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 end 2020 on record high but growth slows; London saw greatest number of homes bought in 2020; Property sector can build UK out of Covid crisis; Top tips on how to get a mortgage if you’re self-employed; HSBC UK will re-introduce 10% deposit mortgages; Coronavirus: 840,000 renters are in arrears; Mayor of London calls for eviction ban extension for private renters; These are the top 20 happiest places to live in Britain… Happy reading and… renting!

The market

UK house prices rise by most in six years – Nationwide

British house prices rose faster than expected in December to record their biggest annual increase in six years, as tax incentives and COVID-driven appetite for larger homes continued to boost demand, mortgage lender Nationwide said.
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Average UK property prices up 78% since 2000

Properties in Manchester have increased by the greatest quantity over the select timeframe, having risen by 143%, equating to a monitory rise from £73,910 to £179,537.
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Housing market bottlenecks could worsen amid new lockdown, experts warn

Home-movers hoping to beat a stamp duty deadline may need to brace themselves for delays as England’s new national lockdown piles more pressure on to the system, property professionals are warning.
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UK house prices end 2020 on record high but growth slows

On an annual basis, property prices jumped six per cent compared to December the previous year due to the release of pent-up demand following the first Covid-19 lockdown in March, according to analysis by Halifax. The rate of growth recorded last month slowed from the one per cent rise reported in November.
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London saw greatest number of homes bought in 2020

London was noted as recording the greatest number of property purchases across the UK in 2020, according to reallymoving. The data shows that the capital saw 13.7% of all completions, followed by Leeds at 1.7% and Birmingham at 1.6%.
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Property sector can build UK out of Covid crisis

According to a recent survey, post-Brexit Britain is considered a prime real estate proposition by investors, developers and asset managers from across Europe, China and the US. Notably, it ranked the UK highest for future residential property investment.
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UK housing market likely to come under growing near-term pressure

“With the pace of the UK’s economic recovery expected to be constrained by the renewed national lockdown, and unemployment widely predicted to rise in the coming months, downward pressure on house prices remains likely as we move through 2021,” said Russell Galley.
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Mortgage

UK’s highest credit scorers revealed

Analysis of over 200,000 credit reports from MoneySuperMarket’s Credit Monitor reveals that those with a KT postcode have the highest average credit score at 586 out of a possible 710 points – 17 points higher than the UK average.
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How are different countries treating mortgages for over 60s?

With the current economic turmoil due to both Brexit and Covid-19, many UK mortgage brokers have continued to be accused of being ‘ageist’. This is because many are lowering their maximum age limits on traditional mortgage lending for an older borrower from 80/85 to an upper age limit of 70 years.
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Outlook is still uncertain but there are signs of optimism in mortgage market

The Covid-19 health crisis is still with us and the full economic effects are probably still to be realised – this, together with the significant uncertainty around Brexit, has created additional drag in the market, with public confidence still a tad fragile.
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Top tips on how to get a mortgage if you’re self-employed

Low interest rates and stamp duty cuts in England and Northern Ireland, have made buying a new home easier for many buyers. But the crisis has also made it harder for some to get on or move up the ladder —including many self-employed workers.
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UK lenders approved most mortgages since 2007, other lending slides

British lenders approved more than 100,000 new mortgages in November, the most since the start of the financial crisis in 2007, defying expectations of a slowdown in the housing market boom that started after the first COVID lockdown.
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HSBC UK will re-introduce 10% deposit mortgages

HSBC UK said that the two and five-year fixed-rate deals, with mortgage terms of up to 35 years, will be available from Tuesday January 12. Further details about the mortgage rates being offered will be disclosed on January 12, the bank said.
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Rent

Coronavirus: 840,000 renters are in arrears

More than 800,000 private renters in England and Wales have built rent arrears since lockdown measures began, with average arrears between £251 ($333) and £500, new research revealed.
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One in 10 private renters behind with payments, says Citizens Advice

More than half (58%) of those who were behind on rent had no rent arrears in February 2020, the survey of more than 1,300 private renters in November across the UK found. Among people who were already struggling with rent before the coronavirus pandemic hit, 40% said their arrears had got worse.
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Average rental prices up 2.7%

Excluding London, the average rental price in the UK was noted at £838 in December, a 5.7% rise annually.
Looking to the capital, the average price per month to rent a property in London was £1,576 in December 2020, 86% higher than the rest of the UK.
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Coalition warns UK Government of impending rent crisis

The UK Government has been warned of an impending rent crisis in the UK following the reintroduction of a national lockdown. The coalition said: “Many thousands of private renters and landlords across the country now face rent arrears due to the impact of the pandemic.
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Mayor of London calls for eviction ban extension for private renters

Despite having no formal powers over the private rented sector, Sadiq Khan is calling on the government to give renters the same protection as commercial tenants who were granted an extension of the eviction ban until March.
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New mediation pilot to support landlords and renters

The new service will offer mediation as part of the possession process to try and help landlords and tenants reach a mutual agreement and keep people in their homes.
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Other

The value of the UK’s royal palaces

The iconic Buckingham Palace is the UK’s most valuable royal property. Being the Queen’s primary residence and the only UK palace to top the billion mark, the experts valued it at £1.3bn.
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Mould is a landlord problem claim tenants

New research has revealed that almost two thirds (62%) of people claim to have had an issue with mould in their home at least once, with conditions in the home the most common reason for the spread of mould, says a new research study.
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These are the top 20 happiest places to live in Britain

Five of the top 20 happiest places in 2020 were found to be coastal locations, with people living in rural and coastal areas reporting being more happy than those living in urban areas.
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House prices: New Government change that could make it cheaper for people to buy their own homes

The UK government has introduced a new rule to make homeownership cheaper, fairer and more secure. Millions of leaseholders will be given the right to extend their lease by a maximum term of 990 years at zero ground rent.
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