Ryden Lettings - Lets Go Newsletter - Letting Agents Glasgow and Edinburgh

Lets Go Newsletter - December 2011

Out with the old, in with the new...
As 2011 comes to a close it is a good time to reflect on the year and most importantly look to the New Year ahead.

Out with the old In both Glasgow and Edinburgh it has been a very busy year. Demand has been strong all year, for one and two bed flats in popular locations. Furnished properties remain the most popular option. As young professionals delay buying due to a number of reasons - difficulty in obtaining mortgages, high deposits, job and economic uncertainty - smart one and two bed flats saw very quick turnaround times and in many cases multiple applicants wanting the same property.

There has also been an increase in demand for family property. Those families who have sold, have been taking their time in selecting their next purchase and while many would have bought then sold, given current market conditions this is no longer happening.

The student market in Edinburgh remains buoyant, with the vast majority of our stock being let before Easter for the next academic year. Probably our most eager applicant, was found on the doorstep at 7.15 nursing a coffee wanting to apply for a particular flat - who knows if she’d been to bed!

Looking at the year ahead, we anticipate demand for rental property to remain high. We will continue to give good advice to our clients on how best to present their properties. We continually monitor rental levels and advise our clients on market rents and how to achieve the best rental for their property.

With tenant deposit legislation likely to be up and running by April 2012, it will mean changes to the way letting agents and landlords operate. We will advise our clients on this important change when the scheme providers are appointed. In the meantime we have included further information in this newsletter of our understanding of the scheme to date.

One thing is sure, 2012 like 2011 will not be dull!

We would like to take this opportunity, to wish all our clients and associates a very Merry Christmas and looking forwards, hope for a prosperous 2012 for us all. Fiona Docherty (MD)

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Landlords Spotlight On...	jump to section »
Staff Spotlight On...	jump to section »
Tenant Deposit Scheme (Scotland)	jump to section »
Staff News...	jump to section »
SLA Fireworks...	jump to section »
Poppy Appeal Fashion Show...	jump to section »
Private Rental Sector is Ripe for Investment	jump to section »
5x The Competition for Rented Property	jump to section »
Home Sweet Home...	jump to section »

Landlords Spotlight On...

Staff Spotlight On...

Landlords Name...
Mr & Mrs Brown

How many years have you been a residential landlord?
We have been letting since 1983.
Why did you get into letting property?
Initially we let our home because we were going overseas but decided to start building a portfolio of properties in the mid '90's as security for retiral.
How long have you been a client with Ryden Lettings?
We have been clients of Ryden's since 1997.
Why did you decide to use Ryden Lettings management services?
We chose Ryden Lettings because they were an established company with a good reputation.
Have, or would you recommend their services to friends and family?
We have recommended Ryden's to friends who are also happy with the service they provide.
Over the years, what is your most memorable request from a tenant?
Our most memorable request from a tenant was “the pleasure of our company for cocktails” one Christmas from a couple in one of our flats!
In a sentence or in 3 words, how would you describe Ryden Lettings services?
Reliable, trustworthy and thoroughly professional.
What makes them stand out from other agents?
They are an experienced letting company, striking the right balance between serving the interests of both landlord and tenant.

Name...
Grace Morrison

How long have you been with Ryden Lettings?
Nearly four years, since the opening of our Glasgow branch.
What makes you happy in your job?
Winning new business and meeting new people.
Describe your perfect weekend?
Long walk with the dogs then relaxing with a nice meal and a glass of wine.
What's the funniest/nicest thing a customer has ever said to you?
Gifts from clients to say thank you for my work.
What's your favourite thing about Glasgow?
The people or the shops – close call.
How long have you been in the industry?
Eleven years.
What did you want to be when you were growing up?
A secretary.
What is the first thing you would buy if you won the lottery?
A house with a large kitchen and garden.
Describe your dream property to let...
One bed flat in the Merchant City.

Tenant Deposit Scheme (Scotland)

Tenant Deposit Scheme Tenant Deposit Protection has been in the offing since 2006 but it is only this year that the “Tenancy Deposit Schemes (Scotland) Regulations 2011” came in. At the time of writing, the Scottish Government are considering tenders from those wishing to administer the scheme. It is likely they will be named before the end of the year and the scheme will most likely, be up and running around April.

The aim of the legislation is to ensure that tenancy deposits are securely held and protected and that disputes about their return are resolved quickly, cheaply and fairly.
This will represent a really big change for letting agents, landlords and tenants. We understand the key elements of the scheme to be as follows:-

New Tenancies - Once a new tenancy has started, the deposit will have to be sent off to one of the governments approved scheme providers within 30 days. Deposits for tenancies starting from March 2011 have longer to register but all tenancies, no matter how long they have been running must have their deposits sent in within 9 months. There is a penalty of up to 3 times the value of the deposit for late transfer.
End of Tenancy - Either the agent/landlord or the tenant can apply for repayment of the tenant’s deposit. The administrator of the scheme will then check with the other party that they agree to the claim or whether they wish to dispute the amount.
Dispute Resolution - Where landlord/agent and tenant do not agree, they will be asked to provide evidence to support their claims. Detailed inventories, photos dated at ingoing and outgoing and signed by the tenants, correspondence trails, contractors invoices, original receipts for decorating/ carpeting/furnishings and consideration of age and condition of items are some of the criteria that will be used to help decide claims.
End of tenancy cleaning/repairs due by the outgoing tenant - As no deposit funds will be held by either Agent or Landlord, it is highly likely, landlords will have to pay for cleaning or repairs in the first instance. In order to restore properties for re-letting purposes, it would not make sense to delay this until adjudication has taken place which may take some time.
Detail - Until the scheme is up and running we do not know how things will work. What we do know, is that detail will be key in providing evidence to support claims.

We will continue to keep our clients up to date on this important change as things progress.

Staff News...

Deirdre Henderson who heads up our Edinburgh Lettings Team will be taking a bit of time off at the New Year. As she’s 8 months pregnant we thought this was the right thing to do. We wish Deirdre all the best with her impending arrival and look forward to seeing her back later in the year.

SLA Fireworks...

We recently sponsored a fireworks event for Scottish Love in Action (SLA). They are a Scottish based charity who care for over 560 destitute children in India. Many of the children are orphaned and have suffered terrible tragedies in their young lives. The charity help to feed, clothe, educate and provide medical care to these children.

The evening itself was perfect, a cold crisp night with additional entertainment and food. The Ryden Lettings team and local clients all enjoyed the event. We feel humbled by the work of this charity and the enthusiasm of those involved.

Poppy Appeal Fashion Show

poppy appeal

Ryden Lettings attended the latest Autumn/Winter styles from Edinburgh fashion stores House of Fraser and Jenners on the 9th of November. This
glamorous event was held at the Royal Scots Club, all in support of Poppyscotland, the leading charity supporting ex-servicemen and women in Scotland. Poppyscotland is best known for organizing the Annual Scottish Poppy Appeal - this iconic Autumn campaign that raises over £2 million each year - and their work in aid of veterans and their families continues year-round.

We had two tables at the event. We treated our lady clients ‘landladies’ and staff with a great girlie night out at the fashion show and at the same time supported a great cause.

Private Rental Sector is Ripe for Investment

Increased demand for rental property is sparking a renewed interest in the PRS from landlords in some parts of the UK.

Achievable rent levels on residential property have risen in the last six months, according to 60% of ARLA member agents, and have outperformed other investment classes consistently for the past two years. The average period for which a rental property is empty in between lets is just 2.7 weeks per year, down from an average four weeks two years ago. Ian Potter, Operations Manager at ARLA, said: “Three quarters of our members are reporting that demand for rental property is outstripping supply and, with rental returns currently at 5%, anyone thinking about investing a property to rent could be well-placed to consider their options in the coming months.”

15/11/11 www.arla.co.uk

5x The Competition for Rented Property

Demand for UK Rental Property continues to soar, with lettings agreed within a record low of 12.7 days and up to 5 tenants competing for each private sector (PRS) rental property.

Since the beginning of 2011 there has been a significant increase in tenant demand for private rented sector property. UK residents are adopting the European style of living choosing to rent rather than buy and this trend looks set to continue.

Even with a slight seasonal fluctuation, demand for residential rental property has risen rapidly throughout the year. Tenant demand has increased by 10.8% in the 3rd quarter of this year, compared with the same period last year, and is also up by 11.9% from the 2nd quarter of this year. The data comes from the Countrywide group’s quarterly research into the private rental sector, who also found that the volume of property viewings increased by 17.8% compared to the previous quarter, an annual increase of 8.2%.

Demand from investors is also strong, with an increase in the first-time investor category.In the 3rd quarter of this year, 23.5% of all landlords were investing in property for the first time, compared to 18.7% in January 2011.

Many people see renting property as a realistic alternative to home ownership, either because they are unable to get a mortgage or are waiting for further house valuation falls or they are attracted to the flexibility that renting offers.

25/11/11 www.countrywide.co.uk back to top » l visit www.rydenlettings.co.uk »

Home Sweet Home...

Figures released this week by a UK property association, have shown the average length of a tenancy in the UK private rented sector (PRS)
has increased to around 19 months.

home sweet home The vast number of people now renting in England has increased by a dramatic 56% since 2004, which now accounts for over 20% of all households.

The Association of Residential Letting Agents, (ARLA), now say that on average, tenant occupation length has increased by 21% since records began in 2004.

With a limited supply of new property and rents now tipping the scales of the previous market peak of 2008, tenants who are coming towards the end of their term are finding fewer options available than they previously had.

A stark contrast to the preceding three years when low rents gave hard negotiating tenants the luxury of either staying where they were for less money, or upgrading to bigger and better properties with either no or minimal rent increases. The UK private rented sector (PRS) is stronger than ever. Residential rental values have resulted in attractive inflation beating yields, and the supply and demand scales are now firmly tipped back in favour of the Landlord.

It would seen that is has becoming more sociably acceptable that people choose to rent property instead of purchasing it. In Germany, and other parts of Europe, renting is the norm. The UK as a nation can now be seen to be getting in line with Europe.

Monday 28/11/11 legal4landlords.com

At Ryden Lettings we care about our clients. Our experience and professionalism allow us to provide you with the quality of service you deserve.

We provide a comprehensive service which includes:

Free, no-obligation advice on letting your property
High profile city centre premises
Advertising and marketing your property
Matching applicants to properties
Referencing of prospective tenants
Tenancy agreement preparation
Inventory and schedule of condition professionally compiled

Regular visits to your property and reporting
Day to day repairs and maintenance organised
Advice on refurbishments available
End of tenancy check of your property
Payments direct to your bank account with detailed statements
Advice on your obligations and legal updates

Anything else... just ask, we’ll do our best to help you.

Rydens Staff Pic

152 West George Street, Glasgow G2 2HG
Tel: 0141 353 0760
Fax: 0141 332 8783
Email: glasgow@rydenlettings.co.uk
www.rydenlettings.co.uk

100 Hanover Street, Edinburgh EH2 1DR
Tel: 0131 226 2545
Fax: 0131 226 2472
Email: edinburgh@rydenlettings.co.uk
www.rydenlettings.co.uk