Andrea Peacock

Registered with Property118.com
Thursday 4th July 2013


Latest Comments

Total Number of Property118 Comments: 7

Andrea Peacock

13:13 PM, 2nd July 2018, About 3 years ago

Government look to throw landlords under the bus with 3 year tenancies

I am a landlord with buy to let mortgages with a variety of banks and building societies I'm pretty sure all of them can only be let out under a 6 month short hold tenancy or I will be in breach of my mortgage conditions, so this would have to change and if I were a lender I would be very unhappy with a 3 to 4 year wait to repossess a property should I fail for whatever reason to pay my mortgage,
As a letting agent in the South West as many as 15 percent of our landlords are service personnel in the Navy, marines etc who get posted away and let out houses for a year or two, many landlords will go travelling for a year or take jobs away from the area and rent out their homes in the short term. Thanks to the section 24 tax legislation we have already seen dozens of landlords sell up and we are speaking to tenants being made homeless on a daily basis.We currently have over 1000 people looking to rent homes in our small town and literally no family homes available today. I can see that people in this area will go down the managed AIRBNB route if they go away as this is currently an unregulated sector in the market. If 15 per cent of the stock is removed the rental crisis will get even worse, and some tenants will not be offered a property at all as we will have so much choice over tenants that landlords can actively discriminate against families with children and pets as ultimately a wealthy couple is a safer bet.
I also operate a few high end HMOs for working people who are saving deposits despite our best efforts we occasionally accommodate a housemate who is universally disliked by the other occupants despite paying their rent , they may be noisy , dirty, rude, in this case we warn them and if things don't improve we ask them to leave for the sake of the household, if we had to give people 3 year tenancies I would close the HMOs as ultimately one bad tenant ruins the household for everyone, once again a loss of desperately needed accommodation which no one else in the area provides. The new legislation coming in October will also cause HMO landlords to sell up. My smallest rooms are the most popular as they are the cheapest and give occupants a safe clean home to sleep in whilst sending money home, saving for a deposit or going out into the world for the first time and learning to budget, if these rooms are taken away they damage the viability of the entire house from a landlords perspective and many of these people cannot afford anything in the areas we live in.
All the measures taken so far in a bid to help tenants have actually worsened the problems for families . As a letting agent we have never charged any tenant fees but I know the other agents and landlords will increase rents to cover the loss. An increased rent they will now be paying forever and will probably cost more than the one off fees. The new onerous legislation in this sector means that I no longer advise clients to manage their own properties as the number of opportunities to fall foul of the law increases each week and this will again put a nine percent increase on their costs at a time when increased taxation and compliance will be squeezing the viability of the buy to let project forcing owners to sell up. By all means push incompetent private landlords out of the sector but not until you have established a viable alternative. Local businesses in this area are already struggling to recruit because once someone has been offered a job they cant find suitable accommodation and then have to turn the offer down, making the rental market smaller will further hamper the business economy.
It is tragic that continuous government interference from people who don't understand the unintended consequences is having such a terrible effect on peoples lives. Once again I feel the "consultation will be a complete sham because landlords will know nothing of it unless they happened to hear the news on Sunday or are avid readers of 118 like myself. None of this is ever sent out to the people who need to know and will subsequently come as a horrible shock to many.... Read More

Andrea Peacock

11:22 AM, 9th December 2016, About 5 years ago

Warning to Government that families may be made homeless by Section24

Reply to the comment left by "Neil Patterson" at "08/12/2016 - 16:36":

If Dame Kate is worried by the consequences of homelessness as a result of section24, could someone also alert her to the oncoming train crash that is the proposed HMO regulations coming down the line in April17 unless someone comes to their senses.
The proposal is that everyone renting houses to sharers will need an HMO license. This will be an extra cost and administration, also it will usually involve considerable expense in upgrading fire doors and detection systems, this is bad enough but the proposal will also make it illegal to let out a room of less than 6.6 metres square. In many shared houses the profit is in this last room, and most houses have a small room and although the rooms are small they are very popular with contractors who use then for 4 days a week as it is cheaper and more homely than a hotel, also young people starting out for their first time away from home can budget more easily. I will now be selling my houses, they are the only shared properties in the small towns in Devon that I operate in and 15 people will lose their homes. This will impact the local economy as care home workers and hotel staff and mining contractors will not accept jobs here if they cant find anywhere cheap enough to live. The cost if you can find a 1 bed flat is £600 per month plus council tax £100 and bills £100 they also have to eat and because of our terrible lack of public transport and the anti social hours they work, run a car. Simply not possible on a minimum wage.
Worse still is a sector I do not operate in but see in my role as a property developer are the horrible poorly converted bedsits in parts of Torquay and Plymouth. These places are squalid and disgusting and probably quite unsafe, but when legislation is passed to stop the small rooms being let the extremely unfortunate souls who inhabit them, some for literally decades, these people will end up will be on the streets. They are usually single people , no apparent family, serious mental health problems, addiction and unable to work or fit into society. No landlord will take these people on, the council has no homes and Travel Lodge would be scared to have them on the premises , where does the government imagine these people will Live? They will be on the streets and their safety there will be even worse than it is now. If you want to solve these housing problems by closing these places down they MUST get enough hostel accommodation available before they start pushing this sector into oblivion.
I do not Know how to contact Dame Kate, but feel that once again we are on the brink of worsening the housing crisis without concern for the tenants at the sharp end so if someone could pass this on to her I would be grateful
Andrea Peacock... Read More

Andrea Peacock

12:35 PM, 5th December 2016, About 5 years ago

Property118 Win Outstanding Achievement of the Year 2016 at the Property Investor Awards

Very richly deserved well done to Mark and the team and thank you for your never ending good works and all the information supplied by 118
Regards
Andrea... Read More

Andrea Peacock

18:51 PM, 3rd October 2014, About 7 years ago

Life changing property career decision

Reply to the comment left by "Onslow Clough" at "19/09/2014 - 15:14":

Hi Onslow,
I do quite a few refurbs to sell on, but I would be wary about budgeting a £10-15k profit, that feels a bit tight to me, and occasionally you will get a blip of some sort so you need to budget for the poor performers. I would avoid the auction route as everything in an auction has been trawled over by every developer in the area and your chances of finding a bargain are not very high.Also there are plenty of pups with defective titles,bad neighbours, serious structural defects etc You are better to look very hard for unusual property that you can see an angle on that everyone else has missed. Opportunity to create extra room, extend, repossesion, highly motivated vendor(timing is everything) turn into flats, put a conservatory on, sell off a bit of garden, build in the garden that sort of thing that could easily net closer to 30-50k a deal, also I am finding getting mortgages and conveyancing seems to be getting slower and slower, so your aim to turnover 6 a year might be a bit ambitious, sales can now drag on for months and that puts your interest costs up and if its eating into a £10k profit you could end up hungry! Good luck with your venture there are plenty of interesting deals out there
Regards
Andrea... Read More

Andrea Peacock

10:36 AM, 13th September 2014, About 7 years ago

Landlord and Ex Partner Holding My Possessions Hostage

Hi,
Sorry to hear of your problems, but in the grand scheme of things I know plenty of people who would happily swap circumstances with you. It would appear you have your health, your dog and a car so whilst your circumstances are reduced, with the right approach this is a temporary set back. The fuss about some lost clothing is distracting you from tackling far more serious issues, nobody needs flash clothing, I buy 90% of mine second hand, even shoes. GET A JOB, then rent the cheapest room you can find that will take the dog, get down to the pound store clean the room keep it spotless, be nice to your landlord and everyone else you meet , get a second job, keep busy eat well, enjoy the challenge of making fab soup from veg from Aldi, walk the dog, don't watch television, if you still have the watch sell it , then think about what you went to do with your life and move forwards rather than blaming landlords exes etc for your problems. Chanel your energy into the real issues,get the best out of the administration, I am sure you have the wit and determination to rebuild your life and in a couple of years you may well be grateful for he lessons learned about lifes priorities , health comes before wealth , look after yourself and your dog Good Luck Andrea... Read More