Letting agents are more successful at keeping rental properties occupied than individual landlords, according to an analysis of deposits from The Deposit Protection Service (The DPS).

Lettings agents ensure that the void period on a property is kept to within two weeks on 63 per cent of properties compared to only 38 per cent for those marketed by landlords directly.

The DPS has assessed the void periods – time when a property is empty of rent-paying tenants – from across 597,753 deposits it holds on rentals in the UK. The exact cost to landlords of rental voids is not recorded, but online letting agent Upad.co.uk calculates that more than £3bn is lost each year.

The figures also point to huge regional differences throughout the country – in one district two thirds of available rental properties were empty for more than three months.

Two of the ten worst areas for empty properties were in Lancashire. However the South was also badly hit, with areas in Surrey, Essex and Hampshire amongst the worst. In some areas 50 per cent of rental properties have been empty for more than three months.

Kevin Firth (pictured), Director of The DPS, said, “Many landlords market their properties very effectively but the evidence we have compiled in the past two years demonstrates clearly that there is more they can learn to try to decrease void periods.

Source http://propertydrum.briefyourmarket.com/Newsletters/JUNGLEdrum-The-newsbeat-from-PROPERTYdrum-18/Agents-reduce-voids-on-rentals.aspx

According to the latest LSL Property Services / Acadametrics House Price Index for July 2010, housing market transactions increase for the second consecutive month, rising by 11% in July from 64,915 in June to an estimated 72,100 in July. Transaction activity has doubled since January.

House prices registered their first rise in five months, rising by 0.1% in July. Average prices over the last three months have remained largely stable.

The annual increase in house prices has slowed to 8.1%, owing to the stronger year on year comparisons.

David Brown, commercial director of LSL Property Services comments: “House sales showed particularly strong growth in July, ahead of the usual seasonal uptick. The influx of quality properties on to the market in recent months has alleviated upwards pressure on prices, while buyers took advantage of a slight easing in lending conditions to secure their new home.

“We don’t expect a return to the mini-boom of late last year, but the likelihood of a significant downturn is small too. Small monthly house price fluctuations are likely to continue in the short-term, and there will be considerable regional differences, particularly as the coming budget cuts hit some parts of the country worse than others.

“Longer term recovery is dependent on an improvement in the mortgage products on offer for first-timers. With thousands of frustrated buyers waiting in the wings, unlocking first-time buyer demand is key to re-energising the whole market.”

Source: http://www.acadametrics.co.uk

Key Properties understand the properties we let are a valuable investment and are therefore constantly striving to provide nothing but a first rate service, always endeavoring to ensure every property is marketed in the best possible way regardless of price and at no extra cost to the landlord. Every single one of our properties is advertised within hours of instruction.

Key Properties currently advertise on Rightmove, Findaproperty and Zoopla to name a few and most recently we have joined Property Live.

Property Live is the only property search site that’s regulated, protected and run by a professional body of fully accredited agents, it is run by the National Federation of Property Professionals (NFOPP).

The Association of Residential Lettings Agents (ARLA) was formed in 1981 as the professional and regulatory body for letting agents in the UK. It was recognized that the requirements of the residential lettings market were so detailed and specific that a separate organization was required to promote standards in this important and growing sector of the property market.

The Association of Residential Letting Agents, ARLA, is the only professional body that is solely concerned with the self-regulation of letting agents and for nearly 25 years has been actively promoting the highest standards across every aspect of residential lettings and management in the Private Rented Sector.
ARLA is viewed by government, consumer groups, academia, think tanks and the media as the leading voice in the industry. ARLA members are seen as being at the forefront of the Private Rented Sector, ready, willing and able to comply with existing and anticipated government legislation.
ARLA members successfully create, on average, over a quarter of a million new tenancies a year as well as arranging the renewal or extension of thousands more of existing tenancies every month.

Why Should A Landlord Or Tenant Seek Out An ARLA Member?

Probity and Protection – ARLA leads the industry in setting and regulating the highest standards in the industry and demands certain levels of professionalism and commitment to customer service from its membership.
ARLA members are required to work within a robust Code of Practice, which covers the key stages in letting and managing a property. There are comprehensive membership Byelaws which include compliance with such issues as handling and accounting for Clients’ money; the mandatory ARLA Client Money Protection Bonding Scheme; Professional Indemnity Insurance; Dealing with Complaints and Disciplinary Procedures.
ARLA members are required to employ a minimum of at least one member of staff, in any office, who holds a suitable industry qualification, recognized by the Association.
ARLA keeps it members up to date with changes in legislation and provides wide-ranging training and guidance to help members understand and interpret all aspects of letting and managing a property.

For further information on why a letting agent that is a member of ARLA is beneficial for you do not hesitate to visit www.arla.co.uk or contact Key Properties at www.keypropertiesuk.com

Articles courtesy of ARLA.

http://www.arla.co.uk/infosheets/list.aspx?id=2

The landlord licence is officially DEAD!
Thank God for that!

This is something Property Hawk had been campaigning against from the outset!

The most absurd & pointless part of New Labour’s deluge of legislation attempting to tie landlords in bureaucratic knots was killed yesterday when new Housing Minister announced to Parliament that the new Government had no plans to introduce the Labour Parties regulations on the private rented sector. Immediately he binned the landlord registration scheme, the proposed licensing of letting agents and the need for a written tenancy agreement.

Any landlord who claimed at the time of the election. “What’s the difference between the parties; they are all the same.” Can’t surely still be thinking this.

The new government clearly believes that there comes a point when we do have enough legislation to protect the interest of both the landlord and the tenant & that piling more and more layers of effectively duplicate and pointless control will do neither any favours. The only gainers being the bureaucrats that would be ultimately administer the pointless scheme.

Government bins changes

Grant Shapps rightly pointed to the reams of existing legislation that is there to enforce order in the Private Rental Sector.

He said:

“With the vast majority of England’s three million private tenants happy with the service they receive, I am satisfied that the current system strikes the right balance between the rights and responsibilities of tenants and landlords.”

“So today I make a promise to good landlords across the country: the Government has no plans to create any burdensome red tape and bureaucracy, so you are able to continue providing a service to your tenants.”

“But for the bad landlords, I am putting councils on alert to use the range of powers already at their disposal to make sure tenants are properly protected.”

So landlords, we can all sleep and little easier at night knowing that we can get on with our business of letting decent quality accommodation to decent tenants & housing 12% of the countries population at NO COST TO THE TAX PAYER as a right & without the need to get permission first from an over bearing government.

Article courtesy of Property Hawk

www.propertyhawk.co.uk

“Despite the un-stability of the UK property market, the PRS is fast becoming a growth industry”

Key Properties are subscribers to the Legal 4 landlords newsletter, they are specialists in landlords services. Today the newsletter commented on the Private Residential Sector which we found very interesting and would like to share.

“Rents are now approaching their 2007 peak, with a rise in April of 0.6%, which is 2.2% higher than April ’09.  Annual yields appear to have increased within the private residential sector to nearly 5% from last year.

As consumer mortgages have become unrealistic and for many, unobtainable, more people are looking to the PRS for their housing needs.  Letting agents are seeing a marked rise in customers seeking privately rented homes, while many landlords are looking to extend their portfolios to maintain the demand in this sector”

For more information you can visit the legal 4 landlords website at www.legal4landlords.com or contact Key Properties info@keypropertiesuk.com

08/06/2010
Legal4Landlords [marketing@legal4landlords.com]

World Cup 2010 | Who are you backing?

Key Properties and its entire staff are gearing up for World Cup frenzy which is soon to take Manchester, Salford Quays and all its residents by storm.

The participating teams have made there final preparations so be sure to make yours too. Manchester and Salford Quays will have a host of premises showing all the games so don’t miss the opportunity to visit, or alternatively fast track your search for a fantastic new flat so that you’ll be one of the lucky few with the carnival of The World Cup on your doorstep!

We hope to hear from you soon, in the meantime……….Good Luck!

Click here to download a free world cup 2010 wall chart.

Spinning fields outdoor cinema has made a return much to the delight of the Manchester residents. They will be showing films on Thursday evenings and all showings are open to the public. Be sure to make your way down there with friends and partners  and share some of the film industries classic movies.

Now all we need to do is keep our fingers crossed that the weather holds out for these special nights!

All film times and dates are listed below for your convenience.

20th May – Control (15)
27th May – Cocktail (15)
3rd June – Dirty Dancing (12)
10th June – The Italian Job (U)
17th June – Leon (15)
24th June – Pretty Woman (15)
1st July – Match Point (15)
8th July – Sound of Music (U)
15th July – Roman Holiday (U)
22nd July – Layer Cake (15)
29th July – Ferris Bueller’s Day Off (15)
5th August – Blues Brothers (15)
12th August – Stand by Me (15)
19th August – Moulin Rouge (15)
26th August – Borat (15)
2nd September – The Devil Wears Prada (12)
9th September – The Quiet Man (U)

Its Wednesday and 7 members of Key Properties staff are still nursing sore feet and aching limbs after completing the annual Great Manchester 10k run on Sunday, raising funds for Macmillan Cancer Support in the process! A record 36,000 entrants participated in the run that started on Portland Street in the city centre before winding its way down Chester Road, past Old Trafford to the halfway point at Salford Quays (just a stones throw from Key Properties headquarters) and then heading back to the finish line on Deansgate, just a few feet from the city centre branch of Key Properties. All members of the Key Properties team finished the race under their personal targets and have currently raised £1500 and counting…

Lettings negotiator Thomas Bett easily beat his arch nemesis Azim Kourah by more than a minute, rubbing salt in an already open wound!

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If the Tenancy Agreement makes no provisions for the landlord to make a rent increase after a certain period then you have two options:

1. Renew the contract at the end of the fixed term but at an increased rent.
2. At the end of the fixed term, serve a Section 13(2) Notice of the Housing Act 1988, proposing an increase in rent.

The rental increase should be considered in relation to the rental to that of other similar properties in the same area. If the increase puts the rent well above the current market value, tenants can apply for the rent to be assessed by a Rent Assessment Committee. If they then reduce the rent, you are bound to this figure for 12 months.

It is always worth asking your agent what the current rental market is like as an indecent rent increase can scare tenants into handing in their notice.

A break clause will most commonly allow either the landlord or the tenant to give notice at an agreed interim stage of a tenancy. This is usually requested by the landlord or the tenant if the initial fixed term is for a year or more.

For example, a 12 month tenancy may have a 6-month break clause which means that the tenant or landlord can give notice to terminate at the 6-month stage. Notice cannot be given prior to this date nor can it be given after the break clause stage has expired.

Care should be taken when instructing the notice as it is very important to take into account how much notice is required and when this has to be served. Some tenancy agreements state that one month notice must be given by the tenant to fall in line with a rent due date.

If notice is given just one day after the rent due date then this can in fact mean that nearly 2 month’s notice is given because it is not effective until the next rent due date. The notice for the break should be given to expire at the 6 month stage in this example.

Landlords must provide the tenants with 2 months notice whereas tenants should provide 1 month notice to the landlord should they want to leave after the first 6 months.