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Story 1 Tenancy Deposit Schene report highlights the increase of cleaning issues between tenants and landlords |
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The annual review by the Tenancy Deposit Scheme (TDS) for 2012/2013 has established that the most usual tenant’s complaint is about cleaning, increasing from 49% in 2009 to 56% in 2013, and is at its highest level since 2007. The chief problems appear to be dirty ovens and fridges, stains on flooring, filthy bathrooms and pet detritus. The TDS goes on to say that tenants often claim that the property’s cleanliness at the start of the tenancy was not clear or that the agreement did not specify their obligations. Make sure you prepare a proper inventory and do a thorough check in and out so that both tenant and landlord have proof of condition. At check out, tenants should be told of any areas still requiring cleaning, and the likely cost involved (professional cleaning can cost £10-20 per hour). Greasy or dirty ovens cause most problems and can cost £50-80 to restore to pristine condition. Tenants’ obligations extend to leaving the property in the same state as when they moved in, after allowing for reasonable wear and tear. For more information go to Property Wire and for the full TDS report see TDS Kate’s thoughts Letting a property is more complicated than we think. Just sorting out between a landlord, agent and tenant what is ‘clean’ and what isn’t is pretty difficult according to this research. The key to a successful tenancy is open, transparent and upfront communication. Read our Tenancy Deposit Scheme checklist
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Story 2
Are we in trouble economically? If we are, it will affect property prices
The Eurozone and Japan’s weak economic performance, if not as grim as in 2008, have been registered in spite of aggressive monetary policies. Jack Lew, US Treasure Secretary, delivered this assessment last week and said, “Demand in the Eurozone has yet to recover the ground lost during the crisis, remaining more than 4 % below its pre-crisis level.” Explanations for this include a) post-crisis private debt and damage to confidence following the financial system’s breakdown; b) pre-crisis demand was unsustainable, relying on vast build ups of private and public debt leading to continuing financial surplus; and c) a deceleration in possible growth due to a mix of demographic changes, decreasing productivity rises and feeble investment. For more information, read FT
The economy has a massive impact on property and vice versa, so if you are buying, selling or investing, bear in mind that bad news economically can reduce prices and good news often raises them. For more information on how your buy to let is affected by the economy, download my latest landlord investment presentation.
Read our First Time Buyer Quick Guide
Story 3
Self-builders will soon have Right to Build
The ‘Right to Build’ Bill, the Self Build and Custom House building Bill, passed its second reading in the Commons in late October and could receive Royal Assent by Spring 2015. It will require local authorities to keep a register of constituents interested in building their own homes, and take these into account when discussing local issues relating to housing. Richard Bacon, MP for South Norfolk, says, “Everyone should have somewhere to live… buying land should become completely normal.”
Local authorities will have to provide plots for self-builders who demand them and, if the bill goes through, this could happen by May 2016. Implementation and eligibility are yet to be decided, but eleven local authorities are running versions of Right to Build and findings of a consultation will inform how Right to Build works in practice. To read more, see Plot Finder
Kate’s thoughts
This is really fantastic news for budding self-builders. At last the chance to find land, one of the biggest barriers to building is being addressed, meaning the chance of you building your new home has just gone….through the roof!
Read our Chooisng a Timber Frame Checklist from English Brothers
Story 4
Who knew – being near a famous TV location can increase your property’s house price!
Living close to locations made famous by the UK’s four enduring soaps means your house price is likely to have trebled or more in the last two decades. According to the Halifax’s latest research, London’s East End residents come out top with average prices jumping by 437% since 1994, compared to Greater London’s average of 344%. Those living in Coronation Street territory come next at 204%, followed by Emmerdale at 198% and Hollyoaks at 193%.
Average house prices relating to areas close to the latter two are over £40,000 more than wider regional averages, whereas house prices in Eastenders and Coronation Street areas are actually significantly lower - £60,000 – below the London average since 1994. Halifax’s Housing Economist, Martin Ellis, comments, “The UK’s longest-running soaps have made the areas where they are based famous; however, this doesn’t always translate to high house prices.” Shorter-term house price movements show a more mixed picture, and of the sixteen popular TV series’ house prices analysed, the performance was even more mixed, with only seven recording house price gains above their regional average in the last five years.
Read our checklist from Apsect, adding value to a home
Story 5
New photo gallery documents Olympic and Paralympic construction 2007-14
100 of the most striking images taken from start to finish during the building of the Olympic and Paralympic sites are now available free of copyright on Flickr. They include aerial photos, and photos of East Village as it was converted from temporary athletes’ accommodation to new homes for families and individuals. The ODA (Olympic Delivery Authority) closes in December and its Chairman, Sir John Armitt, said, “The photographs we are making available for public use vividly tell the story of a terrific success for the UK, our construction industry and tens of thousands of workers.” The ODA and London 2012 have been sharing their knowledge and experience through their Learning Legacy initiative, with the aim of helping the construction and event sectors raise their game and promote the UK as a model of, among other things, innovation, management and sustainability. To read more, go to Government - London 2012
