Your Essential Weekly Digest: The Landlord's Recap
Welcome to the landlord's weekly update. Get the latest news, legal changes, and management tips straight to your inbox. Stay informed and ahead with this week's essentials. Click the button below to read the full newsletter.
South East and London Rent Trends
The latest figures reveal a slight dip in average monthly rents: in the South East, rents have decreased by 0.4% from January, moving from £1,349 to £1,343, yet showing a significant annual increase of 8.92%. In London, rents have fallen by 0.5% since January to £2,070, with an annual growth of 4.81%.
Rental yields are also adjusting, with the South East currently at 4.7% and London slightly lower at 4.4%.
Updated Damp and Mould Responsibilities
Following the latest DHULC guidance, landlords are now more accountable for preventing damp and mould.
- Landlord Responsibility: The DHULC states that preventing damp and mould is primarily a landlord's duty, moving away from blaming tenant lifestyles.
- Regular Maintenance: Ensure properties have adequate ventilation and address any signs of damp or mould promptly.
- Seek Expertise: For extensive damp issues, engage with damp specialists to address underlying problems.
For full details, refer to the DHULC guidance HERE
Rise in Tenancy Breaches and Importance of Regular Inspections
Direct Line's latest findings reveal a concerning trend: 83% of landlords have reported breaches in tenancy agreements, underscoring the need for regular property checks. Common violations include inadequate cleanliness, unreported damages, and unauthorised changes, impacting over a quarter of landlords surveyed.
Despite these figures, only 55% of landlords perform bi-annual inspections, while a significant portion conduct less frequent visits, potentially missing critical issues.
Regular inspections can help identify violations early, maintain property standards, and avoid extensive damages, so make sure you do them or work with a property management company to pass responsibility onto them.
The Landlord Scorecard
Do you self-manage your rental properties? Take this test to make sure you have everything covered and that you are compliant to avoid hefty fines or prison! There is so much to remember and deadlines to meet when renting a property, and is now the right time to pass over responsibility to a managing agent? "Let and forget" might be the best approach for you. Take the test here to find out: https://andy-8xpaiaz2.scoreapp.com.
Landlord Fined £9,000 for Ignoring Property Improvement Notices
In a recent case, a Hertfordshire landlord faced fines and costs amounting to £9,000 after neglecting Brent Council's improvement notices. The notices were issued following tenant complaints about disrepair in a Harlesden flat, revealing hazards like poor ventilation and a broken electric heater.
Despite multiple inspections and the discovery of additional risks, including a faulty fire control panel, the landlord failed to make the required repairs. The lack of action led to legal proceedings and a substantial fine.
This case serves as a stern reminder to landlords: do not ignore property issues. Addressing them promptly with expert assistance is crucial for tenant safety and can avoid significant fines and legal consequences.
Buy to Let Mortgage Rates Drop as Options Increase
Moneyfacts reports a significant drop in fixed-rate buy-to-let mortgages, reaching their lowest since September 2022, marking a notable change from the record highs noted six months ago. Despite a month-on-month decrease in overall product availability, there's an increase of around 250 options compared to half a year ago.
Rachel Springall of Moneyfacts advises landlords to act swiftly due to potential rate increases amid market volatility. While the number of available products varies, there's a notable resilience in two-year fixed offers compared to a decrease in five-year terms.
Need help with your rental property? Contact me!
Struggling with property letting, investment, or management? I'm here to help. Whether you're new to the game or an experienced landlord needing a fresh perspective, reach out for support.
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andy.b@avocadopropertyagents.co.uk
