Landlord press review

Like every month, Rentila offers you an overview of the main real estate news of interest to landlords and tenants. This month, we focus on: Scotland extends eviction protections for further six months; Lockdown has helped a third of homebuyers get onto property ladder; The cities where home buyers need the smallest deposits; UK mortgage approvals for February surge 20%; Coronavirus: 840,000 Brits have fallen behind on rent since crisis began; London super prime lettings market making a return… Happy reading and… renting!

The market

Landlords urged to accept more tenants on benefits to ease housing shortage

An appeal was made from a social housing organisation working with Bridgend Council to private landlords, asking them to lease their properties for emergency housing to boost its shortage of accommodation.
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BSA: Chancellor brings confidence back to the housing market

Over a third (37%) agree now is a good time to buy a property in the UK compared to 27% in December, with just 17% disagreeing that now is a good time to buy, down from 23% in December.
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Scotland extends eviction protections for further six months

Both Wales and England have also extended such protections for businesses until the end of June, while the UK government has launched a call for evidence on negotiations between tenants and landlords and said it was prepared to take further steps if negotiations were not happening and there was a significant risk to jobs.
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UK house price growth slowed in January as buyers paused due to new lockdown

UK house price growth slowed in January compared to the previous month as buyers paused due to the introduction of new lockdown measures and uncertainty over the length of the stamp duty holiday.
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Lockdown has helped a third of homebuyers get onto property ladder

The restrictions over the past year have helped 27% of homebuyers save to get a home, with 46% of those surveyed suggesting that the drastically reduced spend across their social life helped them to get a foot on the ladder.
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London will remain “extremely attractive” despite 2% SDLT surcharge

UK resident companies that are controlled by non-UK residents may be required to pay, and the surcharge applies to freehold and leasehold purchases and on rents on the grant of a new lease.
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Birmingham leading rental market revival

Of all major cities Birmingham has seen the biggest increase in rental demand in 2021 with a 25.2% uplift in demand for rental homes and 46.7% of all properties on the market being snapped up by tenants.
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UK house prices hit record high one year from start of pandemic

Property values were 6.5% higher last month, or £15,430 in cash terms, compared with a year ago at the start of the coronavirus pandemic.
In the latest quarter, ending 31 March, house prices edged 0.3% higher than the preceding three months, data showed.
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The stamp duty holiday has ‘turbocharged the property market’

The number of residential properties sold in the UK hit a record high in March as buyers and sellers attempted to complete deals before the end of the stamp duty holiday.
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Mortgage

London house prices: First-time buyers now need average deposit of £132,685

The average deposit size being put down by people taking their first step on the property ladder in London has increased by more than £20,000 since last year, according to new research published today.
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Holiday-let mortgage trends revealed as market prepares for great British summer

It will come as no surprise to hear sales of homes near the coast have surged over the past six months with holiday-let mortgages for properties in Wales nearly doubling since September.
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The cities where home buyers need the smallest deposits

Those wanting to secure a property in Bradford with a deposit of 15% would be required to put down £19,973. Outside of Bradford, buyers looking for an 85% LTV mortgage, would need to fork out a deposit of over £20,000 across all UK cities.
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UK mortgage approvals for February surge 20%

A rush to secure mortgages before the end of what many thought would be the end of the stamp duty holiday in March has meant mortgage approvals for February were bumped up by 20% from the same month last year.
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Five ways to save for a five per cent mortgage deposit

Of course, a 5% deposit will not be the same in every part of the country – in fact they vary hugely. According to Barclays’ calculations, a 5% deposit in Northern Ireland might be around £7,391; around £8,784 in North England; £8,985 in Scotland; £8,999 in Wales; £9,250 in Yorkshire and the Humber, and £9,805 in North West England.
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Battle is on for cheap mortgage deals as property gets another boost

Covid-19 obliterated high loan-to-value borrowing, seen as risky in the current economic climate. But a new government guarantee to banks offering these high borrowing deals to buyers launched this week with a flurry of mortgages from across the high street.
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Rent

Rental prices outside London ‘surged by 8% annually in February’

Across Britain but excluding London, the average price of a newly-let property was 8% higher or £68 per month more than in February 2020. The increase took the average monthly rent outside London to £913, up from £845.
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Coronavirus: 840,000 Brits have fallen behind on rent since crisis began

There are an estimated 840,000 private tenants who have built rent arrears since lockdown measures began. NLRA research shows that these debts are increasing “to the point where there is no hope of many being able to afford to pay them back.”
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First-time buyers ‘£800 a year better off than renters typically’

First-time buyers are saving more than £800 a year compared with if they were renting typically, analysis suggests.
Halifax said the cost gap between being on the property ladder and renting has widened over the past year.
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The rental market is ‘particularly buoyant’ as UK steps further out of lockdown

Tenants in most regions saw average incomes increase. The biggest hike was recorded in the North West, where tenant incomes increased by 12% from £19,609 to £22,022 on average.
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Glasgow sees UK’s highest rental increase as prices soar by £73 per month

The cost of renting a home in Glasgow has increased by a staggering £73 per month on average, a record-breaking hike for the city and the highest rental increase in the UK over the last year.
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One in 12 private renters ‘has received a no-fault eviction notice in past year’

One in 12 private renters in England has been given formal notice to move out without a reason since March 2020, a survey has found. Some 8% of private renters in England said they had received a Section 21 notice to quit during the coronavirus pandemic.
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Other

London super prime lettings market making a return

Central London’s prime rental market is witnessing a wave of enquiries from tenants with demand for London’s top-end rental properties having skyrocketed by 30% in Q1 when compared to a year ago.
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Oxfordshire is UK’s new build hotspot

The figures show that there were 542,875 homes sold across England in 2020, despite the tougher market conditions caused by COVID-19. Some 36,750 of these came via the new build sector.
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UK property wealth reaches a record £4.6trn

The report also shows that the total value of UK private property passed £6trn for the first time at the end of 2020. Total national mortgage debt has continued to rise towards a record £1.5trn, but the average LTV has dropped to the lowest level since before 2007/8.
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Tax break extension revives UK housing market boom

The unexpected extension of a tax break for property purchases in finance minister Rishi Sunak’s budget last month has revived a fading boom in housing market activity, a survey showed.
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Renting? Tenants insurance explained

Renting your home comes with a number of advantages, not least the fact you won’t have to face a bill for a new roof or repairs to the guttering. But, if you do rent, you could still benefit from taking out insurance to protect your belongings.
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Nationwide: Younger generations less likely to consider investing in property

An estimated 39% of younger generations are likely to consider investing in property, compared to the average of 42%.
However, 86% of those aged between 16-24s with at least £1,000 in savings have invested, while 79% of the general population have invested.
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