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: 63% of Brits say UK has a housing crisis; Scottish city homes among most affordable in the UK; Record-low mortgage rates mean house prices are likely to keep rising; London rent prices fall furthest for expensive central properties; Who Is My Gas And Electricity Supplier?; Two thirds of young adults in the UK are counting on inheriting wealth… Happy reading and… renting!

The market

House transactions more than double in June

The UK’s residential housing market saw transaction volumes more than double in June, rising 108.5 per cent on their May figure. According to the latest HM Revenue & Customs figures, 213,120 house transactions were approved in June.
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63% of Brits say UK has a housing crisis

Four in 10 private renters (42%) said their experience of the pandemic has made owning their own home more important than it was 18 months ago. However, 41% of renters said getting a deposit together and meeting other upfront purchase costs has made buying their own home unaffordable.
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UK house prices fell slightly in July

Nationwide chief economist Robert Gardner says the modest fallback in July was “unsurprising given the significant gains recorded in recent months”, adding that house prices increased by an average of 1.6% a month over the April to June period.
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Government will fail to reach housing target until 2028

For decades successive governments have made pledges to address the housing stock deficit faced by the UK but all of which have failed to meet ambitious building targets. In 2017, the government pledged to build 300,000 new homes a year by ‘the mid-2020s’.
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Average UK house prices in July jumped 7.6% year on year, but London growth lags the regions

According to mortgage lender Halifax, prices stood at £261,221 last month. That was 0.4% higher than the prior month when stronger annual growth of 8.7% was recorded. Last month marked when changes to a stamp duty holiday came in, giving buyers a less generous offer.
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Scottish city homes among most affordable in the UK

With the average home now £210,368, and average earnings at £36,804, homes in Scotland’s cities have a Price to Earnings (PE) ratio – a measure of affordability – of 5.7. By contrast, when looking at the UK whole, an average city home will set buyers back by £287,440.
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UK property price surge being driven by working from home

People have worked more at home and expect to work more from home. Space at home becomes more valuable, and in particular, space at home outside city centers becomes more valuable. Similar trends are observed in other countries as a result of staff being forced to work remotely for almost two years due to lockdowns.
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UK property market booms, but experts consider aftermath of government stimulus ending

As the property market continues to boom, economists and property experts consider the long-term implications of the measures implemented by the government to help stimulate the UK housing market.
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Mortgage

Record-low mortgage rates mean house prices are likely to keep rising

Sales have dropped off a bit now that the stamp duty holiday is starting to be phased out, according to the Royal Institution of Chartered Surveyors. But they’re still well above pre-Covid levels, and most of the respondents reckon prices will be higher over the next 12 months.
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Mortgages a mystery to many as young people struggle to get on property ladder

Almost two in five young people do not understand how a mortgage works, new research shows. A quarter (25%) of 18 to 34-year-olds north of the border said a lack of financial knowledge is a key barrier to home ownership.
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Could house deposits reach £500k by 2047?

Estate agent Coulters looked at UK House Price Index data going back as far as 1995. Its analysis found Brighton and Hove could experience the biggest house price growth, with the average property predicted to top £3.4m in 26 years’ time.
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Rent

Rental occupancy rates surpass other accommodation in London

For occupancy, short-term rentals were considerably ahead of the others, averaging 62.7 per cent for June. Hotels stood at 40.6 per cent and serviced apartments were 39.7 per cent – marking a 35.7 per cent year-on-year increase for short-term rentals.
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Nearly half of landlords ‘reduced or paused rental payments in 2020’

Nearly half (46%) of private landlords say they reduced or paused their tenants’ monthly rent payments last year due to the coronavirus pandemic.
Some 28% of landlords surveyed for Shawbrook Bank said they gave their tenants a payment holiday – a period when they did not have to pay rent.
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Average rent in the UK reaches record high

The South West of England saw the highest annual price rise, with the current average price of £989 per month marking a 12.9% increase on this time last year, and a 4.3% rise from last month’s data.
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Student rent rises almost 20%, according to RBS Student Living Index

The biggest increase can be found for students in Leicester, who have been hit with an £188 rise for their average monthly rental costs. Glasgow has the cheapest monthly rent in the whole of the UK at £447.4 on average per month.
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London rent prices fall furthest for expensive central properties

Rent prices have fallen by an average of 6 percent across London with expensive properties in the city centre seeing the biggest reductions. In Kensington and Chelsea, the most expensive borough for renters in London, prices dropped by 7.5 per cent to an average of £2,550.
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Housing groups issue warning over impact of benefit cuts on renters

A joint statement by organisations including, Crisis, StepChange Debt Charity and Shelter has praised the bold action from the government to prevent a housing debt crisis in the wake of the pandemic including restoring Local Housing Allowance rates to the 30th percentile of market rents and increasing the Universal Credit Personal Allowance.
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Advice

How To Get The Most Out Of Tenant Insurance

Tenants don’t always need to get insurance; however, it is highly advised so that they can cover any potential losses from theft, accidents, or natural disaster. Here are some effective ways that you can get the most out of tenant insurance.
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Who Is My Gas And Electricity Supplier?

Even if you’ve lived in your home for a while, you may still need to refresh your memory as to which company supplies your gas and electricity. When you’re managing so many different bills and payments, it can be very easy to lose track.
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Close to home: How renters can ensure tenant security

A decade of rising house prices, stagnant wages, and two economic recessions have resulted in people in their mid-30s to mid-40s being three times more likely to rent today when compared to 20 years ago, according to the Office for National Statistics (ONS).
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Can deposit replacements ever be a win-win for landlords and tenants?

While the cost of renting continues to increase across the UK, the Government continues to grapple with the issue of making renting more accessible and secure, especially for the more vulnerable in our society.
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Advice for tenants looking to rent with pets

Roughly half of adults in the UK own a pet, and statistics show that people in their mid 30s and 40s are three times more likely to rent than they did 20 years ago. This means there are a lot of tenants looking for a pet friendly landlord these days.
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Other

London’s wealthiest renters splash out on luxury homes with swimming pools to replicate five-star holiday experience

If a pool sounds appealing, you could rent a one-bedroom flat at Embassy Gardens, Nine Elms, which comes with the chance to take a dip in the 115ft high sky pool. The flat is available for £550 per week.
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You can now live opposite Shakespeare’s birthplace in Stratford-upon-Avon

The one-bedroom property, available for £725 per month, is situated across the street from Shakespeare’s childhood abode. It might not be a very large home, but it’s perfect for those looking to snap up some literary inspiration.
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Two thirds of young adults in the UK are counting on inheriting wealth

More than two thirds (65 per cent) of under-45s in the UK expect to receive an inheritance gift of wealth from family or friends to fund their financial goals and get on the property ladder, according to new research.
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