BREAKING NEWS
BUY-TO-LET BUBBLE TO BURST? This year’s rate rises have led to warnings that the buy-to-let bubble is set to burst, but despite Wednesday’s 0.25% increase, the market in London remains healthy. Investors who have a coherent strategy, correctly assess their exposure to risk and take a long-term view will continue to benefit from well-chosen residential property investments. Neil Young, CEO, Young Group, comments: “London’s strength is as a World-City, and its market is decoupling from the rest of the UK. The Capital’s property market is driven by an inherent shortage of supply and, increasingly, by demand from wealthy foreign investors, many of whom are cash buyers, who continue to target London’s prime residential property.”
BUSINESS NEWS
RLHA SCOOP LANDMARK RIGHT TO MANAGE CONTRACT The contract for one of the largest successful right to manage cases in history has been awarded to industry stalwarts Retirement Lease Housing Association (RLHA). Residents at the Fair Acre Estate in Bromley selected the not-for-profit organisation to provide full management services for the Estate following a five-way pitch. The Fair Acres (Bromley) Right to Manage Company Limited was formed in September 2005 and an application to acquire the right to manage the property was served the following year. Residents were acting upon new laws in the Commonhold and Leasehold Reform Act 2002 empowering leaseholders to employ their own managing agents. A full management service will be provided for all residents at Fair Acres including estate services, maintenance contracts and repairs, service charge administration including budgets and accounts, consultation, recruitment, insurance and legal issues. The organisation has a proven track record in the local area, with eight existing schemes in Bromley and Kent. Established in 1966, Fair Acres is a private estate comprising of six blocks, with a total of 210 flats. Founded in 1971, RLHA operates in a wide area of the South East from Poole in Dorset round to Brentwood in Essex – managing 50 estates throughout the geographical area.
ISSUE 34 OF NEWS ON THE BLOCK MAGAZINE IS DUE OUT SOON
The July issue of News on the Block magazine is at the printers and will be despatched shortly. The issue includes a wide range of articles on topics such as how to avoid paying your service charge; how to enfranchise; the buy-to-let market; an insurance special feature; an interview with Vera Baird QC MP, a new business section; health & safety and much more.
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