Tag Archives: house
Charity claims rogue landlords are responsible for 740,000 unsafe homes in England
Rogue landlords in England are raking in £5.6 billion a year for 740,000 unsafe rented homes that fail to meet legal standards, a new study has found. These privately rented homes present a severe threat to tenants' health, according to the report from the Citizens Advice Bureau (CAB) with a host of dangers such as severe damp, rat infestations and the risk of explosions. Overall the study reports that 16% of privately rented homes are physically unsafe, far higher than the 6% in the social rented market, some 8% of privately rented homes have serious damp, 10% pose a risk of a dangerous fall and 6% are excessively cold. ‘Rogue landlords are putting profits before safety. With a growing private rental sector, increasing numbers of people are falling prey to landlords who fail to meet decent standards,’ said Gillian Guy, CAB chief executive. ‘The Government has rightly said it wants to tackle the country’s housing crisis and it must make targeting dodgy landlords, giving tenants better rights and driving up standards a major part of that effort,’ she added. With the cost of buying property rising steeply in many parts of the country, couples with children are now the most common household type in the private rental market and CAB says private renters are woefully under protected and have to navigate through numerous pieces of complex legislation to seek legal redress from landlords. It says that taking court action against a landlord can be long, complicated and expensive. This is compounded by the fact many complaints have to be made to local authorities, which often do not have the capacity to act quickly. The charity recommends that tenants should be entitled to rent refunds where properties are dangerous or not fit to live in and is calling for a national landlord register to be set up as this could help ensure landlords operating illegally cannot move to different areas to avoid legal action. It also says that councils should also set up local licensing to tackle specific issues in their private rental markets as this could help to ensure landlords are providing the quality of housing and service the area needs and ensure tenants know what they can expect from a good landlord. However, Richard Lambert, chief executive officer at the National Landlords Association, criticised the report as unfair to the vast majority of landlords. ‘We recognise that bad practice exists in private housing, that it can have a devastating effect on those it affects, and that it needs to be stamped out. But this report uses loose definitions to compound a perception that private housing is insecure and unsuitable across the board, and it ignores the weight of evidence to the contrary,’ he said. ‘The English Housing Survey finds that the average tenancy now lasts just shy of four years, and that only 7% of tenancies are ended by landlords. Our own research shows that 86% of families consider their properties as their home… Continue reading
US existing home sales fell in April, latest NAR data shows
Despite properties in the United States typically selling faster than at any time since July 2013, existing home sales slowed in April, the latest data shows. But sales remained above an annual sales pace of five million for the second straight month, according to the report from the National Association of Realtors. The data report also shows that median existing home prices for all housing types in April was $219,400, which is 8.9% above April 2014, the 38th consecutive month of year on year price gains and is the largest since January 2014 when it was 10.1%. All major regions except for the Midwest experienced sales declines in April with completed transactions that include single family homes, town homes, condominiums and co–ops, falling 3.3% to a seasonally adjusted annual rate of 5.04 million in April from an upwardly revised 5.21 million in March Despite the monthly decline, sales have increased year on year for seven consecutive months and are still 6.1% above a year ago and NAR chief economist Lawrence Yun said that sales April's setback was the result of lagging supply relative to demand and the upward pressure it's putting on prices. ‘However, the overall data and feedback we're hearing from realtors continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes,’ he added. A regional breakdown of the figures shows that in April existing home sales in the Northeast declined 3.1% but are 1.6%. The median price in the Northeast was $253,200, which is 3.6% higher than April 2014. In the Midwest, existing home sales increased 1.7% and are 13% above April 2014. The median price in the Midwest was $173,700, up 11.4% from a year ago. Existing home sales in the South declined 6.8% but are still 3.6% above April 2014. The median price in the South was $189,400, up 8.5% from a year ago. In the West existing home sales decreased 1.7% but are still 6.4% above a year ago. The median price in the West was $318,700, which is 10% above April 2014. Total housing inventory at the end of April increased 10% to 2.21 million existing homes available for sale, but is still 0.9% below a year ago while unsold inventory is at a 5.3 month supply at the current sales pace, up from 4.6 months in March. With demand far exceeding supply, properties sold in April faster, at 39 days, than at any time since July 2013 when it was 42 days and the second shortest time since it was 37 days in June 2013. Short sales were on the market the longest at a median of 180 days in April, while foreclosures sold in 50 days and non–distressed homes took 38 days. Some 46% of homes sold in April were on the market for less than a month. ‘Housing inventory declined… Continue reading
Lack of supply could hold back London property market, it is suggested
A limited drip feed of new homes to buy or rent and forthcoming tightening of mortgage lending criteria may hold back the resurgent residential market in London, it is claimed. Demand is still outstripping supply in both sales and lettings now that the political uncertainty of the past few months is over, according to research from London estate agency Chestertons. The firm’s latest prime residential sales report says that despite the uncertainty in the lead up to the general election at the beginning of May, the demand for new homes remained robust in the first three months of the year and continued to outstrip modestly improved supply. Demand for new-build homes from overseas also remained high. Prime central areas resales experienced a marginal return to capital value growth of up to 0.7% for the first time since the first quarter of 2014, although the north and east of the city, led by Canary Wharf, saw above average value growth of 1.4% in the first three months of the year. ‘We experienced a fairly subdued six months in the run-up towards the election, with fears of a mansion tax which could have wiped up to a quarter of a million pounds off the value of properties in the £2 million plus bracket had it been introduced, clearly having an impact on buyers in prime London markets,’ said Nick Barnes, Chestertons' head of research. ‘Furthermore investors, institutions and landlords were in many cases reviewing their holdings in the event of major changes to taxation and lettings regulation being brought in by a Labour led administration. The Conservatives' slim majority has calmed such fears and enquiries have been strong since the morning of 0 May, up by more than 15% on the pre-election period,’ he explained. But he pointed out that there are still challenges that need addressing if the upturn in confidence is to be sustained. ‘The first major challenge is to revitalise supply of good quality homes of all shapes and sizes into both the sales and lettings markets. Politicians at the national and local level must now step up to deliver more land for development, while finding new ways to incentivise house builders and easing the planning regulatory burden to get more homes into the system,’ said Barnes. ‘The raft of policies aimed at getting more people on to the housing ladder that the Tories pledged in their manifesto also have a key part to play, especially as anticipated tightening of mortgage lending criteria may actually make home ownership less accessible for many,’ he explained. ‘Any future rises in the base rate of interest will of course also have a significant impact, while the expiry of the mortgage guarantee portion of the Help to Buy scheme in early 2017 could also have a detrimental effect. Still more needs to be done to incentivise builders and developers. It will be interesting to see what the Chancellor George Osborne announces in his July Budget to… Continue reading
