D.O Property Management

New Elizabeth Line station finally opens with direct links to Reading Bond Street opening marks the completion of the last new station on the new railway

Section 21 (eviction notices) potential reform. The measures suggested will not become law until they’ve been introduced and passed through Parliament, which could still take a while. More details are below in the article.

https://www.rightmove.co.uk/news/articles/property-news/renters-reform-section-21-to-be-banned-england/?utm_source=clipboard&utm_medium=sharing&utm_campaign=news

Government rental reforms will ban Section 21 evictions in England | Property blog June 16, 2022 Property news Share this Page link copied! Government rental reforms will ban Section 21 evictions in England June 16, 2022 Property news Share this Page link copied! Today has seen the government announce its new Rental Reform Bill for England, which aims to protect tenants, and ensur...

Asking prices on the rise! An article detailing more is attached below!



https://www.rightmove.co.uk/news/articles/property-news/asking-prices-great-britain-new-record-may-2022?utm_source=clipboard&utm_medium=sharing&utm_campaign=news

Asking prices in Great Britain hit new record | Property blog It’s been a busy year for the housing market so far. With so many people looking to move, we've seen asking prices across Great Britain hit new records in each of the last four months.

Empty Friar Street building set to be converted into hotel after £4 million auction AN EMPTY Friar Street property is set to be sold for almost £4 million before it is turned into a hotel.

It would appear that permission has been granted for the 110 flat conversation!

https://www.readingchronicle.co.uk/news/19351163.mobil-company-threes-reading-offices-will-converted-110-flats/

Mobile company Three's Reading offices will be converted into 110 flats Mobile company Three’s offices by the River Thames will be converted into more than 100 flats after the council approved the plans this week.

Possible conversation of offices into 110 Flats.

https://www.getreading.co.uk/news/property/mobile-threes-offices-reading-set-20484655?fbclid=IwAR0oJ0Px_igpytJCpoTZcZsEp44ZkTDQktfZGbvl5-UCLLmnadepimFT1as -section

Three's offices in Reading set to be converted into 110 flats The block is by the River Thames and Reading Station

In case you missed it here's some of the important takeaway points from the budget announcement that affects landlords, future landlords to be & tenants:

1. Stamp Duty holiday extension
Extended the Stamp Duty holiday with a nil rate up to £500,000 until 30 June. From then, the nil rate threshold will be £250,000 until September 2021, returning to the pre-covid threshold of £125,000 in October. This will prevent thousands of sales from falling through that have been stuck in the backlog of conveyancing work.

2. Government-guaranteed 95% mortgages
A new 5% deposit scheme, with 95% mortgages guaranteed by the Government, is to be launched across the UK from April. This new scheme should help many would-be buyers who can afford a mortgage but struggle to raise a big enough deposit to take that first step onto the ladder. With a property limit of £600,000 and availability to all buyers.

3. Extension of the furlough scheme
Has been extended again until 30 September. Keeping people in employment whilst unable to operate & ensuring individuals can keep up to date with living costs.

*Other announcements that may affect you:
- Further announcements regarding any longer-term tax reforms will be made on 23rd March 2021 - a new ‘Tax Day’ and extension of the budget.
- Business rates holiday extended to June.
- Universal credit increase extended another 6 months until the end of September.
- Pensions lifetime allowance is frozen until 2026.
- Personal tax thresholds will be frozen from next year until 2026.
- Corporation tax will rise to 25% in April 2023. The UK will still however have the lowest corporation tax in the G7.

Station Hill redevelopment to potentially get even bigger. If approved, it may see the demolition of Garrard Street car park. See the below article for more info.



https://www.getreading.co.uk/news/property/station-hill-reading-developer-behind-19331036

Huge £500m Reading development set to get bigger Lincoln MGT already has permission for more than 1,000 homes on the site in Reading town centre

Interested to know what Reading could look like in the next decade? The article below shows various new developments either awaiting planning permission, in progress or soon to be in progress!



https://www.getreading.co.uk/news/property/how-major-area-reading-could-19240306?utm_source=linkCopy&utm_medium=social&utm_campaign=sharebar

How a major area of Reading could look completely different in 10 years A massive transformation is planned for the area around Caversham Road

D.O Property Management updated their business hours.

Notice to Landlords & Tenants

From the 5th November 2020 to 2nd December 2020, we want to assure you that we are still available if there are any emergencies during this period as usual. Naturally, if we are required to be in the property we will be wearing face coverings and gloves whilst attempting to maintain an appropriate distance.

Please note with regards to anything deemed as non-essential maintenance. Whilst it will be at the discretion of our contractors with regards to what they deem as essential/non-essential, the likely hood is that this type of maintenance will have to wait until restrictions are lifted once more.

If there are any questions regarding the above notice please don't hesitate to contact us.
Thank you.

Coronavirus/Covid-19 Update:

A quick update to inform all existing tenants or future tenants with regards to check-in/Check-out or maintenance requests. Where social distancing is not possible, face masks & gloves will be worn by our staff for both your protection and ours.

We would also kindly ask that if tenants are to be present during maintenance and especially during check-in and check-out that some sort of face mask/protection be worn at least for the time being until they are no longer advised.

Thank you for your understanding.

Notice For Landlords:

Given that the housing market has been open for a little while now there may be tenants who have given you their notice and/or already moved out.

A quick reminder that as of the 1st of July landlords must now also provide a valid Electrical Installation Condition Report (EICR) along with the typical Gas Safety Certificates (and Energy Performance Certificates if expired) before new tenants can be accepted.

For existing tenancies, this is not necessary until a tenancy renewal/new tenancy contract or the 1st of April 2021. Whichever comes first. EICR's must then be completed every 5 years.

Please ensure you do these with plenty of time to avoid prolonged vacancies.

Reading Future RG1 developments (5)

Huntley Wharf:

• 765 Homes (including a range of huge apartment blocks.
• 11 storeys.
• 323 Parking Spaces at site

Whilst not taking place in the same vicinity as all the above, where Homebase used to be situated is going to be a large redevelopment containing a mix of homes (18 studio, 302 one-bed, 409 two-bed and 36 three-bed). Around 52 of these units are said to be houses rather than flats. Amongst all this would also be 5 commercial units 3 of which are “flexible” which allows for anything from a supermarket to a pub.

Reading Future RG1 developments (4)

The Thames Quarter:

• 335 Flats
• 49 Parking Spaces
• 23 storeys

This is already being built and anyone passing the area will have seen its rapid progress. This will be reading’s tallest residential block and is also the first build-to-rent development*


* A residential property where all the units are retained by the developer and leased out, rather than sold off. (The properties will be typically owned by institutional investors and managed with a service-led culture by specialist operators)

Reading Future RG1 developments (3)

Former SSE Site, Vastern Road:

• Between 185 – 240 properties
• 11 storeys tall

Currently, where the old SSE building is situated, should this proceed that building will be demolished and in its place are to be 185 flats and around 240 new homes. The plans also include a café to be situated by the Thames behind this.

Reading Future RG1 developments (2)

The Brewery, Caversham Road:

• 44 Flats

Less info regarding this one, it’s unclear if there will be any parking and how tall the structure will be. It’s going to be smaller than the Reading metropolitan which would be situated just across the street from it. The plans for this haven’t yet been submitted but when they are it’s thought to be for 18 one-bed, 23 two-bed and 3 three-bed flats. Currently, this is where “Drews the ironmongers” used to be as they ceased trading here back in 2018. The likelihood is the building will remain and be converted.

Reading Future RG1 developments (1)

Reading Metropolitan, Caversham Road:

• 641 Flats & 17 Town Houses
• 94 Parking Spaces
• 25 storeys

Currently the remnants of the former Royal Mail Depot. This will eventually be demolished if the plans are permitted. It would see the addition of 79 Studio, 227 One-bed and 335 three-bed apartments plus 17 three-bed houses. There’s also the addition of a few offices, community centre, health centre & shops. In the same area, there’s also a proposed 636 spaces for cycles planned.

2019 Legislation changes (primarily for landlords),

There have been some changes in legislation in 2019. In case landlords have not done so already we would advise you to take a moment to familiarise themselves with the following changes in order to stay up to date with their responsibilities.

It may also be a good idea for tenants to be aware of these too, though it may not be directly relevant it can better illustrate what your landlords can be accountable for.

It's now easier to email D.O Property Management

Wishing everyone Happy Holidays !!

From D.O Property Management.

D.O Property Management updated their website address.

Rent Predicted To Raise!!

Based on a RICS survey on the UK residential market 22% reported a fall in new rental properties available on the market. Based on this and the fact that it was the 8th consecutive quarter a fall was reported it is safe to assume in regards to letting demand now outweighs supply.

Due to the above, rents are set to rise over the next 5 year period by as much as 15% (by 2023) should things continue in the same manner. The main reason for this all is the ever-increasing barriers of entry for first-time landlords making it tricky for them to sustain and as a result forcing them to sell as opposed to let.

However, for those existing and more established landlords, this is inevitably good news. It means you can expect to be able to generate more on your current investments in the foreseeable future.

A quick update on market trends in RG1

The data in the graphs was gathered based on the properties on the market at the time (1st of May) for both sales and lettings.

We would recommend all those either currently looking to buy or let as well as landlords to always do their own investigations when it comes to figuring out trends and current values. This way both parties always have realistic expectations. Landlords/sellers should be aware what they are asking for and tenants/buyers should be aware how much bargaining power they have. Being "armed" with correct information can show that you are serious about your enquires. A lot of times either or party can alienate the other and potentially miss out on the opportunity to sell, rent or buy their desired properties at an acceptable price.

The graphs will give you a rough idea of what to expect, in the next quarter we will post another of these and one can see a little clearer any trend change.

Wishing you all a Happy New Year !!

With 2017 nearing its end and 2018 just on the horizon we would like to wish everyone the best of luck in 2018 and hope that it will be a prosperous one for all.

On a more personal note, 2017 marks the end of our first operating year, therefore, a message to those that support us, we thank you for your continued support and custom.

D.O Property Management Team.

It's almost the end of summer now and after everything from the elections and Brexit has been taken into account how's the market looking?

As to be expected the property market was going to take a hit, due to a general rise in uncertainty. There was a transition from a very brisk and active market in Q1 to a more settled even market in Q2. This is a trend that has mostly continued throughout the summer. The property market is still positive, only sellers are having to take a more "realistic" approach to when pricing and contemplating received offers on their respective properties. Mostly due to attractive mortgage rates that give buyers more weight within negotiations.

In summary, the market overall is steady as demand is still present at a reasonable price.

Buy - To - Let Landlord's take note and Tenants be aware!

New Regulations With Regards to EPC 's (Energy Performance Certificate)

As of the 1st of April 2018, there will be a requirement for any properties within the private rental sector to have a minimum rating of E on the spectrum.

The regulations take effect for new lets and renewals of tenancies from the 1st of April 2018 and 1st April 2020 for all existing tenancies! If the property fails to meet this standard and falls below the rating of E, it will be deemed as illegal to rent unless there is an applicable exemption.

Should you be in breach of this then you could be receiving a civil penalty of up to £4000!

So landlords make sure your properties are overall properly maintained and that your EPC (Energy Performance Certificate) is checked and deemed acceptable. Tenants need to be aware, that when you come to rent a property ensure everything is up to par as you are within your rights to do so!

D.O Property Management updated their address.