ARLA/NAEA – The Formidable Force in Property

At simultaneous Extraordinary General Meetings, both ARLA, the Association of Residential Letting Agents, and the NAEA, the National Association of Estate Agents voted in favour of the amalgamation of the two professional bodies

This crucial development for the residential property industry has been structured to enable the general public and the industry at large to work with the already trusted brand names of ARLA and the NAEA.

The respective Presidents of the NAEA and ARLA, Charles Smailes and Robert Jordan, hailed the vote today as a major step in the protection of the consumer, the professionalism of the residential property industry and a benefit for all those employed in residential sales and lettings.

The two Presidents stated, “The hard work and goodwill already demonstrated by the two organisations working together will make this amalgamation under the banner of the National Federation of Property Professionals a formidable force in the property market.�

Tenant Deposit Scheme - are you Ready?

In April 2007 the Tenant Deposit Scheme (TDS) will come into effect in England and Wales, overseeing deposits equating to an amount worth £1.2 billion, according to Communities.gov.uk.

The TDS will provide protection to both tenants and landlords entering into assured short hold tenancy agreements by offering an independent and regulated means of dispute resolution.

The National Landlords Association (NLA), the sponsors of one of the two insurance schemes, will principally concern landlords and agents not belonging to RICS, ARLA or the NAEA. David Salisbury, chairman of the NLA, hopes the TDS can help to “nurture and encourage a professional private-rented sector�, a sector that continues to grow.

An area that remains peripheral to any discussions is that of the need for accurate and detailed documentation of a property and its contents.

As the resolution of disputes will be based on evidence, supplying an inventory will be a prerequisite for a referral to the Alternative Dispute Resolution (ADR) scheme, claims the NLA sponsored Tenancy Deposit Solutions website.

Continue reading Tenant Deposit Scheme - are you Ready?…

LandlordZONE Newsletter - The UK Property Market

January 2007 Issue 15

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Welcome to the New Year -January 2007 edition of the LandlordZONE® Newsletter.

2006 has been another excellent year for UK property investors, and indeed investors in general as the stock market closed on a high as well as property.

With residential property prices increasing by around 10% in the year, on average, albeit with lower rental yields, and total returns on commercial property around 20% this performance is unlikely to be repeated in 2007.

The higher the market climbs, the less likely it is to rise further, hence predictions of around 4% growth overall for 2007.

With interest rates rising some investors are inevitably going to feel the squeeze—evidenced by a growth in re-possessions in the buy-to-let sector.

We would recommend a period of consolidation and careful selective investment, perhaps there’s more value abroad at the moment?

In this issue David Lawrenson gives some insight into the demographics of the UK housing market some ideas for your research in 2007.

Tom Entwistle, Editor.

This issue is wholly sponsored by Coverlet one of the leading providers of insurance for the rental property market.

Landlord’s Insurance from Coverlet

Landlord’s Insurance from Coverlet

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See you in Court!

If you’re a landlord, or in any other business for that matter, sooner or later someone will owe you money. It also works the other way around, sometimes landlords owe their tenants!

Whilst we must sympathise with those in financial difficulties, it’s often futile to prolong the agony; the banks and mortgage companies certainly don’t, so why should you? We cannot however, sympathise with those who should pay and can pay, but for one reason or another won’t pay.

Yes, we should try to investigate. Maybe your commercial tenant is going through a difficult trading period, or your residential tenant has been made redundant? You may be able to re-schedule rent payments and/or advise on Housing Benefit claims.

But in my experience tenants in difficulties, commercial and residential alike, don’t always communicate well: in fact they often fail to communicate at all, not responding to telephone calls, letters or even knocks on the door.

Continue reading See you in Court!…

TFS London Launches New UK Future House Price Indices

London, 8 January, 2007 – The London office of TFS, a global leader in interdealer broking, is pleased to announce the launch of indices designed to illustrate the estimated future house price in the UK.

The prices, which will be published monthly, express a value for the future price of an average UK house using derivative prices quoted in the over-the-counter (OTC) residential property market with HBOS PLC’s Halifax House Price Index as its basis. For example, the average price of a house in the UK is currently estimated at £183,645 (HBOS PLC Monthly Non-Seasonally Adjusted HPI). With the “TFS FHP Indices”, the average price of such a house in 2030 is estimated at £354,435.

Continue reading TFS London Launches New UK Future House Price Indices…

Possible delay for Tenancy Deposit Protection Scheme

Leaders warn of possible delay for forthcoming Tenancy Deposit Protection Scheme.

Leaders, the UK’s largest independently owned letting specialists, are warning of a possible delay in the long-awaited Tenancy Deposit Protection (TDP) Scheme due to come into force on 6th April.

Says Leaders’ Managing Director, Paul Weller: “We are astonished to learn that the secondary legislation necessary for the implementation of the TDP Scheme has not yet been laid before Parliament because it is still awaiting clearance by the Welsh Assembly. This should have happened months ago, raising concerns as to whether the legislation will be ready to come into force in time for the 6th April deadline. The legislation has already missed the previous deadline of October 2006.�

Continue reading Possible delay for Tenancy Deposit Protection Scheme…