TheNews RESEARCH London rents rise
The average cost of renting a home in London has risen once again to reach levels never seen before. Living in a rented home in
Greater London is now a 85 per cent more expensive than anywhere else in the UK - again the largest difference recorded. This month’s HomeLet Rental Index also shows rents in the capital increased by 8.4 per cent over the past year and now stand at £1,260 per month – the most expensive they’ve ever been. Around the rest of the
country, the average cost of renting a home now stands at £789 per month, 2 per cent higher than last year, but the UK figure appears to have been driven up by rental costs in Greater London as the majority of regions saw either a decrease or minimal increase in average rents. Regions that saw the largest drop are the North East and South West where rental costs lowered over the same period by 2.6 per cent and 2.4 per cent respectively. Ian Fraser, MD of HomeLet,
said, “It’s amazing to see average rents in London continuing to rise at such rapid rates. Costs do generally peak over the summer, if 2012 follows this trend, in September, renting a home in the capital will be double the rest of the UK. “According to the latest
Ian Fraser
English Housing Survey (5 July 2012), a quarter of all residential housing in the capital is privately rented. Combining this with increasing rents, Greater London’s lettings industry appears to be flourishing and benefiting from events such as the Olympics, that have been instrumental in attracting new tenants to the area. “However, increasing rental costs means an increasing struggle to pay household bills – it will be interesting to see if rising average rents cause an increase in defaults.”
8 l October 2012 l TheNegotiator
Brendan Cox
COMMENT Londoners moving out
“With average prices in the central London reaching new new highs following July’s 0.5per cent increase London homeowners
are looking to the Home Counties,” says Brendan Cox, Managing Director of Waterfords Estate Agents. “We have seen an upsurge in the first half of 2012 in buyers from London moving into towns such as Chobham, Surrey.
Waterfords host exhibition days at the Mayfair office to showcase its Home Counties properties to buyers and tenants. “We have also launched a new hot list property bulletin that will be circulated monthly to a around 17,000 buyers in the local and surrounding areas. Increase in demand from investors, coupled with rising prices, means that there is no better time for London homeowners to capitalise on their existing property and make a move to an area that provides better value for money, such as the Home Counties.”
DEPOSITS
Tenancy deposits in Scotland
Following a trial in their Glasgow Shawlands office that resulted with very positive feedback, all 14 Martin & Co agents operating across Scotland are now providing free registration of deposits for landlords, aimed at supporting individuals cut through the complicated decision of choosing a scheme. The offices will be able to guide landlords through the scheme rules, timescales and regulations. Penalties are stiff for
MARKETING Mini agents
Regents estate agents, part of the Badger Holdings Group, has taken delivery of a new fleet of white Mini Coopers, which have been branded with a quirky collection of characters and the company
TENANCY DISPUTES Cleaning is a growing problem
According to the Association of Independent Inventory Clerks (AIIC) dirty properties at the end of the tenancy agreement have led to cleaning being the most common dispute. The TDS say that
the proportion of disputes involving cleaning claims (52 per cent) is at the highest level since records began, compared with damage (45 per cent), redecoration (28 per cent), rent arrears (18 per cent) and gardening (12 per cent). Pat Barber, Chair of the AIIC,
said, “Tenants rarely treat their rented property in the same way as they would a property they owned themselves. It is vital that
landlords and agents do a thorough checkin and checkout, so they have the right proof of condition at the start and end of a new agreement. The AIIC also claims that the Government’s ‘beds in sheds’ task force has failed to stop the growing number of landlords who are converting garages and
outbuildings and offering them to vulnerable
tenants. Thousands of sheds and outbuildings are rented out illegally and those living in in them have to put up with high rents and primitive conditions. Recently a landlord was fined £15,377 for using the outbuilding as accommodation.
tagline “we do things differently”. The introduction of the branded fleet is part of their brand development which started with the introduction of their cast of cartoon characters last year.
landlords who fail to comply with the legislation and if they fail to register and pay the tenant’s deposit to a scheme within the appropriate timescale, then the tenant can apply to the Sheriff Court for sanctions against them. If the Sheriff is satisfied that the landlord has failed to comply with the Regulations, they will order them to pay the tenant up to three times the amount of the deposit.
BUSINESS XXXXX
Late nights for Spicerhaart
Spicerhaart is the first estate agent to open until 10pm seven days a week. The move reflects the 2,000 calls a week its head office in Colchester receives after 6pm. The company has been available until 10pm weekdays, 5pm on Saturday and 2pm on Sunday. However, such has been the level of use, this has been extended to 8am – 10pm seven days a week. Spicerhaart is also aiming to go to 24 hours later in the year (subject to a trial). The group has also
launched a dedicated property search app on its Facebook page. Intelligent Mobile has created the social media tool for its Darlows, haart, Haybrook, Felicity J Lord and Spicer McColl brands which lets users browse 20,000 properties, arrange viewings and value their own properties.
www.thenegotiator.co.uk
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