Coventry Property News – October
Hi Guys, welcome back to this months’ edition of Coventry Property News. These were some of the Headlines in October. For the full articles, please click on the links below
Landlord laws ‘fuelling black market’
A BBC investigation, found legislation aimed at preventing illegal immigrants, from renting properties is fueling, a black market in fake IDs
Under Right to Rent rules, introduced last year, landlords must check the immigration status, of new tenants.
But criminal gangs, are helping, undocumented immigrants, by selling them fake documents.
The Right to Rent rules, were introduced across England, in February 2016, in an attempt to make it harder, for undocumented migrants to secure housing.
Landlords can be sentenced to five years in prison, or face an unlimited fine, if they are found renting to someone who does not have the right to be in the UK.
Minimum Energy Efficiency Standards
The Association of Residential Letting Agents has produced a user-friendly guide, on the Minimum Energy Efficiency Standards, in the private rental sector.
From the first of April 2018, Agents and landlords of relevant domestic private rented properties, may not grant a tenancy to new or existing tenants if their property has an EPC rating of band F or G
Landlords call on chancellor to help homeless people rent
Landlord Today, reported that the National Landlord Association (NLA), and Residential Landlords Association (RLA), are supporting a Crisis campaign to get the government to commit £31m a year to help homeless people into renting through ‘Help to Rent’ projects and by funding, a rent deposit guarantee scheme.
Homeless people can struggle with the upfront costs of renting, while landlords often consider it too risky to rent to them.
Landlord Today also quoted a Landlord with 10 properties, as to his positive experience of the scheme.
27.5% drop in Coventry people moving home
In 2007, 6,588 properties sold in the Coventry City Council area. In 2016, only 4,775 – a drop of 27% (27.52%). There are similar stories around the country and the Council of Mortgage Lenders put this down to demographics, lifestyle and house price growth.
In Coventry, I’ve found another major stumbling block, specific to those homeowners who want to upscale. Due to the tightening of lending criteria, which was brought about to stop the likes of Nothern Rocks 125% mortgages, the steps to move up the property ladder are now too high.
So Thank You very much for watch this months’ edition. My name is Heenay and I’ll catch up with you soon.
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