Private Rented Sector: Looking Back and Moving Forward

Rajiv Mehta, Asset Manager – Business Development, Young Group

Rajiv Mehta, Asset Manager – Business Development, Young Group

As 2014 is drawing to a close this PRSupdate article will focus on what has been happening over the past 12 months in housing and the Private Rented Sector, as well as a brief look ahead to 2015.

House Building

While the lack of housing stock is a current hot topic it has been encouraging to see statistics, released by the Government, which shows that house building has steadily been on the rise since the financial collapse of 2008.

The number of private dwelling construction starts for 2014 is set to exceed the 2013 levels by at nearly 25,000 units (106,750 in 2014 compared to 81,980 in 2013).

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Property Management Guide: Winter Tips

Property Management Guide: Winter Tips

Property Management Guide: Winter Tips

As the mercury begins to drop, signalling the start of Winter proper, it’s a perfect opportunity to remind renters that the cold weather can cause all manner of issues in your home, especially if no action is taken to counter the effects of the adverse weather.

To provide a lending hand the Young London Property Management team put our heads together and came up with some top tips that can help renters protect their home as the cold winter months close in.

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A Smarter Design For A Smarter Home

Todd Lundgren, Regional Practice Group Leader, RTKL

Todd Lundgren, Regional Practice Group Leader, RTKL

Over the last decade, the proportion of households in the Private Rented Sector (PRS) has risen from 10% to over 17%. By 2016 it’s expected that one in five households will be renting privately.

The average age of tenants has also increased, with the fastest growing group of private tenants now between 35 and 44 years old. Of these households, between 25% and 33% are families with children who, broadly speaking, are looking for secure accommodation over a long period of time to lay down roots in the local community.

There is also a growing community of young people – postgraduates from university – who have grown accustomed to the quality of accommodation and service from the purpose built student housing market, and who find the current offer in rented accommodation sorely lacking.

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Land Acquisition In The Private Rented Sector

Darryl Flay, Chief Executive Officer, Essential Living

Darryl Flay, Chief Executive Officer, Essential Living

Rising house prices, demographic change and the tight mortgage market have led to a doubling in the number of renters in the UK over the last decade.

While no one doubts the UK’s penchant for ownership is about to change any time soon, there’s a huge opportunity in unlocking the kind of institution-backed sector that supports housing in the US. Replacing the reputation for poor standards underpinning the buy-to-let sector could, however, redefine the way the public approaches renting, while creating an exciting new asset class for institutional and, eventually, retail investors.

A growing number of large investors have been posturing on the sidelines for years and, over recent months, the talk has turned to action with major schemes in development across London and Manchester.

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Funding Private Rented Sector Housing

Andrew Screen, Managing Director, GVA Financial Consulting

Andrew Screen, CEO, GVA Financial Consulting

The emergence of a significant Private Rented Sector (PRS) development and funding market has been driven initially by the public sector through various initiatives, including the formation of the Government PRS Taskforce and followed closely by investors.

These early investors included M3 Capital Partners, M&G, Apollo, Grainger, AGP, Qatari Diar, Akelius, Oaktree and Sigma, with many following suit in the last 12 months. On a monthly basis new investors are entering this market with c£500m to invest, all seeking PRS developers and suitable investment opportunities in the UK’s top 35 cities.

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Supporting Gas Safety Week 2014

Gas Safety Week 2014

Gas Safety Week 2014

Yesterday the Gas Safe Register kicked off their annual ‘Gas Safety Week’, a nationwide campaign designed to raise awareness of gas safety for the UK’s 23 million gas fuelled homes.

Gas Safety Week 2014 will be backed up with national advertising and media coverage as well as various events throughout the week.

The campaign hopes to get across its gas safety message as September is the time when many people will be turning on their boilers for the first time in preparation for winter.

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In Conversation With… Phil Buckle

Phil Buckle, Director General of Electrical Safety First

Phil Buckle, Director General of Electrical Safety First

We are regularly in conversation with a plethora of leading figures in the property, investment, finance and charity sectors, many of whom are guest authors for PRSupdate. The purpose of this feature is to get them to discuss the topics and issues that are currently affecting the Private Rented Sector.

If you would like to take part in an In Conversation piece then please do get in touch with us.

Today we are in conversation with Phil Buckle, Director General at Electrical Safety First.

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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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In Conversation With… John Grimes

John Grimes, Managing Director, Drummond House Developments Ltd

John Grimes, Managing Director, Drummond House Developments Ltd

We are regularly in conversation with a plethora of leading figures in the property, investment, finance and charity sectors, many of whom are guest authors for PRSupdate. The purpose of this feature is to get them to discuss the topics and issues that are currently affecting the Private Rented Sector.

If you would like to take part in an In Conversation piece then please do get in touch with us.

Today we are in conversation with John Grimes, Managing Director at Drummond House Developments Ltd.

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Changes to Capital Gains Tax Target Non-Resident Sellers

Peter Sarney, Director, Felton Pumphrey

Peter Sarney, Director, Felton Pumphrey

The imposition of Capital Gains Tax (CGT) on the disposal of UK residential property for non-residents came as a surprise to many people as the UK government seeks to level the playing field between those who are tax residents in the UK and those who are not.

Unlike many other countries, that tax gains on the disposal of residential property situated in their jurisdiction, the UK has not generally charged CGT on gains made by non-residents. The result of this is that a gain would either be fully taxable in the country of residence or escape taxation entirely.

The UK government considers this to be unfair and has proposed legislation to tax the gains on residential property of those who are non-resident in the same way as gains made by those who are resident.

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Spring/Summer 2014: A Window On The World For The Private Rented Sector

Young Group Foreword

Having great homes, a superb service offering and the most efficient operation is all well and good, but if potential renters aren’t aware of your properties then they will stand empty and generate no income.

It may come as no surprise that around 90% of new home searches start online, so it’s vital that Private Rented Sector (PRS) operators capture the attention and imagination of surfing searchers.

Over the years many property portals have come and gone, and new entrants, such as Agents Mutual and NeedAProperty, continue to launch. However, Rightmove remains the market leader and is now the seventh most visited site in the UK, placing it firmly alongside sites such as Amazon, BBC and eBay.

I’m not suggesting that property portals are a marketing panacea but, as a direct channel to reach those who are actively looking for a new home, Rightmove can’t be beaten. So, here, Miles Shipside, Rightmove’s Commercial Director, provides advice on how the PRS can get the most out of this virtual shop window.

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In Conversation With… John Coles

John Coles, Director, Evenbrook

John Coles, Director, Evenbrook

We are regularly in conversation with a plethora of leading figures in the property, investment, finance and charity sectors, many of whom are guest authors for PRSupdate. The purpose of this feature is to get them to discuss the topics and issues that are currently affecting the Private Rented Sector.

If you would like to take part in an In Conversation piece then please do get in touch with us.

Today we are in conversation with John Coles, Director at Evenbrook.

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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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Immigration Act takes effect from October

Compliance Corner

Compliance Corner

The Immigration Bill, which has now received Royal Assent and become an Act of Parliament, will take effect from October this year and puts the onus on landlords, or their agents, to check the immigration status of any prospective tenant.

The aim of the Act is to prevent people with no right to be in the UK from renting property in the Private Rented Sector.

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