prateek - Reside Bath - Page 23 of 25

Private rents set to outstrip house prices over next 8 years

Posted on 30/10/201204/07/2025 by prateek

Private rents in the South West are set to increase significantly faster than house prices over the next eight years, with average rents set to swell by 48%. According to the National Housing Federation’s ‘Home Truths 2012’ report, Bath and North East Somerset could see a £409 rise in average monthly rents between 2013 and 2020, by far the most significant increase in the South West region. Whilst the average rent for the region as a whole is forecast to stand at £981 per month in 2020, Bath and North East Somerset would see average rents grow to £1,253 per month.

These projected rent rises follow on the heels of 37% increases in national rents over the past five years and are caused by years of not building enough affordable homes. In 2011, 390,000 new families were formed, but only 111,250 new homes were built; as this trend seems set to continue, rents look set to be forced upwards at a higher rate than house prices as more and more families turn to private rented accommodation.

Jenny Allen, South West lead manager for the National Housing Federation, commented: “The housing market is at the point of no return; with house prices and rents set to rise and thousands of families in the South West already really struggling to afford their home… Thousands of South West families are priced out of the market and are struggling to keep on top of their rents. As Home Truths shows, even working families are increasingly reliant on housing benefit to help pay their private rent.”

However, whilst the Home Truths report is forecasting dramatic rent increases, the government is painting a very different picture of the housing market by claiming that private rents are in fact going down. New housing minister Mark Prisk told the Commons that rents have fallen in real terms, because they have risen less than the rate of inflation: “The most recent official statistics published by the Valuation Office Agency in August 2012 show that median private sector rents across England rose by 0.9% in the year to June 2012, compared to a rise in RPI inflation of 2.8% over the same period. Rents have thus fallen in real terms, although there are local variations.”

Regardless of the discrepancies between the Home Truth’s predictions and Mr. Prisk’s comments, there is one thing that everyone seems to agree on: rents will continue to rise for the foreseeable future.

South West rents continue to rise as demand outstrips supply

Posted on 23/08/201204/07/2025 by prateek

As the sales market becomes increasingly subdued, the cost of renting a home in the South West has continued to rise as many would-be buyers find themselves unable to take their first steps on the property ladder.

The latest survey carried out by the Royal Institution of Charterer Surveyors states that the cost of renting a residential property in the South West has risen by 2.6% in the last twelve months. The RICS survey goes on to explain that this rise in rents is underpinned by a fall in good quality new properties coming on to the market.

This is a trend that is supported by recent research by Rightmove, whose ‘Little Blue Book’ of property trends states that in the last twelve months alone, search activity for rental property on Rightmove rose by 40% while available stock to rent fell by 3%.

Evidence of the South West’s strong rental market is borne out by a new report published by Endsleigh in which the specialist letting agents’ insurer placed Bath as the fifth priciest town or city for tenants in the UK. According to Endsleigh, the average cost of renting a property in the city is £963 per month – more than £257 above the national average. The report goes on to show the average monthly rent across the UK rose for the third year running in 2011 to £706 – compared with £688 in 2010 and £663 in 2009.

RICS, Rightmove and Endsleigh all indicate that current property trends seem set to continue for the foreseeable future, making this a particularly profitable time for landlords to be letting and investing in property in the South West.

Dinder House, Somerset

Posted on 22/06/201204/07/2025 by prateek

Reside is delighted to present this historically renowned property for rental. Dinder House is a truly remarkable nine bedroom Georgian country house set in 23 acres of stunning landscaped and walled gardens. This wonderfully restored Grade II Listed property is arranged over four floors and tastefully combines a wealth of exceptional period features with contemporary style and comforts. Located in the peaceful and picturesque village of Dinder, just 2 miles east of Wells and 2 and a half miles west of Shepton Mallet, the property also enjoys convenient access to Bath, the M5 motorway and several highly regarded independent schools.

A lengthy private driveway winds through stunningly landscaped gardens with water features and a small, natural waterfall. The River Sheppy runs through the grounds and is traversed by an impressive bridge which predates the house. A picturesque walled garden lies in front of the house and has a greenhouse and a carefully cultivated kitchen garden. A striking church, originally Norman but rebuilt in the 14th Century, lies adjacent to the front lawn.

The house is entered on the ground floor into an elegant, semi-circular entrance hallway. This room, as with many others, subtly promotes the property’s period features; in this instance, it is the original pulley system which operated the dumb waiter from the lower ground floor that is deftly integrated into the natural fabric of the room. A bright and spacious open plan kitchen / dining room, formerly the ballroom, lies adjacent to the entrance hallway and has high ceilings, intricate cornicing and tall sash windows with a dual aspect of the extensive gardens. The kitchen has a substantial marble kitchen island, stainless steel integral appliances and a large pantry. Adjacent to the kitchen is a handsome living room with beautiful hand-painted wallpaper and a deep bay lined with tall sash windows which overlook the landscaped gardens and allow the room to be flooded with natural light. The ground floor also has a smart and stylish study, a cosy snug, a bright and spacious family room and two cloakrooms, one of which has twin basins and hand-blocked wallpaper.

The lower ground floor still has many of the house’s original features and provides a wonderful insight into ‘downstairs’ life in a Georgian household. The original stone flooring remains, as do Georgian ovens, pantries, sinks and water-pumps. The lower ground floor can be used as a separate self-contained apartment, and has a sizeable living room with an Aga, plus several additional multi-purpose rooms.

An impressive cantilever staircase leads from the ground floor to the first floor, where the elegant master suite comprises a large double bedroom, a luxuriously furnished bathroom with a clawfoot bath, twin basins and separate walk-in shower, and a sizeable dressing room. The bedroom has handsome wooden flooring, ornate hand-painted wallpaper and tall sash windows set into a deep bay which overlooks the rear garden. There are four further good sized double bedrooms on the first floor, all of which have elegant wooden flooring, tall sash windows and high ceilings. This floor is completed by a stunning shower room with a marble-lined walk-in shower and a family bathroom with a freestanding roll-top bath and feature fireplace.

The second floor can be used as a separate self-contained apartment and has a bright open plan living space at its heart. This room has attractive exposed beams, a feature fireplace and enjoys access to a small balcony from which views of the grounds can be enjoyed. A fitted kitchenette with a belfast sink and a utility room lie just off of the central living space. A further four sizeable double bedrooms can be found on the second floor, all of which have been finished to the highest standard.

To view our full album of photos for Dinder House, please click here.

Rent payments to go on tenants’ credit files

Posted on 16/03/2012 by prateek

By the end of 2012, tenants will have details about their rental payments included in their credit file under an initiative launched by Experian, one of the UK’s three credit reference agencies.

Under the new scheme, tenants who consistently pay their rent on time will benefit from an enhanced credit rating, thus boosting their chances of being granted mortgages, loans, credit cards and future tenancy agreements. Conversely, tenants who have paid their rent late will find that their credit score falls – something that will show up on future credit checks by banks, landlords or letting agencies.

Tenants living together under a joint tenancy agreement will also have to keep on their toes, as late joint rent will also count against them, regardless of who is to blame.

Reaction to the announcement has been mixed, with experts coming out both for and against the proposal. Quoted in The Guardian, Sian Williams, head of Transact, said “this could be a very useful tool for allowing [renters] to access a wider range of services at a more affordable cost.” She concludes that it is a “very welcome development for many people living in private rented accommodation, who until now have often found it difficult to build a credit history.”

Dan Plant, a money analyst for MoneySavingExpert.com, is rather more reserved in his reaction to the initiative: “This adds to the ever-expanding pool of information banks can use to make a snap judgement about you, and it’s not even about how you’ve previously borrowed money. This makes it absolutely crucial you pay your rent on time, and regularly check credit files to make sure everything that’s reported is true – and if not, get it put right.”

Experian is now beginning the process of talking to major letting agents and landlords to encourage them to state in tenancy agreements that they can share tenants’ payment history. If successful, the data should start to appear by the end of the year.

At Reside, our tenants are referenced through Endsleigh, a branch of of Experian.

Will changes to EPC law be delayed yet again?

Posted on 07/03/2012 by prateek

Back in January, we blogged about the ongoing saga concerning changes to EPC law in England. Letting and estate agents are required by law to commission an Energy Performance Certificate prior to marketing a property, but current legislation regarding how much of the report must then be shared with clients is very lax. The EPC gives an indication of how energy efficient a property is, and what can be done to improve its rating and decrease fuel costs.

Since early 2011 the government has been promising to tighten up EPC laws, but the proposed changes have been consistently delayed and pushed back. With the latest deadline of April 6th coming up shortly, it remains to be seen whether or not they will be postponed yet again.

The warning signs look ominous; last week, agents were due to be issued with guidance on the upcoming changes by the Communities and Local Government department. This did not happen. However, Estate Agent Today reports that a government insider has indicated that the changes will ‘definitely go ahead on April 6‘, despite the fact that the redesigned EPC has not yet been approved.

It is widely believed that, after April 6th, letting and estate agents will be required to attach the entire first page of the new-look EPC to all property particulars, although no guidance has yet been issued about online marketing.

While many believe that this marks an important step towards encouraging tenants and homeowners to increase the energy efficiency of their home, others see the EPC as something that is ignored by the vast majority of people moving into a new home. A recent report in The Guardian suggests that ‘nearly four-fifths of people (79%) who had received an EPC when buying or renting a new home had not acted on any of its recommendations to make it more energy-efficient and thereby save money’. The government will be hoping that the redesigned EPC, with a front page that clearly and simply details recommendations for improving the property’s energy efficiency, will have an impact on the amount of people who then act on the recommendations.

At Reside, we have always made the entire EPC available to landlords and tenants and we will continue to do so after April 6th. Examples of our EPCs can be found on the property pages of our website.

What next for EPC law in England?

Posted on 24/01/2012 by prateek

Since 1 October 2008, landlords and letting agents have been legally obligated to provide prospective tenants with a valid Energy Performance Certificate, should they request to see one. EPCs are carried out by accredited Domestic Energy Assessors and give landlords and tenants an indication of the energy usage and carbon dioxide emissions of a property, as well as guidelines for those wishing to improve the energy efficiency of their home. All letting and estate agents are required by law to commission a property’s EPC before they commence marketing it in any way; the agent must then be in ownership of the certificate within 28 days from when marketing began.

Currently, regulations governing how much of the EPC must be shared are very lax. Although the full report is usually several pages long, many letting agents only choose to share the EPC’s two summary graphs on their website, often omitting more detailed sections such as ‘Estimated energy useage and fuel costs of this home’.

In early 2011, the government announced that they would be introducing new legislation whereby agents would only have an initial seven days to procure an EPC from when marketing starts, as opposed to the current 28. Significantly, it was also announced that agents would have to attach the full EPC to property particulars, not just the graphs.

However, in early June 2011 the government admitted that they would miss their target of pushing the new legislation through by July 1st and declared that changes to EPC law would now be introduced on October 1st instead.

The government’s initial plans drew criticism from some quarters of the lettings and sales industry, who voiced concerns about the added paperwork that they would be required to produce. Under this criticism, the proposed changes were watered down so that agents and landlords will only be obliged to share the first page of the document. However, the first page of the EPC is due to be redesigned so that it also shows the key recommendations and their cost implications.

Towards the end of September 2011, the government announced that it was delaying its EPC changes yet again. At the time of writing, the commencement date for new EPC regulations has been pushed back to April 2012.

As it stands, many letting and estate agents still only choose to share the EPC graphs with their tenants. At Reside, we have always made full EPCs available on our website, and included the first page of the document on our property brochures. Click here to see an example of one of our EPCs.

Many thought that EPCs would be abolished when Home Information Packs were scrapped back in 2010. But, as EPCs are required by European law, it seems that they are here to stay – even if we do not know exactly what the government will do with them next.

Top artists help raise funds for The Prince’s Trust

Posted on 09/01/201204/07/2025 by prateek

The Prince’s Trust’s inaugral Evening of Art, a charity art auction held at Bath’s Assembly Rooms on 7th December 2011, proved a triumphant success.

More than £74,000 was raised on the night, far exceeding the Trust’s initial target of £50,000, with all of the proceeds going directly towards supporting disadvantaged young people in the South West.

As one of the event’s principal sponsors, the Reside team donned their glad-rags and, along with many other specially invited guests, bidded on pieces of art donated by a host of top artists such as Nick Park, Sir Peter Blake and Rob Ryan.

Michelle Moran, Head of Fundraising for The Prince’s Trust South West, said, “This income will make a huge difference to the lives of disadvantaged young people in the region, particularly at a time when youth unemployment is so high. We couldn’t have achieved this success and raised such a fantastic amount without the help of every individual and company involved.”

From us all here at Reside, many thanks and congratulations to Michelle, Beth and everyone at The Prince’s Trust for organising such an enjoyable event for a truly worthwhile cause.

Reside introduces regular lettings newsletter

Posted on 24/11/201104/07/2025 by prateek

The first Reside eNewsletter, packed with the latest lettings news locally and nationally, was yesterday sent out to Reside landlords, colleagues and contacts. The first edition included stories on Reside’s sponsorship of a local Prince’s Trust event, the estimated rise in home rentals over the coming years, and much more.

To view our first eNewsletter, please click here.

To subscribe to future eNewsletters, please click here.