Thursday, 7 August 2014

Pay double to rent in the capital

Those renting in London are paying twice the amount than other tenants across the rest of Britain. The average monthly rent in the capital has hit £1,412 compared to just £694 in the rest of the country. In a report which compares rent prices to tenant incomes, the North-east of England, Scotland and Wales were said to be at the most affordable level. In London, the average tenant spends around 45% of their annual income in order to stay in rented accommodation.

According to the HomeLet Rental Index, 10 out of 12 regions in Britain are experiencing a rise in rental prices. Those in both the South-west and South-east are also feeling the squeeze after paying 39% and 34% of their yearly income on rent. While some argue that the average wage in London is much higher than other areas throughout the UK, the ability to afford rent is still at a tight squeeze. The chief executive of Barbon Insurance, Martin Totty has argued that “for a rental property to be affordable, a tenant’s gross income must be at least 2.5 times his or her annual rent. Our data shows that rents in London have pushed beyond that”. 

The table below shows the average monthly and yearly rental prices across the UK in comparison to the average income and % of income used from salary to pay for rent based on location.


RENT PRICES
MONTHLY
ANNUALLY
TENANTS INCOME
% OF INCOME
Greater London
£1,412
£16,944
£37,800
45%
East Anglia
£781
£9,372
£28,900
34%
Wales
£584
£7,008
£24,300
29%
South-west
£813
£9,756
£24,900
39%
South-east
£863
£10,356
£30,300
34%
West Midlands
£625
£7,500
£23,400
32%
North-west
£665
£7,980
£24,100
33%
Yorkshire & Humber
£600
£7,200
£22,700
32%
N Ireland
£567
£6,804
£23,800
29%
East Midlands
£579
£6,948
£23,300
30%
North-east
£507
£6,084
£22,700
27%
Scotland
£578
£6,936
£24,200
29%
 
So is there any way you can get cheaper rent? 


Although it may not seem possible but there are several things you can do to negotiate a cheaper rent.
ü   
    - Do your homework and see how long the property has been on the market for.
ü   - Check out what prices the other homes in the area are renting for.
ü   - It’s always good to sell yourself; other references will help show that you have a good credit rating.

Remember; the more information you have the easier it is to strike up a deal. In addition to this, you can also offer to sign a longer lease for less rent because it actually costs the landlord money when a tenant decides to move out. Therefore, the longer your stay, the more appealing your offer as you offer both stability and a regular income. 

If you are a tenant and you are facing some legal issues with your landlord contact us today for straightforward and jargon-free advice. Also, if you are thinking of buying a property and leaving your rented accommodation behind visit us online for more information and advice. A free instant online conveyancing quote is also available here.


Monday, 21 July 2014

Tenants Vs. Landlords



 

A new survey conducted by Ocean Finance reveals that half of those who rent privately have been ‘ripped off’ by either their landlord or letting agent.  The poll conducted from 2,000 UK adults shows a high level of dissatisfaction amongst tenants in regards to the service they receive.  The reasons given were:

·         53% of tenants were unhappy due to a failure to do repairs
·         47% of tenants were unhappy by the delays in getting things fixed
·         37% of tenants were unhappy about tenancy deposits not being refunded
·         25% of tenants were unhappy with the unreasonable reductions from the tenancy deposit
·         23% of tenants were unhappy with the unreasonable  increases in rent
·         22% of tenants were unhappy being handed unreasonable fees to start the tenancy agreement process.

As a result, Citizens Advice Bureau has highlighted that there has been a growing concern among private tenants who are facing evictions despite being up to date on their rent payments. In addition to this, the CAB is also witnessing a 38% increase in those without rent arrears who have been threatened with an eviction. According to the CAB, over 5,000 issues in regards to tenant evictions have been reported in both 2013 and 2014. Around 3,750 issues had been reported the year before.

So what about buying a home?

Latest statistics show that more and more people are teaming up in order to buy a home. New research conducted by Santander Insurance shows that 22% of people who wish to make a joint purchase within the next 2 years will do so with their unmarried partner. 13% of those wishing to purchase will share the purchase with their parents, whilst 4% will make a joint purchase with a friend or other relative.

23% believe that the main reason for making a joint purchase is that it is the only way for them to get their foot on the property ladder. Other statistics show that only one fifth of those planning to make a joint purchase will do so as they simply want to live with that person. Whilst 16% will make a joint purchase as they believe that it will leave them less financially stretched. And finally, 15% will do so in order to afford a larger property.

So whether you are a tenant or a landlord in need of some legal advice, contact us at LawStore Conveyancing today for a straightforward and jargon free solution.  If you’re thinking of making a joint purchase on a property then visit us in store today to ensure all the legal forms needed are completed and up to date. Or simple call us on 0845 603 6544 or visit us online.

At LawStore conveyancing, we offer a fast and cost effective solution to all your conveyancing needs. Get a free online conveyancing quote when you visit us online and see how much we can save you.

Tuesday, 8 July 2014

Working hours get more flexible!


A change in the law has now allowed all employees to request flexible working hours. This right was previously only reserved for carers and those caring for children. This change should now see an estimated 20 million people with the right to ask for flexibility in their working hours. Also as a result, employees can now expect their requests to be considered “in a reasonable manner” by employers.

This change of law will affect everyone with more than six months service within a company.  The government believes that this change will help boost morale as well as productivity within business. It has also been argued that the extension of flexible working rights will be of a particular interest to employees who are approaching their retirement stage as well as young workers who are also carrying out additional training.

Deputy Prime Minister Nick Clegg has also suggested that Modern businesses know that flexible working boosts productivity and staff morale, and helps them keep their top talent so that they can grow”. With this mind, many have argued that this is true as flexibility given by employers will make them more attractive than others, which in return will help them to retain the best talent. Furthermore, this will also potentially stop many employees leaving and finding work elsewhere. In a way, this flexibility will enable people to create a better balance between work and home life.

Conversely, many have argued that this extended law is not necessary, as without it, you can still ask your employer for flexible work time in which he or she can still say no. And even with this change in the law, an employer can still say no. In addition to this, it has been suggested that not all businesses can afford to do this as one person’s idea of flexibility can be another’s nightmare. Moreover, in the long term some have argued also that if an employer offers say one, two or three employee’s flexible working time then how long before others will ask for the same.

So what’s your opinion?

If you are concerned about your working hours then contact us today or visit our working time regulations page to find out more. It’s always good to be in the know!