The latest from Gilson Bailey

The introduction of the Tenants Fee Bill

With the number of renters across the UK higher than ever before and with ever-more tenants forecast to enter the property market over the next decade, the Government is taking steps to ensure that those who cannot afford to purchase their own property receive a fair deal when renting. The introduction of the Tenants Fee Bill, June 2019, is intended to increase the clarity around which fees are imposed upon renters – as a group they are collectively set to save millions of pounds thanks to the ban on some fees.

Shelter research shows that on average, private renters in England had to pay &246 in letting agent fees, and families had to pay even more. In the current climate of fiscal uncertainty, this amount of money can cause real difficulties for households – meaning that the proposed Bill could have a real impact upon the quality of life of many.

One of the changes which the Tenants Fee Bill will bring in to effect surrounds the deposits which renters are required to pay; with the introduction of the bill most tenants will pay no more than the equivalent of five weeks’ worth of rent as a deposit. There will also be restrictions upon agent themselves, including when they can charge default fees from renters.

Landlords and agents will only be able to charge default fees specifically to replace lost keys or in the instance of late payments (with a default fee being applied if late rent hasn’t been paid within 14 days of falling due).

Landlords will still be able to claim back costs for damage through the tenancy deposit at the end of tenancy, the Government has announced. A landlord or agent will only be able to recover reasonable incurred costs and must provide evidence of these costs to the tenant before they can impose any charges.

In response to the Tenants Fee Bill, Communities Secretary James Brokenshire said: “The amendments will make renting a home of your own more affordable, fairer and more transparent – enabling tenants to keep more of their cash and stopping unexpected costs…I want to see a housing market that truly works for everyone, and one which provides a better deal for renters.”

Bank of Mum and Dad: Generation Rent

According to analysis produced by the Resolution Foundation, parental wealth has now developed into one of the determining factors whether young people in the United Kingdom own a home or not since the financial crisis – demonstrating the current inequality in the housing market.

Although home ownerships rates amongst the 25-34-year-old age group have indeed declined, the recent introduction of schemes such as Help to Buy and shared ownership, as well as the myriad of mortgages now available, have been helping first-time buyers on to the market. Despite this push, Britain’s young people have been dubbed “Generation Rent” due to their decreased likelihood to be able to purchase their own homes when compared to previous generations – they are much more likely to be renting from a private landlord.

The analysis produced by the Resolution Foundation is the first of its kind as it has linked two long-running data sets together in order to attempt to measure the importance of the aptly named “Bank of Mum and Dad”, referring to parents supporting their children on to the property market. The foundation found that those with parental property wealth were 80% more likely to become homeowners than those whose parents did not own their own home.

Stephen Clarke, senior economic analyst at the Resolution Foundation, said: “High house prices and sluggish wage growth have meant that being able to buy a home of their own is almost impossible for many young people without access to the Bank of Mum and Dad.”
Making an interesting comment on how to bridge the gap in inequality, the report stated that the government’s Help to Buy equity loan scheme ‘could be better targeted’ and should additionally consider family wealth.

The report added: “Fundamentally, schemes like HTB are about helping those who are close to being able to afford their own home. In order to improve home ownership prospects for the majority of younger people, more concerted action is needed.”

5 top tips to help you redesign your kitchen

Whilst the living room is usually considered ‘the heart of any home’ in most UK households, the kitchen plays a much more central role in day-to-day family life. Follow these simple guidelines to achieve kitchen bliss!

1. Make the most of your space
Finding suitable storage units to house all of your pots and pans can be tricky - especially if you are working with a particularly small kitchen. Utensils, appliances, and accessories can certainly clutter up your worktops. Either tuck these items away in cabinets or display them in open shelving to add a decorative and homely feel.

If you are renovating your kitchen from scratch, choose cabinets that have pull-out baskets and drawers for maximum storage space. A recent trend for kitchen redesigns is to contrast worktop colours or textures and to change traditional handles for stylised ones. Although this look is popular right now, that may change by next year, and counters can be costly to modify. Finding a balance between trendy and timeless ensures that your kitchen never seems dated.

2. Go bold
Even if you’re not renovating your kitchen, there is no rule to say that you’re stuck with your old counters or the ones that a previous owner left behind. Sand and paint the counters yourself, and save having to buy and fit out a completely new kitchen every time you redecorate.

Whilst patterned tiles can make bold statements, don’t overwhelm your kitchen by tiling it from floor to ceiling. When going for bold, try to keep it simple. That may seem contradictory, but having too many bold prints, colours, or patterns in one room will make your kitchen look messy. Tie your room together with colour gradients and make complex patterns look a little subtler.

3. Lights, candles, atmosphere
Everyone appreciates privacy in their own homes, but rather than choosing to hang heavy curtains, look instead towards using a lighter fabric or blind to highlight any natural light in your kitchen. Likewise, a lighter colour will emphasise the openness of your window whereas a darker material may make the room seem much gloomier.

For the areas of your kitchen where natural light does not reach, put lamps or candles into position for ambience during the evenings. Spotlights or ‘downlights’ attached to the bottom of your cabinets are also an affordable way to improve lighting in your kitchen. These additions will make your room seem bigger, more open, and yet more intimate.

4. Opt for quirky and personal
Don’t be afraid to style your kitchen according to your own specific tastes, no matter how quirky they may be! By all means, consider hiding your knick-knacks when your property is on the market - as this will encourage potential buyers to envision buying your property - but whilst you are living there, live there! Whether you are a minimalist or a hoarder, showcase your treasures and memories for all to see.

5. Plants here, there, and everywhere
Having potted plants or herbs in your kitchen will give the room a healthy and natural look. Plant pots can be bought from a wide range of suppliers and you can even paint these for a different and unique finishing touch.

Your kitchen design ‘musts’ should be; appropriate use of space, maximum lighting options (both natural and artificial!) and suitable storing. Once you get these things right, they require very little attention. Unlike colour scheme and accessories, which can have a very dramatic impact and completely revitalise a room in need of some TLC.

It takes just 8 minutes to decide on a property

As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.

In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not and six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.

In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.

This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert.

75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.

The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.

For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.

Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.

Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture or issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room which preventing the buyer’s imagination from running wild led to over a third of buyers to back out of a purchase.

The list showcases the importance of sprucing up your home, both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property, so ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.