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: Investment in student property ramping up; Stamp Duty Changes Take Heat Out Of Housing Market; Remortgaging – All You Need To Know; Third of people applying to rent face credit discrimination; Millennials are £100,000 more out of pocket when buying a house… Happy reading and… renting!

The market

First-time buyers locked out of South of England

First-time buyers can not afford to buy in the South of England without access to additional deposit funds over 10%. The average loan-to-income (LTI) value for properties in the South now stands at 5.78, driven up by Inner London which has a LTI value of 7.7.
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Investment in student property ramping up

Private equity firms are ramping up their investments in student accommodation pumping hundreds of millions into a sector, with an eye on high rental returns in post-Brexit, post-COVID Britain.
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Covid: Are buyers facing a crisis as Scottish house prices rise?

News that the average residential property in Scotland now costs £194,100 may be good for sellers, but buyers face tough conditions, new data shows.
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Property market is witnessing an ‘Industrial Revolution in reverse’

Convey Law said: “The demographic shifts we witnessed during the pandemic are likely continue to fuel the market if supply can keep up with demand.
“There is still a lot of demand to move house without the stamp duty incentives…
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Two in five first-time buyers ‘may get on property ladder sooner than expected’

More than two-fifths (44%) of first-time buyers believe the impact of the coronavirus pandemic will help them get on the property ladder sooner than expected. Just a fifth (21%) said the crisis has resulted in them delaying their plans.
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House prices slip 0.5% in June

The average UK house price slipped by 0.5 per cent last month, as government support has started to wind down. In June, the average price of a UK house sat at £260,358 compared with 261,642 in May.
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Stamp Duty Changes Take Heat Out Of Housing Market

Halifax said the strongest regional growth over the past 12 months was recorded in Wales (12%), Northern Ireland (11.5%) and the north-west of England (11.5%).
It’s unlikely that those with mortgages approved in the early months of the summer expected to benefit from the maximum tax break, given the time needed to complete transactions.
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Mortgage

Competition to offer mortgages with rates below 1% heats up

Competition to offer sub-1% mortgage rates has intensified, as major lenders shake up their ranges. HSBC UK has unveiled a mortgage rate below 1% for the first time in nearly five years for the bank.
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Remortgaging – All You Need To Know

Lenders will usually allow you to lock in a mortgage rate three months before you want the deal to start – sometimes it’s six months. So, generally speaking, it’s a good idea to start hunting for a new mortgage deal around three to six months before your current one ends.
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Low rates not enough to tip borrowers into 5-year mortgages

With government initiatives such as the stamp duty holiday coming to an end this month, lenders are wary they need to keep up the momentum surrounding their mortgage products.
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What is an interest-only mortgage?

Mortgages come in different guises. One of these is the interest-only option which has both advantages and disadvantages for potential homebuyers. Here’s an explanation of what they are, how they work, and why you might consider getting one.
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What’s Happening With Fixed Rate Mortgages?

The UK’s lending giants have been locking horns to attract customers back through their doors post-pandemic, which is resulting in the cheapest fixed rate mortgages ever recorded.
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Rent

Third of people applying to rent face credit discrimination

Around a third of people applying to rent a property in the UK are discriminated against because of ‘sloppy’ tenant referencing. It traditionally relies heavily on credit files which means people who don’t have one are often unable to get approval or are required to pay anything up to 100% of the rent up front.
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Build-to-rent homes in London: the pros and cons of the rental sector taking over the capital

Build-to-rent (BTR) — a housing model imported from the United States whereby new homes are built specifically for private renters rather than buyers — is booming in London.
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Homeowner arrears ‘low’ as renters absorb pandemic shock

The share of mortgage borrowers falling behind on debt repayments has remained “relatively low” during the pandemic, but the situation is worse for renters, according to the Bank of England ‘s latest research.
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Ireland to reduce maximum rent increases in designated zones

Ireland will significantly reduce the maximum annual increase in residential rents allowed in designated “Rent Pressure Zones”, the government announced. Landlords in the designated zones, which cover many of Ireland’s urban areas under 2016 legislation, are currently limited to annual rent increases of 4%.
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Average UK rent breaks £1000 barrier for the first time

Despite adversity, the London rental market has seen the first price increase for over a year, up 1.5% annually to £1,607 pcm. However, this is still lower than the pre-pandemic average in June 2019 of £1,611.
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Average London rents could reach £30k a year by 2025 warns Mayor

Khan claims that if rent rises are allowed to continue unchecked then the average monthly rent bill faced by London’s 2.5 million strong army of renters is set to hit £2,300pcm – a £370pcm increase.
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Less than one in 10 renters take out home contents insurance, says study

Approximately 4.5 million families live in private rented accommodation around the UK, yet only 315,000 of those take out contents cover — that’s a whopping four million without any insurance.
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Advice

Are you house hunting? Here are some of the housing hotspots in the UK to consider

The property market in the UK is in great demand. This is due to various reasons, one of the main being the extension of the SDLT (stamp duty land tax) holiday till the end of June 2021, with the phasing out process till the end of September 2021.
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New landlord? Here’s how buy-to-let mortgages work

Buy-to-let (BTL) mortgages are for people who want to buy a property before renting it out to tenants.
They are similar to residential mortgages for owner-occupiers, but there are some key differences it’s important to be aware of.
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Mortgages: how much could you afford to borrow?

When you’re embarking on a property search, working out how much you can afford to borrow on a mortgage should be your first port of call.
Unless you’re in the fortunate position of being a wealthy cash buyer, your spending limits will determine not only what sort of property you can afford, but also its location.
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Other

Millennials are £100,000 more out of pocket when buying a house

People born in the 1980s have got the “rawest deal”, enduring rapid house price rises and tighter credit conditions, despite lower interest rates helping to ease mortgage borrowing costs.
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Ending Wales’ evictions ban is an irresponsible move in the middle of a housing and Covid crisis

Everyone should have a right to a home but the current housing crisis is deepening and stark inequalities are at play – from the proliferation of luxurious second homes on the one side to homelessness and long waiting lists on the other.
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The cladding bomb: Why millions of UK homes have become unsellable

It is four years this month that 72 people lost their lives in the Grenfell Tower fire. Since then, the spotlight has been on the cladding and fire defences used in other high rise flats around the country.
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Shortage of UK houses for sale drives up prices

The housing market has seen an increase in demand but supply is “continuing to falter”, leading to a hike in prices, new data revealed. The housing market saw a third consecutive fall in the number of new properties coming onto the market.
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The self-employed face ‘persistent barriers’ when trying to buy property

The self-employed are increasingly pessimistic about their home buying chances, as the pandemic has exacerbated difficulties felt by this group in trying to get a foot on the housing ladder. The challenges self-employed renters are facing in purchasing their first home has become more pressing due to the pandemic.
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