Renting may become the norm for the next generation

A report by the Halifax has revealed that the next generation may follow in the footsteps of our European neighbours who find it favourable to rent property as opposed to buy.

The Evening Standard’s article dated 17th June, shared statistics from the report:

• Eight thousand people were interviewed for the survey and 52% believed that renting would become the standard
• In 2011 the same question elicited the same response from 46% of people surveyed
• The 20-45 year old age group didn’t have faith in the Government’s efforts to help first-time buyers
• 40% were unsure that Help to Buy and NewBuy Government schemes would help either
• 30% of 20-45 year olds believed the schemes may help, but 30% believed the opposite too
• 71% of younger people surveyed thought the difficulties faced by first-time buyers would cause a divide between those who can and those who can’t afford to get on the property ladder
• Of the non-homeowners surveyed, three-fifths were concerned that retirement would be hampered by lifelong rental obligations
• One-fifth of the people surveyed had given up trying to get on the property ladder

Positive response to The Property Ombudsman Scheme

In a bid to stamp out rogue letting agents, The Property Ombudsman Scheme is pleased to announce that ten thousand letting agents have already joined the scheme.

According to Letting Agent Today, the new scheme reached this impressive number of members at the beginning of May. It is hoped more letting agents will follow suit as the year continues.

Chief operating officer Gerry Fitzjohn of The Property Ombudsman said: “We started 2013 with 9,750 lettings branches so are delighted to have passed the milestone of 10,000 letting branches in membership.

“TPO welcomes the housing minister Mark Prisk’s recent announcement that all lettings agents will be required to join a redress scheme such as TPO but we still have to work out the detail with the Government as to how this change will be implemented.

“Given that 10,000 letting branches are already voluntarily members of TPO, it is clear that we will be able to make a major contribution to those discussions.

“Those agents are signed up to our comprehensive code of practice, providing consumers with clear understanding of the service standards they can expect of TPO agents, who make up a majority of the industry.

“The code gives consumers confidence they will be treated fairly and that risk to them is reduced because there is a process for resolving disputes that may arise.”

Competitive renting

We’ve all heard of competitive Dads, but what about competitive renting? Of course we are referring to the fact that a larger number of people are looking to rent as opposed to buying property at the moment.

Tenants are two-a-penny

Once upon a time just finding the perfect rental pad was the only obstacle for tenants. Nowadays they are up against high volumes of renters also competing for the best bargain, the ideal location and the most amenable landlord.

So how do your tenants seeking their dream rental property win landlords over?

Make the right impression

As with any scenario when you want to impress, such as meeting prospective in-laws or a potential boss, it’s beneficial to look the part. Looking a complete state could easily translate as ‘I don’t care how I look, therefore how I treat your fixtures and fittings and property’. Dressing smartly will say ‘I care about my appearance, myself and therefore your property’.

Offer the complete package

Be polite and personable. Show enthusiasm for the property, but keep it genuine. And most importantly take the paperwork your potential new landlord will want to see. This includes positive references, proof of employment, bank details and a guarantor’s letter if required. This display of organisation will go down well with your landlord and may just give you the edge over other interested parties.

Shelter watches tenants’ backs

Calling all tenants! Did you know that your landlord is legally obliged to place your deposit in a Government-backed scheme within 30 days of receiving it? This is to protect you from unfair deductions to your deposit and from it being withheld altogether when your tenancy ends.

The Telegraph newspaper reports that following a survey of 4,000 tenants in England by the charity Shelter, nearly one in three tenants is unaware that this protection exists for their benefit. Shelter proactively campaigned for a change in the law to protect tenants.

Here’s what the charity’s chief executive, Campbell Robb had to say on the new findings: "We campaigned for this change in the law to stop renters from losing money in unfair deposit deductions, so it's extremely worrying that so many are still unaware of their tenancy deposit rights.

"We know that most landlords do the right thing but unfortunately some are still unaware of their responsibilities to protect the deposits that are given to them in good faith.

"At Shelter we hear from thousands of renters who have huge chunks deducted from their deposit for no good reason, or who have to wait months to get their money back."

For more information on the Government-backed tenancy deposit protection scheme, visit the GOV.UK website.