Property
Renters will no longer have to pay deposits under new tenancy scheme
There will still be some fees to look out for, however…
Tenants will no longer have to fork out for costly deposits when renting a home under a new tenancy scheme.
The majority of landlords require their tenants to put down a deposit in order to secure a property; on average, renters have to put down a £1,054 deposit to secure a tenancy, according to the Office for National Statistics.
But now, a new scheme launched by rent guarantor Housing Hand could very well be putting an end to expensive deposits.
Their scheme means that working professionals and students alike can move into a property without coughing up hundreds of pounds for a deposit.
@schluesseldienstvergleich_eu / Unsplash
Instead, renters will have to pay a £25 joining fee and and a one-off payment for the scheme.
The one-off charge is the equivalent of 20% of one month’s rent to Housing Hand, which is paid in monthly instalments stretched across the length of the tenancy.
For example: If you paid £500 rent a month for twelve months, you would need to pay £100 over one year – which works out at roughly £8.33 a month, plus the £25 fee up-front.
However, there’s a catch; landlords aren’t legally obliged to accepting Housing Hand as a rent guarantor, so there’s no guarantee they’ll agree to waiving a deposit.
Soroush Karimi / Unsplash
Renters will also need to provide personal information in the application, such as proof of identity, proof of address, and evidence that you earn at least 1.5 times your share of the monthly rent if you are a working professional and not a student.
And, while Housing Hand says using the scheme will not affect your credit score, a missed rent payment means Housing Hand would pay the rent on your behalf, something renters would be required to pay back.
Oh, and tenants won’t get the fee they paid to Housing Hand back at the end of the tenancy, though I’m sure we can survive without £25.
However, experts have warned renters about using these type of schemes that offer the option to move in without a deposit.
@benchaccounting / Unsplash
Generation Rent deputy director Dan Wilson Craw said: “Renters should be careful about using schemes like this as they are not regulated and ultimately cost more than traditional deposit schemes as they aren’t refundable.
“We have heard from tenants who have used other deposit-free schemes and found that after paying for the coverage every month, they move out and are hit by a large claim for any damage or wear and tear that is very difficult to challenge.”
For more information, head over to the Housing Hand website.
Property
New apartment development with huge gardens and outdoor space opening this year
Make sure you check these out!
Manchester is getting a stunning new apartment development this autumn, set in beautiful landscaped gardens.
Acer will be the first residential development to open at Square Gardens, located in the First Street area.
Monthly rental for each apartment includes utility bills, super-fast wi-fi, use of all communal facilities and 24/7 security.
Square Gardens / Acer
You can grab a co-living apartment starting from £935 per month, studios from £1540 per month, and apartments from £2120 per month.
From one-bed apartments to studios and shared apartments, there will be 1,187 living spaces when it opens its doors.
It’ll be home to one of the city’s biggest communal outdoor spaces, with this ethos mirrored inside with several apartment spaces dedicated to co-living.
The community feel is also seen in the various lounge and social spaces, as well as co-working and meeting areas.
Square Gardens / Acer
Acer will boast a large, state-of-the-art gym on site, as well as media rooms, private kitchen and dining rooms to use, and regular resident and community events.
The development’s co-living apartments range from three to five bedrooms, all fully furnished with en-suite rooms, while there are also studio apartments and one-bed apartments – with separate bathrooms and open plan kitchen and living areas.
Head HERE to find out more.
Property
Plans for new tallest tower said to be ‘the landmark of Manchester’
Plans for the new tower will place it among Europe’s tallest high rises
Property developer Salboy is set to submit plans for a new tower which will be the tallest in the city among a cluster of skyscrapers.
If proposals are approved, the 241m (790ft) high Viadux 2 scheme is expected to take four years to build.
Salboy’s Managing Director, Simon Ismail, has said it is going to be ‘the landmark of Manchester’, the BBC reports.
Once completed, the new skyscraper will overtake Deansgate Square’s South Tower at 201m (695ft) high and dwarf the Beetham Tower at 169 m (554ft) high.
“We purposefully wanted to go for the tallest residential building in Europe… it’s a flagship building,” Mr Ismail told the BBC.
The Viadux 2 tower will hold around 800 apartments, providing homes for residents looking to live in Manchester, where housing is in great demand.
Mr Ismail said much of that demand for homes in the city was driven by ‘postgrads staying on, the largest student population in Europe, and a cost of living that’s half of that in London’.
Salboy says it has already provided about 4,000 homes in Manchester, and as long as there is ‘massive demand for homes, the firm will continue to build, Mr Ismail said.
The developer is also working on St Michael’s Tower with the former Manchester United footballer Gary Neville.
Manchester has seen a huge boom in skyscrapers over the last 10 years, with an ever evolving skyline.
Mr Ismail says he has ‘no idea’ how long the city’s skyscraper boom will continue, but that he never believed it when people had previously claimed ‘the bubble was going to burst’.
Adding: “When you look at what Manchester’s got behind it, it’s got too much backing it up, industrious people and a history of doing things right.”
Subject to approval, Salboy hopes to start work on the tower sometime this year.
Property developer Renaker has built a collection of skyscrapers at Great Jackson Street, along the southern border of the city centre.
The firm has also built towers at Colliers Yard in Salford and has started a scheme to build four skyscrapers at Trinity Islands, by the River Irwell.
Renaker has received more than £500m in loans from the Greater Manchester Housing Investment Fund – which was launched by George Osborne when he was chancellor of the exchequer in 2014.
The funding is loaned to developers by the Greater Manchester Combined Authority (GMCA) and is then paid back. The value of the loans has now reached £942.5m with more than 10,500 new homes being supported from it so far.
Property
New build-to-rent community launching in Manchester neighbourhood named ‘best up-and-coming place to live’
Some stunning properties on offer
A new build-to-rent community is launching in Piccadilly East, the city centre neighbourhood named one of the ‘best up-and-coming places to live in the UK’ by the Sunday Times.
The Castings will be a new creative hub, owned by the people behind the five-star Lowry Hotel, and situated behind Piccadilly Station.
Made up of studio, one, two and three bedroom apartments, the development on the cusp of the Northern Quarter and Ancoats will feature a host of amenities.
The Castings
This includes a new yoga room and gym, a games room, private dining spaces and a work hub. There will also be three food and beverage outlets on the ground floor.
Piccadilly East was named in the Sunday Times’ list of best places to live in 2020, located within walking distance from the bars and restaurants of Ancoats and the Piccadilly Basin.
Cloudwater and Track brewery taprooms, Diecast, Ducie Street Warehouse and the soon-to-open Co-op Live are all also nearby.
The Castings
As the name suggests, the 350 design-led apartments are inspired by the casting of metals, incorporating industrial shapes, flowing forms and molten textures.
On the imminent launch, The Castings community manager Dave Evans said: “In just a couple of months, we’ll be welcoming residents into our new community. The focus for The Castings has been to create much more than just apartments; it’s a whole new lifestyle, with the best service and living experience that Manchester has to offer.
“Piccadilly East is a really exciting area to be part of which already contains some of the most exciting venues within the city, it’s the next generation of Manchester, and following on from the footsteps of Ancoats we hope to continue to create the next bustling creative hub in the city.”
The Castings
The prices for the new scheme start from £1150 per month for a studio apartment, £1250 for a 1-bed apartment, £1525 per month for a 2-bed and £2175 for a 3-bed apartment.
You can book in for viewings now, with move-in dates from June. Register interest here.
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