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Reside Review: April 2021

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Tenant Demand Reaches A New High

Despite rarely having more than four properties on the market at any one time, we let more properties during April 2021 than in Aprils 2014, 2015, 2016, 2017, 2018, 2019 and 2020. Tenant demand is outstripping supply to such an extent that we are receiving multiple offers on most properties within days, or in some cases hours, of the property being listed on the market.

New applicant registrations were up by 1.3% on March 2021, and by 137% compared to April 2020.

New electrical regulations apply to all landlords

Last year, new electrical safety regulations were introduced that required safety testing to be carried out for all new tenancies. On the 1st of April, this was extended to cover all existing tenancies as well – so if you are with a landlord with an occupied property, you must now have an electrical safety certificate in place. This must be renewed every five years. Where category C1 or C2 issues are diagnosed by the electrician, remedial works must be carried out within 28 days and the local authority informed.

Tenants must be given ‘Breathing Space’

The government’s new Debt Respite Scheme, or ‘Breathing Space’, came into force on the 4th of May and entitles people in problem debt (e.g. a tenant) to a temporary period of respite from a creditor (e.g. a landlord or letting agent).

A Breathing Space will pause most enforcement action, creditor contact, and interest and charges on a person’s qualifying debts, so that they can consider their options and engage with professional debt advice.

We will bring you a more detailed blog about this scheme in the coming weeks.

Important Dates in May

The Queen’s Speech on the 11th of May promises to be an important one for landlords and letting agents. It is widely expected that the Prime Minister will return to the Renters’ Reform Bill, bringing the future of Section 21 back into sharp focus, alongside lifetime deposits for tenants.

Temporary legislation permitting landlords and agents to carry out Right to Rent checks virtually will come to an end on the 17th of May. From that date, all Right to Rent checks must once again take place in person.  However, after successful lobbying by ARLA Propertymark, a recent revision to the regulations now means that landlords will now not have to redo the virtual checks that have been carried out during the pandemic.

Update: since publishing this blog, the government has announced a one month extension to virtual Right to Rent checks. In-person checks will now be mandatory again from the 20th of June.

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: March 2021

Posted on by prateek

AWARDS RECOGNITION FOR RESIDE

We are delighted to have been recognised as the leading Bath lettings agency in the recent Bath Property Awards, an annual event hosted by Mediaclash (the terrific people behind Bath Life, Bath Boules) to celebrate the city’s property sector.

In an enterprising online ceremony, the panel of local judges commended Reside on our growth in 2020 and the way in which we responded to the challenges of the pandemic.

A great big thank you to our wonderful team and clients for helping us to achieve this award!

MARKET UPDATE

The rental market in March 2021 continued to follow the recent trend of high tenant demand, low property supply. Regardless of this, total lets agreed over the course of the month were still higher than March of last year.

Despite going into the first ever national lockdown in March 2020, it was still a relatively strong month for new lets, so to more lets this March demonstrates that we are still in a strong climate for landlords looking to bring their property to the rental market.

IMPROVED VIDEO TOURS

Video marketing has become essential when putting a property on the rental market. We are one of the only agencies to advertise every property with a video tour, but have still been working hard to improve this aspect of our service because of just how important it is.

Having invested in a new state of the art camera, we now record a 4K video tour for every property that we list on the market. This allows perspective tenants, no matter where in the country they are, to look around the property in crystal clear definition. Here is an example:

PROPTECH INSIGHT

We are delighted that our General Manager, Toby Martin, has been asked to join the Propertymark / REACH UK insight panel.

Toby will be joining hand-picked representatives from other forward thinking agencies across the UK to meet with property technology companies, to review and provide feedback on their products. This allows us early access to a great deal of the exciting new technology and software that is being developed for our sector, and will in the long run help to make us more dynamic and efficient.

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: 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.

How Many Legal Obligations Do Landlords Have?

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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.

RESIDE Bath on Phil Spencer Podcast.

Posted on by prateek

A couple of weeks ago, our resident Property Mark Trustee and Regional Executive (and all-round lettings expert) Mr Toby Martin (MARLA), was invited on to MOVE IQ’s local housing market review podcast with host and MOVE IQ founder, PHIL SPENCER!

MOVE IQ is all about providing all the information and a one site fits all space for all property questions. With a range of property experts and journalists across all backgrounds providing crucial information to the consumer.

MOVE IQ’s site aims untie the common goal of making sure that everyone has no-nonsense access to all market information when looking to sell, buy or rent, away from any bias and to make sure they meet all their readers and listeners needs within a market that is constantly changing.

RESIDE shares this goal of making sure that we too provide all the market information that we can, but on a more local basis here in the City of Bath. With that said, Toby was ever so kindly invited to be involved with the podcast and talk all things Bath rental market. He gives meaningful insight into the growth the bath rental market has seen over the last decade and what this has meant for the market, the growth in the average rent, difficulties landlords are facing and why we need more investment in the sector.

In this podcast Toby talks all things Bath Rental market. All the trends and statistics you could ask for are all here alongside more market insights further afield. If you wish to watch then please click the big red play button in the video attached below!