The rate of growth in the number of tenants in severe arrears is slowing, but nevertheless rose by 1.6% in the third quarter of this year. There are now 99,000 tenants in arrears of two-months plus – the highest since 2008 and 15% more than last year.
Shawbrook Bank, which launched a year ago, is setting out to woo buy-to-let landlords with a range of short-term loans.
Tenants living in private rental accommodation and who receive benefits have been offered a rent reduction negotiation service.
Landlords in prime central London have been warned to price competitively this autumn, as demand for rental property has dropped by 20% and corporate employers looking to accommodate staff have slashed their budgets.
The term ‘rogue landlord’ should not be used, the chairman of the Residential Landlords Association has said.
Gross yields rose on all types of buy-to-let property in the third quarter, apart from semi-commercial – for example, flats over shops. Yields on Houses in Multiple Occupation (HMOs) jumped from 9.2% to 11.1%.
British Gas, Britain’s biggest energy supplier, and Shelter have announced a five-year partnership aimed at improving standards in the private rented sector.
The private rental market in London is set for enormous change and growth.
Doubts have been cast upon the viability of the ‘build to let’ sector that the Government is so keen to see emerge.
The first local authority in England bringing in blanket licensing of all private rental properties within its boundaries is unable to say how many prosecutions it has brought against landlords over the last five years.