Blog

Home/Blog/

Majority of UK Homeowners Unfazed by Interest Rate Increase

Research in recent months has looked at what impact the recent increase in interest rates has had on UK homeowners. Over 1,000 UK homeowners were surveyed and it was noted that while it was the first increase for just 37% of UK homeowners, this climbed to 78% for those aged between 25-35.

Overall, the financial implications remained minimal across the board and market confidence remains high for the majority of homeowners, who have not been put off from a future purchase from the increase. But while the market as a whole remains unfazed by this increase, those in younger age brackets have been more deterred from climbing the ladder after experiencing their first rate increase. 

London was home to the highest number of homeowners seeing a climb for the first time at 63%,

By |December 12th, 2017|Categories: Selling Your Property|0 Comments

UK house price predicted to slump to 1% next year

New analysis from Knight Frank has suggested that UK house price growth will fall to 1.0% in 2018, following a familiar pattern we have seen since the summer of 2014.

However, it’s not all bad news as the estate agency believes that house prices will still reach 14.2% cumulatively between 2018 and 2022. 

In London, prices are forecast to fall by 0.5% in 2018, but cumulative price growth over the next five years is positive at 13.1%.

Knight Frank says prices will remain muted overall next year amid increased economic and political uncertainty in the run-up to Brexit and amid more muted forecasts for wage growth.

But it foresees slightly stronger growth in the Midlands, East of England and the North West, a continuation of the trend that has

By |December 6th, 2017|Categories: Selling Your Property|0 Comments

Lost and Found

Lost and Found –

The teenager lost a contact lens while playing basketball in his driveway. After a brief, fruitless search, he gave up. His mother took up the cause and within minutes found the lens. 

“How did you do that?” he asked.

“We weren’t looking for the same thing,” she explained. “You were looking for a small piece of plastic. I was looking for $150.” 

Source: https://www.rd.com/joke/lost-and-found-money-joke/

By |December 1st, 2017|Categories: Selling Your Property|0 Comments

Landlord’s repairing obligations

Repairing obligations are often not taken seriously. This is a mistake which can result in courts awarding tenants damages for the disrepair, which in more serious cases can virtually eliminate a tenant’s rent arrears and make recovery of possession under section 8 difficult.

The repairing obligation applies where the tenancy term does not exceed 7 years, where the Landlord has been given notice of the issue, and been given a reasonable time to make a repair. These obligations are often contained within the tenancy agreement but even if they are not written into the tenancy agreement they are implied by the statutory obligation under Section 11 of the Landlord and Tenant Act 1985. 

Contractual obligation:
Most tenancy agreements contain provisions to ‘repair’. It is for the parties to decide what obligations and standards

By |December 1st, 2017|Categories: Selling Your Property|0 Comments

Renters fear ‘constant threat’ of losing their home

One in three private renters (35%) is worried they will have to move in the next year, according to a new Survation poll commissioned by Generation Rent.

New research has shone a light on attitudes from renters in the private sector. 

The lack of stability makes it harder for renters to lead a normal life; they are less likely to like the way their home looks or know lots of people in their local area, the survey found.

Recent government proposals to reform tenancies will fail to assuage this anxiety, the campaign group says, as it calls for bolder reforms in the November Budget. 

The Survation research, commissioned by Generation Rent, found:

  • One in three (35%) private renters is worried they will have to move home in the next year, compared with 16% of
By |November 6th, 2017|Categories: Selling Your Property|0 Comments

TOP TIPS – Looking after your washing machine

If you are a landlord or a tenant, we recommend that you carry out regular maintenance on your domestic appliances; it only takes a few minutes and it could save you lots of unnecessary inconvenience and stress. *Before doing any sort of maintenance on any appliance, turn it off and unplug it before starting. Always read and follow manufacturer’s user manual.  

How to look after your washing machine

Like most domestic appliances, washing machines are expensive so it pays to look after them. Follow our washing machine maintenance tips just once a month to ensure it lasts.

 

Clean the lint filter

The lint filter is a coarse sieve which catches bits of fluff, coins, hair clips and other objects. If this gets blocked up, water will remain in the machine which could result in a

By |November 2nd, 2017|Categories: Selling Your Property|0 Comments

No one likes coughing up rent.

No one likes coughing up rent. But at least these tenants gave landlords creative reasons for avoiding it. 

“With my daughter’s graduation, our new boat, and our trip to Europe this year, we’re a little strapped.”

“I’m getting real tired of paying this rent every month! You’ll have to wait a few more days.”

“We’re a little short right now. But don’t worry—we’re getting a refund on my wife’s tattoo. The artist messed it up, and we’re getting back most of the bucks!” 

“I didn’t pay the rent because I’m saving up to move.”

“It’s your fault the check bounced. Why didn’t you tell me you were going to run to the bank the very same day!”

 

Source: https://www.rd.com/jokes/money/

By |November 2nd, 2017|Categories: Selling Your Property|0 Comments

Some consultants & letting agents misinterpreting landlords responsibilities regarding legionella

Some consultants and letting agents are using the revised L8 ACOP to suggest that new legislation has been imposed on landlords of domestic rented properties for managing and controlling the risks of exposure to Legionella bacteria of their tenants. This is wrong, the legislation has not changed and misinformation/misinterpretation can impose unnecessary financial burdens on landlords where they are being charged for legionella testing and certificates they don’t actually need.

There is a legal duty for landlords to assess and control the risk of exposure to legionella bacteria, but Health and Safety law does not require landlords to produce or obtain, nor does HSE recognise, a ‘Legionnaires testing certificate’.

Legionella testing (or sampling) is generally not required in domestic hot and cold water systems and then only in exceptional circumstances. 

Misinterpretation

By |October 30th, 2017|Categories: Selling Your Property|0 Comments

Smoke alarm and carbon monoxide detector regulations for landlords

1. What is the landlord required to do?

The new regulations for smoke alarms and carbon monoxide detectors came into force on the 1st of October 2015. The government has published a handy notes for landlords;

  • at least one smoke alarm installed on every storey of their rental property
  • a carbon monoxide alarm must be installed in any room where solid fuel is used

After that, the landlord must make sure the alarms are in working order at the start of each new tenancy. Currently at Albert Grace Estates we find that recording the alarm on video and keeping the receipts after purchase is most effective.

The intention of the regulations is to increase the safety of private sector tenants. 

  1. Who is responsible for checking alarms are working?

The regulations require landlords to

By |October 5th, 2017|Categories: Selling Your Property|0 Comments