Posts Tagged ‘guaranteed rent london’
Guaranteed Rent in Lewisham | Weak present account blots rosy economic landscape
Guaranteed Rent in Lewisham | With just a few months to go till the general election, the British economy – by some measures – is on a roll. Growth stays stronger than in most rich countries and unemployment has fallen to a 6 year low.
Dwelling standards, which deteriorated after the crisis, are now improving, because of rising wages and falling inflation. Last week, strong revenue tax receipts showed that even the general public finances might finally be on the mend.
Our rent guarantee scheme provides you with between 1 to 5 years worth of guaranteed rental income. What’s more, there’s no catch and no fees involved. Contact Guaranteed Rent in Lewisham today on 020 8088 9012 to find out more.
guaranteed rental income is what we do | Is this why you can’t buy your first London home?
A very interesting story from the evening standard, as average rents in the capital reach a record high, an investigation reveals estate agents are targeting wealthy investors. Joshi Herrmann reported the original story
According to the articla, in the summer of 2011, at an internal presentation by the directors of a London estate agent, the staff were told about a strategy that promised to improve the bottom line. The company was facing an unfamiliar situation. The post-crash rentals boom had seen the lettings department offloading properties in hours and lining their pockets with fees, while their counterparts in sales struggled.
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The strategy announced would brilliantly turn the new market conditions to their advantage. A former employee has told the Standard that the directors instructed their agents to target the small but growing group of wealthy investment buyers with their for-sale properties. This would allow the firm to take its usual sales fee then rent out the property for the buyer and manage it on their behalf — turning properties they would once have sold to families and young professionals into long-term cash cows.
Alex Weekes, 26, was until last year an agent at the firm, Ludlow Thompson — a major property player which claims to have let and sold £1 billion worth of property in London in 2012. Buyers chasing popular properties have long suspected that they are being outfaced by wealthy investors for the homes they want. But Weekes’s story, and investigations by the Standard, can reveal that agents have responded to the booming rental market by making investment buyers a conscious priority over ordinary buyers looking to own and occupy.
“They showed us why it is better to sell to landlords who you can then rent the flats or houses for,” says Weekes. “The idea was that we would manage the property, which gets higher fees and means we know when it is going on the market again. It worked really well, I know that there were more properties to instruct.”
Weekes says his former colleagues at other London estate agents had been told to pursue the same strategy and the Standard understands that Ludlow Thompson is by no means the only firm now making a special effort with investors.
At Ludlow, Weekes says the policy was announced in front of the whole company, including managers from both sales and lettings. Was it a novel idea to him and his colleagues? “Yeah, it was,” he says, “it was a policy that we hadn’t even thought of.”
That may be because it was a plan very much of its moment. After the downturn began in 2007/2008, hard-to-come-by mortgages and nervous sellers meant the numbers of Londoners renting rose sharply. More than a quarter of Londoners rent from private landlords now — in 1991 the figure was 14 per cent. And last month came news that rents had risen eight times faster than wages (7.9 per cent up on last year) to record levels, with the average monthly rent now at £1,106.
The rental boom has enticed investors into the buy-to-let market again. The number of investor-buyers has increased by 30 per cent in the past four years according to Ed Mead, a director at Douglas & Gordon, which he says “certainly would not specifically target investor landlords”. And the Council of Mortgage Lenders says buy-to-let mortgages accounted for 13 per cent of all mortgages outstanding at the end of last year.
This is not the first time the buy-to-let market has boomed but the combination of that and hugely inflated prices offered agents like Ludlow an opportunity they weren’t prepared to miss.
“As far as the public were concerned, everything was exactly the same,” explains Weekes, who wrote a book after he left Ludlow called How to Beat Your Agent: A Complete Guide to Residential Property Letting.
Part of the agents’ strategy was to offer big discounts on management fees. “So we said ‘If you buy a house from us and let it out through us we will give you five per cent off our management fee [of 17 per cent]’,” says Weekes.
The most useful service they provide for investors, though, was “off-the- record” calls to give them a head start when a property hadn’t yet been listed. Timing is everything in a market characterised by scarce supply and plenty of overseas interest with ready money and lawyers in tow.
Weekes says: “Unofficially if they [the sales team] knew something was going to come on the market the agent would call the [investment] landlord and say, ‘Look, I’ve got something coming up but it’s not on the market yet’. ”
This account was confirmed when the Standard posed as a potential investment buyer and called one of the company’s branches earlier this week. We asked if it gives advanced notice to investment buyers. “Yes of course,” replied a sales agent. “So if we’ve gone out on a valuation and are 80 per cent sure that it’s going to come on, then we can inform you about that ahead of time before it’s actually on the web portals.” Before ordinary buyers? “Exactly, yeah.”
Thinking he was talking to precisely the type of buyer the firm goes after, the agent revealed: “Both me and my other colleague, we have 10 investors we deal very closely with,” clarifying that “they would be like our priority buyers”.
He went further, saying that investors, whom agents often favour for their known buying credentials, could have an advantage over other bidders if several offers have been made. Would that happen? “Exactly, yeah, and it’s better for the company as a whole.”
He even admitted that the firm can begin the lettings process before the sale is complete: “It’s not unheard of for people to start doing viewings if the property is vacant between exchange and completion, so when you do complete you have no void period straight away — we can do that all in-house.”
A Foxtons agent also confirmed on the phone that for investors with a “close relationship” with the firm “we will be sending you properties before they are put on the website”.
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The law states that “you must not discriminate, or threaten to discriminate, against a prospective buyer of the seller’s property because that person declines to accept that you will (directly or indirectly) provide related services to them”, and says discrimination includes “giving details of properties for sale first to those who have indicated they are prepared to let you provide services to them”.
rent guarantee scheme – Do you want to receive monthly rent even when the property is unoccupied?. Please contact us on 020 8694 8098 for extensive references to see how we can help you today.
guaranteed rental schemes | Business news and markets: as it happened – May 29, 2013
We will regularly inspect your property, to ensure it is well-maintained and that everything is as it should be, ready for when you do get a tenant again. We will also continue to advertise your property, to show it to prospective tenants and to keep you informed every step of the way. And you can relax knowing that all the while this property is empty, you are still guaranteed rent payments and are still receiving a monthly guaranteed rental income.
The European Commission has warned that France’s economic resilience is diminishing as it grants a raft of extensions for members to meet budget deficit targets.
• EU Commission warns on French resilience as eases austerity guaranteed rental schemes
• OECD trims UK 2013 growth forecast to 0.8pc
• OECD calls for QE in eurozone as it cuts growth forecasts
• European Commission to flex muscle on ‘failing’ economies
• IMF cuts China 2013 growth forecast to 7.75pc
• France’s central bank head warns FTT could ‘destroy’ jobs
17.25 And that is where we are going to close the blog today.
As always you can follow all of the news here and we will be back bright and early tomorrow morning.
Thanks for following and have a good evening.
17.10 The European Central Bank’s twice-yearly Financial Stability Review is out and it says that eurozone systemic stress is at its lowest point in two years, thanks to its own policies.
Stress in the euro area financial sector has fallen from previous peaks. Several indicators suggest that euro area systemic stress is at its lowest point in two years. ECB policies have been a key factor underpinning this decline in stress.
It added that to consolidate progess, there had to be further fundamental adjustments made at a national level alongisde ongoing EU initiatives.
However, it said financial stability remained “fragile”, with “several vulnerabilities in the interaction between sovereigns, banks and the macroeconomy” persisiting.
The review highlighted four key risks:
1. A further decline in bank profitability, linked to credit losses and a weak macroeconomic environment. Continued and prompt progress in proactively tackling bank balance sheet problems is needed.
2. Renewed tensions in sovereign debt markets due to low growth and slow reform implementation. Progress in adjusting public finance vulnerabilities should not unravel. Beyond this, continued momentum is needed towards completing a genuine EMU, notably including a full banking union and a strengthening of fiscal frameworks.
3. Bank funding challenges in stressed countries. Continued steps at both the national and European level are needed to tackle remaining fragmentation in bank funding. Furthermore, bank funding markets will benefit from a predictable and consistent approach to bank supervision and resolution across Europe; the launch of the single supervisory mechanism will be a key milestone in this respect.
4. Reassessment of risk premia in global markets, following a prolonged period of safe-haven flows and search for yield. Stable and predictable policies are key to the prevention of such a risk reversal. To reduce the losses of such a possible risk reversal, banks and supervisors should ensure that bank capital buffers are sufficient.
In Germany the Dax was down 1.7pc, in France the Cac shed 1.8pc, in Spain the Ibex was down 0.9pc, while in Italy the FTSE Mib slid 1.6pc.
16.39 The FTSE 100 failed to stage a recovery today after losing ground at the open and has closed down 2pc at 6,627.17, after jumping 1.6pc on Tuesday. Yusuf Heusen, a sales trader at spread-betting firm IG, said:
Once again the uptrend is looking under threat. Yesterday’s impressive gains are a distant memory as the FTSE gives up the ground gained on Tuesday and back to levels seen last Thursday. It’s been a while since we’ve seen such volatility in both directions, which is at least a welcome reminder that markets can go down as well as up, but two consecutive triple-digit days suggests a market that doesn’t know whether it’s coming or going.
16.15 Also speaking at the OECD’s week-long forum has been Norway’s Prime Minister Jens Stoltenberg.
He said it was not acceptable that companies did not have to pay their share of taxes while the “poorer public” did.
By using aggressive tax planning, international corporations can avoid paying their fair share of taxes. This is not acceptable.
With public finances under strain in many countries, and people having to endure higher taxes and poorer public services it’s not acceptable that big companies can avoid paying their fair share of taxes.guaranteed rental schemes
We cannot accept that international corporations do not contribute at all. We should all be concerned about erosion on national tax bases.
He was speaking ahead of tomorrow’s briefing on the OECD’s project on base erosion and profit shifting, which Mr Stoltenberg said would help the international community address aggressive tax planning, with the aim of ensuring a “level playing field” for companies based in different countries.
It will require broad international co-operation, but the good news is that stopping tax erosion, and tax evasion, and limiting the use of tax havens is a win-win situation.
It expands the tax base, it increases tax revenues, and it allows us to reduce tax rates. Therefore we should strengthen our national efforts to plug tax holes in our respective national tax codes. Also we should strengthen our international efforts through tax treaties.
Norway’s Prime Minister Jens Stoltenberg addresses the OECD Week
15.56 Time for everyone’s favourite subject – tax.
Over in Paris, nine more countries have signed up to a tax deal which will see them exchange information in a bid to clamp down on individuals and businesses using offshore accounts to avoid paying tax.
Austria, Luxembourg and Singapore were among those to sign the agreement today the Organisation for Economic Co-operations’ (OECD) week-long forum at its headquarters in Paris, adding their signature to the more than 50 countries globally, including the US and UK, that have already adopted it.
Those countries will now automatically swap tax information, in a bid to clamp down on businesses and companies that use their secretive banking system to avoid paying tax, allowing joint multi-party tax investigations.
The OECD’s Secretary-General Angel Gurría hailed it as an “historic moment” for the convention during the signing ceremony.
In the past 2 years more than 60 countries have signed the Convention or stated their intention to do so, marking an important milestone on the road to closer cooperation and more transparency – to making the international system fair to all taxpayers.
Singapore’s Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam said his island-country was committed to tax cooperation but called on other states to sign the agreement to make it work fully.
Signing the Convention reflects Singapore’s commitment to tax cooperation based on international standards, but the standards can only work if all financial centres come on board.
The new tax protocols will also affect entities based in Luxembourg such as Amazon and will eventually allow for faster transmission of data to HM Revenue and Customs and other tax authorities around the world.