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Posts Tagged: Tenants

Has Your Tenant Told You About Their Pet?

Here in the UK we are a nation of pet lovers. Whether it is a dog, cat, hamster or a goldfish many families welcome them into their homes and they are very much part of the family for a number of years. However, that is fine if the person bringing a pet into their home actually owns the property as it is up to him or her as to whether they are agreeable to a pet taking up occupancy. It can be quite different if the family wants a pet dog or cat but they are in rented accommodation. The decision as to whether pets are aloud in the home lies with the owner of the property i.e. the landlord and not all landlords are prepared to allow pets in their properties. A survey carried out by Animalfriends.co.uk that provides insurance for pets discovered that over a quarter of those people taking part in the survey did not inform their landlord that they owned a pet and kept it in the tenanted property. Doing this is not right as the landlord may not like having pets in the property as a pet can cause damage and leave smells. If a…

Average Rent Falls In May

Landlords and tenants may wish to read the HomeLet Rental Index covering May 2017. It provides some interesting information about rental payments being charged by landlords. In respect of new tenancies, the rent being charged on UK investment properties in May was an average of £901 per month. When compared with May 2016, this figure was 0.3% less and is the first time that a reduction in rental income has been seen since December of 2009. It is Greater London that has seen the largest percentage drop with a reduction of 3% when compared with May last year. The average rent being charged in that part of the UK was £1,502 per month. The North East saw a fall in rental income in May of this year with a 2.3% reduction over a period of 12 months to an average of £522 per month. Scotland saw a drop in rental income in May 2017 when compared with the same month last year. Rental income fell by 1.9% to an average of £622 per month. The South East saw rental income drop in May 2017 by 1.5% to an average of £998 per month in comparison to May 2016. Yorkshire and…

Landlords Reaction Should Letting Agents Increase Their Fees

A survey has revealed that a large percentage of landlords would continue to use the service of a letting agent even if the agent increased his or her fees due to a ban on tenant’s charges. This research was carried out by the UK Association of Letting Agents (UKALA). The research revealed that a mere 9% of landlords felt that they would depart company with their letting agent. 7% of landlords were uncertain if they would remain with their letting agent. Also, 9% of landlords felt that they would agree to pay additional fees. It is interesting that 13% of landlords would try to negotiate terms with the tenants. 22% of landlords would try to get a better package by shopping around. Interestingly, 40% of landlords felt that they would charge their tenants more in rent to compensate for the additional expense they would incur. Letting agents will no doubt have to decide what they will do i.e. leave the fee that they charge landlords unchanged or increase it. It will be interesting to see how landlords react to any rise in fees. Will it be comparable to the results of the research mentioned above? No doubt letting agents provide…

Would Your Tenant Tell You If They Damaged The Property?

One of the potential problems with letting out a property is if a tenant damages the property or the fittings or contents. One would hope that your tenant would own up to having caused the damage. Hopefully, your property will not be damaged but, if it does, you will no doubt have suitable landlord insurance in place to cover such eventualities. Well, a survey carried out by YouGov for The House Shop provides some interesting information about the damage to properties that are rented out caused by tenants. It is concerning to hear that 27% of tenants would not inform their landlord if they damaged the property in a major way. That is a very high figure and disappointing to hear about. Of those, 1% would do what they could to hide any damage, 11% would do their own repair work and 15% would use the services of a tradesperson to carry out the repair work. Apparently, 58% of tenants would inform their landlord about the damage to the property. Of those, 27% would wait to be asked if they had to meet any of the repair costs, 7% of tenants would actually make an offer of contributing towards the…

Number Of Tenants Evicted Continues To Fall

If you are a landlord then you may be interested to read the Ministry of Justice report produced on 9th February 2017 entitled “Mortgage and Landlord Possession Statistics in England and Wales, October to December 2016 (Provisional)” that covers such things as the number of tenanted properties that are repossessed on behalf of landlords. It is pleasing to see that the number of repossessions of rental properties for landlords has fallen with this being the pattern since April to June 2014. In the last quarter of 2016, county court bailiffs repossessed 9,067 properties on behalf of landlords that were let out. That is a reduction of 7% when compared with the 4th quarter of 2015. Orders for possession totalled 24,674 with this being a fall of 13% when compared with Q4 of 2015. Landlord possession claims amounted to 30,920 in the last quarter of 2016 with this being a drop of 16% in comparison to the same quarter in 2015. Warrants of possession totalled 14,137 in the 4th quarter of 2016 with this being a reduction of 24% in comparison to the 4th quarter of 2015. It is interesting that social landlord claims for possession made up 60% of claims…

Why Would A Landlord Use A Letting Agent?

There are a number of reasons why many landlords choose to utilise the services of a letting agent rather than deal with everything themselves as it can be very time consuming especially if the landlord has a full time job which they often do. For instance: – Landlords regularly use letting agents to market their properties to find suitable tenants rather than say advertise the property in the local press themselves. No doubt using a letting agent in this way can often result in a tenant being found more quickly resulting in rental income being generated more rapidly. Having identified a potential tenant, the letting agent could then deal with the administration including taking up references on the potential tenant and sorting out the tenancy agreement prior to the new tenant occupying the property. A letting agent could also arrange to manage things by, for instance, visiting the property on a regular basis to make sure that it is being well maintained and carrying out an inventory of the contents, fixtures and fittings. This is a particularly important service as, unfortunately, there are some tenants who do not look after the property and its contents as they should do to…

Rent Charged Forecast To Increase Greater Than Price Of Homes

The RICS UK Residential Market Survey for January 2017 has predicted that, over the following 5 years, the amount of rent paid by tenants to their landlords is going to increase, on average, by a higher percentage than the price of homes. If this happens then it will be good news for landlords choosing to remain in the residential property lettings business but not so good for homeowners and certainly not good news for tenants. Over the next 5 years it is being predicted that rents will go up by in excess of 25% whilst house prices are forecast to go up by just short of 20% over the same period on a three-month average. This rise in rental charges is partly due to the expected fall in the number of properties being available to rent as the number of landlords is probably going to reduce the number of properties that they rent out and some may well decide to get out of the buy-to-let market completely following the forthcoming cut in tax relief on mortgage interest and the change in stamp duty. It will be interesting to see in which parts of the UK that rents increase the most…

London Tenants Look For Cheaper Rental Properties In The South East

According to information for the fourth quarter of 2016 held by the National Landlords Association (NLA), it would appear that some tenants who have been renting homes in the centre of London are looking to move out into the likes of the South East of England where no doubt the same sort of property can be rented for less money. Apparently, landlords have been reporting that there has been a fall in the interest shown by tenants in Q4 of 2016 in renting properties in central London when comparing the same quarter of 2015. There has been a drop of 28% – from 45% to 17% that we are sure that you will agree is a significant figure. In the South East, 40% of landlords have reported an increase in interest from tenants in renting a property in the final quarter of last year. It is interesting that only 5% of landlords that are renting out properties in London intend to buy additional investment properties to let out over the next three months. A year ago, this figure was 15%. This is very different to Yorkshire where 16% of landlords are planning to buy more properties to rent out in…

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