A warm welcome to the February edition of the Lenwell newsletter

Despite the increases in VAT, national insurance and fuel duty and the disappointing economic news that the last quarter of 2010 saw negative growth of minus 0.5%, 2011 has started brightly in the lettings market with demand continuing to outstrip supply and activity at our branches at healthy levels.

2010 was an excellent year for Lenwell, in fact our best ever and we grew our market share significantly in all locations. Early in 2010 we acquired another lettings business in Dunstable and this enabled us to make huge strides in that location during the year.

In this issue, a number of the articles reinforce the positive outlook in the private rental sector although, with the effects of the Government’s increases in taxation and cuts in public spending likely to bite as the year progresses, it is important to exercise an element of caution as, whilst a market depends on supply, it also requires demand and this is likely to continue but cool a little in terms of affordability in the weeks and months ahead.

Lucinda Newell takes a look at the Government’s plans on “localism”,questions whether they are likely to lead to more or less new property being built in both the owner occupier and rented sectors and gives a “school report” on the Ministers responsible!

Happy Reading!



Rob Wellstead
Managing Director

Buy to let mortgage business expected to
increase in 2011
Paragon’s Financial Adviser Confidence Tracking Index (FACT), a panel-based survey of mortgage brokers, found that 46% of intermediaries expect to introduce more Buy-to-let mortgage business during the year. Nearly two out of 10 (17%) expect to see an increase in buy-to-let business of 10% or more during 2011, with 29% expecting to do up to 10% more business… to read more click here



More UK tenants default on rental payments
According to the latest survey carried out by the Association of Residential Lettings Agents (ARLA), as many as 40% of British landlords have reported a rise in the number of tenants who have had payment problems in the past 6 months…
to read more click here



 

The Lucinda Newell Column
To be seen pottering along the highways and byways of Luton in her Mini Clubman, her trusted Scottie Malcolm at her side, our super sleuthing property rental expert Ms Lucinda Newell is on the case on your behalf!

As someone who takes a keen interest in property, I have been amazed at the amount of announcements and new policies that have been made by the new Tory and Lib Dem coalition since they came to power last June.

David Cameron’s vision of a Big Society may not, as yet, have captured the hearts and minds of the nation, but the team at the Department of Communities and Local Government have pushed forward relentlessly with dismantling the previous Labour Government’s centralist planning approaches under a promise of giving local people more say in the way things work within our communities…… to read more click here
 

New tenant applications reach record levels
The number of new tenants registering for rental accommodation exceeded 200,000 last year as demand reached record levels in 2010 .

This is according to a report from Countrywide, the UK wide letting agent and property services group.… to read more click here




And finally...
As mentioned in Rob’s welcome, 2010 saw Lenwell have its best ever year.
We won a hat-trick of awards at The Sunday Times Lettings Agency Awards;
Gold in both the Best Customer Service and Best Technology and Online categories and Silver in the best Small Lettings Agency category.

Our website is a vital tool in making sure all of our current and prospective clients are able to access all the information they need and we work very hard to ensure that it is up to date with interesting and relevant content.

In 2009 we had 51,219 visits to our website. In 2010 this figure had increased by 25.76% to 64,415 visits, proving what an integral part of our business the website has become.

Being a market leader is clearly down to sustained hard work and delivery of excellent service and results. We are not however complacent and as we enter our 20th year in business, we very much look forward to building on the strong foundations we have already laid and having an even more successful 2011.

Sincerely

The Editor
editor@lenwell.com