Tag Archives: Letting Agents

29May 2013

Current Property news: New Portal risks falling in where others have fallen before!

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By Steve Roulstone

New portal

Reports over the weekend confirm a story I heard not two months ago, that a serious contender to Rightmove and in a lesser way Zoopla, is about to be launched on the market. Recent price increases on the amount charged for portals have been discussed at length within the Industry and have mainly been as the result of Rightmoves belief that as the leading market provider, they can increase costs at will. I may be wrong, but see no increased level of services for increasing levels of invoices?

 

Right to reply.

This is a course of action that rightly in my opinion generates responses and in this case we seem to have had a response, which, if successful, will severely dent Rightmoves position as market leader. I will not comment on the scheme in general because we have very little detail as yet and until we do I would prefer to keep my powder dry.

 

However!

What is worthy of comment and the detail that caught my eye when reading a report on the plans on a property press web site was the initial statement that Agents joining the site would be asked to do so by only utilising the services of one other portal. It seems strange that having stated detail would follow, that such a major requirement should be the only rule released? Unless of course it was released to test the water!

 

Expected reaction.

If that is the case, the reaction seems to be as expected, that people like to choose for themselves who they do or do not wish to run with. If not, then hopefully notice will be taken of the reaction received because it flies in the face of one of the very principals the new site would be battling against in clearly setting itself up as a competitor with Rightmove.

 

Visit the reasons.

Please take on board Agents Mutual that you have set yourselves up as an alternative to Rightmove, not only because of prices, but also because of the manner in which they treat their customers. The feeling that we are dictated to by Rightmove, as a customer of theirs, has increased on many levels over the last few years and is in my opinion, a major influence on our perception of them as a Company.

 

Right to choose.

This is why, when given the right to choose a viable alternative, a large sector of the industry may well do just that. But by telling us in effect, who we can and cannot trade with, is acting in a manner no different to Rightmove in the first place. It is very clear as to why the need for such a rule to be in place is felt to be important to its success. But I would ask those involved to re-consider? Surely a better motivation to potential customers can be found than one that tells its customers how to go about their business?

 

Landlords that matter.

It must not be forgotten that we exist to provide a service to our Landlords, in doing so we should give best advice at all times. It cannot be in the Landlords interest for Agents to withdraw services from a provider because of a principal of business which may in the long run serve to improve what we offer, but will change little from our customer’s perception. Better the providers work on offering a better service which we need to follow, the principal remains the same, but Landlords do not suffer along the way!

30Oct 2012

Current Property News: CAB Failing to understand Tenants Deposit Scheme.

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By Steve Roulstone

“The problem is they just do not realise that there are decent honest Landlords and Agents out there!” So said a fellow Letting Agent who just happened to be in my office this morning, when speaking about the Citizens Advice Bureau and the problems she had found in dealing with them. So it seems a regular problem is happening for other Agents, which does nothing to resolve the issue, but does make you realise that CAB are not perhaps the all knowing all seeing force that they convey, when demanding changes in the way we run our Industry.

Regular item.

In fact, it was only last week that I referred to their campaign to remove all Tenants fees, and support for a new five year agreement, but how can they be taken seriously as a champion of the Tenant when (taking our evidence from two conversations with them this morning) it is clear they do not even understand how, for example, the Tenants Deposit Scheme works!

Phone calls.

What happened this morning was an initial call from a Lady at the CAB asking why we were not returning a Tenants deposit (The Tenant having been at the house for many years) What she was not aware of was that the Deposit was not being refunded because of cigarette burns, yellowing paintwork caused by smoking, general untidiness and cleaning requirements. This in a house where the Tenant had been warned about the consequences when we carried out our Property visits of smoking inside.

Not aware.

The problem lay with the Lady not being aware of how the DPS (Our preferred Deposit organisation) works. So we had to advise them of what would happen and how the claim would go to adjudication as both parties could not agree. The Tenant stance was one of ‘but I have always paid my rent’ which of course was not acceptable.

Problem compounded!

Lo and behold, not an hour later, a second person from the CAB phoned and asked for the Tenants DPS reference number. Now for those who do not know, DPS will only give the Tenants reference number to the Tenant, but we would expect CAB to be aware of this at least, as it is such a basic rule of the system. Instead, we had to explain again how the system worked and be spoken to as if we were being obstructive in how we were dealing with the matter. This is unacceptable and speaks volumes about the manner in which CAB view Landlords and Agents.

Who knew!

The fact is, as a professional Agency, we pride ourselves on carrying out our affairs to the letter of the Law. The fact seems to be that our Tenant, who we had of course already the procedure explained to him, could not find anybody with the knowledge at the CAB to advice him well at all. The phone calls of course ended up, providing they were relayed correctly, with the same advice we had already passed on, but while I am of course aware that the CAB do a very good job in advising the public, it seems they need some training on what is now a basic staple of Tenant law, because what should have happened when the Tenant reported his situation in the first place to the CAB was an answer of, ‘Yes, that’s right!’

Review.

As a matter of course, we review every situation where we are in communication with organisations who act for others, whether it is another Agent, Solicitor or organisations such as the CAB. In doing so in this case we were satisfied we did our job correctly. The only question was one of language and translation, but as I have stated, the Tenant was long standing and we had held many conversation with him over the years and we are left in do doubt that the problem was not one of miscomprehension, rather a Tenant who did not get what he wanted, feeling he could get help from others. It is a pity we were spoken to by the CAB in such a poor way when what we did was correct and I just hope that in relaying the conversation our Tenant was advised that we are correct in our dealings on his behalf!

18Oct 2012

Tenant advice: Access required for a reason.

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By Steve Roulstone

It seems some people just do not trust anybody when it comes to access to their homes and of course we both respect and understand that. Advising Tenants before we enter a property for whatever reason should always be done with permission and we fully endorse this golden rule. But sometimes we need access to enable us to do our job at differing times and when it comes to the end of the Tenancy it seems we run up against a brick wall more times than any other during a Tenancy.

Problems and mistakes.

Like any busy office, with property visits, viewings and maintenance issues to address on a daily basis, mistakes do sometimes occur.  This means a review of why and apologies to the person concerned, especially as it can sometimes be a misunderstanding. Other times, with Tenants who do not speak English well, we have to abort if we feel our requirements have not been fully understood if nobody is present when we call, or sometimes we can be wrong and only after a visit we thought was understood, find out it was not and again apologise. One thing for sure, we never enter a property without belief that we have received permission!

Access denied!

However, what we do find difficult is when Tenants that are approaching the end of their Tenancy deny us access at all times! There can be several reasons, problems during the Tenancy, having been given notice when they did not wish to leave, or of course just plain mistrust. It has to be said, no matter how hard you try, it is impossible to develop good relationships with every Tenant. The whole scenario surrounding the renting of property throws up a myriad of problems, some of which create problems Tenants do not appreciate no matter that we are doing our job. Relationships therefore can be strained.

Job requirements.

Of course at the end of one Tenancy we need to re-let the property for the next, which means viewings. There is also the need to review properties and look at any works required between tenants. Of course it is perfectly acceptable for property to be improved between Tenants which is sensibly the most practical time for improvements to be carried out. To be denied access for both is effectively stopping us from doing our job, and is exactly the reason why specific arrangements are included within the Tenancy agreement to ensure arrangements are clearly set out for all to understand.

Time limit.

Of course we must try to resolve all issues quickly and with agreement. We have been asked to wait two weeks before viewings start and will comply, because at least we have access for the last two weeks instead of none at all, but when we are denied all together, we then have (usually) an irate Landlord who wants to know why we cannot progress his property and along with that, we usually get the question who is going to pay for the two weeks lost rent? A good question which the law does not allow us to answer!

Conclusion.

The conclusion therefore is to try to get along with our Tenants which we do try to do as a matter of course. But not just to gain co-operation, but because all things end better if they start with a smile! (Must try to remember that one!) But it is important that Tenants understand just how important it is for us to do our job once notice has been served, remembering that we will arrange visits and viewings to coincide with when somebody is present at the property and always respect their position by giving a clear 48 hrs notice, so to the vast majority who understand – Thankyou!

 

 

04Oct 2012

Current Property Landlord news: Landlord complaints not being addressed?

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By Steve Roulstone

A report from Shelter (as reported on the BBC news pages today) states that complaints about Landlords have risen by 27% over the last three years. As always there are statistics and statistics and the ones quoted in this report are a little ambiguous, but let’s take them at face value and assume they mean exactly what they say and assume we are measuring one year against another and that the 27% figure applies from 2008/09 to 2011/12.

More houses bigger numbers.

So let’s look at what has happened at face value, because some of this increase is purely down to trends. For a start, there are some 5% more houses in the private rental sector than there were four years ago and of course nowadays, people do choose the easy route and register a complaint with the authorities prior to actually reporting the issue to the Landlord. This must apply to at least 10% of the figure quoted.

No excuse.

But do not get me wrong, as a Letting Agent I am not making excuses for these figures, far from it, just wanting to put a little bit more reality to the situation. At our office for example, we have only ever had two instances of problems being reported to the Council and on both occasions we were not spoken to first. Problems can occur without the Landlord or Agents knowledge and unless we are informed we are powerless. In the two instances we have been involved with a Council inspection, only one resulted in work being needed and that is work that would have been completed should we have been made aware first!

Flooding in!

In the report for instance specific mention is made of damp houses. This year this is not a surprise as I can verify as a Tenant. Many Landlords will have found damp patches and rising water (In a cellar in my instance) without prior expectation or knowledge, as the water table has risen dramatically this summer and started from a high point (as it did in Staffordshire) this spring.

Action.

But none of this does remove the fact that more action is required and this is what concerns me about the report. Shelter ask for more positive action to be taken by Councils at the same time confirming a rise in the number of successful prosecutions or orders for improvements. But if Shelter feel this is not sufficient, then it is clear the system is not working and something else needs to be done.

Further breakdown.

Firstly, I would like to know exactly what the breakdown is between privately run property in the hands of Landlords and fully Managed property in the hands of Agents. As I have confirmed, two houses reported in twelve years with nearly 400 houses under our Management would suggest, if other Agencies operate with both the correct knowledge and standards, that the majority would be privately managed. So firstly let’s have a better breakdown of the figures and more information as to which areas Shelter feel better action needs to be taken.

Now for the old chestnut.

Because when figures are broken down and if Councils are unable to follow up and prosecute sufficient cases then clearly a new system is required and yes, for me that is qualified Agents who pass a Government designed test (with the co-operation and involvement of the Industry professional bodies if possible) and all Landlords must be registered and approved themselves, and if not then approved and registered Agents must look after their properties.

Standards improving.

There is no doubt that the quality of housing in the Private rental sector IS improving and best advice to all Landlords which should always be our objective when marketing a property, is to consider the competition. To Landlords who are not prepared to present and protect property and therefore their Tenants correctly, we must always point out what needs to be done and why using the same principle! If the advice is not taken, then we cannot manage the property. Surely, professional standards to the same level would be the solution bodies such as Shelter wish for?

Drum banging time.

Legislation is overdue because of confirmation in reports like this that the current system does not work. Councils are too thin on the ground and cannot police and control the current system. If all Agents and Landlords had to meet qualifications laid down or not be able to rent property out, the system would be self policing – surely this is the way forward.

27Sep 2012

Property Landlord advice: High Tenant fees coming home to roost?

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By Steve Roulstone

There is an article in this week’s Property Drum on page 8 that has caught my eye as one of the chain of Letting Agents who have had to address issues in Scotland have commented upon the Shelter campaign surrounding the removal of Tenant fees. I would have to say I agree with  some of what they say, but I disagree with the main thrust of their argument.

Explaining the group.

First, to place some context behind what I wish to say about the subject, I need to explain where the difference lays between Martin & Co offices and Castle Estates offices, because we both have a Franchising background, but now Castle Estates is an independent group who share the same name, but operate entirely independently of each other and have no central controlling Head Office. Martin & Co remain a Franchising organisation where centre influence and dictate the policy of the group.

Comments are my own.

 Therefore I am commenting as an Independent Castle Estates in Staffordshire and not as the Head of an organisation in the same light as Sue Hopson, head of standards at Martin & Co is doing. As far as Castle Estates offices are concerned, if they operate in a manner I disagree with, then they are also the target of my comments.

Agreement.

Firstly I must say that the whole idea of dropping Tenant fees altogether as is the case in Scotland does not just move costs from the Tenant to the Landlord, for just as sure as Landlords will have to pay for the costs generated, these costs will be offset by increases in rent. Then, as has always been the case, market forces will drive rent levels to their correct rate. But they will start from and therefore remain at a higher level.

Major factor missed.

What the comments miss are the manner in which many Agents and I am not referring to anybody specifically when I say this, reduce Landlord fees and raise Tenant fees so they can market themselves as a cheap Agent in to Landlords in the first place! This is a short sighted policy and will surely attract the attention of such groups as Shelter and the CAB who have been looking at Tenants fees for well over ten years.

Bad practise.

In a market where the number of offices offering Letting services has probably doubled in the last three years as Estate Agents flooded to the Lettings Industry for financial reasons, the opportunity to advertise services to Landlords at low prices at the expense of the Tenants has seemed to much of an opportunity to miss for some. But the short sightedness of such an approach should Tenant fees be scrapped in England will need to be explained to Landlords and of course all of us will have to do this, not just those who overcharge.

Long term practise.

It is also a fact that high Tenant fees are nothing new and I have no problem in pointing the finger at Estate Agents who historically have been the main protagonists of this practise. Do I have Tenant fees? Yes, but they have hardly changed in over twelve years and I am happy to justify them, as I have done before now, to any Tenant coming through our system.

Inevitable?

Unless our Industry receives the backing of the Government in driving through legislation to ensure professional standards are upheld by all Letting Agencies, or they can no longer operate, then I believe the day will come when Tenant charges are dropped altogether justified or not, because those with this objective will always be able to point at practises that take advantage of Tenants where fees are concerned. But equally, as I have pointed out that from my own perspective I speak for my own office only, anybody else speaking on the subject should not ignore the current practise of high charges and should be able to ensure that offices under their control can justify what they charge Tenants as well!

18Sep 2012

Current Property News: What Landlords want to know?

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By Steve Roulstone

As part of our good practises when reviewing our methods of operation, between us we always discuss what Landlords ask about and speak about when we visits them to give a valuation and review of their property. It is important for us to be aware of any new trends and old ones and surprisingly, one trend that does not change is that Landlords are still discussing and talking about ‘Nightmare Tenant’ stories and what is done to stop them occurring.

Changed Market.

The market has changed considerably and I am sure will keep evolving over the next ten years. Certainly technology and mobile phones have meant we have to make information available quickly and accessible. Standard of housing has improved as competition for Tenants continues to grow and more and more properties enter the market. Yet the one thing that will not go away is the stories of Tenants trashing houses and the fear that brings with it.

Not common.

Yet certainly as far as I can comment on the houses we have been involved with, this is something that rarely happens now and I cannot remember the last time we had a property that was badly damaged by the Tenants.  We, like all Agents, get Tenants that do not care for property in the way that both our Landlords and we would prefer, but this is always a case of standards rather than actual physical damage done.

Strange beliefs.

There are also plenty of situations where what should be done and what the Tenants actually believe needs to be done differ, such as the Tenant who stated they did not need to clean one bedroom, because they had never used it during the Tenancy. Or the person who broke a window when mowing the lawn and said the Landlord had to be responsible because the lawn from where the stone came was the Landlords and not hers!

Manage to avoid.

The answer for me is to catch problems early and make sure the Tenant knows both their responsibility and our role as Agents in what you are trying to achieve together. In short, good Management will ensure damage limitation. But what this does prove is that some cases must still happen and that bad stories are the ones most Landlords hear first, or perhaps take note of!

Practical experience.

In the middle of writing this Blog, I have visited a new Landlord at their property, student accommodation it may have been, but she described the manner in which the last Agents had allowed the students to live last year. Not a property wrecked, as I have stated, more a question of standards. But it does rather prove my point. Whether self Managing or appointing an Agent, make sure that visits take place and that problems are resolved head on and not left to fester. Perhaps then we may allay Landlords fears by reducing further tales of the ‘Horror Tenants’

31Aug 2012

Current property News: Montague report offers the Key for growth? Part 2

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By Steve Roulstone

In looking at the second part of the Review of the Barriers to Institutional Investment in private Rented Homes, I have read and will comment on the sections headlined; The Barriers and Conclusion and The Recommendations.

 The Barriers.

 Most of these sections concentrate on the land and planning permission needs, but do refer to some rather confusing detail. Such as that Management costs are as high as 30% for Residential property. Now I know that National Companies specialise in offering services for Companies with large property portfolios, but when you consider the normal cost for Management on a local level would average at 10%, I find it difficult to see how this rises to 30% when managing from afar.

 Total Costs.

 I may of course be wrong, but it rather looks as though it is the cost of maintaining the property that has been added to the running costs, however, as the report confirms that it is normally Capitol growth that is considered to be the income from residential and not the rental income, whereas with Commercial investment it is the opposite way round. Surely then, if Commercial values drop over time, the cost of maintenance should be offset against Capitol growth and it is both that should be considered, as they are real income, when comparing residential to Commercial? Is this where encouraging Tax breaks can be made?

 Local market.

 Otherwise, once again, local Management will answer the cost issue, rather than distance Management having to find a local Agent to carry out the role of providing a Tenant, let the Local agent be the sole property Manager. Costs halved? – probably!

Lack of Experience.

The report then states that there is a lack of experience in knowing how any scheme would operate. But this does not exist in the market place; rather this confirms that in compiling the report, the Property Management Industry has not been approached. A fact confirmed by the later statement in Recommendation Five: that the market would benefit from; the professionalism of the management service. Had the Industry been spoken with (also confirmed in the Terms of Reference) then Sir Adrian Montague would have been aware that one already exists.

Right Model.

I also believe that the right model already exists as well. There are numerous professional Letting agents, who also operate as Property Managers as well, looking after leasehold sites (Block Management) throughout the UK. Providing that any incentives in profitability and land availability are made available Nationwide and providing there exists Agents with the ability to run both, then costs can be controlled, the whole Industry will benefit and progress can be made throughout the UK.

Professional Management.

But I believe that this is another opportunity for the Government to change their attitudes towards the rental sector, which is growing at the same speed home ownership for individuals is declining giving a thriving rental sector the opportunity to be part of the growth if not the very reason for it, that this country desperately needs. Tied with ensuring the Industry moves forward in a professional self managed, or Government managed (although I believe this is where the lack of motivation currently exists) manner, ensuring the scheme meets all the requirements listed in this report and that the properties concerned will continue to give the profitable long term return institutional investors require.

10Aug 2012

Tenant advice: Trust in your Agent.

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By Steve Roulstone

The question of Tenants being able to trust their Agent, or knowing that the Agent they are about to do business through is one that can be trusted has shown itself in differing ways this week. There is a great difference between the two and again, as happens so often in our relationships with Tenants, it is the need for Tenants to understand why decisions are made that matters.

Firstly, from a professional viewpoint, in a Blog that I penned earlier this week, it is clear that as an industry we need to keep banging the drum about the standards that we as professional Agents sign up to. By being a member of a professional body, in our case ARLA we are showing the standards that we operate to and confirming that monies are protected both in the manner in which we run our business and the audit checks we are subject to, in order to retain our membership. SafeAgent, the kite mark adopted and marketed to further give proof of client money protection and standards should go hand in hand.

In short, if an Agent does not belong to either (Other professional bodies such as NALS and of course RICS are of course acceptable) especially SafeAgent, then as a Tenant or Landlord I would ask why not?

Then there is the day to day life of being an Agent where we are subject to the wrath of the Tenants and prospective Tenants if matters do not develop how they wish.  These so often include either being turned down for property because of being in receipt of Housing Benefit payments and the most common one, having a pet. Not forgetting of course, retention of deposits!

The detail behind the reasons when housing Benefit payments are involved are of course individual in every case, but what is always common, is that payments are made in arrears and in 13 four weekly instalments. Set this against normal monthly payments in advance and then add the difficulty created by the Council stopping payments without any consultation with us as Agents and knowing just how long it can take for payments to start again and it is not difficult to see why we do not need to recommend this situation to our Landlords.

Again in short, legally, we have to give best advice to our Landlords at all times!

Pets in houses are another long topic. Again, each situation is different, but the standards set by some pet owners damage the hopes of so many others that we cannot ignore them. Even without bad management, pets can leave an unwanted legacy, we have had too many instances of fleas up to a year after cats have vacated a property not to ignore the possibility! It is difficult to get an x Tenant to pay for carpet cleaning after they have left, so carpet cleaning becomes a must if any pet is involved.

The point I wish to make is what I have written is not unusual, and any potential Tenant affected by either scenario will have heard this and more. But those with qualifications and affiliations with professional bodies probably, by nature of how they prepare their staff, will have a better understanding of how to manage the situation and can therefore be better relied upon to look after Tenants interests and give them the ‘Duty of Care’ they deserve!

Deposits are an altogether more complicated process now, but in dealing with issues left by Tenants and confirming the payments required to correct those issues, the excuses given at times scream that the Tenants involved have no faith whatsoever in how we go about our business when, if affiliated, as discussed above, we have been trained, have years of experience and know exactly what we can and cannot claim for.

In all cases, if we are wrong, the decision is made through arbitration. We prove our case and judgement is made. If an Agent loses a case through arbitration (and here I can only speak for the Castle Estates offices) it is usually because the case was badly prepared and paperwork let them down, rather than because they were making a false claim. Membership of organisations such as ARLA and schemes such as SafeAgent should enforce this view with Tenants.

The fact they do not means more needs to be done to gain trust as an industry, more needs to be done to further the name of professional bodies (Here comes the drum) and the Government needs to get involved and introduce the legislation confirming the fact and introducing the correct level of penalty for those who operate outside of legislation. In the meantime, look for the symbols of professional membership they all have back up, but more importantly, what they stand for is professional intent!

26Jul 2012

Lettings show Sales how to show a home!

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By Steve Roulstone

My second Blog this week is not my usual subject, but I just cannot miss commenting on two properties that I have visited on the last three weeks, both on behalf of differing Landlords and for differing reasons, but it is the difference between them and the manner in which the Lettings Industry views property as opposed to the Sales Industry as to what is acceptable and what is not that I wish to comment about.

Lettings Viewing.

The first property I have mentioned before in this Blog, it is a house that we have let before, but not before we had gone into long conversations with the Landlord about the standard of the house and what work needed to be done. On being asked to re-visit, I found that the property was worse again, as the outgoing Tenant had removed the stair carpet and left protruding nails and an exposed carpet edge right at the top of the stairs, which was a clear trip hazard for anybody visiting the house, never mind potential Tenants. The outgoing Tenant had also left furniture in rooms, some in a state of disrepair and some just left, but it was not the Landlords property and would not form part of any let and needed to be moved. Finally, the garden which was packed with plants and bushes anyway, seemed to have been untouched throughout the summer months, meaning it now took on the appearance of a jungle, in fact I could only get pictures when taken from an upstairs bedroom window that gave any impression of its appearance.

Not suitable.

The only decision I could come to was to advise the Landlord that the property needed attention before it could be considered suitable for viewings. This was not a Managed property, so we were unable to do anymore until the Landlord had dealt with the stairs carpet, organised the removal of furniture with the outgoing Tenant and done something about the Garden, presumably also with the last Tenant. No matter what was promised, because we were not managing, we would not accept responsibility without knowledge that the work had been completed. We would also not accept a position where the outgoing Tenant could accuse us of damaging furniture they had left. In short, there has to be some semblance of order between the end of one Tenancy and what is done to start the second.

Sales Viewing.

I cannot begin to think of words to describe the second property and what we found. The Landlord wanted our opinion of the property as an investment, a service we will carry out when appointed, to give our experience on what to look for and more likely, look out for. The property was for sale as on behalf of a clearance organisation, following a failed mortgage. Nothing what so ever, had been done to change the house from how it was left by the previous owners, other than to place paper tape on toilets, which did little to hide the worst kind of mess one can imagine in toilets (there were two in the same condition) which was smeared over floors, doors and walls. The furniture in some rooms were caked in I have no idea what, and carpets in two rooms had not been cleaned despite the dried remains of what had clearly been somebody being ill. Despite this, somebody had gone to the trouble of bagging the empty drink cans in plastic bags. I did not count them but there must have been two dozen bags – full!

Not suitable.

I washed my hands when I got back to my office and wished I could wash my shoes and change my clothes. The smell was impossible to describe, but the house was possibly the worst I have ever been asked to view. Despite this, the Sales Agent showed no surprise in our comments of disgust and offered no apology or explanation as to why it had been left in this condition, or worse being offered for sale? Now I know that the buyer will not be expected to live in the house as it is currently being shown, but never the less, it is a health hazard and offers more danger to people looking, in my opinion, than any house I have looked at being offered to the rental market. I was just amazed and have had to comment about the difference. I know the Sales Agents are struggling for business still, but I would have thought that as a general statement, they would at least take some pride in what they are selling. I mean, a Car can be refurbished, but you would never expect a garage to sell one in the state of the house I was shown this week!

20Jul 2012

Current Property News: Lettings Market strong but fluid.

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By Steve Roulstone

Over the last three years the market has been very strong and during the spring there were signs that it was slowing down amongst fears about the Economy and a double dip recession. I commented at the time that the weather was having a huge effect as people stayed put and the last six weeks I believe has confirmed this as the pent up delay has been released, at least as our office is concerned.

Record Numbers.

At most times of the year we are aware of the number of properties being let and actually proceeding at any time, but it has been hard work keeping up with the speed of events that the seeming release of pressure has caused. It would also seem that schools and catchment areas have had a lot to do with the decisions Tenants have been making as they prepare for the next academic year, which has subsequently led to an increase of 33% in the number of houses we would normally expect to let.

Unusual.

This Performance whilst excellent does not yet signify a long term trend even though we are hoping that it does and there is no sign of things slowing just yet, but supply of properties then becomes the next problem as we seek to replace stocks. There is of course a natural trend to this as existing Tenants give notice and the market is thankfully still very active in both areas.

National Trends.

The national housing figures for last year have now been released and these figures will be the subject of one of my blogs next week when I have had the opportunity to digest and understand them, but those that have already commented Nationally are confirming the continued rise as Private Lettings in the UK overtake the Public (Council) Housing stock and approaches 20% of the overall housing market throughout the UK.

Landlord advice.

There has also been a marked increase in the number of Landlords we have discussed the market with as we continue to advice on a whole gambit of property scenarios from flats through family homes up to houses of Multiple Occupation. All of which points to the continued growth in confidence in both the aforementioned economy and the rental market.

Continued learning.

All of this means that we have to keep up to date with the changes in legislation and ensure we refresh ourselves on this intricate market of ours. We do this by openly sharing all manner of daily situations to share knowledge and double check what we advice, bearing in mind our legal responsibility lies first and foremost with our service to our Landlords at all times, whilst ensuring we give the correct duty of care to our Tenants.

Change of tack.

 I do not normally change tack halfway through a topic, but I must take time to mention the open meeting held with the staff of our local paper the Staffordshire Newsletter this week, who went to great lengths to get as many Agents together that could attend to a business development meeting. Firstly it is good to know that the long standing major paper for Stafford is taking their part in the property market so seriously as to not only arrange the get together, but also to provide so many staff so we were able to understand  all aspects of what they provide, but also because of the innovations they are bringing to the advertising market. It just goes to prove that ours is not the only market where people need to be looking ahead at all times!