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Tag: property to rent in Bath

Reside Review: May 2021

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General Manager Toby Martin rounds up the month of May, with news of new notice periods for landlords, the Queen’s Speech and more.

Reduced Landlord Notice Periods

As of the 1st of June 2021, notice periods for landlords have decreased from six to four months. The government temporarily increased notice periods to six months in August 2020, to provide tenants with greater security in their homes at the height of the pandemic. If the ‘roadmap’ out of lockdown restrictions goes according to plan, notice periods are expected to return to their pre-pandemic levels, i.e. 2 months, in October 2021.

Notice periods for tenants remain unaffected; a tenant can serve 1 month’s notice to bring their tenancy to an end.

You can read our detailed blog about this legislation here.

‘Breathing Space’ for Tenants

At the start of May, the Debt Respite Scheme came into force; a new initiative designed to give people in problem debt ‘breathing space’ to consider their options. The scheme, which will apply to tenants in rent arrears, permits any person who is in debt to seek a moratorium from an approved debt advice provider.

We will be posting a full blog on this subject in the coming weeks.

The Queen’s Speech

The Queen’s Speech at the start of May outlined the government’s priorities over the coming year, and contained a promise to ‘enhance the rights of those who rent‘. A White Paper has been promised in the autumn, which will address the government’s long-term promises to overhaul Section 21 evictions and introduce lifetime tenancy deposits for tenants.

You can read our detailed blog about the Queen’s Speech here.

Demand Continues to Outstrip Supply

In line with previous months, tenant demand significantly exceeded property supply during May 2021. At one point, the sheer weight of tenant demand saw our available properties drop to zero for the first time in many years; happily, this did not last for long as new properties swiftly became available. But for every property we place on the market, we are seeing multiple interested parties competing for it, which is in turn driving up rents across the board.

New applicant registrations increased by 22.3% compared to May 2020 which, despite being affected by lockdown restrictions, was a record-breaking month for Reside.

Our message to landlords is simple – it is a very good time to be bringing a rental property to the market.

New Recruit

We are delighted to bring you news of a new addition to the Reside team. Chris Gray has joined us in the role of Lettings Negotiator, and will be first point of contact for many of our clients. Chris brings a wealth of experience in sales and property, and knows Bath inside out.

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.

Inside The Jolly’s Refurbishment

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The perfect property to rent in Bath?

Milsom Street is the beating heart of central Bath, shoppers busily flowing down the thoroughfare and its various tributaries. It is dominated on the western side by a department store which has become synonymous with the city, Jolly’s. Jolly & Son has, in one form or another, been a staple of the Bath shopping scene since 1823. Its immediate future is sadly uncertain, as current owner House of Fraser seeks to agree a new lease with the council, following a buy-out by Sports Direct.

Above Jollys’ crowded aisles, a rejuvenation of a different kind has taken place. A highly regarded Bath-based developer, Longacre, has converted ten run-down apartments into fourteen exceptional and exclusive studio, one and two bedroom apartments. Not that you would know, standing on the street – the building’s Georgian facade remains unchanged.

An Uncompromising Finish

The development is accessed by a heavy wrought iron gate, behind which lies a painstakingly restored peacock mosaic bearing the name of the department store. A large hallway with a cantilever staircase leads to a landing lined with skylights. The apartments vary in size and shape, but not in quality. Engineered timber flooring, granite kitchen counters, and stainless steel integrated appliances are universal, as are the views over the city front and back.

Secure Investments & Happy Tenants

Such a high quality of finish, paired with the most central location in the city, made for the perfect Bath property investment opportunity. Working closely with the selling agent, Knight Frank, we were able to inform our landlords of the development at an early stage, and have since brought several of the apartments to the rental market. As far as property to rent in Bath goes, these apartments are ideal: clean, contemporary, central and high quality – ultimately, very appealing to tenants.

Each apartment that came to the rental market let very swiftly – within just a few days in most cases. With tenants happy and landlords confident of a secure and reliable investment, these apartments have been a real success story.

If you are looking to expand your property portfolio and would like some expert advice, or if you simply have a property to rent in Bath, contact us on 01225 445777 or info@localhost. We would love to help.

Government Announces New Electrical Safety Regulations

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Subject to approval by both Houses of Parliament, landlords and letting agents will need to ensure electrical installation inspections and testing are carried out for all new tenancies in England from 1st July 2020, or from 1st April 2021 for existing tenancies.

The Government has laid The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020, which require landlords to ensure that every fixed electrical installation is inspected and tested at least every five years by a qualified engineer. The Regulations also state that a landlord is required to obtain a report of the results of the inspection, supply it to each tenant within 28 days and retain a copy until the next inspection is due.

“We are supportive of this concept and believe it will create a level playing field for all agents and landlords as well as ensuring improved safety standards for tenants. Mandating inspecting and testing of every fixed electrical installation should have a limited impact on good professional landlords and agents in the market, many of whom already voluntarily undertake these inspections.”
– David Cox, ARLA Propertymark Chief Executive

The landlord or their agent must supply a copy of the latest report to any new tenant before occupation, or within 28 days if requested by any prospective tenant. The Regulations require local housing authorities to enforce the rules, with landlords obliged to provide a copy of the report to the local authority within 7 days if requested.

Proven breaches of the Regulations can result in the local authority imposing a financial penalty of up to £30,000.

Professional Management

The government’s drive to raise standards in the private rental sector means that there are now nearly 150 pieces of law affecting tenancies. 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.

General Election 2019

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WHAT IT MEANS FOR THE PRIVATE RENTAL SECTOR

Heated debates over Brexit and the future of the NHS may have dominated headlines in the run-up to this year’s snap General Election, but when voters go to the polls on 12 December they will also have their say on a broad spectrum of policies which will plot the direction of the United Kingdom for the foreseeable future. Flagship housing policies have been announced by all of the main parties, each of which would mean significant changes for the private rental sector. Change is coming for landlords and tenants alike, regardless of who has the Downing Street keys come the New Year.

Armed with a strong brew and a highlighter, we trawled the manifestos to bring you a summary of the main partys’ plans for the sector.

The Conservative Party

Before an election had even been called, the Conservatives outlined their intention to abolish Section 21, or ‘no-fault’ evictions; their manifesto follows through on this promise. It is expected that Section 21 of the Housing Act will be replaced by a reworked version of Section 8, which would allow landlords to take back possession of their property if they had a valid reason, for example a breach of contract or to sell. The government sold this as a fairer solution for both tenants and landlords by promising greater security to tenants, and a simpler, faster eviction process for landlords with a genuine reason for seeking possession.

We will bring in a Better Deal for Renters, including abolishing ‘no fault’ evictions and only requiring one ‘lifetime’ deposit which moves with the tenant.

The Tories’ manifesto also plans to introduce a ‘lifetime’ deposit which moves with the tenant from property to property, also known as tenant deposit passports. In practice, this will allow a tenant to port their existing security deposit to their next tenancy; it is not yet known how deposit deductions or tenancy overlaps will work. A working group formed of the various deposit protection schemes had been due to report back to the government in the autumn, but the election has forced the Conservatives’ hand.

The only other reference to the sector in the Tory manifesto is an allusion to a policy introduced in 2015, protecting tenants from ‘revenge evictions’. We can only assume that legislation and enforcement of this issue will be tightened to give tenants greater protection against unscrupulous and ill-informed landlords.

The Labour Party

Jeremy Corbyn’s manifesto says that the UK’s 11 million tenants are ‘at the sharp end of the housing crisis’, and promises urgent action to protect private renters. Plans for open-ended tenancies will mean an end to no-fault evictions, echoing the Conservatives’ intentions to scrap Section 21, whilst rent increases would be capped at inflation. Labour would also give local authorities powers to introduce rent caps, should rents locally be deemed excessive against the national average.

We will take urgent action to protect private renters through rent controls, open-ended tenancies, and new, binding minimum standards.

An annual property ‘MOT’ would replace current landlord safety requirements, with hefty fines, landlord licensing and renters’ unions in place to hold sub-standard homes and rogue landlords to account. One of the party’s more radical policies is the introduction of national licensing for landlords.

Labour would abolish the Conservatives’ contentious Right to Rent policy, which in March 2019 was found to be in contravention of human rights law. This would remove the burden on a landlord to check the immigration status of their tenant before and during their tenancy.

The Liberal Democrats

Jo Swinson’s most eye-catching policy for the private rental sector is the introduction of a Help to Rent scheme, which would provide government-backed deposit loans to first-time renters under the age of 30. This has drawn criticism from some who believe the government should be supporting the younger generation into home ownership; however, Swinson maintains that increasing numbers of young people require state support in order to break into the rental market.

To reform the private rental sector, we will help young people into the rental market by establishing a new Help to Rent scheme to provide government-backed tenancy deposit loans for all first-time renters under 30.

The Liberal Democrats complete the triumvirate of major parties who have pledged greater security to tenants in the form of longer-term tenancies. Whilst they have not explicitly pledged in their manifesto to remove Section 21, the party voted in favour of doing so at their Bournemouth conference last September. They would also introduce a cap on annual rent increases, linked to inflation.

The Lib Dems’ final flagship rental policy is the mandatory licensing of all private landlords, in order to improve enforcement of current regulations.

What does it all mean?

Regardless of your political inclinations, landlords should accept that changes will be made to the sector after the 12th of December, but behind the dramatic headlines are policies which will have little impact on most conscientious landlords.

Section 21 evictions are going to be abolished, regardless of who holds the keys to Number 10, but landlords should find succour in the fact that reforms to Section 8, if done correctly, may actually simplify the eviction process for landlords with a legitimate reason to seek possession of their property.

Proposed rent controls will restrict annual rent increases to inflation, however most standard tenancy agreements already cite RPI as the bellwether by which to gauge rent reviews.

All three parties are seeking to make life more difficult for ‘rogue landlords’, their message being that dutiful landlords with a keen awareness of their obligations should have nothing to fear. Proposed landlord licensing or tightening of legislation is intended to clamp down on those landlords with little care or knowledge of the law.

Whilst it is not included in any manifestos, it is still widely expected that all letting agents will be required to comply with the recommendations of the RoPA Report, which proposed mandatory qualifications and licensing for all professional agents; something which Reside already complies with by virtue of our ARLA Propertymark membership.

With changes to the sector undoubtedly coming soon, and strict enforcement of housing legislation being proposed, there has never been a better time for landlords to employ a qualified, knowledgeable and regulated letting agency.

If you are a landlord with property to rent in Bath, please don’t hesitate to contact us – we would love to help.

First time landlords invest as tenant demand increases

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A recent study by major buy-to-let lender, Paragon Mortgages, found an increase in borrowing by first-time landlords as compared to the same time period last year.

Similarly, the percentage of business coming from landlords looking to grow their rental portfolios also increased.

John Heron, director of Paragon, said: “It would seem that an investment in property is increasingly attractive against a background of low returns on cash and volatility in global markets.”

“With perceptions shifting in terms of the improved availability of buy-to-let finance too, the lending industry is in a good place to support the ambitions of both new and experienced landlords.”

Also of interest to new landlords are the increases in average monthly rental costs in England and Wales – up by 3.5% in the 12 months to May 2013, according to LSL Property Services’ buy-to-let index.

David Newnes, director of LSL Property Services, said: “With wage growth so weak compared to inflation and house price growth, it looks like deposits will become less affordable – which will keep demand for rented accommodation high.”

He added that “private renting will become a more and more vital aspect of the economy.”

In line with these findings, we at Reside are seeing local demand for properties increasing significantly. July 2013 was our busiest month ever in terms of properties let, which were up 44% compared to July 2012 and 116% compared to July 2011. New properties added to our website also rose by 33% in July 2013 compared with last year.

Given also that rent arrears and voids are in decline, according to the National Landlords Association, this suggests that now is an excellent time for new landlords to consider investing in rental properties.

Dinder House, Somerset

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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.