Weekly landlord news digest: Issue 23

Are you a busy landlord looking for the latest property news? Hamilton Fraser’s landlord news digest helps to keep our landlord readers up to date with the important industry updates that matter to them.

In this week’s edition, we take a look at how property is increasingly seen as a key asset in retirement planning, investigate a recent survey that has found many landlords are not up to speed with their legal obligations, explore the increase in property investors over the last decade, and provide you with details on how to get expert industry advice, via our property podcast.


Retirement planning features property as a key asset

A new generation approaching retirement are future planning with property as a key asset, according to a new report, and see money invested in property as part of their later life financial planning.

According to research conducted by the Equity Release Council, instead of sitting on money tied up in bricks and mortar and leaving the home for loved ones to inherit when they die, they are more likely to borrow and give the money to relatives or keep a proportion in the bank to cover unexpected expenses.

The study explains the over 50s have an average of £80,000 equity in a home that they could borrow against.

And just over half of homeowners aged over 45 (51 per cent) regard this as part of their financial planning for retirement.

“The UK’s ageing population and changing retirement landscape means people are increasingly thinking of property as a multi-purpose financial asset – particularly those aged 45 to 64, the retirees of tomorrow. Property is often a person’s single largest asset and makes a significant contribution to homeowners’ personal finances as well as providing a place to live.”

– Equity Release Council chair David Burrowes 

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Landlords not up to speed with current buy to let legislation, says survey

A recent survey of around 400 landlords by FTadvisor.com, an independent bridging finance provider, has found that despite multiple legislative changes throughout the private rented sector, many landlords are still unaware of their legal obligations and so may not be acting in accordance with the law.

The survey found that:

  • Around 30 per cent of landlords surveyed were unaware or did not understand changes to Houses in Multiple Occupation (HMO) licensing
  • approximately 28% of landlords were not aware of the government’s consultation on the Section 21 eviction process
  • Around 27% of landlords were not aware of the ban or uncertain about what it meant, with a further 19% unsure how it would directly impact them

In addition, a large number of landlords were not supportive of many of the legislative changes, finding them mostly ‘anti-landlord’ in their approach.

Read more about the survey here.

You can also find out more information on your landlord obligations in ‘Legislation for landlords: Everything you need to know’ and listen to expert advice on landlord and tenant law in our latest podcast ‘Residential Laws of the Land’.

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The number of property investors has doubled

A think tank looking at property ownership has found that the number of people owning a second home has doubled in the past two decades.

Around one in 10 of the population or 5.5 million people own a second property which is either a buy to let rental or a holiday home. That’s a 53 per cent rise since 2001 when 3.6 million people owned a second property, research from the Resolution Foundation shows. Between them, these 5.5 million owners have property worth £941 billion.

“Multiple property wealth has grown rapidly over the last two decades,” said George Bangham, policy analyst at the Resolution Foundation. “The sheer scale of additional property wealth is an important driver of rising wealth gaps across Britain. While young people are less likely to own their own home than previous generations, those that do own are more likely to have more than one property.”

“As the huge stock of second homes, buy-to-let and overseas properties starts to be passed on to younger generations, Britain risks becoming a country where getting ahead in life depends as much on what you inherit, as what you earn.”

– George Bangham, policy analyst at the Resolution Foundation

Don’t forget to listen in for expert property industry advice!

Hamilton Fraser’s property podcast provides advice and support for landlords on how to navigate the ever changing property industry.

Each episode Hamilton Fraser CEO, Eddie Hooker and Paul Shamplina, Founder of Landlord Action and Brand Ambassador at Hamilton Fraser, are joined by expert industry guests to discuss pressing property matters!

Why not listen to our latest podcast, ‘The Residential Laws of the Land’ with special guest Tessa Shepperson, residential property lawyer and Managing Director of Landlord Law.

This episode focuses on government plans for landlords, the importance of using the right documentation, landlord redress and housing courts.

Missed the previous podcasts in the series? Don’t worry you can catch up with industry news here!

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