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 dip as sellers eye end of tax break; Housing demand reaches highest level on record for October; Mortgage applications double between 2019 and 2020; Petition calling for evictions after two weeks’ rent arrears hits 10,000 signatures; A Brand New Law Could Give Renters The Right To Keep Pets In Their Homes; Landlords join home-buyer rush to beat stamp duty holiday deadline… Happy reading and… renting!
UK house prices dip as sellers eye end of tax break
Asking prices for British houses edged down in November as sellers sought to offload their properties ahead of the expiry in March of a tax break. Prices fell by 0.5% in November from October when they jumped by the most in more than four years.
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Manchester is top UK location for buy-to-let investment
Manchester has been revealed as the top location for buy-to-let investment, according to Aldermore’s Buy-to-Let City Tracker. Cambridge was noted as the second best location for BTL investment and London as the third.
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House hunters race to beat stamp duty deadline
New data from online mortgage broker Trussle shows where in the UK house hunters can still begin a property purchase and make the stamp duty deadline. These areas include West Midlands, South West and North East.
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Housing demand reaches highest level on record for October
The number of prospective buyers reached the highest ever recorded for the month of October according to the latest housing report by NAEA Propertymark. The average number of prospective buyers registered per estate agent branch reached 451, a fall from 525 in September.
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Busiest pre-Christmas housing market for over a decade
The number and value of mortgage approvals for property purchases reached a new post-credit crisis high in October and lending values returned to last year’s level, according to the Bank of England. There were 97,500 approvals for purchases, up from 92,100 in September, the highest figure since September 2007.
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UK house prices on strongest run since 2004 despite tighter COVID-19 curbs
Figures from lender Halifax show the average UK property sold last month was bought for £253,243 ($336,195). It marks a 1.2% jump of almost £3,000 on October prices, and a 7.6% increase year-on-year—the biggest annual jump since June 2016.
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Average property values expected to rise 2%
This prediction is based on the assumption that the Stamp Duty Land Tax (SDLT) holiday is not extended, added the firm. Looking ahead, the group predict house price growth will increase by between 3-4% across 2021, should the SDLT relief be extended beyond March.
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UK homes cost nine times average pay as house prices hit record high
It marks the fastest year-on-year growth in more than four years, providing fresh evidence of the housing market boom since the first nationwide lockdown eased earlier this year.
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How Would Negative Interest Rates Affect Your Finances?
Today, with the World Bank forecasting that the coronavirus pandemic will result in the deepest recession since World War II, negative interest rates are right back on the agenda.
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This is how to make sure you get the best mortgage deal
Mortgage rates remain competitively low, and those looking to remortgage can currently get a two year fixed rate from just 1.17%. As well as this, many mortgage deals are offering incentives, such as free valuation or no legal fees, and some are not charging any product fees.
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Mortgage applications double between 2019 and 2020
New home mortgage applications have risen by 51% between 2019 and 2020, according to data collected by Trussle. The research shows that more homeowners are moving to a new home at 56% than remortgaging on their current home at 44%.
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UK mortgage review could give first-time buyers a boost
The Bank of England has launched a review of mortgage lending rules that could pave the way to easier access to home loans for first-time buyers. The rules, introduced in 2014, are meant to stop people borrowing more than they can afford and to cap the amount of riskier mortgages in the market.
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Petition calling for evictions after two weeks’ rent arrears hits 10,000 signatures
Property investor Ranjan Bhattacharya launched the petition in early October calling on the government to enable landlords to start evictions once a tenant falls more than two weeks behind in their rent.
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UK rents rise, but London’s fall for sixth consecutive month
The UK average rent continued to rise in November – but London rents dropped for the sixth consecutive month, data shows. UK average rents increased 2.9% year-on-year, but London rents fell yet again by 4.4% year-on-year.
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Scotland’s Fair Rents Bill ‘may unintentionally create higher rents’
Rural tenants could be subjected to ‘higher and more frequent rent rises’ if the Fair Rents Bill is passed through the Scottish parliament as planned.
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A Brand New Law Could Give Renters The Right To Keep Pets In Their Homes
A brand new bill has passed its first reading which could allow thousands of renters the right to keep their beloved pets in a rented property. The bill, known as Jasmine’s Law, seeks to eradicate unfair “no pet” clauses in tenancy agreements, giving existing pet owners, in particular, an easier chance of finding a home.
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Vaccine ‘could prevent UK property slump’ as sales hit decade-high
Official data shows an estimated 121,740 property transactions were completed in October, the biggest tally since HMRC began collecting data in its current form in 2011. It also marked a 13.7% rise year-on-year and 23.7% leap on September, with lower but still significant gains on a seasonally adjusted basis.
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Landlord insurance provides certainty in uncertain times
Landlords are being told not to start proceedings against tenants who fall into financial difficulties. The government has made it clear they are expected to demonstrate flexibility in dealing with tenants whose income has been fluctuating as a result of the virus.
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Stamp duty holiday ‘was never a long-term solution’
The potential stamp duty holiday saving on the average home is £2,650, while the maximum saving on a property costing £500,000 or more is £15,000. In comparison to last November, prices have risen 7.6% annually, which is the fastest rate of property inflation since June 2016.
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Landlords join home-buyer rush to beat stamp duty holiday deadline
Around one in six (15%) house sales agreed in November went to landlords – the highest proportion since December 2016, according to an index. More than half (51%) of these purchases were made in cash.
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