Landlords will still remove tenants that fall behind with payments despite the economic slowdown, an industry insider has claimed.
Chairman of the Residential Landlords Association (RLA) Lee Dribben has denied that the credit crunch may be causing those with buy to let mortgages to let unsuitable tenants stay.
"A landlord wouldn't want to lose a tenant if rent was being paid, but if no rent is paid, why would the landlord want the tenant to remain?" he said.
However, he did warn buy to let investors that the process of cancelling a tenancy can be long and drawn out.
"The vast majority of tenancies are ended by tenants," he noted.
Meanwhile, figures from the Association of Residential Letting Agents showed that there had been an increase of around 20 per cent in the amount of new tenants over the three months leading up to September.
Average rents stood at £387 per week for houses and £253 for flats.
Friday, 24 October 2008
Sunday, 14 September 2008
Landlords urged to protect themselves against fraud
Those with buy to let mortgages have been warned to keep their contact details up to date with the Land Registry in order to help prevent becoming the victims of fraud.
Heather Edwards from the organisation has highlighted the fact that landlords who have properties standing empty are the "typical victims" of mortgage fraud.
She urged them to update their details with the Land Registry so that the body can contact them if there is any evidence of fraudulent activity.
"Generally speaking it is the empty properties that fraudsters target, properties that don’t have an owner in residence," she revealed.
Ms Edwards also said that homes that do not already have a mortgage attached to them are often targeted.
The Land Registry is a government department that oversees the transfer of ownership of land - as well as property transactions - in England and Wales.
A recent investigation by Channel 4 found that the Land Registry paid out £4 million to the victims of mortgage fraud last year.
Heather Edwards from the organisation has highlighted the fact that landlords who have properties standing empty are the "typical victims" of mortgage fraud.
She urged them to update their details with the Land Registry so that the body can contact them if there is any evidence of fraudulent activity.
"Generally speaking it is the empty properties that fraudsters target, properties that don’t have an owner in residence," she revealed.
Ms Edwards also said that homes that do not already have a mortgage attached to them are often targeted.
The Land Registry is a government department that oversees the transfer of ownership of land - as well as property transactions - in England and Wales.
A recent investigation by Channel 4 found that the Land Registry paid out £4 million to the victims of mortgage fraud last year.
Friday, 12 September 2008
Landlords urged to invest in "buoyant" Newport
Those with buy to let mortgages have been encouraged to take advantage of the "buoyant" rental market within a Welsh city.
Home to a University of Wales campus and a forthcoming state-of-the-art hospital, Newport is set to become a hub for buy to let investors, according to Rachael Davies, an area sales manager for Redrow Homes.
Redrow has several three-storey townhouses in a central location on offer in the town, which Ms Davies said would be a "sound" investment for buy to let purchasers.
"It is an exciting time for Newport, which is enjoying the same sort of investment that has changed the fortunes of Cardiff and Swansea," she explained.
And Ms Davies pointed out that the area is hosting the Ryder Cup in 2010.
The city centre is undergoing an extensive transformation, with several regeneration schemes underway including road improvements and shopping centre refurbishments, notes the council website.
Sunday, 10 August 2008
Rental review "an important watershed"
The National Landlords Association (NLA) has hailed the publication of a new report that marks "an important watershed" for the buy to let mortgages sector.
Entitled the Review of the Private-Rented Sector, the paper - written by Dr Julie Rugg and David Rhodes - acknowledges the significant contribution that small landlords make to the housing market, according to the NLA.
It also discredits the claim that there is a crisis in the market, the association noted.
Commenting on the review, chairman of the NLA David Salusbury said: "It demonstrates and encourages a commitment to grow the business of letting for smaller landlords but also encourages larger-scale investment, where appropriate."
He added that the publication offers the government some sound policy options based on reliable, independent evidence.
Smartlandlord.co.uk also responded to the publication of the review, stating that it was good news for the buy to let industry.
Entitled the Review of the Private-Rented Sector, the paper - written by Dr Julie Rugg and David Rhodes - acknowledges the significant contribution that small landlords make to the housing market, according to the NLA.
It also discredits the claim that there is a crisis in the market, the association noted.
Commenting on the review, chairman of the NLA David Salusbury said: "It demonstrates and encourages a commitment to grow the business of letting for smaller landlords but also encourages larger-scale investment, where appropriate."
He added that the publication offers the government some sound policy options based on reliable, independent evidence.
Smartlandlord.co.uk also responded to the publication of the review, stating that it was good news for the buy to let industry.
Saturday, 14 June 2008
Rental sector "alive and kicking"
The buy to let sector is "alive and kicking", with many investors planning to keep hold of their rental properties for the long-term, it has been suggested.
Figures from property portfolio management firm Young Group show that 98 per cent of investors intend to hold their assets for a minimum of ten years.
Furthermore, 20 per cent are planning to keep their properties for the next 15 years and beyond.
Those on tracker buy to let mortgages will have been buoyed by the recent Bank of England interest rate cut and yields are expected to rise as a result, the company stated.
Chief executive officer Neil Young commented: "Buy to let is arguably the world's second oldest profession and is certainly alive and kicking. With the correct advice and an analytical, long term approach, good returns are there to be made."
Recently Liam Bailey from Knight Frank said that he expects more investors to enter the buy to let market in the coming year.
Figures from property portfolio management firm Young Group show that 98 per cent of investors intend to hold their assets for a minimum of ten years.
Furthermore, 20 per cent are planning to keep their properties for the next 15 years and beyond.
Those on tracker buy to let mortgages will have been buoyed by the recent Bank of England interest rate cut and yields are expected to rise as a result, the company stated.
Chief executive officer Neil Young commented: "Buy to let is arguably the world's second oldest profession and is certainly alive and kicking. With the correct advice and an analytical, long term approach, good returns are there to be made."
Recently Liam Bailey from Knight Frank said that he expects more investors to enter the buy to let market in the coming year.
Wednesday, 14 May 2008
Friday, 14 March 2008
Tenants and landlords 'enjoy good relationship'
A new survey has revealed that the majority of landlords enjoy a good relationship with their tenants.
A poll conducted by the Deposit Protection Service (DPS) has found that 84 per cent of occupants get on with their landlords, while nearly a quarter of these described their relationship as "excellent".
The research dispels the common conception that the two are always at odds, the DPS stated.
"It comes as no surprise that tenants and landlords are, in general, getting on. Our figures show that since deposit protection legislation was introduced, relatively few disputes have needed to be resolved," commented Kevin Firth, the director of the organisation.
The DPS was set up in 2007 and currently oversees around £240 million worth of active deposits.
Landlords who take deposits from tenants are required to sign up to such government-backed schemes, notes mydeposits.co.uk, which also offers the service.
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