Our local experts have been experiencing the busiest lettings market to date with demand to live in prime London and the surrounding areas at a record high. This significant interest means we’re regularly receiving exceptional offers from great tenants and we expect this to continue into the new year.
This surge in demand and over 70 percent of tenants choosing to renew their contracts has created a shortage of supply to the market which in turn has positively affected rents. As rents increase, so do yields, and we’ve seen that some London boroughs are receiving almost double their return on investment.
International appeal is also continuing to rise and we are receiving hundreds of enquiries every week through our Corporate Lettings and International Relocation team from global companies looking to relocate staff to the capital.
London remains an excellent place to invest and Wetherell is here to support you throughout your property journey - whether that’s managing your investment or helping you navigate the latest government legislation. Should you be considering expanding your portfolio or need an up-to-date valuation of your property, please contact us.
Keeping you informed
Renters Reform Bill 2023:
As you may have read or heard over the last few months, the Government has proposed the Renters Reform Bill, which recently had its second reading in Parliament.
Since the release of the bill, we have had a chance to understand it in detail, and have met with the Royal Institute of Chartered Surveyors (RICS), various MPs and the Deputy Directors within the Department of Levelling Up, Housing and Communities. From the discussions and meetings we’ve had, it’s clear there is still a long way to go before the final bill becomes law and there will be many changes before that time. However, we wanted to keep you updated on the proposals that have been included in the draft legislation and here are the key points:
- Section 21 notices will be removed and replaced by new Section 8 grounds for bringing a tenancy to an end when a landlord wishes to sell, refurbish or move back in to the property
- New possession grounds for landlords will be introduced to use when tenants are at fault, for example, anti-social behaviour and repeat rent arrears
- There will be a new ombudsman for landlords and a new property portal to store compliance documents for each property
- Fixed-term tenancies will be replaced with a periodic agreement that will allow landlords to review the rent every 12 months
- Tenants will be able to ask for a pet in their home, which the landlord must consider and cannot unreasonably refuse
As stated above you will be able to ask your tenant to leave if you decide to sell, refurbish or move back into the property and you will be able to raise the rent in line with market value every year. We also believe the improved Section 8 notices will make it a lot easier to gain possession for persistent rent arrears or anti-social behaviour - which is great news and an improvement on the current process.
As a Wetherell landlord you are in safe hands. We are local experts in finding the very best tenant, ensuring rents are paid on time and that your property is maintained to a good standard.
As a leading agent in the area, we understand our responsibility to represent our clients' views and are keen to hear from you. If you would like to discuss the proposed changes with one of our Managing Directors, who are experts in this subject or if you need advice then please call us 020 7650 5123.
Following the updates in our recent newsletter about two pieces of legislation recently introduced to strengthen the Fire Safety Order 2005, we would like to remind you of the laws that may affect the properties you own.
The introduction of The Fire Safety Act 2021 and the Fire Safety Regulations 2022 have clarified there must be a Responsible Person for fire safety in any building with two or more residential homes that are accessed via a communal area.
In most cases the Responsible Person is the block manager or freeholder of the building, however, it could also be a managing agent or a leaseholder if they agree to take on the responsibility.
The laws require the Responsible Person to:
- Undertake a fire risk assessment of any building where there are at least two residential homes sharing a communal area
- Carry out the remedial work recommended within the fire risk assessment
- Maintain the precautions that manage the risk of fire
- Ensure that all doors into communal areas are fire safety doors and can provide adequate protection
- Display a Fire Evacuation plan in the communal areas and share this with all residents
Additionally, some local authorities have changed their fire risk assessment requirements for properties which require a licence. Therefore, we recommend that you check the individual scheme rules to confirm whether you need to arrange for an internal fire risk assessment for your licenced property.
If any of the properties you own fall into these categories please make sure the Responsible Person has carried out the above actions. We are very happy to help in whatever way possible. If you would like to discuss this with us, please do not hesitate to contact your local lettings Director.
Protecting your investment
A well-presented property not only entices high quality tenants and higher rents but also encourages tenants to stay in the property for longer. Wetherell can provide a bespoke property management plan, tailored to you and your property needs. Properties being managed by our dedicated team of Property Managers receive expert care and attention and are located no more than 15 minutes away from the properties in their portfolio. If your investment isn’t currently being managed by us and you’d like to find out more, contact us.
Call us on 020 7493 6935 or use the form below