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 property market’s never ending boom; House price growth at 15-year high but London misses out; Homeowners would consider ‘green’ mortgages amid new energy bill warning; UK average rent stabilises with small increase; What can you do if your home is at risk of subsidence?; No more tax breaks for second home owners with false holiday lets… Happy reading and… renting!

The market

UK property market’s never ending boom

The total value of the UK housing market was up £670bn in 2021 alone, taking it to a total of £9.5tn, while the average home now has a market value of £240,800 compared to £224,800 a year ago.
There have been 1.5 million property transactions since 1 January, resulting in the highest number of sales…
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Has Covid killed the London property market? Londoners spend record sums on homes outside the capital

Londoners spent £54.9 billion on homes outside the capital in 2021 — a record amount as the pandemic precipitated a lifestyle change already underway thanks to high house prices.
The figure spent by London leavers was about the same as the total amount lent to first-time buyers across the UK in 2020.
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Average UK house price ends year at record £254,822

The price of a typical home has increased by £23,902 over the year, the biggest increase ever recorded in a single year in cash terms, according to an index.
Prices are now 16% higher than before the pandemic struck in early 2020.
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House price growth at 15-year high but London misses out

Not all regions fared equally well. According to Nationwide’s latest house price index, Wales saw some of the largest spikes in prices over the past 12 months, with house prices up 15.8 per cent year-on-year.
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Mortgage approval and house price figures to shed light on health of property sector

Experts noted that stamp duty changes from the start of October may have influenced some buyers, even as other incentives were offered to first-time purchasers. The other nagging issue remains housing affordability…
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What will 2022 bring for the UK housing market?

The year ahead could bring more stability to the housing market, after a bumper year in 2021 saw frenzied homebuyer activity and prices surging to record highs. Huge flexible working changes also prompted many people to relocate.
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UK housing market will continue ‘its upward climb’

There are two main headwinds on the horizon, as Covid fears begin to ease. The first is inflation and the unpredictable pace at which the Bank of England will raise rates. Given property transactions are relatively slow affairs, this is one of the more difficult nettles to grasp for buyers who are stretching their budgets and trying to plan ahead.
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Scottish build-to-rent sector enjoyed ‘strong growth’ in 2021

The number of build-to-rent units under construction in Scotland more than doubled in Q4 2021 compared to the same quarter in 2020, from 993 to 2,547 (a 156% increase). There were also more homes added to the build-to-rent pipeline…
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House price growth set to ‘slow considerably’

Interest rate hikes and wider cost of living increases will almost certainly put the brakes on the recent surge in values, according to various experts.
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Mortgage

2021 – A golden year for mortgages

This year is on course to be the best for home-buying activity since 2006, according to the main trade body for UK banks – which is fantastic considering the global pandemic.
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HSBC drops rates on residential mortgages

This year has been an exciting one for mortgages. It is a very competitive but fluid market, with lenders taking into account many factors when setting their rates or making changes.
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Number of Scots with mortgage arrears soars as cost of living rises

The numbers seeking help over mortgage arrears has soared in a year, leading to new concerns of a growing number of Scots struggling to make ends meet with the threat of rises in interest rates.
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Homeowners would consider ‘green’ mortgages amid new energy bill warning

A number of homeowners would welcome reduced mortgage costs based on energy performance as the prime minister is urged to treat soaring prices as an ‘emergency’.
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What are mortgage overpayments and are they worth making?

At first glance, overpaying on your mortgage reads like a no-brainer. Why wouldn’t home loan customers want to clear what’s likely to be their largest household debt as soon as they possibly can?
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Rent

Rent rise puts pressure on almost 5 million UK families

According to new data, some 4.75 million households will come up against rises of 4.1% next year, equivalent to an average of £202 extra per annum. This is the biggest nominal increase in 10 years.
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How much would it cost to rent each of the Royal residences?

Buckingham Palace could go on the rental market at £13.3 million a month, according to a new study which reveals how much it would cost to rent each of the royal residences.
The 775-room opulent palace, spanning 77,000 square metres, is valued at £1.3 billion, and would fetch over £175 million a year in rent.
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UK average rent stabilises with small increase

The Latest Homelet rental market report indicates the average UK rent has continued to stabilise with the December 2021 figure showing a £2 increase to £1,060pcm and excluding London, this figure is £893.
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Guide to Renting a Flat in London in 2022

Relocating to London may be a thrilling experience as you immerse yourself in the life and culture of one of the world’s most lively cities. Finding a place to rent in London is an important aspect of the process. Moving to the big city comes with its own set of difficulties.
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Glasgow sees biggest rise in room rents in UK as prices balloon

The stark figures show Scotland’s biggest city has seen prices soar 25% from 2020-2021. Northern Ireland meanwhile saw an increase in rent of 9% with the south west of England experiencing the same.
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Average rents up for fifth consecutive quarter

Average rents have increased across all property types since Q3 2021, with those on detached properties increasing the most; on average by £26 (2.33%) to £1,143, and also rising £88 or 8.34% from Q3 2020.
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Advice

Property jargon explained – a guide for first-time buyers

It’s an issue many first-time buyers face – starting to search for a house and applying for a mortgage and being expected to know what all the property-related gibberish means.
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What can you do if your home is at risk of subsidence?

As a homeowner, the sight of a large crack in a wall should set the alarm bells ringing — it could be a sign of subsidence.
Other things to look out for are wallpaper tearing and doors and windows becoming difficult to open.
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The costs to consider when buying a home

January typically sees a spike in buyer activity, and the UK property market is likely to follow the trend in 2022.
New figures show that across England, average buyer demand for the final three months of 2021 was at 65.6% — up 0.9% on the previous three months, despite the end of the stamp duty holiday.
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Tips On Selling A House With A Mortgage

Most homeowners have mortgages that they are making payments on every month.
As it turns out, nearly 11 million mortgages exist in Britain alone. We buy any home whether it is mortgaged or not so there is no need to worry, you can still move forward with the sale of your property.
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Other

Average of 29 buyers for every property on the market

There is an average of 29 buyers for every property available on the market, as stock levels have dwindled to a record low, according to estate agents.
The average number of homes available per estate agency branch fell to a record low of 20 in November, down from 21 in October.
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The self-employed continue to face ‘barriers’ when trying to buy property

The self-employed are increasingly pessimistic about their chances of buying a property, as the pandemic has exacerbated difficulties felt by this group in trying to get a foot on the housing ladder.
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Millions of savers miss out as UK banks pocket profits from higher interest rates

The UK’s major banks have failed to pass on last month’s interest rate rise to millions of savers, according to Moneyfacts.
While British lenders have raised mortgage rates, banks are seemingly taking advantage of the interest rate rise to bolster their margins at the expense of customers.
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No more tax breaks for second home owners with false holiday lets

The Department for Levelling Up, Housing and Communities (DLUHC) is moving to close a loophole in the system which allows people to access tax breaks if they dishonestly claim their properties are being used as holiday lets.
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Brits shrug off cost of living squeeze and rush to snap up homes

Brits are shrugging off the cost of living crisis and higher mortgage costs and are rushing to snap up homes.
A housing market frenzy in 2021 triggered by the pandemic engineering a mass shift in housing preferences and the stamp duty holiday has bled into the new year.
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