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 fall at fastest annual rate for 14 years; What’s Happening with the London Property Market in August?; Higher mortgage rates sees house buyer demand plummet by 40%; How to Choose the Right Property to Let Out; Average of 20 viewing requests for each home to rent… Happy reading and… renting!

The market

Average UK house price is £7,000 below peak seen last September

Property values increased by 1.9% annually in May this year, the Office for National Statistics (ONS) said.
Back in July 2022, annual house price growth was around seven times this figure, with annual house price inflation running at 14.1%.
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UK house prices fall at fastest annual rate for 14 years

The average UK house price fell at the fastest annual rate for 14 years in July, according to an index by Nationwide.
Property values declined by 3.8 per cent on average in the year to July, marking the weakest reading since July 2009.
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What’s Happening with the London Property Market in August?

The London property market has been a favourite of property investors for years, who value the high house prices and potential for rents, as well as the influx of young professionals and students who come for the abundance of opportunities that the city offers.
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This week’s inflation data holds clues for UK housing

Rarely has one month’s inflation figure been so widely anticipated by such a large group of homeowners. Whether you are buying, selling, or re-mortgaging, this week’s number should provide a useful steer on the direction of travel for interest rates.
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UK house price growth slows to 1.7% as London property values fall

The North East saw the highest annual percentage change of all English regions in the 12 months at 4.7%, while London saw the lowest with a negative reading of -0.6%. The average property in the capital sold for £527,979, £11,627 less than in the autumn.
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Average buy-to-let returns fall by £4k in a year

Yearly returns on the average buy-to-let property in the UK were over £4,000 lower in June 2023 compared to the same time last year.
Research from Finder.com found a landlord that had taken out a two-year fixed rate buy-to-let mortgage in June 2023 could expect returns of £2,995 a year.
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The squeeze on renters is a symptom of Britain’s housing crisis of supply and affordability.

As interest rates have climbed a ladder that may pass 5% this week, public and policy attention has focused on the impact on mortgage holders.
Borrowers who fixed rates two years ago at a small premium above zero are now shopping for loans at 6%, an acute and potentially ruinous increase.
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Mortgage

Bank of England faces pressure to halt rate hiking after inflation falls to 7.9%

Pressure is mounting on the Bank of England to pause or even abandon its rate-hiking policy and ease the pain for millions of borrowers after inflation fell back more sharply than expected to its lowest level for 15 months.
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Higher mortgage rates sees house buyer demand plummet by 40%

The UK’s housing market has been hit hard by soaring mortgage rates, resulting in an 18% drop in buyer demand over the past two months alone, one property platform reveals.
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Interest rates to rise again – but hope on horizon for homeowners

Pressure on the Bank of England could be cooling as policymakers look set to raise interest rates further, but with an end to the prolonged hiking cycle in sight.
Most economists think the Bank will raise the base rate by 0.25 percentage points on Thursday.
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Major lenders poised to reduce some mortgage rates

Some of Britain’s biggest lenders are poised to make mortgage rate cuts from Wednesday.
Nationwide Building Society has announced reductions of up to 0.55 percentage points on its fixed mortgage products from Wednesday.
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Jump in homeowners and landlords falling into arrears on mortgages

A growing number of homeowners and landlords fell into arrears with their mortgage in the second quarter of 2023, according to figures from a trade association.
UK Finance, which released the figures, said home repossessions are expected to rise, given ongoing cost-of-living challenges.
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Rent

Rent control on its own won’t solve the housing crisis

Rent control is frequently proposed as a solution to the housing crisis. Advocates might not always be precise about what they mean by the term, but the idea of regulating, capping or stabilising rents tends to attract popular support.
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Cost of Living: tenants fear future rent rises will add to financial problems

Tenants have said they are having difficulty affording their rent and fear it will get even worse.
A new survey by the Scottish Housing Regulator shows rising rents, energy prices and food inflation are all leading to financial problems for households.
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Most landlords will raise rents if mortgage costs rise

Most landlords – 61% – said they would raise rents to meet rising mortgage costs, a survey reveals.
The study from Landbay, also revealed that nearly two out of 10 BTL landlords (18%) will not increase rents and 21% say they are unsure about their course of action.
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Rents surge to a record-breaking high as tenant competition heats up

Rents in England have reached an all-time high, soaring 19% in a month, as demand continues to heavily outweigh supply.
Higher demand is being supported in part by a surge in student lets, which combined with rising interest rates and lack of stock, has created an unprecedented upward pressure on prices.
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Average London rents are set to rise to this figure in 2024 – and it’s shocking

It’s no secret that renting in London is a wild ride.
It’s always been expensive, but as the cost-of-living crisis deepens, it’s becoming more and more difficult to live in the city.
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Every UK region had rental price increases in July

The average rent price in the UK for July 2023 was £1,243.
Every region has seen an annual rent increase, with Scotland showing the largest, up 15.8% since July 2022 to £973pcm.
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Edinburgh ‘most expensive city for students’ as rent soars by 30%

Edinburgh is the most expensive place in the UK for students to live once again, new data has revealed.
Average monthly rents for students in the capital have increased by 30% since 2022 – with the national average monthly rent now at £591.90…
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Advice

UK Real Estate Investment: How to Identify Emerging Property Markets

The investment world has become a slightly confusing place to navigate in 2023.
Whether it’s the stock market, or REITs, each year seemingly brings a new set of complications.
The residential property investment sector is no different.
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Mortgage expert shares top five tips for remortgaging home

A mortgage expert has revealed her top five tips to tackle the daunting prospect of remortgaging.
With more than 2.4 million deals ending in 2024, fears have been raised about a financial timebomb, as homeowners face a significant jump in their repayments.
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How to Choose the Right Property to Let Out

There are a lot of factors to consider, not only in terms of figuring out how to make money from property, but also how to make a buy-to-let investment that generates a lucrative and reliable source of income over time.
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5 Steps to Become a Buy-to-Let Landlord

Before even thinking about signing on the dotted line, any would-be buy-to-let landlord must consider all the costs involved with purchasing a property.
Having a clearly defined budget at hand, first and foremost, will significantly help to offset any surprises further down the line.
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Is Buy-to-Let Still Worth It?

Buy-to-let investments have thrived in the last 18 months thanks to rapid house price growth, high rental prices and massive demand all over the country for rental properties.
This has seen investors make substantial returns from their investments, and many have turned to buy-to-let property investment as a way of making consistent high returns.
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Other

Unprecedented number of Section 21 notices shaping the lettings market

The looming threat of the abolition of Section 21 is once again raising questions over the future shape of the UK’s rental market.
The change is already deterring swathes of private landlords, with Build to Rent giants coming out on top.
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UK landlords prefer to sell up than spend on EPC upgrades

The UK government’s EPC proposals to make rental properties more energy efficient may backfire, as a new survey suggests that most landlords would rather sell up than invest in green upgrades.
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Average of 20 viewing requests for each home to rent, says Rightmove

The website looked at the volume of calls and emails about viewings that an average property is receiving across Britain.
The average number of inquiries per available rental property May 2023 was 20…
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Can you guess how much house prices have changed?

Property values fell by 3.8% on average annually in July, marking the weakest reading since July 2009, according to the Nationwide Building Society.
The lender said house prices dropped by 0.2% month-on-month in July, reaching an average of £260,828, leaving the typical home 4.5% cheaper than the peak of August 2022.
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Is Buy-to-Let Property a Good Pension Investment?

Buy-to-let property is renowned within investment circles for its ability to generate considerable long-term income.
With areas like the North West expected to see capital growth of 11.7% across the next five years, the prospect of lucrative gains from property investment in 2023 is still tremendous.
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How Much Profit Should You Make From a Rental Property?

Rental property is a lucrative and stable investment strategy, so much so that more and more people are choosing to invest in buy-to-let property every year. In fact, many consider investing in a rental property to be one of the best real estate investments available.
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