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FINEHOLM OCTOBER NEWSLETTER
Wednesday, October 22, 2008
OCTOBER 2008 NEWSLETTER
These are turbulent times in the property market and Fineholm Letting Services are keen to keep our landlords up to date with the latest news. Below is a brief synopsis of the current trends within the rental property market.
LANDLORDS
As the global economy is taking a downward turn the Scottish Rentals Market is still looking positive. The last three months have seen a rise of almost 20% in new tenancies, according to the latest ARLA quarterly survey on 8th September 2008. The average vacant period remains short and this is further boosted by tenants continuing to extend leases. The market has recently seen vendors who are struggling to sell, mainly houses, opting to put their property on the rental market, causing a definite oversupply which has resulted in stagnant rental figures unlike the media predicted rise.
TENANTS
Research shows that over a third of people privately renting are doing so because they cannot get a foot on the property ladder. The increased choice of properties has led to tenants demanding higher décor and furnishing standards but still at a reasonable rent.
EPC’s (ENERGY PERFORMANCE CERTIFICATE)
As of the 4th January 2009, under EU Legislation all properties on the rental market will require an Energy Performance Certificate. The certificate provides information on the energy efficiency of a building and will suggest cost effective improvements. The EPC will be valid for 10 years and cannot fail. The ratings will range between A-G with A being the most efficient. We are currently obtaining estimates and predict that costings will range between £120 - £150 and Fineholm will revert with a definite cost in due course. Failure to carry out an EPC will result in a costly fine.
SMOKE ALARMS
The legislation implemented in September 2007 is now beginning to have more of an impact on our landlords and we would like to take this opportunity to reiterate your responsibility to comply. The legal requirement is one alarm per floor and if the property is over two floors alarms must be mains, interlinked. A landlord who has a property with a working battery operated smoke alarm need take no action. If the battery operated alarm stops functioning then it must be replaced with a mains operated system. Any landlord whose property has no smoke alarm must install a mains operated system. All of these works must be complete before a lease agreement is signed. In light of this legislation we are attempting to source competitive costings from local electricians to undertake the task of testing and replacing alarms at the end of each tenancy.
CARBON FOOTPRINT
We are conscious of our carbon footprint and would like to remind all our landlords that statements can be sent via email rather than post. This will also result in you receiving your statement on the day that funds have been remitted to your bank account. If you wish us to provide this service please email or telephone our Accounts Dept on 0141 221 7993 option 3 or accounts@fineholm.co.uk.