A review of 2016 for Ryder & Dutton
December 30, 2016
Ryder & Dutton have enjoyed a successful 2016 which has seen us open a new branch and collect a further 3 industry awards. We would like to share some of the news and highlights from the property world in 2016.
Right to Rent
New legislation was introduced on 1st February that requires all private Landlords and lettings agents to check the migration status of tenants and ensure they have a ‘Right to Rent’ in the UK. Prior to being able to rent any accommodation, all prospective tenants and occupiers over the age of 18 will need to provide evidence of their identity and their permission to be in the UK. Fines of up to £3,000 per illegal occupier may be imposed if agents or landlords are found to be renting to tenants with no ‘Right to Rent’ in the UK, so it could be costly for Landlords not following the legislation.
Oldham Business Awards
On Friday 13th May Ryder & Dutton were delighted to be crowned the Oldham Business of the Year in our Category. The Directors of Ryder & Dutton said ‘We are delighted to have been named Business of the Year and this is recognition of our standing, not just as Estate Agents, but as an important business and employer in the Borough. The fact that we were up against such diverse businesses is a credit to everyone at Ryder & Dutton’.
1st April 2016 saw new stamp duty charges introduced on all purchases of buy to let investment properties or second homes with a purchase price of £40,000 or more. The introduction of the new stamp duty charges means that buyers making an investment purchase will face an additional 3% stamp duty levy sparking a rush of mortgage lending and completions.
Those looking to make an investment purchase or add to existing portfolios during 2016 raced to complete on their purchase before the new stamp duty charges were introduced on 1st April, causing a huge spike in transactions for the first quarter of 2016. The influx meant that lending was 59% higher than in March 2015.
23rd June 2016 saw the EU referendum take place which resulted in the UK voting in favour of leaving the EU.
In August the Royal Institution of Chartered Surveyors revealed the housing market has settled down post Brexit and their UK Residential Market Survey for August suggests that confidence continues to recover gradually following a significant drop immediately after the EU referendum.
Locally we have still seem a good level of demand from people looking to move as, despite any external factors, people still need to move whether it be to purchase a smaller or larger home or perhaps even their first home.
Secure Rent 1-2-3
In August Ryder & Dutton introduced an exciting new scheme for Landlords called ‘Secure Rent 1-2-3’, an exclusive new scheme that means Landlords will no longer need to worry about rent arrears again. With our fully managed or rent collection services, if your tenant falls into arrears, Ryder & Dutton will pay the rent due and also pay it every month until the tenant pays the arrears or is evicted. The first month’s rent will be paid to you 10 working days after it is due but subsequent months rent will be paid as normal. The legal costs of eviction are covered and after eviction we will also pay 75% of the rent for up to two months until another tenant is found.
On Monday 3rd October we were delighted to open the doors on our new Lindley office. The vibrant village of Lindley is situated on the North West side of Huddersfield, only a couple of miles from both the town centre and M62 motorway network, and our office is situated on the busy A640 road between Huddersfield Town Centre and Junction 23 of the M62 motorway. With a thriving high street and a real community feel, the village is home to Royal Huddersfield Infirmary, a range of boutique shops and highly regarded restaurants.
There have been changes for the rental market during 2016 with cuts to mortgage tax relief and in the Autumn statement it was announced that a ban on lettings fees was to be introduced. The Department for Communities and Local Government have confirmed that consultation will begin in the new year and that legislation would be needed.
In November we were absolutely delighted to scoop another two awards in the Negotiator’s annual awards ceremony, following on from successes in both 2014 and 2015. We were named the North West and the Large Agency of the Year. The judges said: “A truly stand out agency, their excellence is in no doubt”.
To scoop the coveted National award for Estate Agency of the Year for a third year running is an outstanding achievement. We are thrilled with this achievement to which everyone has contributed and all members of our team should feel equally as proud as we do.
Relocation Agent Network Awards
Ryder & Dutton also went on to be crowned the Best Agent North West Regional Agent at the Relocation Agent Network’s prestigious 2016 Awards.
The annual prize gives the winning Network member the title of ‘Best Agent in the North West Region’ and is awarded on a number of criteria measuring the agent’s overall contribution to Relocation Agent Network, their ability to achieve customer satisfaction and a proven record of helping relocating buyers move in and out of the area.
We are now looking forward to 2017 and seeing what the year brings but for now may we wish you all a very happy new year!