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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Investment Analysis And Performance Reporting

Dominic Martin, Former Member of the Department For Communities & Local Government's Private Rental Sector (Residential) Taskforce

Dominic Martin, Former Member of the Department For Communities & Local Government’s Private Rental Sector (Residential) Taskforce

Introduction

New Investment Market & Data:
The UK is witnessing the emergence of a specifically designed and managed ‘institutional grade’ residential asset class, loosely referred to as the new Private Rented Sector (PRS), or as Build-to-Rent. However, for any investor, be this institutional, private equity, sovereign wealth funds or housing associations, there is a need to underpin entry into this sector with good quality data and analysis.

Therefore, this article looks to acknowledge some of the existing sources of data and provide commentary around these. Secondly, it highlights areas where improvement can be gained.

Investment Asset Performance:
In the medium to long-term, the aspiration from an investment performance perspective is that this market resembles the US ‘multi-family housing’ market (MFH), where detailed accounts of the performance of the investments are standard in any investment particulars. Investors need certainty around the investment performance of this asset class. This will comprise both the annual net returns (i.e. income less annual maintenance and management costs) and total long term returns (driven by either yield compression and/or House Price Inflation).

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Looking Ahead to RESI 2014

Young Group is again gearing up for the annual Property Week RESI conference, where we will again be sponsoring the RESI Café. We will also be providing conference delegates with a must read publication in the form of the latest edition of our biannual PRSupdate.

But we’re not the only ones looking ahead to the event. Cathy Fuller, Head of Events at Property Week, is here to provide us with a rundown of the latest preparations for, arguably, the most important date in the UK residential calendar.

Cathy Fuller, Head Of Events at Property Week

Cathy Fuller, Head Of Events at Property Week

RESI, the UK’s premier residential property market conference, is back for its eighth year and with our best line up yet.

I am proud to say that between September 10-12 the Celtic Manor, host location of the 2014 RESI Conference, will welcome more than 1,000 delegates from across the investment and development sectors; providing a forum for intellectual debate and unrivalled networking opportunities.

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Private Rented Sector Properties with Low EPC Rating to be Banned

Move to ban rental properties with low EPCs

Move to ban rental properties with low EPCs

In less than four years landlords will have to have made sure that all of their Private Rented Sector stock has been made energy efficient.

After April 1st 2018, as part of a requirement laid out in the Department of Energy and Climate Change’s two consultations on the Private Rented Sector Minimum Energy Efficiency Standard Regulations, a landlord will not be allowed to let out their property if it does not have a minimum EPC rating of an ‘E’.

The consultation also refers to April 1st 2016, from this date tenants will be able to request their landlord to carry out reasonable energy efficiency improvements to improve the properties EPC rating. The landlord can not refuse to carry out the necessary works if requested.

The consultation is currently seeking industry input on how to implement these regulations, which are part of the Government’s plans to reduce carbon emissions.

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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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8 Simple Rules for Providing Amazing Customer Service

Samantha Richardson, Head of Service Delivery & Training, Young London

Samantha Richardson, Head of Service Delivery & Training, Young London

Good customer service should be the lifeblood of any business as getting it right is what will keep people coming back to you time and again.

At Young London we have taken this to heart and customer service is central to everything we do. Feedback from our residents and landlords forms the basis of how we measure our success and reward the team.

But how do you go about providing amazing customer service?

Well it might be surprising to hear but providing good customer service isn’t as difficult as many would think! At Young London we have our 8 simple rules for providing ‘Amazing Customer Service':

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Spring/Summer 2014: Private Rented Sector Operations – Why Function When You Can Really Fly?

Neil Young

Neil Young, CEO Young Group & Young London

With its focus on operational aspects of the Private Rented Sector (PRS), the latest edition of our Biannual PRSupdate publication has gathered together a selection of articles that gives a flavour of the elements required in managing PRS assets on a day-to-day basis.

Undoubtedly clearly defined processes, supported by robust procedures are at the heart of successful PRS operations, as Kris Wadia explains. Kris was, until recently, a Managing Director with Accenture, a global consulting organisation.

He is now CEO of Humanized Leadership, which advises businesses on profit improvement. However, it is how those processes are brought to life within the business and delivered (both internally and externally), and the tools that are employed that have the potential to differentiate between a business that functions and a business that flies.

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Spring/Summer 2014: Sometimes It’s Not What You Know…

David Mackenzie, Director of Asset Management, Young Group

David Mackenzie, Director of Asset Management, Young Group

Currently, articles abound, enthusing about how companies, family offices and individuals are getting into the business of investing in the Private Rented Sector (PRS) in the UK.

Whilst there is usually a lot of excitement around the physical product and getting it to completion, it can sometimes seem that the huge piece of work and pre-thought that needs to happen in setting up the ‘operator’ side of the investment, in a nutshell the Asset Management of the PRS portfolio, is forgotten.

This encompasses everything from algorithmic based pricing, to marketing, release phasing and mix, through to lettings, property management and back office technical support.

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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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What does the future hold for the Private Rented Sector?

David Lawrenson, Director, LettingFocus.com

David Lawrenson, Director, LettingFocus.com

The Private Rented Sector (PRS) is in a constant state of flux and it is impossible to tell, with an absolute certainty, what is in store for our sector, especially with a general election looming on the horizon.

No doubt there will be many Think Tanks producing reports to pontificate on the sector! But, on a serious note, I am sure we will see a step towards more regulation and I do not believe all of it will be for the betterment of the sector!

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National house building statistics

National house building statistics

National house building statistics

The latest national statistics on house building in England (March quarter 2014) have been released.

The data shows that house building starts are on the increase and are nearly a third higher than this time last year, although they are remain nearly a quarter below their 2007 peak.

While this can be seen as a positive it is still far short of the number of houses that need to be built in England to be to keep up with housing demands from population growth.

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Labour defeated in move to ban lettings agency fees

Government

Government

As PRSupdate reported last week, Labour tabled an amendment to the Consumer Rights Bill that would have banned letting agents from charging fees to tenants.

But, after much debate, the motion was defeated in the House of Commons by 53 votes.

Hours prior to the vote the Government had announced it would put forward its own amendment to the Consumer Rights Bill. Details of the Government’s proposed amendment have not been fully revealed, as it has yet to be tabled, although it is known that it will compel letting agents to publish all of their fees on their websites and prominently in their offices.

The requirement would goes a step beyond the current Advertising Standards Authority (ASA) recommendations, including the ability to fine any agents who fail to comply.

The Government said it would plan to monitor the regime for a year and ‘put the industry on notice’ that it would be ready to consider further steps if it deemed necessary.

Young London, Young Group’s operational business, is fully prepared if these new proposals come into force as it already displays all fees on the its website and provides them to every applicant as part of their viewing pack.

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