March Property News

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Many councils’ have routinely advised tenants to wait until the bailiffs turn up at the door before leaving their rental property so that they can be accepted as officially ‘homeless’. Homelet’s Rental Index for February 2016 now has their average rent in the UK at £744 per month, compared to the average London monthly rent at £1,521. The cumulative effects of the penal stamp duty rate, higher relative CGT rates for property and the removal of interest rate relief for higher rate paying landlords has felt like a thorough beating for landlords over the last couple of years after the election rhetoric indicating no or little action in the private rental sector.

On gaining entry to the rental property a list of issues were identified by the council officers – no working fire detectors, a lack of firefighting equipment, poorly maintained gas and electrical systems, and severe damp and black mould. Although the gas boiler at the rental property had been disconnected, the tenant, Steve Newton, misguidedly decided to reconnect it without Martindale’s knowledge. Victoria Martindale pleaded guilty in October 2013 to seven charges after failing to properly maintain the boiler and gas appliances at her rental property.

The £22k figure is a 14-month high, equating to a 12% return over the year to January, made up from £13,594 property price growth added to £8,394 of rental income. The tenant, Jeanette Saul had phoned Northern Gas after smelling gas at the rental property in Stockton. Teeside landlord, David John Wallman, received a suspended custodial sentence after trying to fix the gas supply at his rental property without the required accreditation.

Landlord, Coral Dawkins pleaded guilty to the charge of not having the required licence for a rental property in Leyton, despite the council sending her a number of warning letters. Back in November 2015, landlord, David Beattie threatened his tenant with violence if he didn’t leave his rental property in Dudmaston, Hollinswood. Landlords are only responsible for keeping a rental unit in livable condition, but many renters feel like they are stuck in living conditions that are far from ideal.

Very shortly there are no private rental properties remaining and half of Shelter’s generation rent campaign team spontaneously combust as their hype and bile has no outlet left. There are riots as applicants fight over the last 50 remaining rental properties available in the country. The imminent withdrawal of mortgage interest relief and the Government’s decision to ban letting agent fees, taken together, will more than likely have the opposite effect on rental costs across the country, especially if an outright ban is imposed.

Aldermore has also taken an unusual position and is including alternative rental calculations for applicants using surplus personal income. Limited company applications require 125 per cent rental cover. Just like EPC data is finally being released as ‘open data’, this rental data should be anonymised and released for analysis.

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