Jackson-Stops' response to the ONS Private Rents and House Prices...
Wednesday Apr 17, 2024
READ MOREOur local experts have been experiencing the busiest lettings market to date with demand to live in 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 Jackson-Stops 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.
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:
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 Jackson-Stops 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.
Fire safety:
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:
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.
A well-presented property not only entices high quality tenants and higher rents but also encourages tenants to stay in the property for longer. Jackson-Stops 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.
A landlord guide to renting your property
Fri 15 Dec 2023
Read more of our news, views and articles on all aspects of the property market.
Wednesday Apr 17, 2024
READ MORE"Excellent communication throughout and very friendly professional team."
FOR THE BURNHAM MARKET OFFICE
"We can highly recommend Nick of Jackson-Stops, who we found to be very trustworthy, experienced and knowledgeable. He went above and beyond to help steer us through our property purchase to a successful completion. We would definitely contact him again regarding any future property transactions in Yorkshire." N D-M
for the Yorkshire office
"We have used Jackson-Stops twice now to sell our houses. The team are experts, with each member having a specialist role and in depth knowledge. Marketing is superb, from start to finish. Attention to detail in comprehensive brochures with wonderful photography. Thank you."
FOR THE ALDERLEY OFFICE
"Outstanding customer service, friendly professional sales and letting staff...such extensive knowledge too. The best estate agency I have ever dealt with. No matter how busy, they try their upmost to respond to enquiries promptly."
For the Sevenoaks Office
"Toby, Guy, Freddie and Trudy in the Mid-Sussex Jackson Stops office were outstanding in shepherding the sale of our home. If you are looking for a professional, ethical, efficient and friendly estate agent to work with, I highly recommend talking with them. Thank you for restoring our trust in estate agents!"
FOR THE MID SUSSEX OFFICE
"James and Ria gave me an exceptional service with selling successfully. Huge experience and knowledge, friendly and ultra helpful. Totally trustworthy and I can highly recommend them! Thank you so much."
FOR THE NORTH DEVON OFFICE