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 the most affordable UK towns to buy a home in 2020, UK property market and rising demand from overseas buyers, rebound of mortgage approvals and rate increase, ways to save money when building a new house, electrical safety installations… Happy reading and… renting!

The market

House prices: everything you need to know in 2020

Will house prices rise or fall this year? Is the housing market really bouncing back from Covid-19, or are we to expect a property market slump by the end of 2020? And is the stamp duty holiday resulting in higher house prices?
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Housing market could return to ‘normal’ by the end of the year

Despite the significant impact of COVID-19 on the UK property market, positive signs of growth suggest a return to normal could be on the cards by the end of the year.
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The most affordable UK towns to buy a home in 2020

Owning a home is a milestone for most Brits, but property prices aren’t the only obstacle to achieving this dream. Differences in local salaries make purchasing a property far more achievable in some towns than in others.
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UK property market sees rising demand from overseas buyers

Political uncertainty in Hong Kong is one of the factors driving an increase in enquiries from non-UK residents. Data showed ‘visas’ was the most searched for term by advisers in the last week of July, and searches for ‘non-UK residents’ were also on the rise.
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UK house prices hit a new record high – can it last?

As you might have noticed, we’re still in the grip of a pandemic, and we’re nowhere near seeing the end of the resulting surge in unemployment and business disruption. So of course, UK house prices have just hit a record high.
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How is the UK property market coping?

Property sales practically dried up and many people who were close to completion when it came to property purchases, either pulled out of the process or delayed their purchase. It is in part, due to this that the Chancellor of the Exchequer, Rishi Sunak announced the freeze for Stamp Duty Land Tax (SDLT) to reinvigorate the market.
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Mortgage

UK mortgage approvals rebound in June as property market reopened

British mortgage approvals more than quadrupled last month from May’s record low and households showed signs of spending more, as the economy began to open up from the coronavirus lockdown.
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Mortgage borrowers ‘may need to move swiftly as rates creep up’

A period of rock-bottom mortgage rates may be coming an end amid signs that rates are starting to creep up, according to analysis. The choice of fixed-rate and variable deals is also shrinking.
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Buy to Let mortgage rates starting to increase

With the stamp duty holiday having come into force a little over a month ago, the latest research explores how the buy-to-let (BTL) mortgage market may react to a UK economy experiencing its first recession in 11 years and also what this may mean for landlords.
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Rent

Tenants are paying above-average rental deposits in five regions of England

The figures show that based on a five-week rental deposit, the average tenant in England should be paying £1,054 to secure their rental property. Ome’s data shows that the average deposit is -5.4% less than this; currently at £997. The data shows that London is predictably home to the highest deposit.
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Revealed: The top 10 cities to be an Airbnb landlord

Data crunched by Vanquis showed Cardiff is the most profitable city for Airbnb hosts, with homeowners earning 86 per cent more by listing a room on Airbnb rather than through traditional renting sites. A room listed on Airbnb for 52 nights a year in Cardiff would generate approximately £6,344, compared to an average income of just £3,408 if it was rented out full-time.
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Average UK rents dropped -0.8% in Q2

Rental growth in the UK excluding London is up +2.2%, as demand continues to outstrip supply in many markets, whereas in London rising supply and weaker demand – particularly in inner London – has resulted in negative rental growth. Edinburgh has also seen a marked slowdown in rental growth to +0.2% over the past year as a result of reduced tourism and policy changes impacting landlords and the supply of property.
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Vast majority of tenants still paying rent as usual, survey finds

Around 19 in every 20 private sector tenants are paying their rent as usual or have agreed with their landlord to pay a lower rent or defer payments during the coronavirus pandemic, a survey has found.
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Lending responsibly is key to the property market recovery

The temporary stamp duty holiday for the first £500,000 of all property sales in England and Northern Ireland until next March aims to encourage buyers to return to the market. With the housing market a key driver of economic growth and productivity, it is hoped the holiday will incentivise first-home buyers through to property investors to take advantage of this tax break in the coming months.
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Short lets buoy London’s rental market

Coronavirus has prompted a new trend across the world in he housing market, as the number of tourists and corporate relocations have plummeted. Short-let landlords are choosing to move their short let properties onto the long-term rental market. This trend has mainly been concentrated in Inner London, and is one of the biggest factors leading to record rent falls in the capital.
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Other

Ways To Save Money When Building A New House

Whatever your situation, it’s no secret that building a house is an expensive project to undertake and, with construction costs rising, things are about to get even more costly.
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Almost half of UK adults have described a property viewing as “disgusting”

The study of 2,000 adults also found clutter and mess are among the most off putting things when looking at a potential new home. It also emerged baking bread, making fresh coffee, and hiding all evidence of pets are among the tricks of the trade landlords use to catch the eye of the potential 4.5 million households who rent through the private sector in the UK.
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Everything first-time buyers need to know about purchasing property during a pandemic

For many would-be homeowners, getting onto the housing ladder is tough during normal circumstances, but with the financial fallout from the coronavirus pandemic continuing to be felt, those looking to buy their first home are facing an even more challenging mortgage market.
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Myth-busting – Electrical Safety installations Act 2020

The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 came into force on 1 June 2020 and will apply to all new tenancies in England from 1 July 2020. These new regulations require landlords to have the electrical installations in their properties inspected at least every 5 years and tested by a person who is qualified and competent.
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