ISSUE 2
The magazine for property professionals
SEPT - DEC 2015
Bath - An Historic city with an exciting future Hot Topic
Should the Right to Rent scheme be scrapped?
Autumn Giveaway
Win ÂŁ50 to spend at Amazon!
DEDICATION
WE UNDERSTAND IT That’s why we have account managers who are committed to building successful relationships that last.
At Rentguard we provide great value Tenant Referencing services to letting agents, as well as comprehensive Rent & Legal Protection and a full range of Residential and Commercial Let Insurance products. Call 0333 000 0170 to join Rentguard today with no sign up fees or obligation and let us be dedicated to you! Tenant Referencing
Rent & Legal Protection
0333 000 0170
Residential Landlord
Tenant Contents
rentguard.co.uk
Owner Occupier
Commercial Property
W
elcome to issue 2 of Property Focus – our quarterly magazine for property professionals and enthusiasts.
In each issue we put a different UK city under the spotlight, looking at its property market, investment opportunities, as well as places to visit and history. In this action-packed edition, we venture to the historic city of Bath. As always, we also roundup the latest industry news, statistics and hot topics. Plus, for a chance to win £50 to spend at Amazon, simply answer the following question: By what name was Bath known in Roman times? Email your answer to propertyfocusmag@gmail.com to be in with a chance of winning! The winner will be chosen on 31st November – good luck!
Richard Williams – Editor propertyfocusmag@gmail.com
OUR SURVEY SAYS...
3 to 4 years is the most common length of time tenants rent from one landlord, survey reveals
Between 3 to 4 years is the typical length of time that tenants rent from one particular landlord, according to a new survey by the RGA Insurance Group.
33% of landlords revealed that their tenants spent approximately 3 to 4 years in a property before moving on. 1 to 2 years was in second place, with 23% of respondents revealing that their tenants had lived in a property for this period of time before deciding to move. 5 to 6 years was in joint position with 23% of respondents choosing this option. The landlord insurance specialists asked customers the question ‘What is the longest that a tenant has been renting from you?’ 20% said that their longest serving tenant had spent 7 or more years renting with them.
1-2 years
3-4 years
5-6 years
7+ years
“The results show that tenants are not moving between properties as quickly as it would seem. If landlords are able to build good relationships with their tenants, it is likely that tenants will become more settled and comfortable in their homes,” said James Castell, director of RGA.
£500 TO SPEND ON THE HIGH STREET WHEN YOU GET A QUOTE WITH
N I W
RLA Insurance!
Get a quick quote on your landlord insurance with RLA Insurance and be in with a chance of winning high street vouchers worth up to £500! One lucky person will be selected at random to receive £500 to spend at places such as John Lewis, M & S, Topshop, Currys, Halfords and many more! Plus should you go ahead and purchase with us you’ll receive a full refund on your policy!
RLA Insurance provide specialist landlord insurance for a wide range of properties, including houses, purpose built flats, HMOs and bedsits. What’s more, members of the Residential Landlords Association, are eligible for discounts of up to 30% off!
Call us now on 0333 000 0172 or visit rla.org.uk/insurance for a quick quote!
We cover landlords with professional, student and DSS tenants at highly competitive rates. Our cover includes: • Loss of rent up to 30% of sum insured • Contents cover of up to £60,000 • Accidental damage
• ‘New for old’ replacement of items • Up to 30 days unoccupancy allowed • And more!
*Offer ends 31st October. No purchase necessary. Terms and conditions apply – contact us for more information.
Policy administration is provided by RENTGUARD INSURANCE SERVICES LTD. RENTGUARD is an RGA GROUP company. Authorised and regulated by the Financial Conduct Authority. Registered in England No. 4302819
NOSY NEIGHBOUR
In each issue we take a sneaky look at what’s been going on in rental properties across the UK Rogue Landlord handed £75,000 penalty A landlord from Ealing has been ordered to pay a total of £75,215 for nine offences, including failing to licence four properties, protect tenants, comply with improvement notices and comply with prohibition orders. An investigation was conducted following reports that the properties were being operated as unlicensed HMOs. Following a warrant of entry being executed on three of the properties, subsequent notices were served in relation to the dangerous condition of the properties including unstable staircases and lack of fire safety. The landlord was ordered to pay court costs of £5,395 awarded to the council and a victim surcharge of £120. The fine of almost £70,000 brought the total penalty to £75,215. The landlord did eventually submit HMO licence applications for his properties but prosecution for the offences had already begun!
Fire reveals HMO failings by Warwickshire landlord A Warwickshire landlord has been fined £10,744 for failing to properly manage a two storey property which is split into seven bedsits. A fire at the property led to an investigation by the council and fire service, which discovered that the fire had started in the communal kitchen. Both of the doors leading from the kitchen had previously been removed by the landlord, leaving any fire open to the hall, stairs and ground floor bedrooms. A garage and outbuilding had also been converted into bedsits without being fitted with fire escape windows. All of the tenants managed to escape before the fire took hold and only suffered from smoke inhalation, despite the landlord failing to have the fire alarm system serviced.
HOT TOPIC In light of a new report suggesting that over a quarter of UK landlords are reluctant to rent to people with a ‘foreign’ sounding name, we ask:
Should the Right to Rent scheme be scrapped?
Yes
The Residential Landlords Association (RLA) believes that the Right to Rent scheme, which requires landlords to check the immigration status of potential tenants, is causing ‘confusion and anxiety’ among landlords. The scheme, which aims to prevent those who are in the country illegally from renting, is creating a ‘climate of fear’ and forcing landlords to act as border control, according to the landlord body.
any prospective tenant, but were only directed at individuals who appeared foreign. “These checks are leading to increased racial profiling. Those who appear foreign or have foreign accents are finding it increasingly difficult to access tenancies,” said JCWI legal and policy director, Saira Grant. JCWI said that the aim of the scheme was not being achieved as Home Office enforcement during the pilot had only resulted in two penalty notices being issued.
An investigation by the Joint Council for the Welfare of Immigrants (JCWI) found that the scheme is leading to discrimination against many who are entitled to be in the UK, but may have complicated immigration status. A survey by JCWI, revealed that 42% of landlords are unlikely to rent to potential tenants without British passports. The scheme was introduced as a pilot in December 2014 and required landlords in five local authority areas in the West Midlands to check the immigration status of renters or risk facing a fine of up to £3,000 per tenant. However, the investigation found that the Right to Rent checks were not being carried out for
“If the Government expect landlords to act as border police it should provide the training and material needed to give them the confidence to carry out the checks required of them.” David Smith, RLA Policy Director
No
Immigration Minister James Brokenshire asserted recently that the government wanted to show the UK was not a “land of milk and honey” as he defended moves to strip families of benefits if their asylum applications were rejected. Right to Rent was named as another measure which had been introduced to help prevent those who had entered the country illegally from settling here and the Government has refuted the notion it has been a failure despite the low number of penalty notices served. The Financial Times revealed that the government is also planning to introduce new rules to allow landlords new rights to end a tenancy — sometimes without a court order — when a person’s right to remain in the UK ends. Home Secretary Theresa May and her French counterpart Bernard Cazeneuve, also recently wrote an open letter in The Sunday Telegraph urging the EU to do more to stop illegal immigrants from crossing into Europe from Africa.
that the checks are perhaps not as complicated as some critics are making out, saying: “In most cases, landlords will simply need to check the tenant’s passport or biometric residence permit. For the majority of landlords it will take a matter of minutes and they won’t need to contact the Home Office.” “In a limited number of cases, where tenants do not have their documents due to an ongoing Home Office application, landlords can request a check using the online form. The checking service will then provide a yes or no answer within 2 working days to confirm whether they can let to a particular tenant.” Let us know what you think – email your view to propertyfocusmag@gmail.com
“Many see Europe, and particularly Britain, as somewhere that offers the prospect of financial gain. This is not the case — our streets are not paved with gold,” they wrote.
“Many see Europe, and particularly Britain, as somewhere that offers the prospect of financial gain. This is not the case — our streets are not paved with gold.”
A Government information leaflet also suggests
Theresa May, Home Secretary
CITY SPOTLIGHT (Bath) – In each issue we shine our spotlight on a different part of the UK, focussing on what it has to offer everyone from property investors to casual day-trippers.
B
ath is a beautiful and historic city located in Somerset. It plays host to a surprising range of commercial businesses, start-ups and spin offs, and with new opportunities opening up along the river corridor in the city, it is looking forward to an exciting future.
History With a population of around 90,000 people, Bath is best known for its curative Roman-built baths that still exist to this day (you can find out more about them on page 16). The city was formerly known by the Latin name Aquae Sulis (meaning ‘the waters of Sulis’) from around AD 60, CITY SPOTLIGHT
when the Romans built a temple in the valley of the River Avon. Bath Abbey was founded in the 7th century and became the religious centre, before being rebuilt in the 12th and 16th centuries. Although it maintains much of its striking Roman and Georgian architecture, the city underwent significant reconstruction in the 20th century following a blitz in World War II.
Employment Bath once had a pivotal manufacturing sector, led by companies such as Stothert and Pitt, which has declined in recent years. However, the city boasts strong software, publishing and service industries and is home to Future
BATH
Publishing and London & Country mortgage brokers among others. The city hosts over 400 retail shops, half of which are run by independent specialist retailers, and around 100 restaurants and cafes. Bath’s unwavering attraction to tourists means a significant number of job opportunities in the tourismrelated industries. Other large employment sectors in Bath include education and health (30,000 jobs), retail, tourism and leisure (14,000 jobs) and business and professional services (10,000 jobs).
Education Bath has two universities, the University of Bath and Bath Spa University. The University of Bath was established in 1966 and specialises in the physical sciences, engineering, mathematics and technology. It was named University of the Year by The Sunday Times in 2011. Formerly a college, Bath Spa was granted University status in 2005 and specialises in Art and Design, Education, English and Creative Studies, as well as Music and the Performing Arts. Between them the two institutions bring several thousand new students to the city each year, meaning demand for student properties is consistently high.
Sport Sporting-wise, Bath is best known for rugby. Established in 1865, Bath Rugby club play in the Aviva Premier League at the Recreation Ground in the city. The Bath Half Marathon is run annually through the city’s streets, attracting over 10,000 runners. The city’s football team Bath City F.C currently plays in the Conference Premier (one division below the Football League) having gained promotion from the Conference South in 2010.
DID YOU KNOW?
Connections
A hoard of 30,000 silver Roman coins, one of the largest discovered in Britain, was unearthed in Bath in 2012 during an archaeological dig.
Bath is served by the Bath Spa railway station and is around two hours from London by train. It has regular connections to London Paddington, Bristol Temple Meads, Cardiff, as well places such as Exeter and Plymouth in the south.
CITY SPOTLIGHT
Its river was connected to the River Thames in London by the Kennet and Avon Canal in 1810, before closing for many years. However, it has been restored in recent years and is now hugely popular among narrowboat users.
Where to invest Affordability in Bath is at the lowest level for many years, with the average property price to annual wages ratio currently at 9.74 to 1, meaning more and more people across the city are looking to rent. Whilst this is bad news for those looking to get on the property ladder, it is boosting demand for landlords and driving up the rents they can set. Average yields of around 5.5% can currently be achieved on a one bedroom apartment.
The Circus This area of Georgian architecture is one of the most sought-after addresses in the UK. As such, property prices won’t be cheap (upwards of £350,000 for a one bed apartment) but there will be no shortage of demand or capital gains to enjoy.
River Street Mews Located just a short distance from the city centre and Royal Crescent, a modern and stylish two-bedroom house here will set you back around £650,000, achieving rents skywards of £1,500 a month.
Bathampton Backing on to the Avon canal, a restored threebedroom cottage with underfloor heating and sash windows, recently sold in the area for £565,000.
Regeneration The Bath City Riverside Enterprise Area was launched earlier this year after many years of planning and public consultations. Key areas for development include Cattlemarket, Cornmarket, The Rec, Pulteney Weir, Bath Spa Railway Station and Bath Quays. The project will be ongoing until 2026 with the potential to accommodate up to 9,000 new jobs and 3,400 homes.
DID YOU KNOW? There are 14 other cities named Bath worldwide the majority of which are in the US, including Bath, Kentucky and Bath, Illinois. BATH
Bath – The facts and figures Get the lowdown on the city with our handy infographics
PROPERTY RENTS BY BEDROOMS (source: home.co.uk) 1 BEDROOM
£819 pcm
2 BEDROOM
£1,338 pcm
3 BEDROOM
£1,457 pcm
4 BEDROOM
£2,126 pcm
5 BEDROOM
£2,804 pcm
AVERAGE RENTS BY PROPERTY TYPE (source: home.co.uk) ROOM
FLAT
£425 pcm
£1,256 pcm
HOUSE
£1,914 pcm
AVERAGE ASKING PRICE (Source: home.co.uk) £530,984
CITY SPOTLIGHT
Twinned with Bath is twinned with the below cities:
Bochum
Aix-en-Provence
Alkmaar
Kaposvár
Germany
France
Netherlands
Hungary
Beppu Ōita Prefecture
Japan
Population = 88,859 (2011 census)
Tourism Bath is a popular tourist destination with more than one million staying visitors and 3.8 million day visitors annually!
Religion Bath is largely Christian at 71%, with no other religion reaching more than 0.5% and 19.5% describe themselves as ‘Non-Religious’.
Did Yo u Know? Bath has its own currency calle d the Bath Oliver, which is a co upon that can be used at local businesses instead of cash. Yo u earn the co upon by do ing co m munity or vo lunteer work.
BATH
PLACES TO VISIT
Best known for its Roman Baths, the city also offers a rich mix of cultural attractions and recreational options.
Jane Austen Centre Queen Square, Bath
Dedicated to celebrating Bath’s most famous resident, the centre offers a snapshot of what it would be like to live in the Regency times. Set in a classical Georgian town house, everything is inspired by Austen’s timeless novels. Last year, a waxwork of Jane Austen was revealed giving visitors the chance to see the author closely for the first time in centuries. http://www.janeausten.co.uk/
The Circus Bath
Originally known as The King’s Circus, this sight is of three curved segments of Grade I listed townhouses. The stonework has many emblems including serpents, acorns, nautical and masonic symbols which add to this prime example of Georgian architecture. http://visitbath.co.uk/things-to-do/the-circus-p56201
The Roman Baths Abbey Church Yard, Bath
Constructed in 70 AD as a grand bathing and socialising complex, 1,170,000 litres of steaming spring water reaching 46°C still fills the bathing site every day. The baths are one of the best preserved Roman remains in the world and are home to the Pump Room where spa water containing 42 minerals can be drunk. http://www.romanbaths.co.uk/ CITY SPOTLIGHT
Theatre Royal & Ustinov Studio Sawclose, Bath
Located in a listed Grade II building, the Theatre Royal is over 200 years old and is one of the oldest working theatres in the country. With a capacity for an audience of up to 900 people, many plays start at the Theatre Royal before their official opening in London. The Theatre is host to several festivals each year including the Family Theatre Festival and the Shakespeare Unplugged festival. http://www.theatreroyal.org.uk/
Holburne Museum Sydney Pleasure Gardens, Bath
The Grade I listed building is home to a collection of fine and decorative art from Renaissance treasures to masterpieces by Gainsborough which are built around the collection of Sir William Holburne. The museum offers temporary exhibitions, music performances, creative workshops, family events, talks and lectures. http://www.holburne.org/
Bath Abbey Bath
Abbey Church of Saint Peter and Saint Paul (commonly known as Bath Abbey) was founded in the 7th century. A beautiful example of Gothic architecture, the Anglican parish church is able to seat 1,200 and is an active place of worship. Tours of the tower provide the opportunity to enjoy spectacular views of Bath. http://www.bathabbey.org/
Thermae Bath Spa The Hetling Pump Room, Hot Bath St, BA1 1SJ
Designed by Grimshaw Architects, the Thermae Bath Spa is a fusion of the past and the present, having been constructed in Bath stone and enclosed in a glass envelope. Offering a wide range of facilities, the baths are open almost all year around, with opening times ranging from 9:00am to 21:30pm for the different baths. https://www.thermaebathspa.com/ BATH
The Roman Baths
Bath is best known for its ancient Roman Baths which are almost two thousand years old. These baths were a central part of day-to-day life in Ancient Rome.
History The first shrine at The Roman Baths was dedicated to the goddess Sulis by Celts, whom the Romans identified with Minerva, the Roman goddess of wisdom. The name Sulis continued to be used after the Roman invasion, leading to Bath’s Roman name of Aquae Sulis which means ‘the waters of Sulis.’ The temple was constructed in 70 AD and was gradually built up over the next 300 years. Under the Roman occupation, the baths included the caldarium (the hot bath), tepidarium (warm bath) and frigidarium (cold bath).
The water The water that makes The Roman Baths so famous originally comes from rain which falls down limestone aquifers to a depth of between 2,700 and 4,300 metres. This is where geothermal energy raises the water to 69-96°C which cools to 46°C as
CITY SPOTLIGHT
it reaches the surface. The Romans believed the steaming water was the mystical work of the Gods!
Modern Day The Roman Baths are situated below modern street level and consist of numerous chambers which lead to the remains of the ancient heated rooms and changing rooms as well as tepid and plunge pools. The Roman Baths also enclose the Pump Room where the spa water is safe to drink. In the past, this water was believed to have healing powers as a result of containing 42 minerals. Although the water is no longer safe for bathing at The Roman Baths, bathing is possible at the Thermae Bath Spa. A combination of the historic spa and a contemporary building, it has two natural thermal baths as well as a range of other facilities. The opening of the Thermae Bath Spa brought an end to a 28 year period during which the waters remained unavailable for bathing because of safety issues.
Famous Residents Bath has a healthy heritage of literary, art, film and television personalities. Here are a few of the city’s famous residents over the years:
Jane Austen
bbc.co.uk
Sir Peter Blake
Wikipedia.org
Nicolas Cage
Most famous for her works of romantic fiction, including Pride & Prejudice and Sense & Sensibility, Austen is one of the most successful British authors of all time. She moved to Bath with her family in 1800 aged 25, going on to complete many successful literary works there.
One of Britain’s mostloved artists, Blake is best known for designing the sleeve for the Beatles’ album Sgt. Pepper’s Lonely Hearts Club Band. In 2008, Blake painted a pig in Bath city centre for the public art event King Bladud’s Pigs. In 2011, The Holbourne Museum held an exhibition dedicated to his seven decades worth of works.
Star of numerous Hollywood blockbusters, Cage bought a £4 million townhouse in Bath’s sought-after The Circus in 2007, before selling up a few years later. Although it was not understood to be his main home, he was regularly seen in the Somerset area during this period.
Born in Bath in 1935, Berry has published more than seventy cookery books. In recent years she has become better known as one of the judges on the BBC’s The Great British Bake Off. In June 2014, Berry was awarded the Freedom of the City of Bath, during a ceremony at Bath Abbey.
Thomas Gainsborough was arguably the most dominant British artist of the 18th Century. Although born in Suffolk, he and his family moved to Bath in 1759, here he continued to paint for fashionable clientele and regularly supplied works to the Royal Academy’s annual exhibitions.
The celebrated children’s author was born in Bath in 1945. Her books – including the Tracy Beaker series – have sold more than 30 million copies worldwide. In June 2002, Wilson was awarded an OBE for services to literacy in schools.
theguardian.com
Mary Berry
Wikipedia.org
Thomas Gainsborough
theguardian.com
Jacqueline Wilson
BATH
SALES & RENTAL INDEX Average Rent per Region Overall UK Average = £977 (+11.8%) North East = £566 (+9.3%) North West = £663 (-1.4%) Yorkshire and Humber = £628 (+5.4%) East Midlands = £618 (+5.7%) West Midlands = £657 (+4.6%) East Anglia = £818 (+3.6%) Wales = £606 (+1.1%) London = £1,538 (+9.5%) South East = £968 (+10.3%)) South West = £914 (+11.4%)
UK Land Registry: May to July 2015
Average House Price per Region Overall UK average = £183,861 (+4.6%) North East = £100,670 (+0.4%) North West = £114,064 (+1.4%) Yorkshire and Humber = £123,663 (+3.1%)
East Midlands = £136,600 (+5.1%) West Midlands = £139,525 (+3.2%) East Anglia = £209,989 (+8.9%) Wales = £120,091 (+1.5%) London = £488,782 (+8.3%) South East = £252,528 (+8.2%) South West = £190,996 (+4.2%)
“There is no charm equal to tenderness of heart” Jane Austen
Words
Richard Williams
Design
David Puddicombe
Priya Gill
Miao Yu
We hope you’ve enjoyed the second issue of Property Focus, we welcome any feedback or suggestions, please email all correspondence to propfocusmag@gmail.com. Alternatively you can write to us at 27 Great West Road, Brentford, London, TW8 9BW.
Super Insurance!
Super Service!
Super You! We provide insurance solutions for both the residential and commercial lettings market, as well as full business and employee liability cover at highly competitive rates with generous commission.
rgagroup.co.uk
|
020 8587 1066