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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Campaigning to Improve Electrical Safety in the Private Rented Sector

Phil Buckle, Director General of Electrical Safety First

Phil Buckle, Director General of Electrical Safety First

With an estimated 9 million people living in private rented accommodation, the Private Rented Sector (PRS) is a major and expanding element in England’s housing market. But such rapid growth brings its own problems, with safety a key concern and electrical safety a particular priority.

Around half of all domestic fires in Great Britain arise from electricity, killing one person each week, and well over a quarter of a million (350,000) are seriously injured by electricity each year.

In the PRS, if a landlord fails to ensure electrical safety in their rented properties then they can face significant financial risks from fires and invalidated insurance claims. Yet the regulations surrounding electrical safety are piecemeal and ambiguous – and poor electrics are often ‘invisible’, lying undiscovered until a serious accident occurs.

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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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Number of Amateur Landlords on the Increase

Rajiv Mehta, Asset Manager – Investment, Young Group

Rajiv Mehta, Asset Manager – Investment, Young Group

According to a new report the level of amateur (part time) landlords, those who use their investment property to supplement their other income, have reached the highest ever levels.

The National Landlords Association (NLA) claims that amateur landlords now make up more than 70% of the Private Rented Sector and that they typically own around four properties.

Due to the current strength of returns seen in the rental market 25% of these amateur landlords are intending to add to their property portfolio with 40% planning to use buy-to-let financing to fund their lettings portfolio.

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Spring/Summer 2014: Delivering A New Way Of Renting At East Village

Stuart Corbyn, Chairman, Get Living London

Stuart Corbyn, Chairman, Get Living London

As the Sochi 2014 Winter Olympics came to a close it was hard to imagine that it had been nearly two years since the eyes of the world were on a corner of the East End during the London 2012 Games. And, while the spotlight on Stratford may have diminished since the summer of 2012, the level of work and regeneration in the area has only increased.

For us at East Village, the new neighbourhood at the former Athletes’ Village, the progress has been particularly significant. Over the past 18 months, what were beds for athletes have been transformed into new homes for Londoners and in November 2013 we welcomed our very first residents.

While the Olympic sports venues are making their own strides towards their post-Games use, having the first residents living in a brand new neighbourhood next to the Olympic Park is arguably the strongest legacy of the London Games so far.

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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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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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In Conversation with… Harry Downes

Harry Downes

Harry Downes

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 – and here we share more about them, their roles, priorities and backgrounds. 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 Harry Downes (Director at FizzyLiving) who will be the ‘Focus Feature’ author in the March PRSupdate newsletter.

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Instructing contractors

How to deal with contractors

How to deal with contractors

Contractors, and any supplier who provides services on your behalf, will be seen as a representative of your company in the eyes of your customers. As such it is very important to make sure that they have been appropriately vetted and fully understand what is expected of them.

When instructing a contractor it is always best that they:

  • Have a clear idea of your company vision, standards and ethos
  • Have clear service-level agreements, turnaround times and a feedback processes
  • Have internal methods for checking quality of the works/services carried out
  • Know the penalties for non-delivery or substandard work
  • Attend regular meetings with you to review the relationship
  • Have established a robust payment procedure

A contractor should be willing to meet the above criteria as, after all, it’s not good business to employ someone who is unable or unwilling to meet the needs and standards of your business.

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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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In Conversation with… Christine Hynes

Christine Hynes

Christine Hynes

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 – and here we share more about them, their roles, priorities and backgrounds. 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 Christine Hynes (Chief Executive of Climate Energy Homes) who is the Featured Article author in our forthcoming November PRSupdate newsletter.

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Eric Pickles draft tenants’ charter

Eric Pickles

Eric Pickles

The government has announced that it plans to tackle a number of issues in the Private Rented Sector (PRS). Eric Pickles, the Secretary of State for Communities and Local Government, has responded to the DCLG select committee enquiry by outlining new measures including a Tenant Charters.

The tenants charter, states what renters should expect and action to take if they feel they have been the victims of hidden fees or other poor practices.

It is currently only in its draft stage but we will most certainly be keeping on top of anything about this as and when information is released.

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Results: Young Index report Q3 2013

Young Index Q3 2013

Young Index Q3 2013

Young Index is a quarterly gauge of market sentiment within the Private Rented Sector that polls Young Group’s client base of over 1000 active investors and landlords who hold UK residential investment property.

Our Q3 2013 report found that London continues to lead the way for Private Rented Sector investment appetite, capital value outlook and future income expectation.

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The latest edition of PRSupdate is now available

PRSupdate Autumn/Winter 2013

PRSupdate Autumn/Winter 2013

Here is the link our latest PRSupdate publication.*

This issue is packed full of articles examining the growth of the Private Rented Sector (PRS) and I hope you find it to be an interesting and informative read.

We’re particularly pleased that, as you’ll see from the cover, so many high profile individuals have written specifically for this issue on topics spanning build-to-rent, gross-to-net slippage, large scale residential investment, pricing strategy, operational asset management and much more.

Young Group is passionate about the PRS and works with developers, institutional investors, private individuals, corporates and housing associations.  Our consulting advice spans all aspects of the Private Rented Sector from strategic, operational considerations through to the day-to-day asset management of PRS holdings.

To keep on top of all things PRS-related, including the latest news, opinion and research, and to request future copies of PRSupdate by email or post, sign up to our new subscription management system.

If you’d like to discuss any of the issues raised in this publication, then feel free to contact us.

* You can download the publication by simply clicking Share and then the Download button (Please note: You must be logged in to do this).

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Richard’s guide to viewings and offers

Richard Broer, Head of Property Consultants

Richard Broer, Head of Property Consultants

At Young London we want to make the process of finding your next home as easy and pain free as possible. With that in mind I have jotted down a few pointers that will hopefully assist you and make it so that you’re not leaping into the unknown blindfolded.
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