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Many UK landlords unfamiliar with new immigration checks
UK landlords do not fully understand the new immigration checks they are being required to undertake and those already doing so are not happy about it, new research shows. Landlords in the West Midlands are already compelled to check the immigration status of would be tenants under a pilot scheme that is set to be rolled out across the country next year. However, as study, conducted by online letting agent PropertyLetByUs, has found that nine out of 10 landlords don’t fully understand the immigration checks and a further nine out of 10 landlords believe that the new immigration legislation places too much responsibility on them. The research also reveals that 100% of landlords intend to rely on their letting agent or reference agency to conduct the checks and 93% of landlords don’t feel confident making the checks themselves. What’s more, over a quarter of landlords think that the legislation will lead to a rise in unscrupulous landlords renting ‘beds in sheds’, a fifth believe it will make it much harder for immigrants to find a property to rent and 10% of landlords think the new legislation will cause homelessness for some immigrants. The vast majority of landlords say they will be much more wary about taking on immigrant tenants. ‘It is clear that landlords aren’t comfortable with the legislation and will be relying on letting agents and reference firms to help them comply with the new rules,’ said Jane Morris, managing director of PropertyLetByUs. ‘The pilot in the West Midlands will hopefully iron out many of the issues and that when the new rules are rolled out nationally in 2015, landlords will feel more comfortable with what is required of them,’ she explained. The firm points out that it is important that landlords prepare themselves for the new ‘right to rent’ checks, as any non-compliance will mean that landlords could face a £3,000 fine. The Immigration Act requires landlords to check whether prospective tenants are in the country legally. Landlords will have to see ‘evidence’, for example a passport or a biometric residence permit, an official form of identification provided by the Home Office. The new rules will require landlords to check whether potential tenants and occupants over 18 have a ‘right to rent’ before entering into a new tenancy agreement. All adults who will occupy the property as their main home, not just named tenants, should be checked. If they turn 18 during the tenancy, no initial or follow up checks are required. These rules apply to new tenancies only. Renewals are excluded if all parties remain the same and there has been no break. ‘The Home Office will carry out checks on individual properties and landlords if they receive information from a workplace, a raid, a tip-off from neighbours, follow up on an immigration application and/or if the landlord has been identified as… Continue reading
UK surveyors report a resurgence in remortgage activity
November saw a resurgence in remortgaging activity even as the rest of UK housing market cooled, according to the latest research from Connells Survey and Valuation. Remortgaging was the most robust sector of the housing market and performed well both on a monthly and annual basis. The total number of remortgaging valuations conducted in November increased by 10% compared to October, and by 3% compared to November last year. ‘Remortgaging is defying the rest of the market. With the base rate set to remain low well into 2015, it is clear that this is driving demand,’ said John Bagshaw, corporate services director of Connells Survey & Valuation. ‘Lenders continue to offer even more competitive mortgage rates, while many households are using this opportunity to remortgage and reduce their monthly payments,’ he added. By contrast, the total number of valuations for all purposes fell 5% on an annual basis. This is a considerable improvement from a steeper drop of 10% over the 12 months to October 2014. On a monthly basis property valuations remained static since October. According to the firm November saw a marked shift in sentiment with more lenders and borrowers opting for a tone of caution. ‘Regulatory changes continue to impact other sectors of the market, especially first time buyers with restrictions on lending. On the other hand, the low base rate has powered demand for remortgaging, and to a lesser extent, buy to let,’ explained Bagshaw. ‘While this year the total number of valuations fell by 5% compared to last year, this annual figure compares favourably with historic data and exceeds the number of valuations recorded in November 2012, 2011 and 2010. With so many variables in play it remains to be seen whether this points to a cooling market in 2015 or if this is part of the usual festive seasonal trend,’ he pointed out. Buy to let also performed well compared with the rest of the market. On a monthly basis, the number of buy to let valuations dipped 5% since October and by 1% compared to the previous November. The sector is supported by an array of low LTV products and lenders have become more focused on low risk borrowers, such as landlords who typically have lower LTVs and multiple streams of income, according to the firm. As a proportion, first time buyer valuations now make up under a third of total activity at 28%. In terms of numbers this area of the market was down the most on an annual basis with a fall of 11% and also dipped 7% compared to the previous month. The number of valuations for owner occupiers moving home saw the second fastest annual fall, down 9% compared to November last year. However, on a month on month basis this sector of the market saw no change. ‘Recent policy changes such as loan… Continue reading
Belgrave Square named as having the most expensive homes in England and Wales
The streets of Belgravia and Knightsbridge in central London are the most expensive locations in England and Wales to buy a property, according to new research. Located in one of London's most prestigious areas in the heart of Belgravia between Hyde Park Corner and Belgrave Square, Grosvenor Crescent is the most expensive residential street, the research from Lloyds Bank shows. To acquire a typical Grade II listed house on Grosvenor Crescent will cost an average of £16,918,000, it reveals. Indeed, five of the 10 most expensive streets are in the prime residential areas of Belgravia and Knightsbridge in the City of Westminster. They include Eaton Square with an average property value of £15,520,000 and Chester Square at £8,282,000, both in Belgravia. This is followed by Trevor Street at £10,150,000 and Montpelier Street at £8,483,000 in the Knightsbridge area. The remaining four streets are in all in the Royal Borough of Kensington and Chelsea. They include Cadogan Square with an average value of £8,592,000, Elgin Crescent at £7,683,000, Egerton Crescent at £7,100,000 and Hillsleigh Road at £7,091,000. Outside central London the capital's most desirable addresses are Cambridge Gate in Camden which has an average property value of £6,670,000, Coombe Park in Kingston upon Thames at £3,515,000 and Lichfield Road in Richmond upon Thames at £2,863,000. ‘London dominates the list of the most expensive residential addresses in England and Wales. As an international city, London has always attracted overseas buyers and in recent years the capital has been a magnet for ultra high net worth individuals,’ said Andy Hulme, mortgages director at Lloyds Bank. ‘This has led to soaring demand for homes in the prime residential areas of central London and as a result values have grown significantly. For the first time since this survey began, there are three streets with an average property price of over £10 million,’ he explained. ‘The Royal Borough of Kensington and Chelsea has always pulled in wealthy buyers, but this survey shows that properties in Belgravia and around Knightsbridge are now the ones commanding the highest prices,’ he added. Away from London the most expensive streets are both in Oxshott, Surrey; Spicers Field at £3,734,000 followed by Leys Road at £3,609,000. They are followed by Virginia Avenue in Virginia Water at £3,320,000 and Icklingham Road in Cobham at £3,264,000. A place near the sea has obvious attractions for many wealthy buyers and several exclusive addresses are dotted along the south coast. These streets include Sandbanks Road on Poole harbour at £2,493,000, Western Avenue also in Poole at £2,450,000 and Restrongeut Point in Truro at £2,097,000. The only address outside southern England in the top 50 most expensive streets is Park Lane in Altrincham with an average property price of £2,494,000, followed by South Road, also in Altrincham at £2,025,000. Other expensive addresses include Withinlee Road in Macclesfield at £1,960,000, The Ridgway in Leicester at £1,783,000, Tiddington Road in Stratford upon Avon at £1,313,000, Runnymede Road in Newcastle at… Continue reading
