In the realm of property inventory management, No Letting Go has emerged as a beacon of excellence and reliability. With a plethora of services tailored to meet the diverse needs of the property sector, No Letting Go has carved a niche for itself, ensuring that properties across the UK are safe, compliant, and well-managed. Among its vast array of offerings, three services stand out due to their popularity and effectiveness: inventories, mid-term inspections, and check-outs. Let’s delve into the success of these services and understand what sets them apart.
- Inventories: The Foundation of Property Management
The inventory service provided by No Letting Go serves as the bedrock for any tenancy agreement. It offers a detailed record of the property’s condition at the start of a tenancy, ensuring that both landlords and tenants have a clear understanding of the property’s state. This comprehensive documentation acts as a protective shield, preventing potential disputes and misunderstandings down the line.
- Mid-Term Inspections: Ensuring Continuous Compliance
Regular inspections during a tenancy are crucial to ensure that the property remains in good condition and any arising issues are promptly addressed. No Letting Go’s mid-term inspection service offers a thorough check, identifying potential problems and ensuring that tenants are adhering to their contractual obligations. This proactive approach not only maintains the property’s condition but also fosters a positive landlord-tenant relationship.
- Check-Outs: Concluding Tenancies with Clarity
As a tenancy draws to a close, the check-out service becomes indispensable. No Letting Go’s meticulous approach ensures that the property’s condition at the end of the tenancy is compared with the initial inventory, highlighting any damages or changes. This clear comparison ensures that any deductions from the deposit are fair and justified, minimising disputes.
The Pillars of No Letting Go’s Success
Several factors contribute to the success of these popular services:
– Ease of Booking and Tracking: With a 24/7 online booking portal, property professionals can effortlessly book and track reports, ensuring timely and efficient service delivery.
– Guaranteed Protection: No Letting Go takes pride in its guarantee that properties are safeguarded by their reports. Their end-of-tenancy check-out, in particular, assigns responsibility, be it to the tenant or landlord. Impressively, less than 0.01% of these reports end up in adjudication, as reported by My Deposits.
– Audit Trail: A unique feature of No Letting Go’s system is the presence of an audit trail on each job. This trail ensures transparency, accountability, and can be instrumental in managing disputes and maintaining service levels.
– Tailored Services: Recognising the diverse needs of the property sector, from large national agents to small independents, No Letting Go offers bespoke solutions. Whether it’s a complete outsource service, leveraging their Kaptur software for in-house inventory management, or a combination of both, clients receive services that seamlessly integrate with their operations.
No Letting Go’s commitment to excellence, combined with its tech-driven approach and customer-centric services, has solidified its position as a leader in property inventory management. The success of its most popular services – inventories, mid-term inspections, and check-outs – is a testament to its dedication to ensuring safe, compliant, and harmonious tenancies across the UK.
The Housing Health and Safety Rating System (HHSRS) stands as a testament to the UK’s commitment to ensuring safe and healthy living conditions for its residents. Central to the HHSRS’s efficacy is its identification of 29 distinct hazards that can potentially compromise the well-being of occupants. This article aims to unveil these hazards, offering a comprehensive insight into the breadth and depth of the HHSRS’s approach to property safety.
The Genesis of HHSRS
Introduced under the Housing Act 2004, the HHSRS provides a risk-based evaluation tool to help local authorities identify and act on potential hazards in residential properties. Rather than a prescriptive set of standards, the HHSRS focuses on assessing risks, ensuring that homes are safe, healthy, and habitable.
The 29 Hazards: A Deep Dive
The HHSRS’s identification of 29 hazards underscores its holistic approach to housing safety. These hazards span a wide range of issues, from structural concerns to environmental factors. Let’s delve into each:
1. Damp and Mould Growth: Includes risks from house dust mites and mould or fungal growths resulting from dampness and high humidity.
2. Excess Cold: Hazards leading to hypothermia, respiratory and cardiovascular conditions.
3. Excess Heat: Risks of dehydration, stroke, and other heat-related health issues.
4. Asbestos and MMF: Exposure to asbestos fibres and Manufactured Mineral Fibres.
5. Biocides: Chemicals used to treat timber and mould growth.
6. Carbon Monoxide and Fuel Combustion Products: Risks from carbon monoxide, nitrogen dioxide, and sulphur dioxide.
7. Lead: Exposure to lead from water pipes, paint, and soil.
8. Radiation: Primarily from radon gas in certain geographical areas.
9. Uncombusted Fuel Gas: Potential for an explosion.
10. Volatile Organic Compounds (VOCs): Chemical emissions from materials and furnishings.
11. Crowding and Space: Overcrowding issues leading to increased spread of infections and mental stress.
12. Entry by Intruders: Inadequate provisions to prevent unauthorised entry.
13. Lighting: Insufficient natural or artificial light.
14. Noise: Excessive noise leading to sleep disturbance and mental health effects.
15. Domestic Hygiene, Pests, and Refuse: Poor design and maintenance leading to the growth of pests and accumulation of refuse.
16. Food Safety: Inadequate provisions for storing and preparing food.
17. Personal Hygiene, Sanitation, and Drainage: Inadequate access to baths, showers, wash-hand basins, and toilets.
18. Water Supply: Inadequate provision of potable water.
19. Falls associated with Baths: Risks of falls associated with baths, showers, and similar amenities.
20. Falling on Level Surfaces: Risks of trips and falls on flat surfaces.
21. Falling on Stairs and Steps: Hazards associated with stairs, balconies, and ramps.
22. Falling between Levels: Risks of falls from windows, balconies, and other vertical drops.
23. Electrical Hazards: Threats from outdated or faulty electrical systems.
24. Fire: Risks associated with potential fires and lack of fire safety provisions.
25. Flames and Hot Surfaces: Burns or injuries from hot surfaces and flames.
26. Collision and Entrapment: Risks of bodily impact with objects or trapping body parts.
27. Explosions: Potential for blasts due to faulty systems or misuse of equipment.
28. Position and Operability of Amenities: Poorly designed amenities leading to awkward body postures.
29. Structural Collapse and Falling Elements: Risks from building elements or fittings.
The Significance of Recognising These Hazards
Understanding these 29 hazards is paramount for property owners, landlords, and local authorities. It ensures:
– Safety and Well-being: By identifying and mitigating these hazards, properties can offer safe and healthy environments for occupants.
– Regulatory Compliance: Recognising and addressing these hazards ensures compliance with housing regulations, preventing potential legal repercussions.
– Property Value Maintenance: Safe and hazard-free properties are more appealing to potential tenants and buyers, maintaining or even enhancing property value.
The HHSRS’s identification of 29 distinct hazards underscores the UK’s comprehensive approach to housing safety. By recognising and addressing these hazards, we can ensure that homes are not just shelters but sanctuaries, offering residents safe and healthy environments to thrive in.
In the intricate world of property management, disputes between landlords and tenants can be a common occurrence. These disagreements often centred around property conditions, can be time-consuming, stressful, and costly for all parties involved. Enter No Letting Go, a leading name in the UK’s property inventory management sector, which has introduced an innovative solution to streamline and simplify dispute management: the unique audit trail feature of its inventory system. Let’s delve into this feature and understand its significance.
The Power of the Audit Trail
At the heart of No Letting Go’s inventory management system is the audit trail, a feature that meticulously logs every action, change, and update related to a property report. This trail is more than just a record; it’s a testament to transparency, accountability, and precision.
Transparency in Reporting: Every modification, from the smallest detail to significant changes, is recorded in the audit trail. This ensures that both landlords and tenants can trace the history of the report, fostering trust and transparency.
Accountability at Every Step: The audit trail assigns responsibility for every change, ensuring that there’s clarity on who made a particular update or modification. This clear delineation of responsibility can be instrumental in managing disputes.
Historical Data Access: With the audit trail, property professionals can access any report, no matter how old, ensuring that historical data is always at their fingertips. This can be invaluable when comparing property conditions over time.
Dispute Management Made Easy
The audit trail’s primary strength lies in its ability to simplify dispute management:
Objective Evidence: In the event of a disagreement, the audit trail serves as objective evidence, providing a clear chronology of events and changes. This can be instrumental in resolving disputes amicably.
Minimised Adjudication: Impressively, less than 0.01% of No Letting Go’s end-of-tenancy check-out reports end up in adjudication, as reported by My Deposits. The audit trail plays a significant role in this, ensuring that there’s clarity and evidence to support claims.
Efficient Dispute Resolution: With a clear record at hand, disputes can be resolved more efficiently, saving time and resources for both landlords and tenants.
A Testament to No Letting Go’s Commitment
The introduction of the audit trail feature underscores No Letting Go’s commitment to enhancing the property inventory management sector. By prioritizing transparency, accountability, and efficiency, No Letting Go ensures that properties across the UK are not just well-managed but also that relationships between landlords and tenants are harmonious and trust-based.
Disputes in property management can be challenging, but with tools like the audit trail feature of No Letting Go’s inventory system, they become manageable. By providing a clear, transparent, and detailed record of property reports, No Letting Go is not just simplifying dispute management but also setting new standards in the property inventory management sector.
Delving into HHSRS: The Importance of Recognising Category 1 and 2 Hazards
The Housing Health and Safety Rating System (HHSRS) stands as a pivotal assessment tool in the UK’s housing sector. Designed to evaluate potential risks and hazards in residential properties, the HHSRS plays a crucial role in ensuring the safety and well-being of occupants. Central to this system are the categorisations of hazards into two distinct groups: Category 1 and Category 2. This article delves deep into the significance of these categories and underscores the importance of recognising and addressing them.
Understanding the HHSRS Framework
Before diving into the categories, it’s essential to grasp the overarching framework of HHSRS. Introduced under the Housing Act 2004, the HHSRS evaluates housing conditions and identifies potential hazards that might harm the health and safety of current or future occupants. The system is not about setting a standard but rather about identifying and mitigating risks.
Category 1 Hazards: The Critical Concerns
Category 1 hazards are those deemed to pose the most severe risk to the health and safety of occupants. If a local housing authority identifies a Category 1 hazard in a property, they are legally obligated to take action. These hazards can range from structural issues, such as collapsing roofs, to environmental concerns like severe dampness and mould growth. The primary characteristic of Category 1 hazards is their immediate and severe threat to life and well-being.
Category 2 Hazards: Lesser but Significant
While not as immediately dire as Category 1 hazards, Category 2 hazards still present significant concerns that can adversely affect the health and safety of residents. These might include issues like inadequate lighting, minor electrical faults, or less severe dampness. While local authorities are not legally bound to act upon identifying a Category 2 hazard, they do possess the discretion to intervene if deemed necessary.
The Importance of Recognising These Hazards
Resident Safety: The primary purpose of the HHSRS is to safeguard the health and well-being of occupants. Recognising and addressing both Category 1 and 2 hazards ensures that residents are not exposed to conditions that could harm them.
- Legal Implications: For landlords and property managers, understanding these categories is crucial from a legal standpoint. Failing to address Category 1 hazards can lead to significant legal repercussions, including hefty fines and potential legal action.
- Property Value: Beyond the immediate health concerns, unaddressed hazards can significantly devalue a property. Structural issues, dampness, and other such problems can deter potential tenants or buyers, impacting the property’s market value.
- Long-term Savings: Addressing hazards promptly, especially when they are in Category 2, can lead to long-term savings. Early intervention can prevent minor issues from escalating into major, cost-intensive problems.
- Reputation Management: For landlords and property management firms, addressing hazards is also a matter of reputation. Ensuring properties are safe and hazard-free enhances credibility and trustworthiness in the market
The HHSRS serves as a beacon, guiding the housing sector towards safer, healthier living conditions. Recognising and understanding the significance of Category 1 and 2 hazards is not just a regulatory necessity but a moral obligation to ensure the safety and well-being of residents. By staying informed and proactive, landlords and property managers can create environments that are not only compliant but truly conducive to healthy living.
Future-Proofing Property Management: No Letting Go’s Tech-Driven Property Inventory Software Approach
In the dynamic landscape of property management, staying ahead of the curve is not just a luxury but a necessity. As the property sector grapples with increasing demands and ever-evolving challenges, the need for innovative solutions becomes paramount. Leading the charge in this transformative journey is No Letting Go, a renowned name in the UK’s property inventory management sector. With a tech-driven property inventory software approach, No Letting Go is redefining the future of property management. Let’s delve into their pioneering strategies and understand how they are future-proofing property management.
Embracing the Digital Shift
The traditional property management methods, characterised by manual record-keeping and paper-based systems, are no longer sustainable in today’s fast-paced world. Recognising this, No Letting Go has seamlessly transitioned to digital platforms, ensuring accurate, fully compliant property reporting. This shift enhances efficiency and ensures that property managers and landlords can access vital information whenever and wherever they need it.
The Power of Cloud Computing
Central to No Letting Go’s tech-driven property inventory software approach is its robust cloud-based property inventory management system. This innovative system offers a plethora of benefits:
24/7 Accessibility: Whether you’re in the office or on the move, the cloud-based system ensures that property data is always at your fingertips.
Real-time Updates: Every change is instantly recorded and reflected from property conditions to inventory additions, ensuring all stakeholders are always in the loop.
Efficient Report Management: With an online booking portal, property professionals can manage all inventory ordering and report management with a simple click, streamlining operations and reducing delivery times.
Data Security and Integrity: The cloud infrastructure ensures that data is secure from breaches and consistently backed up, preventing any potential data loss.
The Significance of Audit Trails
A standout feature of No Letting Go’s system is the presence of an audit trail on each job. This trail is more than just a record; it’s a testament to transparency and accountability. Every change, every update, and every modification is meticulously logged, providing a precise chronology of events. This audit trail is invaluable in the following ways:
Dispute Resolution: Should disagreements arise, the audit trail serves as an unbiased record, aiding in swift and fair resolutions.
Ensuring Compliance: In an industry rife with regulations, the audit trail ensures that all actions are compliant with prevailing laws and standards.
Maintaining Service Levels: By tracking every job’s progress, No Letting Go ensures that service levels are consistently met, reinforcing their commitment to excellence.
A Tailored Experience
Understanding that one size doesn’t fit all, No Letting Go offers tailored services to its diverse clientele. From prominent national agents to small independents, clients are provided with a bespoke solution that aligns with their unique needs and processes. Whether a complete outsource service or leveraging No Letting Go’s Kaptur software for in-house inventory management, clients are assured of a solution that seamlessly integrates with their operations.
In conclusion, as the property management sector stands at the cusp of a technological revolution, No Letting Go is leading the way with its forward-thinking, tech-driven property inventory software approach. By harnessing the power of digital solutions and cloud computing and by emphasising transparency and customisation, No Letting Go is not just future-proofing property management but setting new industry benchmarks.
From Booking to Tracking: Streamlining Property Management with No Letting Go the Property Inventory Management Specialist
In the ever-evolving world of property management, landlords and agents are constantly seeking ways to streamline their processes, ensuring compliance, accuracy, and efficiency. Enter No Letting Go, the UK’s leading property inventory management specialist, dedicated to creating fully-compliant property reporting tailored to individual needs. Let’s delve into how No Letting Go revolutionises the property management journey from booking to tracking.
1. Comprehensive Property Reporting Services
No Letting Go offers a plethora of property reporting services, with the three most popular being inventories, mid-term inspections, and check-outs. These services stand out because of their user-friendly booking and tracking features. Moreover, the end-of-tenancy check-out assigns tenant/landlord responsibilities, ensuring that any arising disputes are promptly addressed. Impressively, less than 0.01% of these reports end up in adjudication, as reported by My Deposits.
2. 24/7 Online Booking Portal
The cloud-based property inventory management system by No Letting Go is a game-changer for both national and local agents. This unique system offers an audit trail for each job, assisting in dispute management and ensuring service levels are met. The system’s efficiency has led to reduced delivery times for agents and property managers. Plus, clients can access any report, regardless of its age.
3. National Coverage with a Personal Touch
With over 80 offices nationwide, No Letting Go caters to a diverse clientele, ranging from large national agents to small independents. Clients benefit from a booking and tracking portal tailored to their needs. They can choose to interact centrally or with the nearest local office. Whether clients prefer an outsourced service, the Kaptur software for in-house inventory management, or a combination of both, No Letting Go ensures a seamless experience aligned with their systems and processes.
4. Commitment to Excellence
At the heart of No Letting Go’s operations are its core values: reliability, consistency, and accountability. In an industry rife with legislation, the company strives to offer the best compliant property reporting services. By embedding these values into their team and leveraging technology solutions, they enhance the customer experience, ensuring that properties are adequately protected by their reports.
5. Partnerships that Matter
No Letting Go collaborates with leading organisations to bolster the rented sector with their top-notch property management services. This synergy ensures that clients receive the best in the industry, further solidifying No Letting Go’s position as a trusted property inventory management specialist.
In conclusion, No Letting Go is not just a property inventory management specialist; it’s a partner in the truest sense. By offering a range of services tailored to individual needs and ensuring a seamless experience from booking to tracking, they are setting new standards in property management. Whether you’re a landlord, an agent, or a property manager, partnering with No Letting Go means ensuring accuracy, compliance, and peace of mind.
Optimising Property Management Reporting Services: The Role of Reliability, Consistency, and Accountability at No Letting Go
In the intricate realm of property management, the significance of reliable reporting services cannot be overstated. It forms the bedrock of trust between landlords, agents, and tenants. No Letting Go, a leading name in the UK’s property inventory management landscape, has set the gold standard in this domain. At the heart of their success lie three core values: reliability, consistency, and accountability. Let’s explore how these principles are shaping the future of property reporting at No Letting Go.
1. Reliability: Building Trust in Every Report
No Letting Go’s commitment to creating accurate, fully-compliant property reports has earned them the trust of landlords and agents across the UK. With over 10 different report services on offer, they ensure that each report, whether it’s an inventory, mid-term inspection, or check-out, is meticulously crafted. Their end-of-tenancy check-out, for instance, clearly assigns tenant/landlord responsibilities, ensuring clarity and reducing potential disputes. It’s no wonder that less than 0.01% of their reports end up in adjudication.
2. Consistency: The Promise of Uniform Excellence
In an industry marked by ever-increasing legislation, consistency in service delivery is paramount. No Letting Go achieves this through their cloud-based property inventory management system. This unique platform allows agents, both national and local, to manage all inventory orders and report management seamlessly. An audit trail on each job ensures that service levels are consistently met, and disputes, if any, are managed efficiently.
3. Accountability: Taking Ownership of Every Detail
Accountability is not just about taking responsibility; it’s about delivering on promises. No Letting Go’s approach to property reporting is a testament to this. Their guarantee that properties will be protected by their reports speaks volumes about their commitment to their clients. If a dispute arises, they don’t just wash their hands off it; they assist until it’s resolved.
4. Embedding Core Values in Technology and People
No Letting Go’s ethos is deeply embedded in their technology solutions and their team. Their online booking portal, available 24/7 for property professionals, is a testament to their commitment to making property reporting as streamlined as possible. With national coverage and over 80 offices, they ensure that their core values are reflected in every interaction, be it through a central point of contact or a local office.
5. A Partnership Approach to Property Management Reporting Services
No Letting Go’s collaborations with leading organisations in the rented sector further underscore their commitment to excellence. By working hand-in-hand with other industry leaders, they ensure that their clients receive nothing but the best services.
In conclusion, the world of property reporting is rife with challenges, from ever-evolving legislation to the intricate dynamics between landlords, agents, and tenants. In this complex landscape, No Letting Go stands out, not just for their top-level services, but for their unwavering commitment to reliability, consistency, and accountability. As they continue to set new benchmarks in property inventory management, one thing is clear: with No Letting Go, you’re not just getting a service provider; you’re gaining a partner dedicated to excellence.
Understanding HHSRS: A Comprehensive Guide to Scoring and Inspections
When it comes to ensuring the safety and habitability of rental properties, landlords and property managers must be familiar with the Housing Health and Safety Rating System (HHSRS). This assessment tool evaluates potential hazards in residential properties and helps to maintain high living standards. But how exactly does the HHSRS work? Let’s delve deeper into this essential aspect of property management.
Introduction to HHSRS
The HHSRS, introduced under the Housing Act 2004 in England and Wales, provides a risk-based evaluation tool for residential properties. Its principal aim is to identify and tackle potential hazards that could affect the health and safety of current occupants or visitors.
The HHSRS covers 29 categories of potential hazards, from damp and mould growth, excess cold/heat, to fire risks, and structural collapse hazards. Understanding these categories is crucial for landlords to ensure their properties provide a safe environment for tenants.
HHSRS Inspection Process
An HHSRS inspection is typically carried out by environmental health officers from the local authority. The process involves a thorough assessment of the property to identify any potential hazards. The officers use their professional judgment, alongside the HHSRS guidelines, to categorise and rate any hazards they find.
Understanding Category 1 and 2 Hazards
Identified hazards under HHSRS are classified into Category 1 or Category 2.
Category 1 hazards are the most severe, posing a serious threat to the health and safety of occupants. These can include issues like severe dampness, dangerous boilers, or inadequate fire precautions. If Category 1 hazards are identified, the local authority has a duty to take action.
Category 2 hazards, while not as severe as Category 1, can still negatively impact health and safety. Local authorities have discretionary powers to act upon these, depending on the situation.
Scoring the HHSRS
The HHSRS employs a scoring system based on the risk associated with the identified hazards. It evaluates the likelihood of an occurrence that could cause harm and the potential harm outcome over the next 12 months.
High scores typically denote Category 1 hazards and can lead to enforcement actions such as improvement notices, prohibition orders, hazard awareness notices, or even demolition orders.
Importance of HHSRS
The HHSRS provides a systematic approach to identifying and tackling property hazards. It allows for an objective, evidence-based assessment, helping landlords and property managers ensure their properties are safe and healthy environments for their tenants. It’s also worth noting that failing to address identified hazards could lead to legal repercussions and reputational damage.
As a landlord or property manager, understanding the HHSRS is fundamental to maintaining property standards and tenant safety. With the knowledge of what inspectors look for and how they score potential hazards, you can proactively manage your properties and ensure they are in line with the necessary health and safety standards.
Remember, providing a safe living environment isn’t just about meeting legal requirements – it’s about ensuring the wellbeing of your tenants, and that’s priceless.
Discovering the Top 3 Property Report Services at No Letting Go: Inventories, Mid-term Inspections, and Check-outs
In the real estate industry, maintaining high-quality property inventory management is crucial for both landlords and estate agents. At No Letting Go, we understand the importance of reliable, consistent, and accountable service provision. To cater to these needs, we offer a plethora of report services. However, three services stand out for their immense value to our clients: Inventories, Mid-term Inspections, and Check-outs. Here’s a deep dive into what makes these services indispensable.
Our comprehensive inventory service provides an in-depth record of a property’s condition and contents at the start of a tenancy. The report includes detailed descriptions of each room and its contents, supported by high-resolution photographs. This helps prevent misunderstandings or disputes about the property’s condition at the outset.
The inventory report is an invaluable tool in protecting landlords’ and tenants’ interests alike. For landlords, it provides evidence in case of disputes over damage or missing items. For tenants, it offers reassurance that they will not be held accountable for pre-existing issues.
Regular inspections during the tenancy can help identify and address any issues before they escalate, maintaining the property’s value and tenants’ satisfaction. No Letting Go’s mid-term inspections service provides a snapshot of the property’s current condition, assessing cleanliness, repair, maintenance issues, and compliance with the tenancy agreement.
Our professional, unbiased inspectors carry out these checks, highlighting any areas of concern, such as unreported damage, signs of subletting, or potential health and safety hazards. An easy-to-read report with supporting photographs is then provided, enabling landlords and property managers to take any necessary action promptly.
At the end of a tenancy, our check-out service assesses the property’s condition against the initial inventory, noting any changes or damages. This comprehensive report outlines who is responsible – tenant, landlord, or fair wear and tear – providing clear evidence if deductions from the tenant’s deposit are necessary.
No Letting Go’s meticulous approach to the check-out process ensures a fair and transparent process for both parties. We also provide support if any disputes arise, with less than 0.01% of our reports ending up in adjudication, as reported by My Deposits.
Conclusion: The No Letting Go Advantage
At No Letting Go, we use our unique cloud-based inventory management system to streamline our services. This technology enables us to reduce delivery times, manage disputes effectively, and ensure excellent service levels. Our online booking portal allows national and local agents to manage all inventory orders and reports at the push of a button, regardless of how old the report is.
Whether you’re a large national agency or a small independent, our mission is to provide a tailored service that aligns with your systems and processes while upholding our core values of reliability, consistency, and accountability. In a fast-paced, increasingly regulated industry, we offer the tools, expertise, and commitment to ensure your property management runs smoothly, efficiently, and with total compliance.
The national news is obsessed with the UK property market!
There is no doubt it is a favourite headliner for most media outlets, and let’s face it, the UK public is obsessed with it too! However, it is specifically the residential rental sector that has been under the media microscope over the last 18 months because it has been booming – it literally burst back into life post-pandemic and hasn’t stopped.
Over the last 20 years, demand for rental homes has seen strong, steady growth. The number of households privately renting has more than doubled over the past two decades, according to the 2021 Census, to just over 5 million. However, the current surge in demand started in 2021 with no signs of slowing, hence the intense media interest.
Much media reporting is often akin to storytelling with a determination to have a “goodie” and a “badie”, and as such, there have been many press headlines with opposing views on who are the winners and losers of the current boom, most commonly with landlords in one corner and tenants in the other. Of course, the truth is seldom this polarised, and in reality, these stakeholders have both experienced advantages and disadvantages in the current climate based on individual circumstances. However, rather than delve into this, I want to examine what is causing this current boom and how long it might last.
1. Firstly, the lack of decent, affordable social homes has pushed people into private renting, contributing to the long-term growth in demand. Added to this is the more recent house price inflation making it harder for first-time buyers and those on lower incomes to transition from renting to home ownership.
Of course, the sudden increases in the cost of living has further exasperated this.
2. Even though owning a property outright is the goal for 80% of people, renting is the best option for many ranging from students to digital nomads to those with adverse credit and single living.
Renting is also a relatively short-term commitment for tenants, providing the flexibility to change locations, increase/decrease property size, and have a garden/no garden as circumstances change or evolve.
3. Another key driver for the recent demand is the strength of the jobs market (over 1 million vacancies, according to the latest ONS data). In 2021 the UK government conducted a major shakeup of visa rules to attract skilled workers and more students from abroad. The UK has seen record-high immigration, further boosted by support schemes for Ukraine and a specific visa scheme for British citizens looking to leave Hong Kong.
4. While tenant demand has increased, the number of privately rented homes remains largely static. In 2021, there were 5.5m private rented homes in Great Britain – only slightly more than the 5.4m total in 2016. This demand has enabled rental prices to increase in line with the additional cost of mortgages for landlords, which, in turn, has increased competition amongst tenants seeking rental homes.
(Graph supplied by property portal Zoopla)
The future outlook
While the availability of privately rented homes remains fairly static, ongoing completions of Build to Rent schemes in the corporate sector will add supply in the mid to upper part of the market, which will assist with the recent imbalance between demand and supply with rental properties. Some extra supply, combined with the increase in the cost of living, is expected to see the pace of rent increases slow over the next few years but will still remain above the 5-year growth average.
The long-term growth fundamentals, however, remain unchanged with less social housing, more challenging criteria to obtain a mortgage and a greater desire for more flexible living in the short to medium term.
What does this mean for No Letting Go Franchisees into the future
No Letting Go is a specialist inventory management supplier to the lettings market, servicing property managers, social housing, landlords and institutional investors. We have experienced record levels of growth in sales over the last two years, and the outlook remains strong for our network of franchisees.
It is unlikely the dynamics driving the current boom for rental homes will recede in the coming years.
Although we do anticipate the pace of rental growth will slow in some locations to more sustainable levels in the face of cost-of-living increases and affordability.
This represents a great economic forecast for anyone considering buying a franchise in the residential rental sector.
Head of Operations No Letting Go