East London

‘Cheap’ insurance can quickly become expensive if something goes wrong. Always read the small print. 

Specialist landlord insurance is not a legal requirement, but if you don’t have it, you could find yourself out of pocket if you are unfortunate enough to have your property occupied by squatters, vandalised or worse still damaged by fire or flood. If you rent out property and have purchased a standard homeowners buildings and contents insurance, you will not have cover for extended vacant periods greater than 30 days or if a tenant is injured on your property and claims against you. Tenants living in a property generally pose a greater risk than the owner living there, so it is vital to take out a specific landlord policy, shifting the risk to your insurer rather than taking on that risk yourself.

Having made the decision to purchase landlord insurance, what comes next?

It is extremely tempting to use a comparison site to get a speedy quotation and find the cheapest option available. This is obviously an easy way to search for a policy and it will give you a benchmark for price, but there is usually a reason for the quote being so cheap.

Dispelling the myth that cheaper is better

It is always advisable to choose a quality policy that offers extensive cover and peace of mind. The insurers behind NLA Property Insurance have been carefully vetted to ensure that the product, service and claims service is ‘best of class’ and provides the widest cover available at the most competitive prices for landlords and buy-to-let investors. Unlike comparison sites, there is help at hand to make sure that you understand the small print and purchase an insurance product that will work for you when you need it the most.

In the field of landlord insurance, the menu of ‘extras’ can be extensive. Some of the bigger, well-known providers may provide what appears to be a cheap quote at the outset, but once you start adding on the ‘optional extras’, additional premiums will apply – pushing up the overall cost of the insurance.

Take a big name like Direct Line: purchasing cover for malicious damage, or even theft by tenants/guests will increase your premium substantially, but it is covered as standard under the NLA Property Insurance’s Superior policy. If your rental property is deliberately trashed, then repairs could run into the thousands. You may have taken a deposit from the tenant but findings provided by mydeposits shows that even a deposit equivalent to six weeks rent is often not enough to cover the replacement costs.

A closer examination of Direct Line’s landlord insurance reveals there are several aspects of their policy which are either inferior to those offered by NLA Property Insurance, or not covered at all without additional premiums. For example, the NLA policy will insure an unoccupied property for 90 days compared with Direct Line’s 60 days. Our public liability cover will pay out up to £5M in the event of death of bodily injury, compared with Direct Line’s £2M – a large difference especially as liability claims have been known to cost several millions and increasing with the new compensation laws that have been recently introduced.

Here’s a brief comparison between NLA Property Insurance and Direct Line.

Comparison chart – correct as of 29/6/2016 (excludes special offers)
Buildings NLA Superior Policy Direct Line
Accidental damage to fixed glass and sanitary fittings Yes Yes
Accidental damage to buildings Yes Optional
Malicious damage by tenant and/or guests Yes (£1000xs) and £25,000 limit per claim No
Loss of rent or alternative accommodation 30% of building sum insured 10% of building sum insured
Unoccupied property 90 days 60 days
Terrorism Optional Optional
Contents
Malicious damage by tenant and/or guests Yes No
Theft by tenant and/or guests Yes No
Single article limit £1,000 £1,000
Landlord’s gardening equipment of theft from outbuilding £1,000 No
Liability
Property owners liability £5,000,000 £2,000,000
Employers liability £10,000,000 £10,000,000
Excess
Standard excess £250 As per policy schedule
Subsidence excess £1,000 £1,000
Malicious damage by tenant and/or guests £1,000 No

 

 

Whether you have a single property or a portfolio of properties, the Superior policy offering from NLA Property Insurance offers highly competitive premiums (including a 15% discount for NLA Full Members) and includes many ‘extras’ such as accidental damage, alternative accommodation or loss of rent as standard.

As a landlord, you will be looking to minimise risk and maximise peace of mind. Remember that home insurance isn’t designed for rental properties – you need specialist insurance for landlords. Choosing a cheap quote from so called big names may seem like a low risk option but don’t forget to check what is included in the price.

 

Source: https://www.landlords.org.uk/?utm_campaign=8161172_NLA%20Property%20Insurance%20-%20April%202017&utm_medium=email&utm_source=National%20Landlords%20Association

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The number of million pound apartment sales in England and Wales has grown nearly threefold, up 196%, in the last decade, according to new research.

The rate of sales growth for apartments has far outpaced other prime market property types with sales of million pound terraces rising by 165%, followed by semi-detached properties up 154% and detached homes up 88%.

The research from Lloyds Private Banking also shows that apartments represented 22% of all million pound property sales in England and Wales in 2016 compared with 17% in 2006 and accounted for 26% of the increase of all million pound property sales between 2006 and 2016.

Unsurprisingly, the overwhelming majority of million pound plus apartments were in London with 96% of sales and the sale number in the capital has increased 193% from 973 in 2006 to 2,853 in 2016, representing 35% of all million pound property sales in Greater London in 2016.

Source: http://www.propertywire.com/news/uk/demand-luxury-apartments-soars-parts-uk-particularly-london/?utm_source=Property+Wire+News&utm_campaign=fc980f14bb-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_cb0fe1dd73-fc980f14bb-108361813&goal=0_cb0fe1dd73-fc980f14bb-108361813 

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It turns out home buyers are really into barn doors.

When Zillow looked at design features that sell homes at the best price and with the shortest listing time, that topped the list.

Anything craftsman-style, like rectangular farmhouse sinks, also got homes off the market at a premium.

Here are the top 15 design features:

1) Outdoor kitchen

Percent of homes that sell for above expected values: 3.7%

How many days faster than expected the home sells: 19

2) Tankless water heater

Percent of homes that sell for above expected values: 4%

How many days faster than expected the home sells: 43

3) Backsplash

Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 46

4) Granite

Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 38

5) Stainless steel

Percent of homes that sell for above expected values: 4.2%

How many days faster than expected the home sells: 42

6) Heated floors

Percent of homes that sell for above expected values: 4.3%

How many days faster than expected the home sells: 28

7) Frameless shower

Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 38

8) Pendant light

Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 48

9) Exposed brick

Percent of homes that sell for above expected values: 4.9%

How many days faster than expected the home sells: 36

10) Craftsman

Percent of homes that sell for above expected values: 5.4%

How many days faster than expected the home sells: 14

11) Quartz

Percent of homes that sell for above expected values: 6.0%

How many days faster than expected the home sells: 50

12) Subway tile

Percent of homes that sell for above expected values: 6.9%

How many days faster than expected the home sells: 63

13) Farmhouse sink

Percent of homes that sell for above expected values: 7.9%

How many days faster than expected the home sells: 58

14) Shaker cabinet

Percent of homes that sell for above expected values: 9.6%

How many days faster than expected the home sells: 45

15) Barn door

Percent of homes that sell for above expected values: 13.4%

How many days faster than expected the home sells: 57

 

Source: http://www.independent.co.uk/property/15-features-that-sell-homes-faster-and-at-the-best-price-a6984086.html 

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A new survey lifts the lid on the UK property market, with Brits sharing exactly what made them buy their homes.

Wood flooring specialists Flooring Republic asked 1,000 Brits what led them to fall in love with their homes, and which factors they consider non-negotiable when buying a property – and between community appeal and room size, it seems Brits are swayed by more than an attractive price tag.

After the BBC reported that the number of first-time buyers was at its highest in a decade, this new study reveals what it takes to get Brits excited about buying a house. With 60% of the vote, a safe and friendly neighbourhood took the top spot, followed closely by the price of the property (52%).

The local community also proved to be a key selling point for 45-54 year olds – with a huge 73% citing this as a major factor in their decision-making process. In terms of what Brits love about their living space, room size came out on top – taking 38% of the vote.

At one with nature

For 31% of participants, a good-looking garden is what got them to sign on the dotted line – and half of over-65s declared this the ultimate highlight of their homes. Natural elements proved popular across the board, with a fifth of those surveyed saying natural light is what they love most about their home.

Price versus practicality

Perhaps surprisingly, just over half of all respondents believe the price of a property is the most important aspect when it comes to making an offer.

Generation Y are more price-conscious, however – with 18-24 (57%) and 25-34 year olds (69%) admitting the asking price was the thing that ultimately swayed their decision. Space proved a key concern for 37% of Brits, who said the number of rooms in a property would influence whether or not they bought it.

Aesthetic appeal

When it comes to a property’s appearance, it looks like it’s not just what’s on the inside that counts – with 16% of Brits saying they’re swayed by both exterior appeal and interior styling. For 17% of male respondents, the outward appearance of a house is a deciding factor – while 18% of women favour the property’s interior design.

11% of Brits revealed they bought their home because of high ceilings – a factor which sweetened the deal for just under a quarter of 25-34 year olds.

Smart solutions

According to 35% of all respondents, parking availability is a key issue when it comes to deciding on a suitable property – and more than half of over-65s agree. This is less of a concern for those living in the capital, though – with just 17% of Londoners put off by limited parking. Organisation addicts across Britain declared practicality a priority when buying a house – with storage space scooping 15% of the vote.

Other answers

For 14% of homeowners, accessibility is a deal-breaker – with proximity to local transport networks and amenities proving particularly important. Respondents were also invited to offer up their own answers when it came to the reason they fell in love with their home and what they consider to be the key factors when buying a house – with answers including the property’s character, affordability and a double garage.

With Brits divided over what makes the perfect home, as housing prices continuing to fluctuate, the future of the property market shows no signs of stabilising any time soon.

Mark Haskell, Ecommerce Manager of Flooring Republic said “It’s great to see just how many Brits value a welcoming neighbourhood, and it’s really interesting that most homeowners are concerned with more than the price of a property. Spacious rooms and beautiful gardens will always hold plenty of appeal for buyers – although they generally come with larger price tags.”

 

Source: http://www.propertyreporter.co.uk/property/brits-reveal-what-made-them-fall-in-love-with-their-property.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-201394-Campaign+-+06%2F04%2F2017+

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While there has been much focus on the so-called ‘tenant tax’, agents are warned that new legislation coming into force today has been largely overlooked despite its potential significance.

It gives local authorities in England tough new powers to crack down on rogue agents and landlords.

For the first time, local housing authorities will be able to impose a civil penalty of up to £30,000 for a range of housing offences, including:

  • Failure to comply with a housing improvement or overcrowding notice;
  • Failure to have the correct licence for a property that needs a mandatory HMO, additional or selective licence; and
  • Failure to comply with the HMO management regulations.

When it comes to properties that do not have the correct licence or where management rules for Houses in Multiple Occupation (HMOs) are breached, both the landlord and letting agent can be held liable.

Before imposing penalties, local authorities must have regard to government guidance, issue a notice of intent and invite representations. There is also an appeals process.

The Government has also expanded the Rent Repayment Order (RRO) provisions that enable the local authority or tenant to claim back up to 12 months’ rent.

Previously, this power was only available in relation to licensable but unlicensed properties, and tenants could not lodge a claim unless the local authority had prosecuted the landlord.

From today onwards, RROs are available as a sanction for a wider range of offences including:

  • Illegal eviction or harassment of occupiers;
  • Using violence to secure entry; and
  • Failure to comply with a housing improvement notice or prohibition order.

Tenants will now be able to submit a claim without the local authority having prosecuted the agent or landlord, and the local authorities have the power to assist them.

Unlike criminal prosecutions, any income received from civil penalties and RROs can be retained by the local authority and spent on certain housing enforcement activity.

Isobel Thomson, chief executive of NALS, said: “Whilst we support local authority action to crack down on rogue agents and landlords, it is vital that councils resist the temptation to issue financial penalties for very minor infringements purely to raise income and fill their budget black hole.

“If used wisely, these powers could mark an important step forward in driving rogue operators from the market and improving consumer protection.

“With councils able to retain revenue from targeted enforcement action, the business case for introducing new bureaucratic and costly licensing schemes is weaker than ever. It is time for councils to think again and adopt a smarter approach to regulation.”

 

Source: http://www.propertyindustryeye.com/new-legal-crackdown-on-letting-agents-and-landlords-comes-into-force-today/ 

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  Victor Khatri, the Director of Victor Michael estate agents, has spoken out about the possible effects of Brexit, saying, “I don’t think the triggering of Article 50 will affect the property market directly from today. In one sense it removes the uncertainty surrounding when Britain’s withdrawal process from the EU will start, but in another way it will create economic uncertainty until we know what deals we will strike with EU and other commonwealth and non-commonwealth countries, America in particular.”

 

 

  So what Brexit actually means for our country?

  Mr Khatri continues: “Brexit will no doubt mean a turbulent two years for the London and UK market as we begin to hear what negotiations and proposed deals are being put forward for our exit out of Europe and the single market. I think we will see a continued slowdown or lethargic London market when it comes to sales volumes, and as we reported toward the end of last year, transaction volumes across London are already more than half of what they were before the 2008 crash. London has a significant part to play in businesses who trade and operate across Europe and the world, and a buoyant property market relies on the UK’s economic health. If Brexit negotiations go well this could cause further price growth as the economy grows and we see the nation’s confidence lifted, but equally, if a good deal isn’t reached then the international companies who operate here or look to relocate here might change their minds, reducing the number of residents who live in the capital and again further reducing the transaction levels, which could ultimately lead to price decreases (more supply then demand)”.

 

  It’s therefore important that you make property decisions based on your personal situation and what you want to do, rather than gambling on how the market will play out. “Right now we may experience some uncertainty, but as the negotiations progress, we will regain some much needed stability into the housing market, as people realise that the effects of Brexit are not catastrophic and go on with their lives. We’ll hopefully see transaction levels increase as a result, which are currently dangerously low and affecting price growth across the capital. He continues, “Today’s events are likely to have a much more profound effect on foreign investment however, with the weakening pound expected to fuel demand from overseas buyers and investors.” Many are also speculating that today’s events will mean that the Bank of England will be hesitant to increase their interest rates, in spite of the recent inflation rises.

  It will remain cheaper than ever to borrow and get onto the property ladder. 

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THINK OF YOUR GARDEN LIKE AN INTERIORS ‘SCHEME’

Gone are the days of neglected gardens that are only used on the sunniest of days. With space often at a premium, gardens are increasingly seen as an extension of the home. And this year, interiors trends are set to make their way outside more than ever before.

Swedish cool

Both of the major Swedish interiors trends – hygge and lagom – translate to the outdoors. Whether you want flaming fire pits and cosy blankets or favour a more minimalist, pared-back approach, the latest Scandi trends will work in your garden, too.

Natural materials


As the popularity of natural materials rise in interiors, gardeners are making them their friends, too. Less concrete, less composite materials, more timber, and more soft, free-flowing elements are the key.

Colour hit

Colour is heading out into the garden and if you think clear wooden varnishes are the only option for fences, think again. Bright block colours are a great way to create the feel of an outdoor ‘room’.

2. CREATE AN ENVIRONMENTALLY FRIENDLY PLOT
The environment is a hot topic and the garden is the place to put your eco-friendly credentials to the test.

Native plants


This year will see a move to planting more and more native plants that won’t disrupt the ecosystem. Shopping locally will also avoid transportation costs and is likely to be more affordable in this current economic climate.

Avoid chemicals


Natural weed killers and fertilisers will become more and more important too, to avoid the polluting effect of chemicals.

Grow wild


But it’s not just what you plant – it’s how you plant. Wilder gardens that are slightly more unkempt are great for birds and insects, plus wildflowers attract bees. Less work, more eco– bonus!

3. REAP THE HEALTH AND WELL BEING BENEFITS OF THE OUTDOORS
Green spaces are well known for their stress-busting properties and being outside regularly will make you feel more Zen. With long work hours and more time spent in offices, 2017 is set to be a year when people remember to get back to nature.

Solo pursuits


With this in mind, you might want to use your garden as a calming retreat for reading or having a post-work glass of wine. Or you may want to get active and do some yoga stretches.

Grow your own

To be truly at one with nature, why not grow your own fruit and veg? The satisfaction of producing your own food is bound to give you a boost, plus you’ll know that everything you’re growing is 100% organic. What could be better for body and mind?

4) TREAT YOUR SPACE LIKE AN EXTRA ROOM
People are beginning to want more comfort from their outside spaces, so expect a big move towards furnishing your garden as you would your interior.

Outdoor furniture

The lines between indoors and outdoors are being more and more blurred, especially as French or sliding doors often lead from an open-plan space directly out into the garden. That feeling of flow means people are demanding more from their gardens and want to make sure that they are comfortable. Large seating that resembles a three-piece suite, huge multi-function cooking stations, plus sturdy dining furniture that isn’t easily moved will all help to build a feeling of an ‘extra room’.

Light up


Garden lighting is set to become more of a feature, rather than a functional afterthought. Uplighters beneath big plants, pretty hurricane lanterns and even fairy lights will add a magical feel after dark.

5) PLAN AN EASY-CARE GARDEN
We all know what it’s like to be busy. Time is of the essence and anything that can be done to make sure that gardens aren’t a time drain will be a bonus in 2017.

Mow no more


If you hate mowing the lawn, artificial grass will be your friend. With modern production techniques, faking it is a far more natural-looking alternative than ever before. No mowing, no watering – simple! If you feel you are desperate for a real lawn to sit on, minimise the work by keeping it small and filling the rest of the space with pretty pale pebbles.

Dig free


Flower beds need a lot of attention, but you can get plenty of foliage from container grown-plants. Terracotta pots are super on-trend for 2017. A variety of plant sizes will add interest to your garden.

Robust plants


Hardy shrubs and plants are the answer for those who are tight on time. There will be a move to planting varieties that aren’t overly sensitive and that can thrive in any conditions. Sounds good to us. Achillea ‘Coronation Gold’, Alchemilla mollis and Lamprocapnos spectabilis are just a few recommended by the RHS.

 

Source: http://www.idealhome.co.uk/garden/garden-ideas/hot-garden-trends-2017-156339

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The latest research from Connells Survey & Valuation shows that, during February, first-time-buyer activity soared to a market share of 36% – an 8% rise against February 2016.

The near zero base rate has ensured that mortgages remain more affordable than ever – with gross lending at its highest level since 2008.

First-time buyers have seized the opportunity to get on the property ladder. This group now accounts for a third of activity in the property market during February (36%) – the highest proportion of first-time buyers since July 2011 and the highest February since 2010.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Continued affordable mortgages have provided first-time buyers with an ideal opportunity to take their first step onto the ladder in February. Lending to aspiring homeowners continues to rise, while the base rate remains so low. For those with enough savings for a deposit, now is a great time to buy. Many are taking advantage of the opportunities on offer.”

John said: “The stamp duty surcharge has succeeded in helping first-time buyers at the expense of landlords. But this may well be temporary. Less competition for today’s first-time buyers comes at the expense of tomorrow’s. Most people rent as they save for a deposit, but the steady investment into the rental market is running dry. With limited new homes being built for the PRS, rents will soon start to rise. This will devour tenants’ disposable income which would otherwise have been saved for a deposit. The problem will be exacerbated next month as mortgage tax relief is removed, forcing more landlords to exit the market or ramp up rents.

In the Housing white paper, the Government announced plans to boost build-to-rent and institutional landlords, but it will be years before anyone can move into the accompanying new homes. Rents remained relatively stable following the influx of investment before the stamp duty surcharge but tenants could soon feel the full force of recently announced Government policies.”

However, the increase does not mean the Government has succeeded in boosting the prospects of first-time buyers long-term, says Connells Survey & Valuation. The surge from 28 per cent last February to 36 per cent this February is only marginally higher than the 10 year average.  Over the course of the last decade first-time buyers have been responsible, on average, for 35 per cent of the market. And the 36 per cent of valuations that first-time buyers represented in February 2017 pales into insignificance compared to the 41 per cent peak in February 2010.

John continues: “The rapid growth in first-time buyer activity is a recovery from a lower position, rather than a substantial improvement in market conditions. It’s important to not just look at the snapshot numbers but take into account the long-term trends. It’s still incredibly difficult to get on the property ladder. Most aspiring home owners will tell you about the Herculean challenges they face to save for a deposit. Despite all the Help to Buy programmes, first-time buyer activity is only 1 per cent higher than it has been, on average, over the last decade.

We may be in the eye of the storm in Britain’s housing market – a brief period of calm before the turbulence begins again. The base rate can’t stay on the floor forever. With Brexit approaching, economic conditions may get tougher. First-time buyers may need to board the ladder now before it’s hoisted up again.”

 

Source: http://www.propertyreporter.co.uk/property/ftbs-storm-the-property-ladder-in-february.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-197729-Campaign+-+15%2F03%2F2017+CT 

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