There is no doubt we are living in challenging times. Until recently I thought, the main talking points this April would be around changes to EPCs and EICRs – but things are a little different now.
Walsall Landlords and tenants have a lot of questions about what all of this means for them and what support will be available during the coronavirus pandemic if they need it.
Over the past couple of weeks information/ announcements have been coming through thick and fast. To help you as best as possible I’ve put together some of the primary information issued by the government for the private rental sector. We’re all aware that things are changing almost daily, and we’re keeping a close eye on the news as the government continues to issue further guidance and support. The information I have to date is as of 31/03/2020.
If you have been reading my articles on the Walsall property market, you will see that in the three years since the referendum we have proved beyond doubt that ‘Brexit’ has had no effect on the Walsall property market (or the UK as a whole).
So one might ask, what does affect the property market locally? Well many things on the demand side include wages, job security, interest rates, availability of mortgages, confidence in the economy, inflation, speculative demand … the list goes on. Yet as my blog reading friends will note, I like to delve deeper into the numbers which has led me to find an interesting correlation between unemployment and the number of properties sold (i.e. transactions).
Why transaction levels and not house prices? Well just looking at Walsall house prices as a leading indicator has flaws. Many property market commentators and economists believe transaction numbers (the number of properties sold) give a more accurate and truthful indicator of the health of the property market than just house values alone. The reason is twofold. First most people when they sell also buy, so if property values have dropped by 10% or risen by 10% on the one you are selling, it would have done the same on the one you are buying – meaning to judge the health of a property market is very one dimensional. Secondly…
On a daily basis in Walsall I am talking to landlords and homeowners from all walks of life. Some are serial investors whilst others are accidental landlords or holding a small portfolio. I have always shared my thoughts on the local property market in Walsall and Brexit has come up a few times. Here are some links to past articles I have written on the topic:
I have been holding off giving my thoughts, as I did not want to add fuel to the stories being banded around in the national press. However, it’s obviously a topic that you as Walsall buy to let landlords and Walsall homeowners are interested in…
We may or may not as the case may be, have a potential deal in the offering, there is still an amount of ambiguity about the exit plan so I am going to try and give you what I consider a fair and impartial piece on what would happen in Walsall if a hard Brexit takes place in March 2019.
Roll up, roll up guys and gals and feast your eyes on this little beauty! My advice? Get in there now and arrange a viewing! Marketed by Connells (01922 716026) at £110k and stated as a ‘Fantastic buy to let investment opportunity’. The spec is bang on the money and ready to go. The full property details can be found here.
A two bedroom semi detached house on a popular Reedswood estate in Walsall, WS2. The property is an absolutely wonderful spec and is very much good-to-go.
There are two double bedrooms, modern kitchen and bathroom, a low maintenance rear garden and off-road parking. The property also benefits from double glazing and gas central heating. It would be better appreciated by a viewing. The location is within easy reach of all the major road networks, services and other amenities lending easy access to Walsall town centre plus Reedswood Retail Park is just around the corner.
A 2 bedroom semi detached house in the Beechdale area of Walsall. Marketed with Purple Bricks (024 7511 8874). The decor will need changing to something more neutral, otherwise it looks just the ticket.
Just added to the sales market today. This very nicely specced property is situated on Edinburgh avenue, Walsall, WS2. Currently marketed with Paul Dubberley (0121 659 6109) for an asking price of over £110k and based on a minimum pcm rental of £600.00 will yield 6.54%.
As the dust finally settles on the manic world of returning to work after a small hiatus, my thoughts return to the Blog. I have been asked on many occasions where I get inspiration from when writing such ‘out there’ and ‘interesting’ articles (which I take with compliment). The truth is a lot of my inspiration comes from talking to Walsall landlords and Walsall property owners.
Approximately a fortnight ago I was talking to a professional landlord who has an extensive portfolio up and down the country including a few in Walsall. We got talking about Housing Law and all the regulations/ legislation that landlords need to adhere to.
Did you know, there are over 125 individual acts of legislation that landlords must adhere to if they’re to remain on the right side of the law? Most landlords can’t name the specific acts but know and understand the basics, which are:
Tenancy deposit protection
Annual gas safety inspections
Energy Performance Certificates
Carbon monoxide alarms, and;
Serving of prescribed information
But, can you name the acts these rules come from? Can you name the recent legislation that demands an energy efficiency assessment be ordered before the property to marketed to let and a valid EPC in place within 7 days and where reasonable to do so, this can be extended up to 21 days. This is detailed in the act The Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015.
What about the relevant act that gives tenants the powers to report poor housing conditions? This is covered by Section 11 of the Landlord and Tenant Act 1985. It is this act that obliges tenants to keep the property in a “tenant-like manner”. Later acts gave tenants the right to complain without fear of revenge evictions making it a criminal offence to evict a tenant who requests “too many” repairs.
More legislation is working its way through parliament, being written into law, including the upcoming tenant fee ban, deposit cap and potential three-year minimum tenancies!!
Now, more than ever, landlords should give strong consideration to letting their property and managing it themselves. With more than 125.. and counting.. acts of legislation that landlords must be aware of and adhere to, it is no wonder that we regularly see Walsall landlords and Walsall Letting Agents regularly falling short of fulfilling their obligations.