Landlord Fined for Letting Property with H&S Problems!
I was shocked to read recently of a landlord who let a property with serious health and safety issues to vulnerable adults and was subsequently fined £1,350 for breaches of the Housing Act 2004. John Kiernan pleaded guilty to failing to implement satisfactory management standards when letting the property in Birkenhead. When housing officers from the Wirral Council inspected the property they found it had several health and safety risks: • There were no fire precautions• The electrical wiring was in a dangerous condition, including some exposed live wires• There was serious damp and mould was growing• Some of the windows were boarded up•…
Buy-To-Let Market to Continue Booming!
Savills, one of London’s top Estate Agents, has published research which shows demand for buy-to-let property will continue to increase in coming generations as domestic tenancies rise while property ownership falls. I was surprised to read that they predict fewer than half of those people born in 1990 will be home owners by the time they reach 40. Their Residential Property Focus 2015 reveals some 53% of people born in 1960 owned their own home by the age of 30, which rose to 71% at the age of 40 and 79% at 50. However, of those born in 1980 only 35% actually owned…
Will Stamp Duty Rise Result Be Price and Rent Rises?
The Chancellor George Osborne gave the housing industry plenty of good news recently in his Autumn Statement. At the same time, though, he announced a 3% increase in Stamp Duty for buy-to-let properties and second homes, which analysts fear could lead to price hikes and resultant rent increases. The positive news for the housing market was the announcement that the Government’s housing budget would be doubled to £2 billion to build more homes. The Chancellor made a commitment to building 400,000 new homes by 2020. However, potential landlords will be hit by the announcement that Stamp Duty will rise by 3% for buy-to-let…
Landlord’s Loophole Following Budget Bombshell?
I fear the fallout continues following the Chancellor’s announcement of a 3% increase in Stamp Duty for buy-to-let properties and second homes in his Autumn Statement. The increase is due to be introduced in April and there is speculation that small landlords will rush to purchase properties to let before that deadline. George Osborne has received much criticism from landlords and letting agents. Landlords provide a valuable service in the property market by providing affordable homes for those unable to afford to buy. Past Conservative governments have valued these entrepreneurs and Osborne appears to be making a risky political gamble by alienating this sector.…
Survey Shows Private Rental Sector Suffering!
I was interested to read the results of a recent survey by Belvoir, a nationwide franchise operation specialising in letting properties. Of the landlords surveyed, 68% said they had not raised rents in the last twelve months but 88% believed that the increased costs for purchasing buy to let properties introduced by the government would inevitably lead to a general increase in rents. The survey was conducted in December and January and received 1,038 replies, not exclusively from Belvoir clients. Although nearly half of those respondents said they had no plans to increase rents in the coming twelve months, 44% said they would…