Property News of the Week
Welcome to this week’s property news roundup. Here are the top property stories from across the web to keep you up to date and informed.
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Hottest UK cities for rental demand revealed
The latest research by rental management platform, Howsy, has looked at where across the UK is kicking off a new decade with the highest tenant demand for buy-to-let homes.
Howsy looked at rental listings across the major online portals and analysed demand across 23 major UK cities as well as each borough of London, based on the proportion of rental listings that had already been snapped up by renters as a percentage of all listings available online.
By doing so, Howsy is able to identify just where the hottest pockets of the rental market currently are and where buy-to-let properties are flying off the shelves due to a combination of high tenant demand and lower levels of housing stock.
Most in-demand UK cities
When it comes to current demand, Newport is home to the highest level of tenant demand with 35% of all rental homes listed on the major portals already let.
Bristol also remains one of the most in-demand cities for rental properties at 34%, with Nottingham (33%), Cambridge (33%) and Belfast (25%) also ranking in the top five.
Plymouth (23%), Portsmouth (23%), Bournemouth (23%), Leicester (18%) and Manchester (18%) complete the top 10.
Aberdeen remains the least sought after area for rental properties in the UK with tenant demand at 5% followed by Swansea (8%) and Leeds (9%).
London
Within the capital, Bexley, Bromley, Sutton and Lewisham are the hottest boroughs for tenants straight off the bat in 2020, with 38% of all rental stock listed online already being snapped up.
Merton (32%), Croydon (31%), Greenwich (30%), Haringey (29%), Enfield (29%) and Kingston (27%) are also amongst the most popular.
The high financial barrier of rental costs is evident at the top end of the ladder with Kensington and Chelsea (7%), Westminster (7%), Camden (11%), the City of London (12%) and Hammersmith and Fulham (13%) all ranking with the lowest number of properties let as a percentage of total properties listed.
Poor communication is the biggest cause of deposit disputes
The latest research from Hamilton Fraser’s deposit alternative scheme Ome, shows that poor or no communication when withholding a deposit is still the most common cause for deposit disputes between landlords and tenants, ahead of the cleanliness of the property and damage sustained during a tenancy.
Check out the full blog here.
The research from Ome also shows that the total number of disputes being submitted by tenants to Hamilton Fraser’s deposit protection scheme, mydeposits, has increased over the last three years, however, the number of escalated disputes reaching the adjudication stage as a percentage of total disputes has fallen steadily year on year — down -2.6% in 2019 alone.
Last year, there were 9,323 disputes raised with mydeposits, however, just 5,792 (62.1%) progressed as far as the adjudication stage, down from 64.7% the previous year and 66.4% the year prior to that. The decline in the percentage of disputes reaching adjudication is likely as a result of the drive towards early resolution and negotiation, showing that when landlords and tenants do communicate issues can be resolved amicably.
What causes the most disputes?
When digging into the causes for these disputes, 30% were as a direct result of tenants not receiving any communication or explanation as to why they were not getting their deposit money back.
Disagreements over the perceived cleanliness of the property upon check out was the second most common cause for a dispute in 23% of cases, while damage to the property ranked third with 18%.
Other reasons for disputes included general redecoration, missing or replaced items and outstanding rent arrears or bills.
Co-founder of Ome, Matthew Hooker, commented:
“The return of a deposit can often be a cause for an otherwise fantastic tenant-landlord relationship to sour and the stats show that the leading reason for this is poor or lack of communication.
The sector is starting to provide solutions to these friction points and technology is helping to create a more transparent end of tenancy process. Ome, for example, will naturally see 30% of these disputes caused by landlords withholding cash without an explanation eradicated by providing a cashless deposit experience. We’ll also be pushing improved transparency and communication by pioneering the mandatory check in/check out reports.
Through our research I’m confident that the industry is on the right path and choice, competition and improving technology is helping to raise standards and protect the interests of both tenant and landlord alike.”
The best areas to buy new as a first-time buyer
The latest research by new homes specialists, Stone Real Estate, has looked at where is home to the smallest gap between the price paid by first-time buyers and the average price of a new build property.
Stone Real Estate looked at the current average cost of buying new across Britain and then compared this to the average house price paid by first-time buyers, to see which pockets of the market provided the most realistic opportunity for those climbing the first run to do so in a brand new home.
The research shows that across Britain, the average cost of buying a new build is some £101,085 more than the price paid by the average first-time buyer, however, there are a total of three areas where the cost of a new build comes in lower than the average FTB house price.
Despite the high house prices across the general market, Oxford is home to an average new build price of £344,799, £15,761 cheaper than the price paid by the average first-time buyer (£360,559).
Believe it or not, while the average new build in the capital is £73,043 more expensive than the price paid by London’s first-time buyers, Islington is the second-best area to buy new as an FTB. The average Islington new build currently costs £586,328, while the average FTB pays out £599,414, a £13,086 difference.
While more marginal, the cost of a new build in Ceredigion is -£1,238 more affordable than the price paid by the average first-time buyer.
Although newbuild prices are higher than that paid by the average first-time buyer elsewhere in Britain, Surrey Heath, Brighton, West Dorset, Hyndburn, Reading, Canterbury and Kensington and Chelsea are home to some of the smallest gaps in price.
Inside the capital, Hounslow, Haringey, Richmond, Tower Hamlets and Harrow are also home to some of the smallest gaps between the cost of buying your first home, and the cost of buying brand new.
Avoid these January DIY don’ts in the home and save money
The start of a new year often spurs a mass migration to the nearest DIY outlet as we look to hit the ground running and spruce up our homes, fuelled on the best intentions of fixing that dodgy shelf or finally painting that neglected spare room.
However, leading tradespeople comparison site HaMuch.com, has looked at some of the biggest DIY mistakes made during January and what you can do to ensure you avoid some of the most common cock-ups around the home.
On average, it can cost as much as £3,208 to right a DIY wrong which can make a serious dent in your savings, particularly while your account remains on life support following the festive blowout.
Believe it or not, some of the most common DIY mistakes are considered the easiest job with wallpapering, putting up shelves, painting, fixing a toilet flush and unblocking a drain often those that go wrong the most regularly.
Here’s what not to do in order to DIY like a pro.
USE A SPIRIT LEVEL
It’s the most simple and obvious tip, but the majority of us neglect the spirit level when putting up shelves. What should be a five-minute job then takes a lot longer with wonky shelves leading to multiple holes drilled which requires further filling and wallpapering or painting to rectify.
A £10 spirit level will ensure you get the job done the first time around saving you money on the other materials needed to put right a bodged shelf.
Keep it simple and neutral
Wallpaper and paint are a cost-effective way to transform a room but keep it simple and neutral. We often underestimate the amount of paint needed and super expensive paint can cost you a bomb if you have to go back for a second or third time. Likewise, fancy wallpaper may seem nice, but if you have to constantly cut to match fancy patterns, you will need more rolls and will create more waste. Stick to neutral patterns and colours to save on money and time.
Avoid the quick fix
It’s rarely that much quicker and often requires you doing half the proper job without finishing it anyway. For example, the winter can often bring wet weather and cause your door to stick due to a swollen frame. A quick plane of the wood will sort that out but all too often we leave the job there and reattach the door.
While it’s off the hinges, be sure to paint the exposed edges with oil-based primer as if the wood isn’t sealed it can absorb more water and your back to square one, or worse, in need of a new door altogether.
Spend money to save money
It might not seem the best way to save money but don’t be the workman that blames his bad tools. Buy better and the job will be better and last longer. For example, don’t buy the most expensive paintbrushes on the market, but don’t buy cheap, they have fewer bristles which give an untidy finish and often requires more coats of paint which brings a greater cost.
You’ll also spend your life picking bristles off of your paintwork where they have come detaches more easily from a cheap brush.
Plan ahead
A bespoke job might look the business once finished but if you’re playing around with walls or floors work out where your pipes and wires are, you’ll inevitably need to access these in the future and having to tear apart the new wall or floor is far from cost-effective.
Prepare your work area
We’ve all done it. We won’t drip paint anywhere. It’s not worth the 10 mins to put a sheet down or use masking tape to protect the skirting board. WRONG. Paint has a mind and body of its own and will jump off the brush regardless of how careful you are.
Take the time to prepare your area and protect anything that doesn’t need to be painted otherwise, a cost-effective quick lick of paint can turn into a much longer task, or require new carpets, sideboards and more.
Know your walls
Ideally, you want to drill into weight-bearing stud work behind your plaster to ensure any shelves or other additions are well supported to avoid any injuries later down the line. This will also save on the material costs of putting them back up when they do collapse.
At the same time, know where your pipes and wires are to avoid any serious injury or damage to you and your home. A burst water pipe is very expensive compared to the cost of a shelf.
Finally, if you do it a stubborn support stop drilling. Drill pieces aren’t cheap, and you won’t win.
Measure twice, cut once
It’s age-old advice for a reason. It doesn’t matter whether it’s wood, wallpaper, carpet or any other material. Rushing in with the scissors or saw can require you to cut again, wasting the original piece of material and your money along with it.
Primers are your friend
Many of us feel out of our comfort zone when going above and beyond your basic tin of paint. However, stains happen and when they do it can take tins and tins of water-based emulsion to cover and even then it will still show through. Don’t waste your time, paint and money, get yourself an oil-based prime or spray, apply to the stain to seal it and then cover it with your paint of choice first time around.
