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Reside Review: June 2021

Posted on by prateek

Reside General Manager Toby Martin rounds up rental market activity in June 2021.

Market Update

The rent trend of high tenant demand versus low property supply continued during June 2021. Competition for properties reached such heights that our average letting time between listing a property on the market and having an offer accepted by the landlord was just 3.45 days. The average rent agreed across those properties was 101.2% of the advertised rent.

The message from Reside is clear – if you are a landlord, there has probably never been a better time to bring your property to the rental market.

Landlords – are you compliant?

Whilst on the subject of interesting statistics, a recent article by property industry expert Paul Shamplina revealed last month that there have been no fewer than 47 changes to regulations affecting landlords during the Covid pandemic alone.

There’s been 47 changes to regulation and law in the UK during Covid and for the small portfolio landlords now everything has changed massively.

I believe it’s essential that they have a letting agent on their side albeit the correct agent by picking the right one, which is very important.
– Paul Shamplina

Meanwhile, new research by the National Residential Landlords Association puts the total number of laws with which landlords must comply at 168. In 2010, this figure stood at 118 – that is a 42% rise in 11 years. The rate at which regulations are changed has only accelerated over recent years, and more law changes will continue to come for the foreseeable future.

Without a professional, ARLA Propertymark qualified agent managing your property, it is very difficult for a landlord to be 100% confident that they have complied with all of their legal obligations.

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.

Alarm Bells For Landlords: new legislation just a week away

Posted on by prateek

New regulations enforcing the provision of smoke and carbon monoxide alarms in privately rented properties are now just one week away. After several months of speculation and debate, the Smoke and Carbon Monoxide Alarm (England) Act 2015 was finally passed by Parliament on the 14th of September – leaving landlords just two and a half weeks to ensure their properties meet the new requirements.

From the 1st of October 2015, landlords will be required to supply and fit at least one smoke alarm on every storey of their property which is used as living accommodation, even if that storey only includes a bathroom or lavatory. Carbon monoxide alarms must also be present in any room containing a solid fuel burning appliance, such as a coal or wood burning fire. These alarms must be tested by the landlord at the start of each new tenancy to ensure they are still in working order.

As the legislation currently stands, Landlords are not obliged to fit carbon monoxide alarms in rooms with gas or oil appliances. We at Reside, however, have advised our landlords to supply CO alarms where gas appliances are present; whilst the legislation does not make this mandatory, it does state that ‘reputable landlords’ are expected to supply carbon monoxide alarms in these circumstances.

The Department for Communities’ guidelines make it very clear that no grace period will be permitted for landlords who have not acted to ensure their property is compliant, and hefty fines of up to £5,000 will be levied against those who do not take the necessary steps.

An explanatory handbook written by the Department for Communities explains exactly what landlords must do to ensure compliance, and can be found here.