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Reside Review: February 2021

Posted on by prateek

There has been continued demand for rental properties in Bath throughout February 2021, maintaining the trends we saw in January when demand outstripped supply.

Smaller, more ‘typical’ investment properties have let very easily throughout the month, and while there has been fair demand for family homes, there have been precious few available on the market. At the very end of the month, we saw several larger properties return to the market as tenants gave their notice; as we grow closer to half term and Easter beyond, we will likely see this market become more active as families, who are traditionally reluctant to move during the winter months, start to make plans for the year ahead.

The lockdown that ran throughout February has not had a major impact on our activity; it has become common knowledge that our sector has been permitted to continue working, so tenants have been free to proceed with home moves and viewings. It has been encouraging to see how well clients have responded to the Covid safety measures we have in place, which have served us very well thus far.

On that note, B&NES council has made asymptomatic Covid testing available to local workforces who are unable to work from home, and come into regular contact with the public. This means that our staff will be able to get tested on a weekly basis, giving our clients even more reassurance that we are taking every precaution to safeguard their health.

Rightmove data shows a shift to rural areas

Data released by Rightmove during February shows a definite shift from major cities to more rural areas over the course of 2020. The area hit hardest was Greater London, which saw average rents drop by 6.4% over the year. In contrast, average rents in the South West increased by 5.4%, although it should be pointed out that parts of Devon and Cornwall, where rents are typically lower than in Bath, will have contributed to this figure.

Source: Rightmove.co.uk

The much-publicised exodus of renters from London is certainly something that we have witnessed in Bath, and we expect this to continue throughout the year as lockdown restrictions are relaxed. Cities such as Bath, with strong transport links into the capital, are prime destinations for renters looking to escape densely populated, built-up areas.

Bath Celebrates Its Property Sector

The Bath Property Awards are almost upon us, and we are delighted to be nominated as finalists. Held on Friday 12th March, the online ceremony brings together businesses from all corners of the property sector; it is remarkable to see the strength and diversity in the businesses nominated across the categories. Regardless of what happens in our ‘lettings agent’ category, it’s a pleasure to be in such enterprising and esteemed company.

Do check out the Bath Property Awards website to read more about the other businesses involved.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Extended Notice Periods For Welsh Landlords

Posted on by prateek

In news that may not be of direct relevance to our tenants and landlords in Bath, but could nonetheless be a suggestion of things to come, the Welsh government has introduced a bill that will permanently extend minimum notice periods for landlords.

The new legislation, which will be implemented before the end of the current Assembly in May 2021, will require landlords to serve a minimum of six months’ notice to end a tenancy. Such a notice cannot be served during the first six months of the tenancy, thereby preventing a landlord from ending a tenancy earlier than 12 months.

While in some cases these changes will provide more financial security for landlords, it also means it will take landlords 12 months to reclaim their property in the case of “no fault evictions”.
Angela Davey, ARLA Propertymark President

The future of Section 21 in England, or the ‘no-fault’ eviction as it’s commonly known, has been a major talking point since the last General Election, when the Conservatives promised to reform the evictions process. Since then, their response to the Covid-19 pandemic saw the introduction of temporary six month notice periods for landlords, a measure that is due to run until the 31st of March.

It isn’t yet clear what will happen to notice periods in England – they will either revert back to 2 months, or the government will extend the current measures temporarily or permanently. What we can be sure of is that changes will be made to Section 21, and perhaps the Welsh Bill is a sign of things to come.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Chancellor Urged To Act On Tenant Debt

Posted on by prateek

A coalition of property and housing organisations, including Reside’s regulatory body ARLA Propertymark, have come together to call on Chancellor Rishi Sunak to help private renters pay off COVID-19 rent arrears and help sustain existing tenancies.

Across the nation, at least half a million private renters are in arrears due to the economic impact of COVID-19. The UK Government’s own research shows that ‘private renters report being hardest hit by the pandemic’.

The joint statement issued by Propertymark, NRLA, The Big Issue Ride Out Recession Alliance, Citizens Advice, Joseph Rowntree Foundation, Crisis, Money Advice Trust, Nationwide Building Society, The Mortgage Works, StepChange Debt Charity and Shelter welcomes many of the measures taken to date, but goes on to say that they do not go far enough to adequately protect renters going forward. Without additional support, more renters will lose their homes in the coming months, with the risk of an increase in homelessness.

In order to sustain tenancies wherever possible, these organisations maintain that these two pledges are required in the forthcoming budget:

1. A targeted financial package to help renters pay off arrears built since lockdown measures started in March 2020. This will help to sustain existing tenancies and keep renters in their homes, whilst also ensuring rental debt does not prevent them from finding homes in the future.

2. A welfare system that provides renters with the security of knowing that they can afford their homes. The pandemic has shown how vital this is to providing security at a time of crisis. The Government increased Universal Credit and Housing Benefit because it recognised that the system was not doing enough to support people in the first place, yet it has chosen to freeze Housing Benefit rates again from April and is considering cutting Universal Credit at the same time. It cannot be right that these measures could be pulled away from renters during continued economic uncertainty.

The Chancellor is being urged to take action now to avoid renters being scarred by debts they have no hope of clearing and a wave of people having to leave their homes in the months to come.

At Reside, we have worked with our tenants to keep levels of rent arrears very low, however we recognise that the end of the Job Retention and Self-Employment Income Support schemes will present fresh challenges. Additional support for tenants will be needed to avoid a dramatic drop-off in income, for those who are currently reliant on the furlough scheme and self-employment support grants.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

The Great Pet Debate

Posted on by prateek

What does the government’s new stance on pets mean for tenants and landlords?

Despite being a constant threat to Zoom meetings, pets have provided a valuable lifeline during the Covid-19 pandemic; they are known to decrease anxiety, save us from loneliness and help establish daily routines. It is therefore perhaps unsurprising that The Kennel Club has reported a 180% increase in enquiries from potential dog owners, and visits to the puppy fostering pages of the RSPCA website have soared by 600%.

Pet ownership in privately rented properties has, however, never been straightforward. The decision on whether to permit a pet in the property lies entirely with the landlord and, whilst some are very accommodating of their tenants’ requests, others approach the subject with more caution.

Landlord Concerns

So why would a landlord decline a tenant’s request to keep a dog or cat in their home? Usually, it boils down to concerns over increased wear and damage during the tenancy. When a pet is allowed by the landlord, the pet is considered an ‘occupier’ of the property; they will therefore contribute to the fair wear and tear that the landlord must accept is inevitable, for which the tenant must not be held accountable. Many landlords also fear for increased damage over the course of the tenancy and, whilst damage can be attributed to the tenant, the introduction of deposit caps put an end to the practice of additional pet deposits. This has predicated a more cautious approach among many landlords, who feel it sensible to reduce the risk of tenant damages to a minimum.

Another frequently cited reason for declining a pet request is a restrictive covenant in the building’s head lease. An occupier of a property that is subject to a head lease may find that the lease prohibits pets of any kind in the building, usually in an effort to reduce noise complaints between apartments. If this is the case, there is little that a landlord can do to accommodate their tenant’s request.

Pet Consent By Default

Last week, the government updated its standard Assured Shorthold Tenancy Agreement to give tenants more freedom to keep pets in their properties. It is not a requirement to use the government’s model AST, we at Reside use the ARLA Propertymark tenancy agreement, but it perhaps gives us an insight into the government’s future intentions.

Under the new clause in the government’s tenancy agreement, it is deemed that the landlord has granted permission for pets to be kept at the property, unless they provide the tenant with a good reason why this cannot be permitted within 28 days of receiving such a request:

The Landlord should accept such a request where they are satisfied the Tenant is a responsible pet owner and the pet is of a kind that is suitable in relation to the nature of the premises at which it will be kept. Consent is deemed to be granted unless the written request is turned down by a Landlord with good reason in writing within 28 days of receiving the request.

According to a guidance note, a ‘good reason’ to decline a pet request would be ‘large pets in smaller properties or flats, or otherwise properties where having a pet could be impractical’. These definitions are open to interpretation, and it remains to be seen how the government would define this in law.

On The Agenda

Prior to the last general election, the Labour Party outlined a policy that would give renters a default right to keep a pet. With the Conservative government now adopting a similar stance, albeit currently in a non-binding way, there seems to be cross-party support for the initiative. With the Tenant Reform Bill due to be revisited later in the year, it would be no surprise if the government introduced legislation in line with the recent changes to their model AST, something that was perhaps alluded to by Housing Minister Robert Jenrick when launching the new model tenancy agreement: “I’m overhauling our model tenancy contract to encourage more landlords to consider opening their doors to responsible pet owners. And we will be listening to tenants and landlords to see what more we can do to tackle this issue in a way that is fair to both.”

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Reside Review: January 2021

Posted on by prateek

Rental Market Continues to Show Resilience

Despite being locked down throughout January, the rental market once again proved itself to be resilient in the face of national restrictions. Our industry was fortunate to be permitted to continue operating during lockdown, whilst observing strict safety precautions. Previous lockdowns have taught us not to expect a decrease in demand, and January was no exception; over the course of the month, we let more properties than in January 2020, at a higher average rent.

Demand has in fact been exceeding supply; on the last day of the month, we had only five available properties remaining on the market. In the current market, a sensibly-priced property with professional photographs and a quality virtual tour should attract good levels of interest straight away.

Helping Homeschoolers

We have been scratching our heads of late, wondering what we can do to help our local community get through this current lockdown.

One initiative we landed on was to offer support to homeschooling parents who do not have access to a printer, and are unable to print schoolwork for their children.

We have virtually become a paperless office over the last few years, so this seemed like a very good reason to press our hulking office printer into action. Using the systems we have put in place for key collections, we can also offer contactless collection from our office door.

So please – if we can help with this, do get in touch. We would be very happy to print your schoolwork for you.

Awards Season

In January, we were named as finalists in the 2020 Bath Property Awards, which are being held in March of this year. The awards are run by Mediaclash, the team behind Bath Life, and are a celebration of the local property sector. We’re honoured to be involved, alongside a host of excellent local businesses from across the sector, and look forward to the very creative virtual event that Mediaclash have organised.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Off The Record: A Lifeline For Young People In Bath

Posted on by prateek

As a proudly independent Bath business, Reside has always endeavoured to engage and give back to the local community through a variety of different initiatives. One such commitment is made through our membership of the Bath Percent Club, whose members pledge to contribute a percentage of their profits to local causes. Each year, we ask our staff to select and research a local charity for us to support.

At the end of 2020, our staff unanimously selected Off The Record Bath & North East Somerset as their charity of choice. Through their work in the local community, Off The Record helps to improve the emotional health and wellbeing of young people; their Fundraising Manager Martha Robbins kindly took the time to speak to us about the important work they do.

Could you summarise what Off The Record does? What is the make-up of the charity / how many volunteers do you have?
Off The Record is a youth charity covering Bath and North East Somerset and beyond, powered by 20 volunteers, 22 counsellors, and employing 39 people. We provide life-changing support to young people who come to us in crisis, and carry out ground-breaking community work that acts as a safety net, preventing vulnerable children slipping through the cracks.

Many people may be unaware of the extent of the issues faced by young people in the Bath area. What kind of support do you provide?
In 2019, we provided around 30,000 sessions to young people from ages 10-25 with our extensive array of support projects, which are all entirely free of charge.

For those going through traumatic experiences such as family breakdown, our advocacy team protects children thrown into situations that they will struggle to navigate alone, such as being removed from their families and placed into the care system.

For those at breaking point, having been dealing with painful circumstances or serious mental health conditions alone, our counselling and listening support team is a welcome out-stretched hand, providing confidential sessions in a comfortable setting to turn around a young person’s outlook.

And for those who want to change the world around them, our participation team works to involve young people in meaningful projects that contribute to our community, to help give them purpose and the support bubble we all need.

What new challenges have you faced during 2020, specifically with regards to Covid-19? And how has it affected the young people you work with?
The effects of Covid-19 have only increased the need for our services. Now more than ever, the public recognises that ‘home’ feels like an unsafe place far too many young people. Isolation, academic stress, unemployment, so many issues that can affect young people and their families have been intensified by the pandemic. For instance, we have seen a 40% increase in referrals compared to this time last year, particularly relating to self-harm, suicidal thoughts and family relationships.

We have seen a 40% increase in referrals compared to this time last year, particularly relating to self-harm, suicidal thoughts and family relationships

Thankfully, we have been able to continue to provide all our advocacy, counselling, and community-based work in person or on-line, in accordance with government guidelines over 2020. It has been a challenge for all our staff and volunteers, but we are lucky to have such an amazing team that pulls together.

What are your hopes for the future of Off The Record?
Despite the evident setbacks this past year, it’s the success stories from our service users that keeps us driven and focused. One big goal in the coming months is to better promote and celebrate the great work Off The Record does. We also have been made part of the Rank Foundation’s Time 2 Shine scheme for 2021, which has enabled us to welcome a dedicated fundraising officer. With the support of our donors and the local community, we are quietly optimistic for the year ahead and what we can achieve for the young people we serve.

How can people help to support the charity?
To support us you can:

  • donate to keep our vital services free of charge
  • subscribe to our newsletter so we can send happy news to your inbox once a month
  • follow our social media to keep an eye on future events and opportunities, and share them with parents, guardians and young people you know.

You can find Off The Record on Facebook, Instagram and Twitter.

5 Reasons To Be Positive About The Rental Market In 2021

Posted on by prateek

Despite the current lockdown restrictions, we are all eager to find reasons for optimism in the year ahead. The cloud that engulfed 2020 has certainly not given way, but it has perhaps been lanced by some stray rays of sun thanks to the vaccine rollout.
Given the current need for positivity, what reasons are there to be cheerful about the property rental market over the next 12 months?

1. The Market in 2020

Rather unexpectedly, the rental market in 2020 remained buoyant to the end. The lengthy slump in activity that we all anticipated during the first national lockdown never came about, as agents and tenants adapted, and video tours came to the fore. Between March and September 2020, a staggering 54% of properties let by Reside were achieved without the need for a physical viewing – such was the success of our virtual tours. When the second national lockdown came around in September, the government took the decision to keep the property market open and allow viewings to continue, a policy that they have thus far maintained.

Strong demand from tenants, allied with a healthy supply of properties (partially from landlords exiting the holiday rental market) meant that 2020 was a remarkably busy year. We let more properties during 2020 than in any other year in the Reside’s history – a staggering outcome, all things considered.

There is no reason why this should change in 2021, so we expect it to be another strong year for both supply and demand of rental property.

2. Whatever Happens, We’re Ready

Whilst we hope that there are brighter times ahead, it seems likely that there could be further lockdown restrictions before things start to improve. But whatever 2021 throws at us – we’re ready.

Every aspect of our management service can be carried out from home, if need be. Every member of staff is set up with home access to our phone and computer system; property inspections can now be done remotely; we have a system for contactless check ins and check outs; contracts can be signed remotely; Right to Rent checks are carried out virtually and, as we’ve already established, properties can be marketed very effectively without anyone needing to leave their home.

Regardless of any restrictions that are put in place over the course of this year, we will be able to provide a full and professional service to our tenants and landlords.

3. Destination: Bath

Bath landlords can look forward to increased demand in 2021, as we expect the city to be a popular destination for renters leaving London (no, let’s not call it Lexit). It is widely thought that there may be something of an exodus from the capital post-Covid-19, as new working from home regimes reduce the need to commute so frequently.

4. Return of the Renters’ Reform Bill

The much-discussed Renters’ Reform Bill is slated make a reappearance later in the year. It formed part of the Queen’s Speech in December 2019 and was widely expected to progress through Parliament in 2020, until the government became preoccupied by more important matters. But with the private rental sector being inundated by so much new legislation, why is this a cause for optimism?

The Bill’s two main promises that have been outlined so far are to scrap Section 21 evictions, and to introduce lifetime deposits for tenants. If done correctly, both of these changes could be positive for landlords and tenants, so this key piece of legislation is an opportunity to improve the current system.

Lifetime deposits will travel with tenants from property to property, reducing moving costs for tenants and making the moving process easier and less costly.

Section 21 (or ‘no-fault’) evictions have long been in the crosshairs of the main political parties, and its departure is inevitable. ARLA Propertymark has lobbied the government to replace Section 21 with a more efficient system that would be fair to diligent landlords, and provide tenants with security of tenure. The detail of ARLA’s proposal can be found here, but it is not yet known what the government’s approach will be.

5. A return to normal

We have become so entrenched in our ‘new normal’, that the prospect of a return to the ‘old normal’ seems unfathomable. Nonetheless, if the vaccine rollout is successful, we can dare to dream of a return to some sort of normality later in the year.

Whilst it remains to be seen what a post-Covid world looks like, we will bring many lessons learned from the pandemic forward with us. Over the last year, we have been forced to embrace new technologies, pair back and hone our services, and work more diligently and harder than ever before. Although we wish this had never been necessary, we have discovered ways to be more efficient and innovative than ever before. Whenever we do finally emerge from the pandemic, Reside will be stronger and better for it.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Evictions Ban Extended in England

Posted on by prateek

UPDATE: On the 14th February, just a week before the revised deadline mentioned in the blog below, Robert Jenrick MP announced a further extension to the evictions ban – until 31st March 2021. All other details in the below post remain accurate at time of writing.

The government has announced a further extension to the ban on bailiff-enforced evictions for private renters in England. The previous restrictions were due to end on Monday the 11th of January, following a month-long ban over the Christmas period. The new extension will be until the 21st of February 2021 and reviewed regularly, meaning that there could yet be another extension.

There are exemptions to the regulations, which include:

  • Illegal occupation
  • Anti-social behaviour
  • Where a property is unoccupied following the death of a tenant
  • Extreme rent arrears (equivalent to nine months’ rent, excluding any arrears accrued since the 23rd of March)

Claims for possession can still progress through the courts, however a large backlog of claims built up during the Covid-enforced court closure last year. This means that landlords making new possessions claims may face a lengthy wait for their claim to be heard. However, eviction notices will not be enacted by bailiffs until after the evictions ban has been lifted on the 21st of February at the earliest.

Confused?

Even without all of the temporary legislation that has been introduced over the last year, the private rental market is becoming more regulated than ever before. A previous blog revealed that landlords are now required to comply with 156 different laws over the course of a tenancy; it has never been more important for your tenancy to be managed by a knowledgeable, professional and regulated agency.

For guidance on all aspects of tenancy management, or if you are considering letting your property in Bath, contact us on 01225 445777 or info@localhost.

How Many Legal Obligations Do Landlords Have?

Posted on by prateek

Do you know how many different laws a landlord must comply with?

A recent study by the Residential Landlords Association has revealed the number of different laws that create an obligation on landlords in the private rental sector.

Back in 2010, this figure stood at 118, but has since shot up by a staggering 32% to 156.

With many regulations carrying financial or even criminal penalties if a landlord is found to be in breach of them, this is a stark reminder of how difficult it can be for private landlords to keep up with a sector that is becoming increasingly regulated.

With this in mind, it is perhaps unsurprising that Lord Best’s Regulation of Property Agents working group recommended to the government the wholesale regulation of all lettings agents. These measures, which are expected to be implemented in the next couple of years, would require all staff – from the director to the apprentice – to obtain industry qualifications, and for the company to belong to a regulatory body.

At a time when anybody, regardless of their experience or knowledge, can decide to open a lettings agency, thorough regulation seems sensible.

With 156 separate laws to comply with, tenancy management requires in-depth and up to date industry expertise.

Reside already chooses to be regulated through our membership of ARLA Propertymark, the industry’s main regulatory body, and a quarter of our staff are ARLA-qualified. Our clients can be confident in the knowledge that their tenancies are fully compliant, and in safe hands.