Tag Archives: RICS

Electrics tripping issue Latest Articles, UK Property Forum for Buy to Let Landlords

A flat that has been rented has developed an electrical problem. It keeps tripping intermittently. We have got an electrician to check out the fault but he has been unable to find the reason for this happening. The electrics tripped whilst he was checking them out but he wasn’t able to locate the fault.

Are there any experts that can throw light to this problem.

Any advice would be much appreciated.

Thanks

LJElectrics tripping issue


Client Money Protection cover now available to all Agents Landlord News, Latest Articles, Letting

The Property Ombudsman (TPO) scheme has pushed on behalf of the Lettings industry to make Client Money Protection cover (CMP) available to all UK lettings agents.

Up until this month, CMP cover was only available through a number of trade bodies. The introduction of two new CMP providers this month will enable letting agents that are not registered with a trade body to sign up for cover.

Gerry Fitzjohn, Chief Operating Officer of TPO said:

‘We need an even playing field for lettings. All agents are required to hold client money in a separate Clients Account but there is no current requirement to have those funds insured against unlawful use or fraud, which is why CMP is crucial for landlords and tenants.

‘CMP is not a duplication of any deposit scheme or professional indemnity cover. It goes beyond that and provides landlord with the peace of mind they need to know that the rent collected by an agent is protected.

‘This isn’t ‘news’ to the thousands of experienced agents that have had comprehensive CMP cover with a trade body for many years and we fully support the ongoing efforts of trade bodies such as ARLA, NALS, RICS and UKALA to improve industry best practice. The new CMP products launched this month by PSR Insurance brokers and Hamilton Fraser Insurance Brokers mean CMP cover is now available to the whole of the market, which can only be a good thing.’

It is estimated that some £23 billion is paid annually in rent, of which £6 – £10 billion is collected by agents on behalf of landlords1.

Press reports over recent months have highlighted a number of cases where landlords or tenant have not been able to recover funds due to them, which were held by agents.

TPO has surveyed 8,000 lettings branches2 to assess the viewpoints of member agents registered with the TPO scheme. The results revealed an overwhelming number of agents backed CMP, with 80% already protected.

Mr Fitzjohn added:

‘We passionately believe that CMP is great for consumer protection and will ultimately result in a reduction in the number of complaints against lettings agents. We know from surveying our own agents that the vast majority already have cover. For those that don’t, they now have an opportunity to distinguish themselves from any rogue operators by showing landlords and tenants that they have the appropriate cover in place.

‘My personal viewpoint would be to question why a letting agent would not support CMP. In the absence of any regulation for the UK private rental market, agents themselves need to take proactive steps to show landlords and tenants that they have taken out the necessary cover to protect rental income.

‘We now need the industry to unite to raise awareness of this issue so consumers understand the value of CMP and we will be writing to each of our TPO registered offices this month to publicise our support.’TPO_generic logo


First Timer – Let to Buy Latest Articles, UK Property Forum for Buy to Let Landlords

First Timer - Let to BuyI bought a one bed flat in North London a few years ago to live in with my partner. Recently we purchased our first flat together and have moved into it. I was able to secure the new mortgage partly based on the projected income from the old property – I believe this is known as “Let to Buy” and is becoming quite commonplace.

To avoid becoming a dreaded “accidental landlord” I’ve done a fair bit of research in the run up to moving out to ensure I know what I’m doing. Continue reading First Timer – Let to Buy


Robert Desbruslais of AskASurveyor Brighton GOOD Landlords Campaign Sponsors

The GOOD Landlords CampaignRobert Desbruslais of AskASurveyor Brighton

I am neither of the above, however I do want to support The GOOD Landlords Campaign and welcome the opportunity to network with members

www.askasurveyor.co.uk is a unique online service for anyone with concerns about property defects, conflicting advice from builders, “specialists” suggesting expensive damp or timber treatments, mortgage valuation problems or concerns about workmanship.

For £40, a fraction of the usual cost, you can ask a fully qualified chartered surveyor, registered with the RICS, your question and upload any pictures or files to help clarify the matter. You and the surveyor will then enter a private correspondence until your question has been satisfactorily answered. If for any reason we can’t resolve the issue, you will be refunded. Practical, independent advice you can’t afford NOT to have.

Continue reading Robert Desbruslais of AskASurveyor Brighton


Property auction results record 6-year highs in February Landlord News, Latest Articles, Property Auctions, Property News

Property Auction SearchProperty auction results record 6-year highs in February with total sales of £445,455,076

David Sandeman Managing Director of EIG reports that the overall market figures are positive, with increases made in almost every parameter across both residential and commercial sectors.

A noticable highlight is that 3,083 lots sold last month marking a rise of over 8% on February 2012, and significantly this stands as the largest volume recorded in February since 2007. The amount raised also made considerable gains in both the monthly and rolling quarterly figures – up 8.6% and 11.2% respectively, and equally these are at levels not seen since the height of the property boom some 5 to 6 years ago.

National Auction Analysis

In the residential sector the market continues to demonstrate positive growth, particularly in auction sales and receipts. The soaring sale rate of 79% indicates a confident and competitive marketplace, with an increasing demand for keenly priced lots from cash-ready buyers.

The commercial market also continues to gain strength, with increases made in all 8 of the metrics that are measured in the monthly and quarterly figures, 6 of which are double-digit rises. For February alone lots offered was up over 16%, lots sold up 23% and amount raised up 17% , and you have to look all the way back to February 2008 to find this level of commercial market activity.

Total

Last Month

Last Year

February 2013 February 2012 Increase March 2012 – February 2013 March 2011 – February 2012 Increase
Lots Offered

3,965

3,923

1.1%

34,118

32,991

3.4%

Lots Sold

3,086

2,852

8.2%

25,641

24,402

5.1%

Percent Sold

77.8%

72.7%

7.0%

75.2%

74%

1.6%

Total Raised

£445,455,076

£409,897,643

8.7%

£3,501,273,334

£3,343,556,853

4.7%

 

Residential

Last Month

Last Year

February 2013 February 2012 Increase March 2012 – February 2013 March 2011 – February 2012 Increase
Lots Offered

3,135

3,212

-2.4%

27,753

26,443

5.0%

Lots Sold

2,480

2,361

5.0%

20,932

19,606

6.8%

Percent Sold

79.1%

73.5%

7.6%

75.4%

74.1%

1.8%

Total Raised

£309,334,000

£293,820,404

5.3%

£2,479,247,174

£2,289,558,674

8.3%

 

Commercial

Last Month

Last Year

February 2013 February 2012 Increase March 2012 – February 2013 March 2011 – February 2012 Increase
Lots Offered

830

711

16.7%

6,365

6,548

-2.8%

Lots Sold

606

491

23.4%

4,709

4,796

-1.8%

Percent Sold

73%

69.1%

5.6%

74%

73.2%

1.1%

Total Raised

£136,121,076

£116,077,239

17.3%

£1,022,026,160

£1,053,998,179

-3.0%

You are welcome to use the Property Auction Search tool we have developed in conjunction with EIG – the Essential Information Group.

Regional Auction Analysis

As is usually the case, variations across all the measurable parameters can be seen across the regions.

East Anglia

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

228

191

19.4%

Lots Sold

181

143

26.6%

Percent Sold

79.4%

74.9%

6.0%

Total Raised

£28,438,745

£16,717,500

70.1%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

189

145

30.3%

Lots Sold

148

111

33.3%

Percent Sold

78.3%

76.6%

2.2%

Total Raised

£17,701,245

£11,440,500

54.7%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

39

46

-15.2%

Lots Sold

33

32

3.1%

Percent Sold

84.6%

69.6%

21.6%

Total Raised

£10,737,500

£5,277,000

103.5%

 

East Midlands

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

628

546

15.0%

Lots Sold

484

414

16.9%

Percent Sold

77.1%

75.8%

1.7%

Total Raised

£52,045,250

£43,571,453

19.4%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

528

448

17.9%

Lots Sold

411

349

17.8%

Percent Sold

77.8%

77.9%

-0.1%

Total Raised

£35,478,000

£28,978,153

22.4%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

100

98

2.0%

Lots Sold

73

65

12.3%

Percent Sold

73%

66.3%

10.1%

Total Raised

£16,567,250

£14,593,300

13.5%

 

London

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

815

780

4.5%

Lots Sold

706

650

8.6%

Percent Sold

86.6%

83.3%

4.0%

Total Raised

£238,359,008

£203,794,750

17.0%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

722

677

6.6%

Lots Sold

632

572

10.5%

Percent Sold

87.5%

84.5%

3.6%

Total Raised

£196,284,008

£167,254,750

17.4%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

93

103

-9.7%

Lots Sold

74

78

-5.1%

Percent Sold

79.6%

75.7%

5.2%

Total Raised

£42,075,000

£36,540,000

15.1%

 

North-East

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

922

755

22.1%

Lots Sold

683

566

20.7%

Percent Sold

74.1%

75%

-1.2%

Total Raised

£50,960,820

£47,764,044

6.7%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

853

693

23.1%

Lots Sold

641

524

22.3%

Percent Sold

75.1%

75.6%

-0.7%

Total Raised

£45,095,320

£40,516,194

11.3%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

69

62

11.3%

Lots Sold

42

42

0.0%

Percent Sold

60.9%

67.7%

-10.0%

Total Raised

£5,865,500

£7,247,850

-19.1%

 

Northern Ireland

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

228

140

62.9%

Lots Sold

168

79

112.7%

Percent Sold

73.7%

56.4%

30.7%

Total Raised

£7,559,150

£4,880,000

54.9%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

222

120

85.0%

Lots Sold

165

68

142.6%

Percent Sold

74.3%

56.7%

31.0%

Total Raised

£7,364,150

£4,101,500

79.5%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

6

20

-70.0%

Lots Sold

3

11

-72.7%

Percent Sold

50%

55%

-9.1%

Total Raised

£195,000

£778,500

-75.0%

 

North-West

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

1,424

1,751

-18.7%

Lots Sold

1,051

1,208

-13.0%

Percent Sold

73.8%

69%

7.0%

Total Raised

£86,586,340

£94,450,364

-8.3%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

1,108

1,380

-19.7%

Lots Sold

839

964

-13.0%

Percent Sold

75.7%

69.9%

8.3%

Total Raised

£56,527,267

£62,661,554

-9.8%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

316

371

-14.8%

Lots Sold

212

244

-13.1%

Percent Sold

67.1%

65.8%

2.0%

Total Raised

£30,059,073

£31,788,810

-5.4%

 

North-West Home Counties

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

304

293

3.8%

Lots Sold

245

248

-1.2%

Percent Sold

80.6%

84.6%

-4.7%

Total Raised

£75,040,090

£62,851,600

19.4%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

222

229

-3.1%

Lots Sold

176

189

-6.9%

Percent Sold

79.3%

82.5%

-3.9%

Total Raised

£34,903,390

£37,093,600

-5.9%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

82

64

28.1%

Lots Sold

69

59

16.9%

Percent Sold

84.1%

92.2%

-8.8%

Total Raised

£40,136,700

£25,758,000

55.8%

 

Scotland

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

240

253

-5.1%

Lots Sold

111

94

18.1%

Percent Sold

46.3%

37.2%

24.5%

Total Raised

£9,394,500

£6,407,655

46.6%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

186

208

-10.6%

Lots Sold

80

79

1.3%

Percent Sold

43%

38%

13.2%

Total Raised

£3,989,650

£5,185,155

-23.1%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

54

45

20.0%

Lots Sold

31

15

106.7%

Percent Sold

57.4%

33.3%

72.4%

Total Raised

£5,404,850

£1,222,500

342.1%

 

South-East Home Counties

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

877

860

2.0%

Lots Sold

707

664

6.5%

Percent Sold

80.6%

77.2%

4.4%

Total Raised

£134,998,811

£135,121,539

-0.1%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

635

693

-8.4%

Lots Sold

516

538

-4.1%

Percent Sold

81.3%

77.6%

4.8%

Total Raised

£73,625,311

£81,475,639

-9.6%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

242

167

44.9%

Lots Sold

191

126

51.6%

Percent Sold

78.9%

75.4%

4.6%

Total Raised

£61,373,500

£53,645,900

14.4%

 

South-West

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

402

447

-10.1%

Lots Sold

296

315

-6.0%

Percent Sold

73.6%

70.5%

4.4%

Total Raised

£43,720,756

£45,498,790

-3.9%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

286

349

-18.1%

Lots Sold

205

240

-14.6%

Percent Sold

71.7%

68.8%

4.2%

Total Raised

£27,831,700

£30,838,351

-9.7%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

116

98

18.4%

Lots Sold

91

75

21.3%

Percent Sold

78.4%

76.5%

2.5%

Total Raised

£15,889,056

£14,660,439

8.4%

 

Wales

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

412

376

9.6%

Lots Sold

303

277

9.4%

Percent Sold

73.5%

73.7%

-0.3%

Total Raised

£25,466,900

£22,083,244

15.3%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

271

309

-12.3%

Lots Sold

197

233

-15.5%

Percent Sold

72.7%

75.4%

-3.6%

Total Raised

£15,611,800

£14,613,160

6.8%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

141

67

110.4%

Lots Sold

106

44

140.9%

Percent Sold

75.2%

65.7%

14.5%

Total Raised

£9,855,100

£7,470,084

31.9%

 

West Midlands

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

638

670

-4.8%

Lots Sold

496

438

13.2%

Percent Sold

77.7%

65.4%

18.8%

Total Raised

£59,535,573

£43,751,050

36.1%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

498

548

-9.1%

Lots Sold

392

365

7.4%

Percent Sold

78.7%

66.6%

18.2%

Total Raised

£36,776,633

£30,729,550

19.7%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

140

122

14.8%

Lots Sold

104

73

42.5%

Percent Sold

74.3%

59.8%

24.2%

Total Raised

£22,758,940

£13,021,500

74.8%

 

Yorkshire and The Humber

Total

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

749

782

-4.2%

Lots Sold

564

571

-1.2%

Percent Sold

75.3%

73%

3.2%

Total Raised

£55,805,440

£53,142,009

5.0%

 

Residential

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

611

649

-5.9%

Lots Sold

468

473

-1.1%

Percent Sold

76.6%

72.9%

5.1%

Total Raised

£41,213,690

£38,370,434

7.4%

 

Commercial

December 2012 – February 2013 December 2011 – February 2012 Increase
Lots Offered

138

133

3.8%

Lots Sold

96

98

-2.0%

Percent Sold

69.6%

73.7%

-5.6%

Total Raised

£14,591,750

£14,771,575

-1.2%


Hounslow Council Targets Rogue Letting Agents Landlord News, Latest Articles, Property News

Hounslow Council Targets Rogue Letting AgentsHounslow Council is warning rogue letting agents that they could be prosecuted for advertising illegal backyard dwellings.

More than 100 letting agents in and around the borough are being contacted by the council, urging them not to market illegal developments built without planning permission or building regulation approval.

The message is being sent out to agents after the council set up a task force to deal with the blight of illegal dwellings that are built and let out as residential accommodation. Continue reading Hounslow Council Targets Rogue Letting Agents


Newbie Investor would like to pick your brains Landlord News, Latest Articles, Property News

Newbie Investor would like to pick your brainsA Newbie Investor, who wishes to remain anonymous, has submitted the following and would really appreciate any help and guidance you GOOD Landlords and property people can offer.

“I’m 22 and a joiner/carpenter, I’ve done this since leaving school and love it but.  However, recently I was diagnosed with a condition which makes it very hard for me to work for others due to certain working conditions, stress etc. so I am now re-thinking my future and hoping to become a property developer/landlord Continue reading Newbie Investor would like to pick your brains


Auction News update from EIG Landlord News, Latest Articles, Property Auctions, Property News

Guide To Buying Property At AuctionThis auction news update looks back at auction activity in January and preceding periods.

Lots offered and sold were both slightly down on January 2012 (2% and 8% respectively), but the amount raised increased by 8% to £33.5m.

With January being a relatively quiet month in the auction calendar one cannot draw many conclusions from the monthly figures, instead it is perhaps more beneficial to look at the rolling quarterly and yearly figures for a more accurate analysis of the market. These actually show positive growth, with sizeable gains made in lots offered, lots sold and total raised. Continue reading Auction News update from EIG


Clive Emson Auctioneers – Property Auctions 4th to 7th February 2013 Property Auctions

Clive Emson AuctioneersClive Emson Auctioneers are holding their first auctions of the New Year on 4th-7th February offering 116 LotsDownload their auction catalogue by completing the form below. The four auctions cover lots of land and commercial and residential properties across the whole of southern England, from Kent to Cornwall and from the Isle of Wight to the M4 corridor. 

Continue reading Clive Emson Auctioneers – Property Auctions 4th to 7th February 2013


Letting Agents Interviews – NEXT! Landlord News, Latest Articles, Lettings & Management, Property News

To assist new landlords to choose reputable Letting Agents offering full management I have compiled a short list of Q&A’s I have used in the past. Please feel free to add your own or debate using the comments section below this article.

SCENARIO ONE

Landlord question – which property portals do you advertise on?

Letting Agents answer – We decided to use X. …. 🙁 NEXT!

Better Letting Agents Answer – We advertise on all the major portals. 🙂

Continue reading Letting Agents Interviews – NEXT!


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