Registered with
Wednesday 3rd July 2013

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Sole Owner

Providing essential rental accommodation since

Insures properties through a broker recommended by Property118

Latest Comments

Total Number of Property118 Comments: 369


4 days ago
Shelter - Social housing survey!

I replied too, hopefully without being too biased because I'm a private landlord. I feel the social sector needs to:
1) Sweat its assets much harder. It should be working with private developers to redevelop many of its estates, dramatically improving the housing quality and density, whilst also improving transport links and local facilities. The funding would be mainly raised "internally" through better use of land, selling some of it to developers who will co-build the redevelopment. This will be especially attractive to developers if such partnerships also relieves them of S106 social housing taxes on their other new-builds: it is crazy that almost all of the Government's social housing policy and funding has been laid on the backs of the private housebuilders, as an incredibly harsh extra tax that goes a long way to explain the low housebuilding rates in this country.
2) End all tenancies longer than 1-3 years. People who can easily afford the rent should be asked to move on, or pay a full market rent. Under-occupied houses should be given to families, with the original residents moved to new flats or older houses that have been sub-divided.
3) build or convert many more HMOs, to provide some competition for the private sector, especially at the cheaper end where standards are lowest. It is ridiculous that single people under the age of 35 on benefits are restricted to just a room if they receive housing benefit, but the only people who provide rooms are HMO landlords in the PRS. More Social HMOs, with support services, would also help greatly with downsizing, and helping people who are progressing from homeless shelters into their own accommodation.... Read More


4 weeks ago
House Price Inflation - Government assessment of pressures

So, average house prices increase by 130% in real terms over the 25 year period. Of this, on their figures 32% was due to population growth, 75% to income growth, less 40% due to increase in housing supply, leaving a net contribution of 67% to identified factors. That leaves half the increase in prices unaccounted for!

Off the top of my head, there are three obvious missing factors: i) the impact of BTL investment, ii) the impact of increasing levels of inheritance and capital wealth, and iii) ever-more dual-earner families as women enter the labour market, minus some drop in male participation rates.

For i) new money is entering the housing market in the form of landlord's capital and their mortgages. Rents help drive affordability for landlords and rents are generally tied to wage levels, so there is a continued income association there, but landlords may be driving prices higher because they will accept a lower return on capital than before, as renting still offers better returns than, say, government bonds, where the yield has collapsed since 2008. And broadbrush, surely the huge growth in the PRS must have had *some* effect on prices.

For ii), the major real growth in house prices has been going on since the mid-1960s, when owner-occupiers were given tax-free capital gains. People who bought a family house in their 20s and 30s in 1965, for example, will be dying off now, and their inheritances will often be used to pay down mortgage debt or buy BTL investments, both affecting affordability and HPI. A recent milestone was that there are more owner-occupied properties owned outright than there are properties with mortgages. If you have no mortgage, income ceases to be a factor in home ownership, except to pay maintenance costs and utility and council tax bills, so surely income is becoming less of a factor in driving HPI?

iii) a husband may have seen 75% increase in his real income from 1991-2016, but if his wife starts working and adds her growing income, total family income and mortgage affordability will increase substantially greater than 75%.... Read More


A month ago
Multiple Gas Safety inspection costs?

Sounds like a situation for getting some competitive quotes to me. If someone reliable with proper qualifications can do the properties for less than £600, put this to your main man and ask for a discount, especially if you have an ongoing relationship and can prove you are a reliable payer. Having a couple of days without travelling around between sites ought to be worth something to him too - and only one invoice to prepare! However don't push the price too hard: eventually you pay peanuts and get monkeys, and a value ought to be attributed to your own peace of mind as well as the apparent day rate.... Read More


A month ago
West Brom interest only demand?

I recently had a similar letter from one of my mortgage providers. "Demand" seems a bit strong; mine "requested" that I tick a box indicating how I plan to repay the mortgage. I ticked almost everything: sale, inheritance, payment from ISAs, payment from drawn-down SIPP. All these options are in fact available to me, and I don't myself know what method I will choose.
Until they start demanding that you see an IFA and give them a detailed breakdown of your rate of saving to *prove* you can pay off the mortgage, I wouldn't worry. The fallback position is always just to say that you intend to sell the property at some point, and unless we have a lasting house price crash at some point, they are unlikely to contest your assertion.... Read More


2 months ago
Supply of London rental properties at critical point

I agree there isn't enough info in this story to support any conclusions. How can you reach conclusions on the supply of rental property in London, based merely on the number of properties per agent? If there are only 99 properties per agent compared to 200 elsewhere, then perhaps there are twice too many agents in London, perhaps because they are able to survive as they charge too much, or % charges on high rents allow them to manage with only 99.

What we really need to know is the number of available properties per prospective tenant at different price points.... Read More