Following the announcement last November that Chancellor Philip Hammond is to abolish letting agency fees for tenants, it is expected that many private landlords will increase rents to compensate. This is a further blow to buy-to-let landlords who are also facing higher borrowing costs and increased Stamp Duty fees, as the Government cracks down on the sector. Tenants’ fees add on average £340[1] to the cost of letting a home, so naturally the 4.3million renters in the UK will be concerned of further rental increases when landlords have to pay the letting agency fee themselves.
Professional, corporate landlords such as Folio London offer afresh alternative to private landlords. Renting with Folio London, tenants can be assured against these increases and any unpredictable changes in the market. Many lettings agencies charge for administrative work such as contracts and inventories. Folio does not charge admin fees, only a deposit of £350 to secure the property while references are checked, which is then deducted from the first months’ rent and deposit.
The private rental arm of Notting Hill Housing Group, Folio London is a not-for-profit organisation which has been providing homes for Londoners for over 50 years. Members of ARLA, Folio London owns and manages apartments and houses across the capital, helping renters find a home that’s right for them.
Lizzie Stevens, Acting Director of Folio London, comments: “While welcome news to some, many renters across the country are worried that by scrapping tenants’ fees, the expense could be passed onto them from their landlords via rent increases, especially after the rise of Stamp Duty fees earlier this year. Professional landlords, such as Folio London, are able to offer securities that smaller individual landlords cannot; not only can we guarantee that costs like these aren’t passed on to our tenants, but we don’t charge any fees in the first place to do so.
“Folio London offers a range of rental homes across the capital, with three new developments launching in the next few months, providing brand new, secure rental homes for all Londoners.”
Early next year,Folio London will be launching a selection of high specification one and two bedroom apartments to rent at Royal Albert Wharf. Developed as part of regeneration of the Royal Docks, one of the most talked about redevelopment projects in London, Royal Albert Wharf will deliver over 1,500 new homes in different tenures, as well as new garden squares, and a variety of community amenities that will help to make Royal Albert Wharf become a thriving area of the docklands. The homes are conveniently located for access to major transport links. Gallions Reach DLR and Cyprus DLR are both within walking distance, linking to Canary Wharf in less than 20 minutes, and Canning Town in 12 minutes. Prices are to be confirmed closer to the launch in January.
Located just a short walk from Arnos Grove station, Amber Court offers an exclusive collection of 27 one and two bedroom rental apartments, launched on 10th December and ready to move into now. Coral Court, which lies adjacent to Amber Court, offers a further 14 apartments which launched this January. All of the apartments come in a range of styles and shapes, but all boast private winter gardens, spacious living areas and generously proportioned bedrooms designed to a contemporary specification.
Residents will never be short of things to do at Coral Court or Amber Court, with a range of local amenities to enjoy. Arnos swimming pool is close by, while Grovelands Park is just a short drive away, for those who prefer to get outdoors. For some retail therapy, The Mall at Wood Green offers a wealth of high street names, while closer to home, a range of independent retailers can be found. Prices for the new apartments at Amber Court start from £1,220pcm for a one bedroom apartment, and Coral Court’s prices are to be confirmed.
For more information on Royal Albert Wharf, Coral and Amber Court, or any of the other developments currently on offer to rent from Folio London, visit www.foliolondon.co.uk
[1]https://www.simplelandlordsinsurance.com/landlord-news/letting-agent-fees-ban-could-force-rent-increase
