Brentford Flats & Houses For Sale & Rent

London Landlords Expect Rents To Rise

2012-01-27T02:25:00.000-08:00

Each quarter,Young Index research gauges market sentiment within the residential property sector, polling Young Group's client base of around 500 active landlords who hold UK property assets.The latest Young Index report of Private Rented Sector sentiment shows that 19.1% of landlords added additional residential property assets to their portfolios during 2011.

The activity was driven by strong positive expectations for both capital growth and income returns for the year ahead.

London clearly leads the way with 85.1% of respondents expecting rents in the capital to continue to rise throughout 2012 and a full 100% of landlords predict that property values in London will be at current levels or higher by the end of the year.

Interest rates are widely expected to remain low. 58.3% of landlords expect the Bank of England base rate to remain static throughout 2012.

Of those who do see a rise on the horizon, their average prediction for Q4 2012 is less than half a percentage point higher than the current all time low of 0.5%, at 0.78%.

Undoubtedly, current low costs of finance represent a short term fillip but landlords clearly see the Private Rented Sector as a long term investment class.

Data from Young Index Q4 2011 show that 36.9% of landlords intend to hold their property until 2031. The average future hold period across all respondents was 15.4 years.

Neil Young, CEO of Private Rented Sector specialists, Young Group, who carry out the quarterly research comments:

"Without a doubt, the appetite from private investors in the PRS for additional investments is extremely strong.

"The London rental market is particularly strong and demand from tenants seeking quality PRS accommodation shows no sign of abating, buoyed by a population that is spending longer than ever living in rented homes and increasingly living in solo households."

Landlord Health and Safety In the Winter Months

2012-01-10T05:13:00.001-08:00

Landlords have been urged to make managing their properties a key health and safety priority over the winter months.

The Association of Residential Letting Agents (ARLA) said burst pipes and damage to property can cause misery to both tenants and landlords, making preparation essential.

It has been unseasonably warm in recent months but the past few days have seen adverse weather sweep across the UK with storms and heavy rain causing property damage.

Temperatures could also drop, raising the risk of pipes bursting and wreaking havoc.

According to ARLA, simple steps such as lagging exposed pipes could prevent the escape of water and the damage and misery that can cause.

Before high winds and stormy weather hits, ARLA recommends:

Checking the condition of roofs, in particular garage shed and flat roofs for signs of wear and tear

Keeping gutters, gullies and drains clear so they can carry water away quickly and efficiently

Ensuring drainpipes do not get blocked with trapped rainwater as this may cause them to crack or shatter in freezing conditions

Consider cutting back low-hanging tree branches, which could cause damage in high winds

Landlord Health and Safety News

London Property Market News: Property demand rises but RICS not getting excited

2011-12-13T06:08:00.000-08:00

Demand for property rose yet again in November according to the latest UK Housing Market survey from the Royal Institution of Chartered Surveyors (RICS).

But the body warned that economic uncertainty is still holding the housing sector back from really flourishing.

Some seven per cent of surveyors said that they had seen a increase in the number of new buyer enquires last month, meaning that demand has continued to rise steadily for each of the past three months.

On top of this, newly agreed sales increased by 14 per cent and the average number of sales dealt with per surveyor or branch climbed by 15.4 per cent.

However, RICS warned that the market is still very subdued in many regions and, while the figures are certainly encouraging, they are still far short of those posted in the years prior to the start of the credit crunch.

RICS housing spokesperson, Alan Collett, said:"It is encouraging that buyer interest has edged upwards in the face of the endless diet of negative news from Europe and the turmoil in financial markets. However, a meaningful recovery still seems some way off.”

Despite these comments, e-surv revealed this week that mortgage approvals last month reached their highest levels in two years.

London Property Market News

First Time Buyers Stamp Duty Exemption Tax Extension

2011-11-28T00:28:00.000-08:00

The Council of Mortgage Lenders (CML) is jumping to support first time property buyers and calling on the government to extend the existing exemptions for stamp duty.

At present the scheme means that those who have not owned a property previously do not have to pay the land tax to the government, but the scheme will come to an end in March.

The CML believes that getting rid of this incentive will lead to fall in the number of people looking to buy a home, but would not massively increase the government’s coffers.

“The housing market can act as a force for growth in the economy, but if this is to happen then buyers, lenders and builders alike all need a clear message that the government sees them less as part of the economic problem, than as part of the economic solution,” said CML director general Paul Smee.

At present all first time buyers are exempt from paying stamp duty up to £250,000. For everyone else, the tax starts at one per cent on properties between £125,000 and £250,000, three per cent between £250,001 and £500,000, four per cent between £500,001 and £1 million and five per cent over that figure.

First Time Property Buyers News

UK Property Market 5 Year Forecast

2011-11-27T02:35:00.000-08:00

UK house prices are set to fall for another 11% in the next 5 years, according to property experts.

British broker firms believe that house prices in the UK will fall by more than 10% in the next 5 years back to the level seen a decade ago.

In the opinion of property experts, those are not only difficulties accessing mortgage finance and weak economic growth that will keep house prices down. Increased cost of living, especially in big cities like London will also negatively affect house prices growth.

According to brokers' estimates, house prices will fall to 170,000 in 2016, down from 184,000 in 2007.

Meanwhile, rent rates are expected to rise dramatically as many Brits will be unable to buy a property of their own.

Landlords and Tenants Should Prepare for Winter

2011-11-22T08:01:00.000-08:00

Landlords are being reminded to make sure their properties and tenants are ready for the winter weather.

Burst pipes are a common problem, according to the National landlords Association (NLA), as tenants sometimes do not know how to shut off the heating system if leaving the home empty during the festive period.

The NLA says landlords should make sure tenants are shown how to shut off water to the property or how to set the heating system thermostat to prevent pipes from freezing.

Then tenants should be shown how central heating systems work and where the gas boiler is located, along with where the emergency gas shut off valve is located.

The NLA is also encouraging landlords to make energy improvements to their properties.
Tips include:

The loft insulation should be a minimum depth of 270mm to stop heat loss through the ceiling.
Install cavity wall and floor insulation to stop heat escaping where possible.
Fit lagging to hot water pipes and tanks to reduce heat loss and stop pipes from freezing.
Draft-proof the property by filling gaps between floorboards and skirting boards.

David Salusbury, the NLA’s chairman, commented: “It’s important that tenants know how the heating system works in their property.

Halifax House Price Index Reports Further Rise

2011-11-07T02:53:00.000-08:00

The average house price across the UK rose by 1.2 per cent between September and October, in a further sign of the high degree of resilience that has been shown by housing market over the past 12 months in the face of challenging economic conditions, according to Halifax.

Data from the latest Halifax monthly house price index showed that the average house price rose by 1.2 per cent between September and October, but is down over the past quarter by 0.3 per cent and on an annual basis by 1.8 per cent.

Martin Ellis, housing economist at Halifax, said that while the monthly picture in terms of house prices had been mixed for some time, the market was proving ‘highly resilient’ in spite of a weak economic recovery.

He said: “Whilst there have been five monthly price rises, four falls and one month of no change, there has been little change in prices during 2011 overall.

“The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies.”

Mr Ellis claimed that despite these developments, house sales and the supply of properties for sale have remained very stable since late 2010.

First Time Buyer Numbers Fall to Lowest Numbers- Except in London

2011-10-20T02:45:00.000-07:00

First-time-buyer numbers in September fell to their lowest since November 2010 thanks to tightening mortgage lending conditions, reversing the positive summer trend of higher loan-to-value lending and increasing numbers of first-time buyers. Lenders focused more on targeting wealthier borrowers as fears over a stagnant economy and constricted credit conditions grew, reports the Henley Standard.

Approvals with a deposit of 25 per cent or under fell to their lowest number since February, accounting for less than half of all lending, compared to almost two-thirds in September 2007. Approvals in the highest loan-to-value brackets fell at more than double the pace of the total market because of lenders’ desire to target low loan-to-value borrowers.

London bucked the national trend, and cushioned the overall decline in approvals nationally, with an increase of 20 per cent (non-seasonally adjusted), thanks to the bigger pool of wealthier buyers in the capital who are less constrained by tighter lending conditions. First-time-buyer numbers rose to their highest since June, with approvals on price brackets up to £250,000 — typical first-timer property in the capital — accounting for 42 per cent of the total London market, compared to 40 per cent in August.

The uptick can be attributed to buyers in London being much less dependent on high loan-to-value lending than the rest of the country. Approvals with an loan-to-value of more than 75 per cent accounted for just a quarter of all lending in September, compared to over a third nationally, because the wealthier pool of buyers in London typically have larger deposits so don’t require access to higher loan-to-value products, and because even a small percentage deposit represents a very large sum due to higher house prices in the capital.

The market outside London was much more subdued. The North West (11 per cent), North East (10 per cent) and Cumbria, and the Midlands (four per cent) saw the biggest falls. Yorkshire (three per cent), the South East (one per cent), and the South and South Wales (one per cent), all saw marginal increases in purchase approvals.

Vintage Weekend In Brentford

2011-10-12T03:03:00.000-07:00

Adisplay of jitterbugs and doodlebugs, marching troops and dance troupes, were all part of the fun at a World War II themed weekend, reports the Brentford Chronicle.

Evacuees, air raid wardens and rationing officers ensured that the several hundred people who attended the event felt like they had stepped right back into the forties at Kew Bridge Steam Museum in Green Dragon Lane, Brentford on October 8 and 9.

Education Officer, Jo Willis said: "Great fun was had by all and everyone enjoyed it. We had real air raid sirens going as well.

"Lots of families turned up, but we also had lots of older visitors who would have been children during the war."

Guests could also take in a display showing where bombs had hit Chiswick during the 50 raids between late 1940 to early 1941.

Buy to Let Landlords Are Expanding Portfolios

2011-10-06T04:39:00.000-07:00

The majority of buy to let landlords are thinking about investing in more property in the next year, according to research from Assetz.

Over three-quarters (76 per cent) of investors believe now is the right time to expand their portfolios, whereas just one in ten are holding off purchasing more residences because of the economy.

Stuart Law, chief executive of Assetz, commented: "The buy to let market is booming with landlords returning in considerable numbers, encouraged by the excellent rental returns currently available as well as the prospect of long-term capital growth if property prices continue to strengthen.

"UK residential property in the right locations is increasingly viewed as a safe haven, offering investors a long-term, low-risk investment for their cash," he pointed out.

The research also found half of those surveyed are prioritising long-term capital gain, while 44 per cent are looking to secure income from their investment.

Investment Finance News

Commercial Property for Sale Brentford Pumping Station

2011-09-27T04:00:00.000-07:00

Commercial Property for Sale, Brentford, Middlesex

Old Pumping Station
Pump Alley, High Street
Brentford
Middlesex
TW8

GIA: 7524 sq/ft*

£ 1,972,000
Freehold

This commercial investment can be found in the West London suburb of Brentford close to Ealing, Chiswick & Kew. Pump Alley is a quiet cul de sac off Brentford High Street and is surrounded by a mixture residential and commercial properties.

Good transports links are provided at Brentford and Kew Station Overground, Boston Manor underground Station (Piccadilly) and Heathrow Airport. The A406, A4, M4 and M25 motorways offers easy access into and out of London.

This recently developed office complex comprises 3 self-contained B1 office units let to 3 individual tenants at a current rental income of approximately £150,000 p.a.

Net internal area approximately 7,524sq.ft

TENANT PROFILE

Teapigs - Is owned by Tetley's and sells specialist teas.

Luvata Uk Ltd - This is the Head Office for Luvata Oy the biggest metal producer in the world.

ICE London Ltd - PR company (set up in 2009) Clients include O2

Old Pumping Station for Sale, Brentford, West London

UK House Price Index Key Points 2011

2011-09-26T02:10:00.000-07:00

Act now to move before Christmas

New sellers’ average asking prices up by 0.7% on the month, but 3.0% down over the summer period

Two deadlines should focus the minds of frustrated sellers:
- Christmas is 98 days away but average time on the market is 94 days, so buyers and sellers need to get serious now if they are to tie up a deal before the festive season;

- first-time buyer stamp duty relief is due to finish on 25th March 2012.

Market recovery appears as far away as ever three years after the collapse of Lehman Brothers, as key metrics are little changed:

- new sellers again at 23,000 per week as lack of confidence and inability to move remains;

- prices up by 2.5% in three years, compared with 16.4% in the previous three year period;

- unsold stock per estate agency branch still stuck in the high 70s.

While new planning proposals may boost housing market activity in the longer term, initiatives supporting mortgage lending such as FirstBuy are the more immediate requirement.

Rightmove

Land Registry Data Shows 1.3% Rise in House Prices

2011-09-03T07:24:00.000-07:00

July house prices up 1.3 per cent since June: average house price in England and Wales now £163,049

The July data from Land Registry's flagship House Price Index shows an annual price decrease of 2.1 per cent which takes the average property value in England and Wales to £163,049. The monthly change from June to July is 1.3 per cent.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 1.3 per cent. The South West experienced the greatest monthly rise with a movement of 2.2 per cent. The North East experienced both the greatest annual price fall with a decrease of 8.8 per cent and the most significant monthly price fall with a movement of 2.3 per cent.

The most up-to-date figures available show that during May 2011, the number of completed house sales in England and Wales decreased by 10 per cent to 46,870 from 52,170 in May 2010. The number of properties sold in England and Wales for over £1 million decreased by 44 per cent between May 2010 and May 2011, from 464 to 262.

Self Build Market Becoming Mainstream

2011-06-20T09:31:00.000-07:00

Self build properties could become more common in the future if its model changes, Homebuilding & Renovation magazine has posited.

Jason Orme, editor of the publication, commented: "There are several things that need to happen before it becomes mainstream and the key one is for the process to be de-risked."

This means removing all the elements that could deter people from self-building, for example, worries about dealing with builders and concerns about getting a fixed price for their finished property.

"Under the model that I think the government is keen to develop, it will be a much more mainstream option because those issues won't be on the table. It will be a softer self-build in a way and that is really where it will become more mainstream," Mr Orme noted.

His comments come in light of a letter sent by housing minister Grant Shapps to key players in the UK mortgage lending market, which asked them to support a self-build 'revolution' by providing funding to those interested in such projects.

Building & Construction News

New Build Development News; Demand for Larger Homes as First Time Buyers Bow Out

2011-06-05T04:55:00.000-07:00

The trouble with purchasing a home that first time property buyers are currently experiencing is leading developers to build larger houses.

This is the opinion of Steve Turner, head of communications at the Home Builders Federation, who pointed out that the "market-driven industry" is focusing on bigger properties as a result of first time buyers' inability to purchase.

"Builders will obviously build what they can sell. People that already have a home and are moving home tend to be buying bigger houses, so that is the market that currently developers are targeting because it is the only market that people are currently buying in," he pointed out.

Values and types of homes will be dictated by the market, "and a lot of that is down to who the banks are lending to", Mr Turner added.

His comments come after the Practitioners Advisory Group published a suggested draft of the National Planning Policy Framework.

New Build Development News

Rental Properties Snapped Up in 13 Days

2011-06-02T01:40:00.000-07:00

The RLA has reported that rental properties – especially in London and the South East - are being taken within a 13 days in the first three months of 2011, compared with an average of 17 days in quarter one of last year, reports Countrywide.

Countrywide’s 1,300 offices also saw a 51% uplift in demand from tenants in the new year, a greater increase than that seen at the start of last year (46%) from quarter four 2009.

Findings of the quarterly review also revealed a significant rise in the proportion of small-scale buy-to-let landlords coming back into the market, reflecting an increased appetite for lending to these investors.

These buy-to-let investors with small portfolios of one to three properties now account for 40% of all landlords, up from 35% at the end of 2010.

Overall, supply remains stable but low, with a shortfall of supply across all property categories, from studio flats to five-bedroom houses, with an average of five tenants vying for each available UK rental property.

Demand remains consistent with Countrywide’s observations throughout the last 12 months and remains strongest in the London and South-East, with above average supply shortages across all types of property.

First Time Buyers Giving Up Hope

2011-05-30T02:38:00.000-07:00

Nearly a third of potential first-time buyers say they have given up on the idea of buying a home, according to research from Moneysupermarket.com.

Those who were still hopeful of getting a foot on the housing ladder said they didn’t expect to be in a position to secure a mortgage until they were 38, rising to 43 in London.

The study found that first-time buyers are currently putting down an average deposit of 23%, which works out to £36,800 for a property worth £160,000.The majority of first-time buyers are struggling to save this without help from their families.

Government figures released earlier in the week showed that average prices rose to £205,565 in March.

2011-05-25T08:31:00.000-07:00

Local authorities all over Britain are targeting planning laws to control private landlords turning their properties into small Houses in Multiple Occupations – six months ahead of the time when they will be needed most.

The RLA has identified over two dozen councils invoking Article 4 directions prohibiting HMOs.

Landlords are being stymied by local authorities from attempting to offer a market solution to what homeless charities are warning could be a serious problem.

Planned changes to the Shared Accommodation Rate kick in next January and will mean that an estimated 88,000 25 to 34-year-olds on housing benefit will have to seek shared HMO accommodation, virtually all of which would be in the private rented sector.

From the New Year, changes to the rules mean that single people up to the age of 35 will no longer be able to live in their own self-contained rental flats. Instead, it will only cover shared accommodation.

But landlords who are currently renting properties out to a single household will now have to seek planning permission in a growing number of towns and cities if they want to let the same property out to three, four or five people sharing.

HMO Property News

New Environmental Compliance for Landlords

2011-05-19T07:06:00.000-07:00

The announcement that landlords have to get their properties to let up to a certain environmental standard should be seen as an advantage, according to one expert.John Alker, director of policy and communications at the UK Green Building Council, explained the government is putting a bigger emphasis on the need for people who rent out properties to make them compliant with eco-friendly rules.

However, he believes that strict rules and set timeframe will actually be an advantage as it will give them a deadline to get their properties up to standard."It actually provides a bit of additional certainty for landlords, because they know they have to do this, they have five or six years to do it, [and] they can plan ahead," Mr Alker said.

The second reading of the Energy Bill saw energy and climate change secretary Chris Huhne state that landlords will need to get their homes to comply with measures by 2016.

Landlord and Tenant News

New Build Demand Increases

2011-04-13T10:06:00.000-07:00

More new build properties could be on the way because of increased demand for homes, the Home Builders Federation has suggested.

Steve Turner, head of communications at the organisation, commented that the outlook for the future is "more positive" because of the pent-up demand generated by two years of difficulties in the property market.

"First time buyers have found it very difficult to enter the market, but transaction levels across the property market have generally been low. We know that there is a pent-up demand that at some point needs to be, or will be, released," he explained.

Mr Turner went on to say that the government's Firstbuy Direct policy, which was announced in last month's Budget, is "good news" because it will help improve the market for first time property buyers, but added that the lack of UK mortgage offers is still a "significant constraint".

His comments come after research from the Office for National Statistics found the volume of construction output increased by 8.6 per cent in February this year compared with the previous month.

New Build Development News

Moving to Brentford; Brentford Local Services

2011-03-22T08:49:00.000-07:00

When moving into an area there are a number of local services you need to know about. Below you can access local authority information and services; we have chosen the most frequently asked information. Just put in your postcode and find out information on;

Bin Collection, Council Tax, Parking Permits, Recycling centres,Electoral roll registration, School and Term Dates and your local councillor for your new area.

London Property News

Tenants Should be Able to Choose Where Housing Benefit is to be Paid

2011-03-15T04:21:00.000-07:00

The Residential Landlords Association is calling on Parliament to empower tenants and enable them to choose who their housing benefits are paid to.

Currently, housing benefit tenants in private rental accommodation automatically get Local Housing Allowance paid directly to them – and not to their landlords.

Before the introduction of LHA, housing benefit was paid direct to the landlord.

As MPs begin consideration of the Government’s Welfare Reform Bill, the RLA is calling for tenants to be given the right to choose whether it is they or their landlord who receives their benefits.

The RLA says that evidence from their members shows that many tenants are falling into arrears and would prefer the security of knowing their rent has been paid.

In a statement the RLA said: “Whilst the Government argues that paying housing benefits direct to tenants promotes financial responsibility, research by Shelter has suggested that of those tenants who would like their benefits paid to their landlord, 95% are struggling to manage their own finances. Despite this, they are denied the ability to make a choice for themselves.

“Survey data for the RLA has found that of those landlords who would not re-let their properties to those on benefits, 45% cited a lack of any guarantee of payment as the main reason.”

RLA chairman Alan Ward added that many landlords with tenants on housing benefit face unsustainable levels of rent arrears.

He said: “We call on MPs to use the Welfare Reform Bill to enshrine in legislation the freedom and right for tenants to choose, without forcing landlords to lower rents, making renting untenable for many.”

UK housing market faces paralysis, warns Rightmove

2011-02-27T05:09:00.000-08:00

Most of the UK property market faces "paralysis" this year, says the estate agency website Rightmove.

The company claims to advertise 90% of all properties for sale on behalf of local estate agents.

It says many sellers are refusing to drop their prices, with the price of newly-advertised properties in fact rising by 3% in January to £230,000.

That was £65,000 above the average selling price of £165,000, according to the England and Wales Land Registry.

Rightmove said the seizing up of the market was mainly due to a lack of mortgage finance for would-be buyers, and the erosion of equity in their homes due to falling prices.

But Miles Shipside, Rightmove spokesman, said another factor was the reluctance of sellers to drop their prices, despite the lack of demand for their homes.

"Unwilling or unable to drop their asking prices to bargain basement levels - this helps explain why new sellers' average asking prices remain broadly static year-on-year," Mr Shipside said.

"New sellers see comparable properties to theirs on the market so they and their agents try a similar asking price.

"Without a really pressing need to sell you can see why price re-adjustments seem painfully slow in many local markets and they will not fall by enough to really assist the return of mass market affordability," he added.

Government Must Encourage Energy Efficiency Investment

2011-02-15T02:50:00.000-08:00

The government needs to be doing more to promote green building & construction techniques, according to Green Building Store.

Chayley Collis, marketing manager for the company, explained that approaches such as Passivhaus should be focused on in order to build more low energy homes and retrofit existing premises with energy efficiency measures.

"It has been very well thought out and very robust. We really think that is the way forward," she said."It is snowballing but we want for that to be the main approach in the UK."

Passivhaus features five main parts, including 'super insulation' and air tightness.
"You need a building to be really airtight, otherwise you are losing heat out of the building," Ms Collis explained.

Existing policies go some way to address the challenge of building more energy efficient homes, but Passivhaus may be better.

"At the moment we have got the Code for Sustainable Homes which is [from] the government and we don't feel that it is as effective as Passivhaus. We are really hoping that Passivhaus will take off more," she added.

Building & Construction News

Buy to Let Mortgage Lenders Must Provide More Guidance

2011-01-19T03:18:00.000-08:00

UK mortgage lending companies should provide more advice to prospective landlords hoping to invest in the buy to let market.

According to David Lawrenson, private rented sector expert at LettingFocus.com, some advice is "frankly questionable" and is not correctly tailored at those looking for buy to let funding.

"Most lenders still provide no guides at all - which is bad for landlords and ultimately can be bad for their clients, the tenants. If the lender loses money following repossession, it is bad for the lender too," he pointed out.

If "interesting financing techniques" are given to individuals who are not cut out to be landlords, this has a knock-on effect both on lenders and tenants, Mr Lawrenson added.

His comments come after research from Paragon revealed that nearly half of financial companies that make UK mortgage offers are expecting to increase buy to let mortgage business in the coming months.