Young Group at RESI 2014

RESI Café 2014

RESI Café 2014

Once again, Young Group was in attendance at the annual Property Week RESI Conference, and sponsor of the ever-popular RESI Café.

The event was a resounding success with around 1,000 of the residential property sectors’ good and great in attendance.

All of the conference delegates received a copy of the latest biannual PRSupdate publication. The overarching theme of this issue is ‘Delivering the Private Rented Sector’, which was received with great enthusiasm and complemented the themes presented by the event’s speakers.

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PRSupdate Autumn/Winter 2014 Has Arrived

PRSupdate has arrived

PRSupdate has arrived

The hard work has paid off and the 2014 Autumn/Winter printed edition of PRSupdate has arrived!

This invaluable publication is full of insightful articles focusing on Delivering the Private Rented Sector.

We are pleased that a raft of top contributors wrote articles for this issue and made it such a great success. We know you’re looking forward to reading what they have to say on topics that are fundamental to delivering a successful Private Rented Sector scheme, such as; financing, land acquisition, master planning and space planning, asset management, branding, and much more.

Our PRSupdate publication is a great resource for anyone developing, investing or operating in the Private Rented Sector.

Through PRSupdate, Young Group shares best practice and encourages discussion about the Private Rented Sector and we’re 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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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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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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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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Customer Experience in the Private Rented Sector

Winning Customers' Hearts and Minds

Winning Customers’ Hearts and Minds

On Tuesday, I was in the audience at the BPF Residential Conference and was particularly struck by the post-session feedback and comment prompted by the panel session entitled “Winning Customers’ Hearts and Minds”. The session certainly seemed to capture the attention – and imagination – of the delegates that I caught up with in the programme breaks.  So I thought it worth penning a précis…

Michela Hancock of Bozzuto brought a US perspective to the panel highlighting the base level services which are commonplace in North America and which should be firmly embedded into our own Private Rented Sector (PRS) – as well as the opportunities that PRS owners and operators can create through enhanced services.

CEO of Young Group, Neil Young, was quick to point out that some PRS operators in the UK, such as Young London and Get Living London, are already investing heavily in understanding their customers and delivering an experience that precisely matches their specific needs.

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Young Index Report Q4 2013

Young Index Report Q4 2013

Young Index Report Q4 2013

Each quarter, through Young Index, Young Group polls investor sentiment among its Private Rented Sector (PRS) investment clients who hold UK property assets.

We’d like to thank everyone who took the time to share their opinion and the results from the latest Young Index report is now available.

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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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Killing off Commission

Neil Young

Neil Young

Commission motivates staff to do their best!

This is a statement that is a truth wrapped up in a lie.

Commission based remuneration, which is the norm for the lettings industry, is where an employee is rewarded on the value of the transactions they get, can help to drive a business’s bottom line but it could encourage the wrong sort of behaviour and cause staff to: fight over the best leads, pressure applicants into signing as quickly as possible and, occasionally, lead to outright lies to get a deal.
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Analysing Private Rented Sector investment and yield

Neil Young

Neil Young

Current Private Rented Sector (PRS) market conditions are such that finding the next ‘hidden gem’ for an investor is proving to be a challenging task.

This is due to a continuation of overseas money chasing, and overpaying for, property situated in London. The factors that drive this situation are; favourable exchange rates due to a weakening pound sterling, favourable interest rates on debt (especially in the Far East) and capital protection in countries such as Greece, Portugal and Spain.

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Landlords told to vet immigrant tenants

Queens Speech

Queens Speech

Under new Immigration laws, that were announced in the Queens Speech, private landlords will now be held legally responsible for vetting tenants and checking their immigration status. Landlords will need to seek copies of passports and appropriate visas before they should let their property to a prospective tenant.

Those that are found to have broken the law will find themselves facing fines that could run into thousands of pounds.

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The DCLG hold a second Private Rented Sector evidence session

Department for Communities and Local Government

Image: Department for Communities and Local Government

As part of their inquiry into the Private Rented Sector, which Young Group provided evidence for, the Department for Communities and Local Government Select Committee held its second evidence session.

The Committee took evidence from Sir Adrian Montague, author of the recent Montague Report on how to drive investment in the Private Rented Sector.

The session covered a variety of topics, including the effects of the Montague Report and Sir Adrian’s views on what was needed to help improve the reputation of the Private Rented Sector.

The full session can be viewed online here.

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Young Group & Young London shortlisted as RESI Awards 2013 Finalists

Young Group - RESI Awards 2013 'Asset Manager of the Year' Finalist

Young Group – RESI Awards 2013 ‘Asset Manager of the Year’ Finalist

Property Week has announced the shortlist for the RESI Awards 2013 and Young Group & Young London are both proud to have each been selected as a finalist in their respective categories.

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Moving Forward: London’s Private Rented Sector 2012 – 2013

Neil Young

Image: Neil Young, CEO Young Group & Young London

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

This time last year I summarised my thoughts for 2012 and, looking back, I’m pleased to report that against a backdrop of economic concerns, the Private Rented Sector (PRS) performed in line with expectations. Those invested in the PRS saw further income improvements, continued low costs of finance and performance returns in excess of other investment asset classes.

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