

Samantha Richardson

As part of my role I have the pleasure of working closely with Young London’s team of Property Consultants. Traditionally in the industry they are known as Letting Negotiators, but we see our team as being there to provide knowledge so that the customer can make an informed decision.

I use my time with the team to delve into what skills and attributes it takes to succeed in lettings as this helps me to inform our employment and training requirements.

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Planning holds the key to unlocking the Private Rented Sector

Nick Stonley, United House Developments

Nick Stonley, United House Developments

Housing Minister Mark Prisk’s announcement of a £400 million injection for the Government’s Build to Rent fund made headlines last month – with an invitation to house builders to bid for funds.

This brings the total available to £1.4bn – a big pot of money that the Government will share the risk or bridge finance to allow schemes to be built, managed or let. With around a quarter of Londoners living in private rented accommodation, the demand for more rental property is undisputed.

However, despite a historic tradition of people renting in this country, in the 19th and early 20th centuries, Build to Rent is a new asset class for developers and housing providers. We need to understand it and improve knowledge of how to develop and manage it – and how to optimise profit.

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Back to Basics – What does it really look like?

Samantha Richardson

Samantha Richardson

One of the things that a customer will value most about a business is its ability to keep things simple.

It sounds easy doesn’t it? However, most businesses have so many customers, all wanting something a little bit different, that trying to satisfy the majority of them – let alone all of them – is a much bigger challenge than it would seem.

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Looking at the return on residential property in the UK

Alan Patterson

Alan Patterson

Every now and then, the subject of institutions investing in UK residential property becomes a talking point. Mainly, that is where it ends, with little resultant investment activity in the sector. There are exceptions, the most notable of which is Wellcome Trust, successfully investing in the sector over a number of years but, in general, institutions have some difficulty in persuading themselves that the investment rationale is strong enough.

The facile and well-worn excuse that ‘we would not want to be involved, with the ensuing bad publicity in putting an elderly grandmother on the street’ is sometimes used, although if that was a real concern to the financial industry, the availability of bank mortgages would presumably be restricted to young people. Clearly, by virtue of the fact that they are not, banks do not appear too concerned about the corresponding risk to their reputation in the event of a foreclosure.

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The Mayor’s London Rental Standard puts landlords and tenants in the driving seat

Richard Blakeway - Deputy Mayor for Housing, Land and Property

Richard Blakeway – Deputy Mayor for Housing, Land and Property

There has been considerable comment on the phenomenal growth in private renting. Yet this isn’t news to Londoners. Ten years ago, when the housing market was more buoyant and banks were falling over each other to issue 100% mortgages, private renting doubled. Today a quarter of all Londoners are private renters.

It is not just the overall number that has changed. London’s private renters now include over 200,000 families with children, the average age of renters is rising, and the level of mobility in to, out of and within the sector is declining rapidly. What we are witnessing is a fundamental shift in demographics in a tenure that was once dominated by young, single, mobile people.

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The government is unlocking growth in the Private Rented Sector

Mark Prisk - Housing Minister

Mark Prisk – Housing Minister

For at least fifteen years this country has been building roughly half the homes it needs – whether for sale or rent. The situation got so bad under the previous administration that we saw the rate of housebuilding drop to its lowest peacetime level since the 1920’s. It’s why this Government is prioritising reform of the planning system and channelling new investment into housebuilding.

That means £19.5bn of public and private investment to deliver 170,000 new affordable homes by 2015, and spending over £1.5bn to unlock housing delivery on sites across the country. Read more of this post

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Canada Water development deal moves forward

Canada Water

Canada Water

Southwark Council has approved a deal between the Daily Mail General Trust and British Land that will free up the 5.8ha Harmsworth Quay near Canada Water for redevelopment.

The quay is currently home to the Daily Mail’s printworks, but Southwark’s consent means the paper can assign its leasehold interest to real estate investment trust British Land.

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The Importance of Customer Service

Image: Halifax - Providing Good Customer Service

Image: Halifax – Providing Good Customer Service

Banks have not had the easiest of times recently, with “Banker Bonus culture” and high profile cases of bank mistakes causing havoc for millions impacting their public image, but not all experiences when using banks are bad.

This post is here to extol the virtues about how good customer service is alive and well, for me at least, with one bank.

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