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: 18% more sales in UK property investment market; Renting could boom due to prices in UK housing market; Interest rates remain frozen – when will the Bank of England cut the cost of borrowing?; Annual rent rise is the highest ever recorded; Most tenants say they have good landlords… Happy reading and… renting!

The market

UK house market shows further signs of stabilising

According to the latest provisional UK house price index from the HM Land Registry, average UK house price inflation was -0.6% in the year to January. Although still in negative territory, it was a marked improvement on December’s revised 2.2% fall.
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18% more sales in UK property investment market

2024 has been a better year for property investment, particularly regarding buyer activity. New research shows that buyer activity improved further in February.
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The cheapest and most expensive places to buy a house in Shropshire

In recent decades it has become increasingly difficult, particularly for first-time buyers, to get a reasonable mortgage offer. With that in mind, we’ve been looking into Shropshire’s housing market, to work out which postcode is the most affordable.
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Renting could boom due to prices in UK housing market

According to the latest figures from ONS regarding UK housing market affordability, full-time employees are spending up to 8.3 times their annual salary to purchase a home.
While this figure is down from 8.5, it is still significantly above the ONS’s affordability threshold…
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UK house prices fall for first time in three months

UK house prices fell for the first time in three months as high mortgage rates continued to hit the market, according to Nationwide.
Property values fell by 0.2% between February and March, the Nationwide house price index showed…
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Increases led by ‘Top-Of-Market’ property sales

The average asking price of newly-marketed properties rose by 1.1% in April, more than £4,200 in cash terms.
The annual rate of increase in asking prices is now at 1.7%, the strongest level of growth seen since this time last year.
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Rental market under strain as demand outpaces supply

A new report reveals demand consistently outstripping supply in the rental market, leading many landlords to sell as their mortgage deals end.
Rents also continue to fluctuate with member agents reporting rent rises.
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UK housing market shows signs of improvement

There has been a positive shift in the housing market with buyer demand and expectations for future sales on the rise, one survey has found.
House prices also appear to be stabilising.
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Confidence returning to housing market as sale prices increase

The analysis from surveyors E.serv showed that, in March 2024, the average house sale price using cash and/or mortgages in England and Wales rose by £200, or 0.1 per cent, to £361,368.
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The property market is bouncing back, what can we expect over the rest of 2024?

The sales market is bouncing back with new sales agreed running 8% ahead of last year. We believe that the market is on track for a 10% uplift in sales volumes versus 2023 which should feed straight through into higher agency revenues from sales commission.
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Mortgage costs drop over six-month period

The cost of short-term fixed rate mortgage products has reduced over the past six months, despite the recent price increases in the last month, according to market analysis.
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Interest rates remain frozen – when will the Bank of England cut the cost of borrowing?

Interest rates have been frozen by the Bank of England (BoE) for the fifth consecutive monetary policy committee meeting (MPC).
The central bank opted to hold interest rates during its March meeting, meaning the cost of borrowing has been at the same level since August 2023.
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Home-buyer mortgage approvals jump to highest level since month of mini-budget

The number of mortgages approved to home-buyers increased in February to the highest level seen since the month the mini-budget was delivered under former prime minister Liz Truss.
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Mortgage and rental costs ease in March

The UK saw mortgage and rental payments lift by 1.8% last month compared to a year ago, data from Barclays shows — but adds that these costs are beginning to “stabilise”.
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Annual rent rise is the highest ever recorded

The cost of renting in the UK has hit a new high as average rents across the UK rose by 9% in the 12 months to February – the highest rise recorded by the Office for National Statistics (ONS).
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Scotland’s rent cap backfires with big rent rises for tenants

Tenants in Scotland are seeing big rent rises and the rent cap brought in by the SNP is being blamed – as rent rises elsewhere in the UK begin to fall.
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Renting ‘cheaper than buying’ in most of UK — but not London

New data from the country’s biggest mortgage lender shows that the average monthly cost to first-time buyers to own a home in the capital is now £2,241, slightly less than the monthly cost of renting.
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Rural renting soars – councils demand long-term housing plan

England’s county councils are urging the next government to establish a long-term housing strategy after research reveals a massive rise in rural renting over the past decade.
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UK rents rocket by 46% in a decade

While the total number of rental homes reached an estimated 5.22 million in 2023, this represents a slight decline from the previous year and a significant drop from the peak of 5.38 million seen in 2017.
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10 new prospective renters for each available property in February

Around 10 new prospective rental sector tenants were registered for each available property in February, according to a property professionals’ body.
Although the average number of new applicants registered per agency branch decreased in February 2024, a reduction in stock levels has meant that demand continues to outstrip supply.
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Slight drop in rent in Wales bucks the UK trend

Rent in Wales has decreased according to new research.
The HomeLet Rental Index has observed a 0.4 per cent fall this month, saving average renters around £3 per month.
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Sadiq Khan pledges to build ‘rent control homes’ across London

London mayoral candidate Sadiq Khan has pledged to build 6,000 new affordable homes with capped rents linked to keyworker incomes.
Khan also called for a revolution in renters’ rights, with far-reaching reforms to improve the position of those renting their home in the city.
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How can we tackle the UK’s housing crisis?

With high property prices, rising rents and sluggish rates of new-build, the UK is facing a crisis of housing affordability. A comprehensive strategy is urgently needed, one that’s joined up with other key areas of public policy, including taxation and investment in human capital.
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Why now is the ideal time for landlords to ‘spring into action’

The storms and cold weather of winter may have highlighted some building-related issues, and now is the time to put plans in place to remedy these. Not only will this stop things getting worse, but it will also send an important message to your tenants.
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Survey uncovers landlords’ worries and preferences in the rental market

More than half of landlords are concerned about upcoming legislative changes, according to a survey.
A government survey reveals that 62% of landlords are worried about legislative changes in the private rented sector.
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One in three home sales this year so far ‘have gone to first-time buyers’

First-time buyers have been behind around a third (33%) of home purchases across Britain so far this year, estimates suggest.
This is up from 29% in 2023, property firm said.
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Most tenants say they have good landlords

The majority (69%) of private renters report having a positive experience with their landlord.
However, three out of four renters (74%) faced stiff competition and took longer than expected to find a suitable property.
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Non-resident landlord tax obligations in the UK

If you live abroad and rent out property in the UK, you are considered a non-resident landlord (NRL) for tax purposes. This means you have specific obligations when it comes to paying UK tax on your rental income. This guide covers the key points that NRLs need to know…
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Landlords looking to sell as buy to let market shifts

The UK’s buy to let market is experiencing a period of change, with nearly one in three landlords looking to sell up in the next 12 months, research reveals.
The findings also highlight that the average loan value for BTL property purchases is on the rise.
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Airbnb make important change to all bookings from June

The online marketplace helps people find accommodation across the UK and the world, often at people’s homes or second homes and holiday rentals. As part of Airbnb’s cancellation policy, it covers ‘extenuating circumstances’, or events that impact a booking outside of the holidaymaker’s control such as government restrictions on movement.
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The UK’s most expensive streets ranked

Housing platform Rightmove ran the numbers on the priciest streets to rent and buy in the UK.
A rental squeeze and high mortgage rates have led to an affordability crisis in the market over the last year. But these houses represent the top end of that — and some of the most coveted locations in Britain.
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