If you have an unoccupied or empty property, you need to take certain precautions to ensure that it’s as secure as possible.

Here we at Cover4LetProperty will outline some of our top tips in this area.

Insurance cover

Before we do so, let’s just have a quick re-cap as to why this is required and the implications for things such as unoccupied property insurance:

• once your property stands unoccupied for more than the period of time specified in your landlord insurance policy, you will need to take out unoccupied property insurance in order to maintain full cover;
• that time period varies from policy to policy but is typically in the range 30-45 consecutive days;
• this applies irrespective of the reason your property is standing unoccupied or whether or not it’s furnished.

As part of the conditions of cover associated with typical unoccupied property insurance, you may find you’re obliged to take certain steps to keep your property secure and to minimise certain types of risk. Failing to do so might put your cover in peril, so it’s worth being sure that you comply.

Top tips for reducing burglary risks

A major category of risk with empty property arises from burglars, vandals and sometimes squatters. Keeping in mind that typically such individuals prefer to avoid the risk of encounters and that they’re often opportunistic in nature:

• make sure that all your doors and windows are securely locked with quality security devices such as deadlocks;
• leave a light or lights on timers – this suggests occupation (or raises uncertainty) for any prying eyes;
• enter your property periodically to adjust curtain positions;
• don’t allow post to visibly accumulate in letter boxes;
• keep your external garden areas tidy and the grass cut;
• don’t disconnect landlines or put answerphone messages on them indicating that nobody is in occupation at the moment;
• if the property’s unoccupied due to internal building work, don’t allow builders to put advertising signs in windows saying as much.

Property environmental systems risks

Your property will typically have certain services perhaps including water, electricity, gas, heating, drainage and sewerage.

Should these go wrong when tenants are in occupation, typically you’ll be notified and might be able to resolve them quickly before serious damage is incurred. When your property is empty though, nobody will be there to inform you so:

• shut off the gas supply at source – unless freezing weather is anticipated in which case it may be necessary to leave heating on at a low level to prevent frost damage (check the requirements of your policy for specifics);
• do likewise for water, unless it’s required for central heating;
• unplug all electrics except for the lights on timers and perhaps anything required for central heating in winter, if you leave it on;
• check the property regularly for leaks from pipework, remembering that even if the water is off at source, your heating system will still have lots of water in it unless you’ve completely drained it down;
• check inside for evidence of damp patches on walls and if spotted, resolve them quickly;
• inspect external downpipes and gutters/drains. If they’re blocked and flooding, action should be taken immediately.

External risks

Basic good practice here should include:

• looking for signs of damage to roofs, including slates and tile slippage. It’s also advisable to do so internally from the loft if it’s accessible;
• checking the windows and doors to ensure they’re still watertight and that no glass is broken or damaged;
• clearing any rubbish or detritus that’s accumulated in the garden due to storms or winds. Keeping the property’s exterior well-maintained creates the appearance of occupancy;
• keeping an eye out at ground level around the property for any signs that might indicate external damp patches due to blocked drains etc.;
• installing security measures – this may include alarm systems, security cameras, and motion-activated lighting.

Finally, remember to check your policy for any specific requirements about the frequency with which you’re required to visit your empty property and perform any required checks. Under the terms of your empty property insurance policy, it might be required that you keep a journal of the dates and times of your visits plus any remedial action you might have undertaken while there.

Whether you’re a prospective buyer, homeowner, or landlord, it pays to follow the news and stay abreast of the latest trends and developments in the housing market.

With that in mind, let’s take a peek at some of the recent UK property news headlines.

Nationwide September House Price Index

Nationwide’s regular House Price Index provides a ready insight into the status of the housing market.

The building society’s figures for September indicate that average house prices are currently stable – there was no change from August – but that the cumulative impact of previous falls results in an annual decline in prices of 5.3% (the equivalent of some £14,500 on the average price of a home in the UK).

In the three months to the end of September, all the regions of the UK reported falls in average house prices. The Southwest of England saw the steepest drop in prices (an annual decline of 6.3%) while Northern Ireland registered a relatively stronger picture with a fall of just 1.8%. House prices across the whole of the North of England fell by 3.9% compared with the same, third quarter of 2022.

Nevertheless, housing remains expensive. Nationwide cites the example of a first-time buyer on an average income who purchases their home with a 20% deposit. That buyer would currently need to spend a very significant 38% of their monthly income on mortgage repayments – compared with the more typical, longer-term average rate of 29% of income.

Gove ignores Renters Reform Bill at key conference speech

Mixed messages seem to be given by the government about progress on the much-delayed Renters’ Reform Bill.

Both the Housing Secretary, Michael Gove, and his Minister for Housing, Rachael MacLean, promised meetings on the fringes of the current Conservative Party conference that the Renters’ Reform Bill would receive its second reading in Parliament before Christmas of this year.

According to a story in Landlord Today on the 4^th of October, however, the leaders of Generation Rent – who are also attending the conference – expressed their dismay that Mr Gove failed to mention the reform Bill at any point in his primary keynote speech to the assembled delegates.

Businesses and multi-residence buildings must now comply with updated fire safety laws

Important new fire safety legislation came into effect on the 1^st of October, Propertymark reminded its readers on the 3^rd of the month.

The new rules are contained in Section 156 of the Building Safety Act, 2022, and the key requirements are as follows:

• all commercial premises – whatever their size – must carry out an assessment of the fire risk and publish their fire safety measures;

• in multi-occupancy premises or those where the owner and occupier are not one and the same person, there must be increased coordination and cooperation; and

• where a residential premises contains two or more dwellings, the residents must be given information relating to the fire risks and the fire safety arrangements that are in place for their wellbeing.

The 10 most in-demand features for buyers and renters

On the 27^th of September, the online listings website Rightmove published the 10 most sought-after features wanted by buyers and renters respectively:

Buyers

1. the property needs refurbishment or remodelling – a renovation scheme;
2. a new central heating boiler;
3. loft conversion;
4. plenty of storage;
5. a cellar;
6. double glazing;
7. remodelled;
8. chain-free;
9. garden; and
10. close to a railway station.

Renters

1. double glazing;
2. “smart” property – internet connected;
3. close to a railway station;
4. parking provision;
5. cellar or basement;
6. new central heating boiler;
7. garden shed;
8. loft;
9. energy efficient; and
10. open plan.

You might want to take these lists into account if you are selling your property or intending to become a landlord.

The management of any let property may prove a time-consuming and onerous task – even if you are only an occasional or “accidental” landlord. Advertising the letting, selecting of tenants, conducting background checks and taking up references, drawing up the tenancy agreement and conducting inventories, all take considerable effort – and that is before you have even started to manage the need for ongoing repairs and maintenance.

It is hardly surprising, therefore, that many landlords opt to share at least some of that burden by instructing a letting agent to act on their behalf.

If this is an attractive solution to the running of your own buy to let business, what needs to be considered when working with letting agencies?

• your choice of letting agent may be guided by their membership of Safeagent or the professional associations which are party to that scheme;
• in the event of any dispute you might subsequently have with your letting agent, it might also be prudent to choose one that is registered with the Property Ombudsman;
• it is important to have a clear understanding of the extent and scope of services offered by a letting agent;
• one of your principal decisions, for instance, is whether the agent is going to manage all matters relating to tenancies of the property, or whether they are to operate a full management service in which ongoing repairs and maintenance to the property are also handled by them;
• a closer and more detailed examination of the service they offer – and perhaps more importantly, the efficiency of that service – might be obtained by looking at similar properties in your local area for which the letting agents are responsible;
• as the landlord, you have a number of responsibilities for the health and safety of your tenants, so it is important to establish whether the letting agent is also going to ensure compliance with such matters as gas, electrical and fire regulations;
• it is also important to be clear whether you remain responsible for placing any deposit from your tenant with an approved deposit protection scheme, or whether this is to be done by the letting agent on your behalf;
• you might want to consider instructing more than one agent, since many offer a “no let, no fee” arrangement;
• remember, too, that it is the scope of the service offered and the agent’s success in letting your property that is likely to be more important than finding the cheapest fee;
• the more information you are able to provide the letting agent, the better your chances of having the kind of tenant you prefer;
• with respect to those fees, letting agencies typically charge a percentage of the rent you are charging and in return they arrange everything from advertising the letting, finding tenants, taking up references, drawing up the tenancy agreement and conducting inventories;
• fees for a full management service are also likely to be based on a (higher) percentage of the rent you intend to charge.

Five takeaway tips for landlords when choosing a lettings agency

1. Choose a reputable agency

Selecting a reputable letting agency is crucial for effective property management. Look for agencies with a proven track record, positive client feedback, and a good understanding of the local market. Seek feedback from other landlords who have used the agency’s services to gauge their satisfaction level.

Ensure the agency has a good understanding of the rental market in your specific area.

2. Discuss services and fees

Have a clear discussion about the services the agency provides and the associated fees. Understand what services are covered in the management fee and any additional costs you might incur. Clarify the services the agency will provide and the associated fees. Common services include:

• Tenant sourcing: Advertising, conducting viewings, and tenant background checks.
• Tenancy agreement preparation: Drafting and signing the tenancy agreement on your behalf.
• Rent collection: Ensuring rent payments are made on time and handling late payments.
• Property maintenance: Coordinating repairs and maintenance as needed.

Ensure you understand the fee structure, whether it’s a percentage of the rent or a fixed fee, and any additional charges for specific services. It’s essential to have a transparent agreement to avoid any misunderstandings later.

3. Regular updates and reporting

Ensure the agency provides regular updates on the status of your property, including occupancy, maintenance, and financial reports. Transparency is key to a successful landlord-agent relationship.

4. Screening and selection of tenants

Discuss the tenant selection process with the agency. Make sure they conduct thorough background checks, credit assessments, and references to secure reliable tenants for your property. Discuss matters such as your preferred tenant profile (e.g., no pets or smoking).

5. Review the management agreement

Before signing a management agreement, review it carefully to ensure it aligns with your expectations and protects your interests. Discuss the frequency and format of financial reports you’ll receive. Seek legal advice if needed to understand the terms completely.

Next steps

Letting agencies may help to take the strain out of running any buy to let business. Before signing any contract for their services, however, you might want to keep these considerations in mind.

Further reading: Guide to choosing a letting agent.

The latest property news headlines continue to reflect the underlying trends of the UK economy. While average house prices tumble nationwide, aspects such as energy efficiency and location also impact the market locally.

Commentators predict that rent levels are on a relentlessly upward trend.

So, let’s take a look behind those headlines.

Zoopla: House Price Index August 2023

The online listings website Zoopla published its latest House Price Index.

This revealed that – despite the recent fall in prices – there continued to be a modest annual average rate of growth. Admittedly, this registered an increase in average prices of barely 0.1% – the lowest since 2012.

Regional differences account for the fact that whereas annual prices fell by some 1% in London, they rose by 1.7% in Scotland.

Higher mortgage interest rates continue to depress the volume of sales – which is 28% down on the previous year where a mortgage is needed to make the purchase. Since cash sales are unaffected by mortgage rates, the overall annual drop in transactions is 21%.

By extension, therefore, if mortgage rates fall during the course of the coming year, then activity in the housing market is likely to increase, says Zoopla.

Sellers of homes with improved EPC ratings see ‘green price premium’

Going green makes sense for the environment – but might also help to boost your personal wealth.

That is the message in research recently conducted by the online listings website Rightmove recently.

It reveals a marked premium is paid by buyers of properties that have a higher than average Energy Performance Certificate (EPC) rating. Comparing a home that has an EPC of D with one that has an improved C rating, the difference in price could be some £11,157 – a gap of some 3%. Comparing a property that achieved a lowly F rating with one that scored a C rating exposed a difference of nearly £56,000 (15%) in terms of nationwide average house prices.

Furthermore, those “greener” properties with a higher EPC also sold more quickly than less energy-efficient homes.

A majority of people interviewed in Rightmove’s survey would be happy to pay such a “green premium” in order to enjoy the benefits of lower energy bills in the future.

New report: Northern cities are UK property hotspots

Although the national rate of growth in house prices has fallen in the past 12 months, some regions in the north of England and Scotland have stood out as property hotspots, according to Estate Agent Today on the 6^th of September.

Counter to the usual expectations that house prices traditionally climb more steeply in the south, reports indicate that between January 2020 and June 2023, the principal property hotspots were in the north of the country:

• the northwest – where average prices rose by more than 34% during the period in question;

• East Midlands – a little over 32%;

• Scotland – more than 27%;

• the northeast – more than 23%; and

• Yorkshire and the Humber – also more than 23%.

In the southeast of England, by contrast, average house prices struggled to grow by a little more than 14% in that same timeframe.

Cost of renting will continue to ‘rise sharply’, warn lettings agents

As tenants already know to their cost, rents have risen steeply in recent months. The bad news is that they are tipped to continue to rise even more steeply, according to a story in the Daily Mail recently..

Citing research by the Royal Institution of Chartered Surveyors (RICS), the newspaper revealed that more than half (54%) of all lettings agents have reported increases in rents during the previous three months to the end of July.

Nationally, average monthly rents have reached a record £1,367 – yet strengthening demand against a background of declining availability means that rents are almost certain to continue to grow still further.

Recent years have seen successive pieces of legislation obliging private sector landlords to improve the energy efficiency of the homes they let.

The current Minimum Energy Efficiency Standard (MEES) Regulations, for instance, mean that, since the 1^st of April 2020, any property must achieve at least an Energy Performance Certificate (EPC) of at least an E rating before it can be let to tenants.

The penalties for non-compliance can prove costly. A landlord letting a property with an EPC rated less than E for a period of up to 3 months can be fined up to £2,000 and if the letting is longer than 3 months, the penalty rises to a maximum of £4,000.

Although the government has not yet indicated a deadline for the introduction of further legislation, it has announced its intention to bring as many privately rented homes as possible up to a minimum EPC rating of C by the year 2030.

As a story in Landlord Today on the 19^th of August 2023 explains, a cornerstone of any initiative looking to improve the energy efficiency of any home is its heating system and the boiler in particular. So, it’s worth looking at the ways of making the most of your hot water and central heating boiler. Your tenants will thank you for it – and it may help you stay on the right side of energy efficiency legislation.

Getting the most from your boiler

You’ll soon know when your boiler is working at anything less than its optimum – the hot water will be only lukewarm, and any radiators will be tepid to the touch. What can you do?

Service

• the first step – and one that you should schedule annually – is to have the boiler serviced by a competent engineer;

• if it’s a gas boiler, of course, that means ensuring that the servicing agent is a registered Gas Safe engineer;

Cleanliness

• perhaps more than any other household appliance, the boiler is going to work best if you keep it clean and free of accumulated dust, grease, and other debris;

• though never attempt to clean the inside of the boiler yourself, warns British Gas – that’s a job that you should leave to the experts during the annual servicing;

Radiators need bleeding

• in even the best-maintained central heating systems, a certain amount of air can creep in and find its way into the radiators where it will leave cold spots at the top of them;

• the air trapped at the top of your radiators makes the whole heating system less efficient – and will be costing you extra in fuel bills, too;

• to get rid of any air that has been trapped like this, SSE Energy Services suggests that you bleed the radiators at least once a year – even when they appear to be working efficiently enough;

Check the pressure

• EDF Energy explains why the operating pressure of the central heating system can be an important issue – too low and the heating won’t be working as well as it should but too high and you run the risk of leaks developing in the system;

• the energy supplier makes clear how you can check the pressure of your system and the remedies for correcting a system that might be either too high or too low – aiming for a typical pressure of between 1 and 2 bar;

Insulation

• insulating the pipework is one of the best ways of ensuring that the heat your tenants have spent their money on generating stays where it can work its best – namely, within their home;

• efficient lagging will keep the warmth in the pipes, reduce heat loss, and save money on keeping the home warm.

As new energy efficiency legislation seems certain to tighten the already quite strict rules, it will repay landlords to pay close attention to keeping hot water and central heating boilers working at their optimum.

Please note this is based on our current understanding of legislation, which is liable to change.

Retaining a happy and responsible tenant is in your own best interests as a landlord, or course. Because that way you reduce the “voids” created by existing tenants leaving and new ones coming in – thus maintaining your rental income stream – quite apart from the general hassle and expense of having to advertise for and recruit new tenants.

Here we give some ideas on how to keep your tenant (and therefore, you) happy.

The business relationship

It is important to remember that the relationship between tenant and landlord is essentially a business relationship. You provide the accommodation, and the tenant is happy to pay a fair and reasonable rent for a home that is in good condition.

You are under no obligation to become friends with your tenants – but the key to the relationship seems to be a level-headed consideration of what the tenant considers to be a good deal.

Considerations

Here we outline a few tips on keeping your tenant happy, starring with rent. Probably a key factor for any tenant staying in their rented property is the cost:

• look carefully at your rent increase plans. Will your new price still be competitive when measured against similar properties in the area? If it isn’t, your tenants may simply walk away;
• perform a cost-justification exercise before raising rents. For example, just how much will it cost you in time and effort to replace tenants who might leave following your increase? It’s important to understand the maths and be sure that your increase makes sense when measured against the risks you might be taking of losing your tenants as a result;
• if a rent increase is unavoidable, try to link it to something beneficial they haven’t had previously – in other words, convince them that they’re getting something in return. Notification of a rent increase which is also accompanied by confirmation that (e.g.) you’re installing some new garden furniture might result in a diluted focus on the increase itself.

Communication and problem resolution

• communicate regularly with your tenant. This can help personalise you (or your appointed property agent) as an individual and nip any minor grumbles in the bud before they become a problem. Some tenants may never see their landlord from one month to the next and that might not always be a good thing;
• acknowledge any tenant communications promptly. This makes them feel valued;
• if you’ve received a request for action (e.g., a repair) but it’s one you can’t deal with immediately, tell them why not but say that it has been noted for attention. If possible, offer them a target date for resolution;
• should a complaint arise, try to manage it calmly rather than escalate tensions through rebukes etc. Not all tenant complaints will be justified but they do indicate that the originator isn’t happy and that’s something that should influence your response if you wish to retain them;
• speak to your tenants in person or on the phone rather than use emails, texts, social media and letters. True, there may be times when, for legal reasons, you have no choice but to go into writing, but the written word can be subject to misunderstanding and ambiguity and that can quickly sour a relationship.

More tips on keeping your tenant happy

• respect your tenant’s privacy. Provide advance notice before entering the property for inspections, repairs, or other reasons as required by local laws;

• conduct regular property inspections to ensure that everything is in good condition. This proactive approach can help identify and address issues before they become major problems;

• ensure that the property is secure and meets safety standards. Install proper locks, smoke detectors, and fire extinguishers, and inform tenants about emergency procedures;

• if applicable, provide amenities or services that enhance the living experience, such as a clean common area, laundry facilities, or landscaping;

• be flexible when possible. Accommodate reasonable requests from tenants, such as minor alterations or adjustments that can make the space feel more like home to them;

• have a comprehensive and clear lease agreement that outlines rights, responsibilities, and expectations for both parties. This can prevent misunderstandings later;

• if conflicts arise, handle them professionally and calmly. Try to find a fair solution that benefits both parties;

• if you have a good tenant who pays rent on time and takes care of the property, consider offering lease renewal incentives to encourage them to stay;

• stay updated. Keep yourself informed about relevant landlord-tenant laws and regulations in your area. This helps you operate within legal boundaries and maintain a fair and lawful relationship.

Research and data consistently underline the significance of tenant satisfaction and needs in maintaining a successful landlord-tenant relationship. The modern rental market demands flexibility, transparency, and responsiveness from landlords to ensure tenant retention.

By focusing on factors within your control, such as rent affordability, property quality, and effective communication, you can create a rental experience that meets tenants’ expectations and encourages them to remain. Additionally, considering external factors like location and accessibility further enhances the appeal of a rental property.

While challenges like rent increases and tenant turnover may arise, proactive strategies can mitigate their impact. Landlords who prioritise tenant retention not only reduce turnover costs but also foster a positive reputation, leading to word-of-mouth referrals and attracting new tenants.

Remember, building a positive landlord-tenant relationship takes effort from both sides. By demonstrating respect, responsiveness, and a willingness to work together, you can foster a harmonious and productive rental experience.

The escalating cost of fuel, at a time when the cost of living is rising so steeply, makes many homeowners and landlords give serious thought to alternative sources of energy.

To that end, energy captured from the sun’s rays through solar panels may make an obvious choice. Indeed, this year has already seen the installation of solar panels on a record number of homes and with estimated savings of up to £700 a year on energy bills.

Here are some frequently asked questions on solar panels.

What is solar energy?

It’s a simple question but one that is worth reminding ourselves about. Solar energy simply refers to the latent energy radiated by the sun. That energy is captured by solar panels that can convert the sun’s rays into electricity.

Are solar panels cost-efficient?

By installing solar panels, says British Gas, you stand to win on several counts:

• by switching to a “greener” source of fuel you are doing your bit to forge a more sustainable way of living;

• over time, if you have bought the solar panels outright (rather than leasing them) you will have recouped the cost of installation and will be making real savings on the cost of the electricity you consume;

• you could earn an income by selling back to the grid any excess energy generated by your solar panels; and

• the installation of solar panels could add to the capital value of your home.

Do they work whether the sun is in or out?

Clearly, solar panels tend to be at their most efficient in the summertime when there is plenty of sunshine – but they continue to work perfectly well throughout the year even when it is cloudy.

Indeed, when it is cold and bright, solar panels perform with even greater efficiency than in warm weather. That is because of the greater difference in energy between the sunlight’s photons and the solar cells’ electrons. It is that sharper contrast that increases the power generated by your solar panels.

Is planning permission needed?

Unless your home is a listed building, located in a conservation area, on the part of a wall facing the road, or if the panels overhang the roof or wall by more than 200mm you will typically not require planning permission for the installation of solar panels – it will be formally designated as “permitted development” explains the British Dwelling website.

Bear in mind, however, that the installation will need to be inspected and approved by the Building Control authorities of your local council – to confirm that the roof is strong enough to take the weight of the solar panels and to check that all the electrical circuitry meets the relevant safety standards.

When considering solar panel installation, speak to your local council first to understand any potential legal implications.

How much will the installation cost?

As you might imagine, the cost of any installation is extremely variable and will depend on the type of panels used, the size of the system, and the structure and configuration of the roof. Estimates range from £7,000 to £10,000.

Theoretically, installation could be done by a competent DIY enthusiast, but the installation and associated electrical work are more than usually complicated. Work done by professionally qualified contractors is likely to be preferable.

Cleaning and maintenance

There are no moving parts, so your solar panels require a minimum level of maintenance. Nevertheless, keep in mind that the panels need to let in the maximum amount of available light to convert the sun’s rays into power. That means keeping the panels as clean as possible.

Although they will need inspecting for signs of damage every couple of years or so, the relatively maintenance-free nature of solar panels makes them a credible and efficient solution for landlords as well as owner-occupiers.

Should I buy or lease solar panels?

The decision to buy or lease solar panels depends on your individual circumstances and preferences. Both options have their pros and cons – such as:

• owned outright solar panels initially being costlier to install but then offering longer term savings;
• leased solar panels requiring little to no upfront costs but saving you less money as a portion of the energy generated goes to the leasing company.

It is important to note that if you decide to sell your home and your solar panels are leased, this may affect any prospective buyers’ mortgage approval. This is because where mortgage lenders are concerned, the existence of a lease agreement for solar panels may create uncertainty with respect to the ownership of the solar panels. Also, for a mortgage lender, leased solar panels may affect the ease with which the property can be resold following any need for its repossession.

Summary

If you want to use energy in an environmentally friendly and sustainable way, it may be worth considering solar panels. Then you’ll be generating the electricity you use from the abundant and renewable power of the sun.

Disclaimer: Please note that this article is purely for informational purposes only and should not be deemed as advice. 

If you’re a homeowner, investor or landlord, you’ll want to keep fully abreast of development in your sector of the market. With that in mind, we’ve compiled just a few of the latest property news headlines for you. Let’s take a look …

Right To Rent landlord fines to be massively increased

The penalties for landlords who break the Right to Rent laws will face stiffer penalties – much steeper fines that are more than ten times the current rates – according to a story in Landlord Today on the 8^th of August.

Against the background of illegal immigration and the tide of small boats crossing the English Channel, the government is adopting a tougher stance towards landlords who grant tenancies to those who have yet to gain legal residency.

Homeowners who take in a lodger without the necessary residents’ permit will face fines of up to £500 (up from the current £80 per individual) and fines of up to £10,000 for each unlawful tenant (up from the current £1,000).

The penalties become steadily more punitive for those landlords who repeatedly break the Right to Rent laws by housing illegal immigrants. Repeat offences attract fines of up to £10,000 per lodger (the maximum is currently £500) and £20,000 (up from £3,000) for other illegal occupants.

Which properties are selling best right now?

Homebuyers are tailoring their expectations about the size of property they can afford. Three- and four-bedroom homes, for example, are no longer the most sought-after since buyers are looking for cheaper houses and flats, according to a survey by the online listings website Zoopla recently.

Rising mortgage interest rates, of course, have reduced the amount that many potential buyers can now afford. As a result, it has been back to the drawing board to see how far their finances will stretch.

So, out goes the generously proportioned family home for many house hunters and, instead, a modest-sized flat may be all that the budget can currently manage.

What is the new Mortgage Charter?

Another of the online listings websites, Rightmove on the 3^rd of August, focused on a new initiative set out in the so-called Mortgage Charter.

With mortgage interest rates the highest they’ve been for 15 years – and still further increases on the horizon – the new Mortgage Charter has been devised as a partnership between (the majority of) lenders, the government, and the Financial Conduct Authority (FCA) to help those existing borrowers who might be struggling to keep on top of their mortgage commitments.

The Charter is designed to set out more clearly the options for borrowers who are already struggling and in danger of falling into arrears and those whose current fixed-rate mortgage is about to end (when it will revert to the lender’s more expensive standard variable rate).

Among the options available to struggling borrowers will be:

• a temporary switch to interest-only repayment terms – this will have the immediate effect of reducing the monthly outgoings (since there is no capital to repay), but borrowers will need to be aware that the missed repayments will have to be made up some time in the future;

• extend the mortgage term – once again, this might be a temporary measure only, so that the borrower repays more of the outstanding balance when his or her finances allow, and the original repayment term is re-established.

These are probably the most familiar responses, but the new Mortgage Charter reminds borrowers that lenders may offer still further alternatives and options.

Halifax house price index: July 2023

The housing market appears to have found a sense of stability – average house prices continue to drop but by a small margin, with the annual fall currently registering 2.4% (a modest improvement on the 2.6% in the 12 months to the end of June).

The House Price Index published by the Halifax building society noted that July was the fourth consecutive month in which prices have fallen – but by a very modest 0.3%.

From its peak of £293,992 last August, the average price of a home in the UK has now fallen to £285,044 – with properties in Wales and the South of England suffering the most noticeable decline in prices.

Autumn is just around the corner, and with it comes shorter days and longer nights.

When the clocks go back at the end of October, we can expect the usual spike in burglaries that customarily accompany the darker evenings. This swells the already high number of break-ins and attempted break-ins that occur in the UK – the latest figures (2021/2022) reveal that in England and Wales alone, there were 266,283 burglaries.

It doesn’t take any intruder at all long to break in and make off with your valuables. The time taken by most burglars is no more than an average of just 10 minutes.

What you can do

Firstly, take another look at our detailed Guide to Protecting your Property. It is packed with helpful advice for all property owners and landlords in particular. The more secure your let property, the happier your buy to let insurance providers are likely to be – and, conversely, you or your tenants’ failure to take reasonable precautions might be interpreted by your insurer as contributory negligence if you ever need to make a claim.

Here we share some guidelines, with particular interest to landlords in improving the security of their let properties.

Some of that advice might appear only a matter of common sense – but no less worthwhile in reminding your tenants. Remember to lock the front door whenever they go out, for example, since an estimated 5% of all burglaries are committed through an unlocked front door.

In addition to reminders to your tenants, though, there are several straightforward, simple and relatively inexpensive measures you might take to improve the overall level of security:

• ensure all doors – external and internal – are undamaged and fit properly and snugly into their frames;
• ensure that all entry points to your rental property, including doors and windows, have robust and high-quality locks. Consider installing deadbolts or mortice locks that meet British Standards. Additionally, explore modern entry systems such as smart locks or keyless entry for added convenience and security;
• conduct regular property inspections. Performing regular inspections allows you to identify any security vulnerabilities or maintenance issues promptly. Schedule routine inspections to check the condition of doors, windows, fences, and outdoor lighting. Address any concerns or necessary repairs to maintain a secure environment;
• don’t leave ladders or other tools outside where a burglar can use them to gain entry to the property but keep them locked securely away;
• enhance outdoor lighting: Adequate outdoor lighting plays a crucial role in deterring criminal activities and ensuring tenant safety. Install motion sensor lights near entry points, pathways, and parking areas to illuminate the surroundings when motion is detected. Consider energy-efficient options to minimise costs;
• secure fences and gates: If your rental property has a garden or outdoor space, ensure that fences and gates are secure. Regularly inspect them for any damage or signs of weakness. Sturdy fencing can act as a deterrent and prevent unauthorised access to the property;
• a prominently visible burglar system may deter some opportunist thieves but needs to form part of your overall security measures – consider installing spyholes on doors, a burglar alarm system, and security lighting or motion-detector lights. Even a so-called “Dummy alarm” may be a deterrent;
• educate your tenants about basic safety practices, such as keeping doors and windows locked, not sharing keys with unauthorised individuals, and reporting any security concerns promptly. Provide clear instructions on emergency procedures and contact information for emergencies or maintenance issues;
• ensure you have appropriate landlord insurance cover that includes protection against theft, vandalism, and property damage. Review your policy regularly to confirm that it adequately reflects the value of your rental property and covers potential risks;
• prioritise tenant screening by conducting thorough background checks and requesting references from previous landlords. This can help reduce the risk of renting to individuals with a history of criminal activities or negligence;
• if you are the landlord of a House in Multiple Occupation (HMO) consider delegating responsibility to one of your tenants for ensuring that the door that gives common entry to the premises always remains locked.

Keeping your UK let property secure is a vital responsibility for landlords. By implementing these essential security measures, you can protect your investment, promote tenant safety, and maintain a positive rental experience. Regular maintenance, strong security systems, and tenant education are key elements in creating a secure environment.

Remember to stay updated on local laws and regulations pertaining to rental property security to ensure compliance and stay ahead of potential risks.

Holiday lets are booming. The number of holiday lets in England alone rose by 40% between 2018 and 2021.  So, if you own a holiday home that you let to visitors or longer-term tenants, it’s clearly important to be up to date with the various regulations and legislation that govern this type of enterprise.

It’s an issue attracting a great deal of attention and discussion about some of the ways of tackling the problems that have arisen with holiday let properties in England. So, let’s take a closer look at some proposed legislative changes …

Balance

Alarming headlines might have given the impression that holiday lets anywhere in the country automatically spell disaster.

That is simply not the case. In some previously down-at-heel seaside resorts, for instance, the increased economic activity helped by a growth in the number of holiday lets has been a positive boon. A story published in Landlord Today on the 8^th of July singled out the regeneration that has been seen in Blackpool as a particular case in point.

While there are other parts of the country – both seaside towns and country villages – where a saturation by holiday homes has made it difficult for locals to afford homes in the area, the problem is by no means one-sided or all down to holiday lets alone. A more balanced approach needs to be taken.

The introduction of a new C5 use class

In search of that kind of balance, last year the government launched a consultation exercise designed to weigh up the relative advantages and disadvantages brought to any area by a greater concentration of holiday lets.

From that exercise, consideration is now being given to a change in planning legislation to create a new C5 use class specifically for the conversion of dwelling houses into premises principally occupied as holiday lets.

Even if a new C5 use class is widely implemented, it is suggested that planning legislation retains the existing C3 use class for residential dwellings that are used as holiday lets for between 30 and 90 days (the exact interval is still to be determined).

Registration

In addition to changes to planning regulations, consideration is also being given to setting up a registration system for holiday lets.

By requiring owners of short-term holiday lets to register their property, local authorities would then have a better picture of the overall state of affairs, the number of properties involved, and the potential impact on the housing stock available for local residents.

Local authorities would have a clearer picture of the affordability of accommodation for local people and the extent to which the prevailing housing situation might be affecting levels of anti-social behaviour.

By extending registration to local holiday lets, landlords would be encouraged to improve the overall standard of short-term accommodation in the area and play their part in ensuring that all tenants have access to safe and high-quality living spaces.

At least three different options are under consideration for any registration scheme:

• compulsory national scheme – possibly administered by the English Tourist Board, local authorities, or some other agency;

• initial opt-in scheme pending a decision on compulsory registration – this would allow local authorities the opportunity of opting into a discretionary scheme in their area pending an evaluation of the benefits of making the scheme mandatory; or

• a scheme that remains entirely voluntary and into which local authorities exercise the ability whether or not to opt into a registration scheme.

Striking the appropriate balance

Although there are certainly areas of the country where the current number of holiday lets has caused grave concern for local authorities – the BBC has previously identified Salcombe in South Devon as a particular hotspot – most of the discussion strives to strike an appropriate balance in the regulation of holiday lets.

Whether controls are extended through changes to planning permissions or to the registration of holiday lets is yet to be decided.