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: UK house prices rise at fastest rate in 17 years; Mortgage stress rate just one of three barriers; With UK rents and demand rising ‘it appears to be a good time to be an investor’; UK rent hikes bigger concern than energy bills; UK’s top property hotspots revealed… Happy reading and… renting!

The market

UK house prices hit record high

House prices have hit a record high this month, according to online property website Rightmove. The average price of a property entering the market across the UK has jumped by 1.7 per cent, or £5,760, which is the largest monthly rise seen at this time of year for almost 20 years.
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UK home sellers overprice their properties by as much as 21 per cent in wake of stamp duty holiday

Despite a property market boom, the gap between the asking price expectations of the nation’s sellers and what buyers are willing to pay is as big as 21 per cent in some areas of the market.
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UK housing market is ‘kaput’, brokers claim

Britain’s housing market is broken and the property bull market could soon turn into a bear, mortgage advisers have warned.
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Home buyer demand bouncing back across UK with Blackpool, Swindon and Newcastle leading the pack

Blackpool and Swindon are among the urban areas seeing a bounceback in home buyer activity. The stock of homes available to buy is still 42 per cent below the five-year average, although it was down by 47 per cent in December 2021.
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London house prices: surge in property values as sales and enquiries continue to spike

London property prices surged by 7.4 per cent at the start of this year, the fastest annual rate of growth since 2016, according to new figures today.
Mortgage lender Nationwide said the average cost of a home in the capital hit a new all-time high of £518,333 in the first quarter.
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UK house prices rise at fastest rate in 17 years

Prices rose 14.3% from the year before, taking the average value to a record £265,312. Prices surged 1.1% in March alone, beating analysts’ expectations.
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UK house prices will fall – but not for a few years

Nothing says “out of touch” to the UK electorate more than their leaders having too many houses – and in particular too many expensive houses.
No one was madly impressed when Tony Blair spent £3.65m on a Georgian townhouse in London when he was still in office…
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Build-to-Rent homes increase by almost a fifth year-on-year

The total number of build-to-Rent (BTR) homes in the UK has increased by 19% in the past year, fresh analysis from the British Property Federation (BPF) has revealed.
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Mortgage

Mortgage stress rate just one of three barriers

“The mortgage stress rate is a big consideration for lenders when assessing the affordability of a customer. However, it is only one of three main variables to consider for customers.”
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What Now For UK Mortgage Rates?

The ever-tightening cost of living crisis and soaring inflation (which stood at 7% in the 12 months to March) is fuelling the likelihood of more interest rate rises this year – putting further pressure on the monthly budgets of millions of mortgaged UK homeowners.
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The best long-term fixed-rate mortgages available now

Rising interest rates will increase your mortgage costs. This could be a good time to lock in a five-year or ten-year fixed-rate mortgage deal.
The Bank of England base rate has been increased three times, from a historic low of 0.1% to 0.75%.
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Britain’s buy-to-let landlords claim £18.5bn in tax reliefs despite mortgage interest changes

The amount claimed increased despite a reduction in the amount of relief that landlords can claim on the interest that they pay on their mortgages.
Loan interest still made up the largest proportion of tax relief claimed by landlords at £6.9bn, 37 per cent of all tax reliefs claimed by buy-to-let landlords.
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New warnings over mortgage imprisonment as lenders tighten borrowing

High street names have been warning for some time that affordability calculations would have to change because of the altered economic circumstances we now find ourselves in. Many have already made changes, and others are preparing to do so.
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Mortgage demand lifts despite spike in living costs

Banks and building societies reported a net balance of 6 when asked how demand had changed, swinging from -34.8 in the final quarter of last year, despite steep rises in the cost of living.
Demand for remortgages was in positive territory at 14.9 in the first quarter, but lower than the net balance of 70.4 of lenders who reported three months ago.
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Rent

With UK rents and demand rising ‘it appears to be a good time to be an investor’

The figures reveal that private rental prices in the UK increased by 2.3% in the year to February, the largest annual growth rate since December 2016, led by gains in the East Midlands, where prices are up 3.8% year-on-year.
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House sharing in London: the cost of renting a room in every borough revealed

For some flat sharing is a lifestyle choice, for others a brutal necessity. But whichever camp you fall into new research today reveals the most expensive — and most cost-effective — options across London.
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Cost-of-living crisis ‘leaves no excuse not to freeze rent across Scotland’

With many now facing “endless worry and hardship” because of the current financial situation, Mercedes Villalba said Scottish ministers could help by preventing landlords from increasing rent charges.
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UK rent hikes bigger concern than energy bills

As many as 96% of renters said they were concerned about the general rising cost of living, while 61% of homeowners with lodgers said they would increase their rent to tackle the rising cost of bills.
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Edinburgh named the expensive city for solo renters in the UK following rise in cost of living

A research looked at the average monthly salary in each area, the average cost to rent a one-bedroom flat and any additional expenses including food and bills.
It showed that following the increase in the cost of living Edinburgh is the most expensive location in the UK for solo renters.
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Rental prices surge to new record amid demand mismatch, report finds

The average asking price per calendar month shot up by 10.8% year-on-year to £1,088 outside London and 14.3% to £2,193 inside the capital. This marks the first time that rents outside of London rose by more than 10% annually, while the leap inside the capital was the largest of any region on record.
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Advice

Buying your first home in 2022: 5 important things you need to know

One in 16 privately owned homes changed hands in the UK in 2021, making it the busiest year in the property market since 2007.
Put simply, lots of people are looking for a new home, which means when new properties come to the market you will need to be ready to move relatively quickly.
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How To Borrow More On Your Mortgage

Increasing the size of your mortgage can be a cost-effective way to raise cash. It’s a particularly popular way to finance home improvements for example, but could equally be used for other purposes such as investing in a buy-to-let property.
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Renting: What you need to know about lifetime deposits

With the average five-week deposit estimated to be around £1,000, it’s not surprising that a 2018 survey found that 43% of tenants relied on overdrafts, credit cards, loans or borrowing from family or friends to cover the costs of moving house.
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3 tips for renting out a room

By letting out your spare room, or your whole house if you’re going on holiday, you could earn some extra money. You can even earn £7,500 a year tax-free under the government’s Rent a Room scheme. This applies when guests stay short-term in your main home, as well as if you take in a lodger or run a B&B.
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Other

Confidence that now is a good time to buy a home ‘at lowest level since 2008’

Consumers’ confidence that now is a good time to buy a home has slumped to its lowest level since at least 2008, as households expect to make significant sacrifices to cope with surging living costs, according to building societies.
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What Happens To Your Debts When You Die?

In the UK you can’t ‘inherit’ debt from your spouse, parents, children or anyone else. When someone dies, any debts they had are paid out of their estate. If there’s not enough money in the estate, generally, the debt is written off.
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Who owns Wales? Wales’ biggest landlords based in England

New data, obtained through Freedom of Information request, suggests that thousands of Welsh homes are owned by just a handful of landlords – many of which are based outside Wales.
The top three landlords own more than 2,000 properties in Wales between them.
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UK’s top property hotspots revealed

The town of Shirley in Solihull has been named the biggest property hotspot in February with increased competition pushing asking prices by more than 10% according to new figures.
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Buy-to-let tax changes five years on – survey points to impact on landlords, and tenants

A survey of over 600 UK landlords from Simply Business, one of the UK’s largest providers of small business and landlord insurance, has found one in three (33%) landlords saying that their properties are not as profitable as they once were due to the reduction of buy-to-let mortgage tax relief.
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Data shows cheapest cities and the worst

Oxford performs well, alongside Glasgow and Reading. All these cities offer good salary prospects and low living costs on average, however, Oxford has the highest average salary in the top ten list – but it is also the most expensive to rent in.
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Buy-to-let investors snapping up one in every 10 houses sold in UK

Investors purchased one in every 10 properties (13.9%) sold across Great Britain in the first three months of 2022, according to a new index.
Buy-to-let landlords bought 42,980 homes across the country, around £8.5bn worth of property.
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Extended rules to smoke and carbon monoxide alarm regulations imminent

Under the current rules, since 1 October 2015 landlords have needed to ensure that a smoke alarm is fitted on every floor of their property where there is a room used wholly or partly as living accommodation.
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