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: Rental market has felt COVID impact; How will the cost of living squeeze affect house prices in the UK?; Be prepared for a busy mortgage market, advisers warned; UK landlords raise rents for new tenants by record 9.9%; Most and least affordable places for first-time home buyers revealed… Happy reading and… renting!

The market

UK house prices surge as fewer properties come on market

The imbalance between demand and supply is underpinning growth in house prices. In December, 69% more respondents reported a rise in house prices, and 67% anticipate prices to rise over the coming year too.
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House prices in Scotland soar to record highs amid UK-wide rise

Experts warned that, with general living costs such as energy bills also rocketing, it is imperative that buyers do not overstretch themselves when chasing their “dream home”.
Some also suggested that rising living costs could limit people’s confidence to buy a property.
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Rental market has felt COVID impact

According to the Index of Private Housing Rental Prices, in the 12 months up to the end of December, the East Midlands region saw the greatest growth in rental prices in England during 2021, an increase of 3.3%.
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UK housing market 2022: A buyer’s market or a seller’s market?

In 2021, the UK housing market saw the purchase of a whopping 1.5 million houses which is said to be the highest purchase number since the global financial crisis. According to the Office for National Statistics, the average price of a house in the UK in November 2021 hit a high of £271,000…
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UK house prices rise at fastest rate in 17 years

Annual house price growth accelerated to 11.2% in January, the strongest pace since June last year, and the strongest start to the year for 17 years, new figures show.
Prices rose by 0.8% month-on-month, after taking account of seasonal effects, the sixth consecutive monthly increase…
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UK house prices set for big slowdown after weak January

British house prices are expected to slow “considerably” over the next 12 months as households face a cost-of-living squeeze.
This situation is expected to become more acute in the short-term as household budgets face even greater pressure from an increase in the cost of living…
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How will the cost of living squeeze affect house prices in the UK?

UK house prices rose by around 10% last year. But with inflation and interest rates on the rise, can that continue in 2022?
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Demand for homes fuels UK housing boom

On a regional level, the most significant growth reported in property prices was focused in the North West and South East of England. All UK regions are expected to see a further increases in house prices over the year ahead.
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UK towns with most in demand properties

Corsham in Wiltshire is the new buyer demand hotspot for January as buyer enquiries for properties available in the market town more than doubled in January compared to last year.
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Property transactions return to pre-pandemic levels

UK residential property transactions fell by 12.6% year-on-year and were 22.2% lower compared to the prior month.
The provisional non-seasonally adjusted estimate also showed that there were 85,520 residential property transactions.
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Mortgage

Households braced for mortgage shock ahead of rates hike as cost of living crisis deepens

Fresh warnings over the cost of living have been issued as millions of households could face a huge mortgage shock.
One in four mortgage borrowers on variable rate deals will be affected by an anticipated rates rise, The Telegraph first reported.
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Be prepared for a busy mortgage market, advisers warned

Demand is likely to split quite evenly between first-time buyers and existing homeowners moving property, with many others seeking buy-to-let investments despite the various tinkering with buy-to-let taxation over recent years.
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What Are The Benefits Of Getting Mortgage Advice?

When it comes to buying property, the chances of needing a mortgage to fund it are somewhere between very likely and inevitable. But going to the right mortgage broker, rather than straight to your bank, can pay dividends.
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How will the interest rate rise affect house prices and mortgage availability for London first-time buyers?

London first time buyers were warned they face a double squeeze this year with mortgages getting more expensive but property prices continuing their inexorable rise.
The cost of borrowing looked set to increase dramatically after the Bank of England doubled its benchmark rate of interest to 0.5 per cent and warned of more rises on the way.
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Why did the Bank of England change interest rates and what are current interest rates in the UK?

The latest rise was sparked by rising living costs and slow economic recovery following the pandemic.
For the first time since 2004, the Bank of England raised interest rates in back-to-back years in an unexpected move.
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How to keep your mortgage payments low as interest rates rise

Rising interest rates pose a threat to your mortgage, but it’s not all bad news. Here are some ways to secure a better rate.
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Rent

Room Rents In London Are At Their Lowest In 7 Years

We all know that living in London is incredibly expensive, but according to new figures, room rents in the capital are at their lowest in seven years.
The average monthly room rent in London during 2021 was £721 – down from £766 pre-pandemic.
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UK landlords raise rents for new tenants by record 9.9%

Landlords in Britain increased the rents they advertise to new tenants by the most on record in 2021, that underscored the growing cost-of-living squeeze facing many households.
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Would more Brits want to rent if the UK had better landlords?

Britain is often characterised as a nation of aspiring homeowners. Unfortunately, for many people in the UK home ownership is becoming more and more out of reach as house prices spiral upwards.
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Landlords urged to bring more homes into the private rented market

Landlords in Carmarthenshire have been urged to work with the council to bring more homes into use in the private rented market. Demand for affordable housing is at an all-time high.
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UK rents rise fastest in five years

The latest Office for National Statistics figures showed private rents have risen by 2% in England in the 12 months leading up to January. That’s the largest annual growth rate since February 2017.
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Advice

Renting to students: Everything you need to know

Although many landlords have avoided student letting during lockdown, with restrictions easing and the market set to grow, now is a good time to get back into the market.
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Top tips to beat high mortgage rates

As a borrower with a mortgage, you may be wondering what to do right now.
Interest rates have already had their first nudge upwards from 0.1 to 0.25% in December.
And, with the latest figures showing inflation at its highest in nearly 30 years at 5.4%, there is not only speculation of another rise next month…
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Tips to rent your property quickly in 2022

Being a landlord can get tough sometimes. To ease the process of letting and to ensure your property is rental ready, here is a quick checklist your can follow.
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Other

Most and least affordable places for first-time home buyers revealed

First-time buyers face spending at least six times their annual wages to get on the property ladder in nearly half (45%) of Britain’s local authority areas as affordability becomes more stretched.
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The young Essex couples struggling to buy or rent their first home

The housing market is notoriously difficult to break into, and none more so than for young people.
Whether renting or buying, it’s becoming harder and harder for people in their twenties to get onto the property ladder, especially securing that first one or two bedroom home with a partner.
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Londoners spend up to 72 per cent of their entire income on simply getting by in the capital

London renters are forking out up to 72 per cent of their monthly household income simply to get by in the capital’s rental market. Nationwide, that figure is even higher, up to 77 per cent.
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Pets most commonly concealed from landlords

A study revealed that nearly one-third of pet owners in the UK have been hiding their pets for over three years. 38% of respondents said they do not feel comfortable asking their landlord for permission to keep a pet…
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How much do first-time buyers need to get on the market?

Bath tops the list as the country’s least affordable location, followed by Oxford and London.
Homes in Bath typically command a price tag of more than £528,530, while the average resident earns £29,940 annually.
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