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: Average UK house price increased over £26,000 but market is cooling; Homebuyers missing out as gazumping practices continue; UK lenders expect biggest fall in mortgage demand since Q2 2020; Are 50-year mortgages a good idea?; Rents are up across all UK regions; Housing value in UK hits £10tn… Happy reading and… renting!

The market

A home now costs 7x average UK earnings, Halifax says

The cost of a home in Britain is now more than seven times’ average earnings, putting housing affordability at its most stretched it has ever been, data suggests.
Since the start of the pandemic, property prices have risen 16.8 per cent while average incomes have only increased by 2.7 per cent…
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UK Government launches official short-term rental market review

The UK Government has announced the launch of a review into the impact of short-term holiday lets on popular tourism destinations in England to better understand the opportunities and challenges presented for consumers and tourism communities.
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Average UK house price increased over £26,000 but market is cooling

The average UK house price hit a new record high of £271,613 in June but the market is slowing amid the cost of living squeeze and rising interest rates.
The Nationwide report showed the annual rate of house price growth easing back for the third month in a row, to 10.7% from 11.2% in May.
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UK construction costs to rise again as inflation bites

Real estate developers in the UK should brace for further increases in construction costs, as labour shortages, “Brexit red tape” and the war in Ukraine maintains pressure on prices.
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What you can buy in Lancs for £270K

Across the UK, the average house price in June was £271,613, up by 0.3 per cent month on month.
In the North West, this average was slightly lower at £213,888…
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Housing storm looming as first-time buyers remain underserved

There were more than 400,000 first-time buyers last year, accounting for nearly half the home purchase loans in 2021.
Average house price in 2021 was £264,000 and the average first-time buyer deposit was £54,000.
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UK house prices to keep climbing despite drop in buyers

Around 65% of professionals said they had seen an increase in house prices, according to the monthly survey by the Royal Institution of Chartered Surveyors (RICS).
This is lower than the high of 78% in April but still far above the long-term average of 13%.
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UK property asking prices rise 9.3% on year

Britain’s housing market has been showing some signs of cooling after a more than 20% surge in prices since the start of the pandemic, as the cost of living surges and the Bank of England steadily raises interest rates.
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Homebuyers missing out as gazumping practices continue

Gazumping is when a seller accepts a verbal offer on a property, but then accepts a higher offer from another buyer or raises the asking price last minute after verbally agreeing to a lower one.
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Mortgage

Help to Build: What new mortgage scheme means for homebuyers

The UK government has unveiled plans to help “thousands” of Britons get on the property ladder by supporting them to build their own home through a new initiative offering low deposits.
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Ministers consider extra-long term mortgages to tackle housing crisis

The idea could see people able to buy a home with little or no expectation of completing mortgage repayments during their lifetime, instead the property and outstanding debt would be passed on to their children.
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UK mortgage market among most exposed to rising interest rates

The UK mortgage market is among the most exposed globally to rising interest rates due to borrowers relatively high debt-to-income ratios, the expected path of sterling interest rates and the number of loans with two-year fixed rate periods in the UK.
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Are 50-year mortgages a good idea?

Longer term mortgages are not common in the UK. While a number of lenders now offer 25-year fixes, the maximum fixed term on the market is currently 40 years.
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Interest rate rises to hit 40% of UK mortgages, warns Bank of England

The pressure on home owners will only get worse with the Bank of England estimating that around 40% of mortgages will go up over the next 12 months as the central bank continues to increase interest rates.
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UK lenders expect biggest fall in mortgage demand since Q2 2020

British lenders expect the biggest fall in demand for mortgages since mid-2020 during the three months to the end of August, a further sign that the housing market is cooling in the face of surging inflation.
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Rent

UK Government to ban second home owners from renting out properties as short-term lets in England

The plans being drawn up by the Housing Secretary Michael Gove would take the UK Government in a similar direction to plans being rolled out in Wales by the Welsh Government.
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Over three quarters of tenants concerned about their ability to pay the rent

The survey of over 12,000 tenants and 1,000 landlords revealed that 78% of renters feel that cost-of-living increases will have a moderate to a significant impact on their ability to pay the rent.
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Rents are up across all UK regions

Room rents have increased across all UK regions, with the 50 biggest towns and cities all seeing a year-on-year increase, and 40 of them also hitting record levels.
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UK landlords urge new prime minister to strengthen supply amid record rent costs

The heated rental market, which has seen tenants often offering over the asking price in order to secure a tenancy, is weighing on Brits’ aspirations for homeownership.
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The Average Rent In The UK Just Hit A Record High

Outside of London, the average rental property is now listed for £1,126 a month. That’s 12% higher than this time last year, and 19% higher than before the pandemic.
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Advice

How much will an end of tenancy cleaning service cost

End of tenancy cleaning is the most popular type of cleaning service and thousands of landlords and tenants book this service every day. To a-lot of landlords a professional end of tenancy clean is part of their agreement with the tenant.
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Your most common property questions, answered

When buying, the typical costs include the conveyancing fee and any incidental costs incurred to process the conveyancing, referred to as outlays, such as LBTT (if applicable) and registration dues for the title and mortgage deeds.
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Tips To Help You Invest In Property

There is plenty to love about investing in property. More and more people are looking for positive ways of spending their money and investing to enjoy a more secure future. Being able to improve your decision-making is key.
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Should you furnish your rental property?

For decades, both furnished and unfurnished properties have generated healthy returns for investors, as well as potential shortfalls. But with factors such as rental yields, upfront costs, and length of tenancy agreement to consider, property investors have long debated the decision – to provide a furnished or unfurnished property?
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Other

Agents urged to help scrutinise rental reforms and ensure they are ‘fit for purpose’

A new regular government update webinar to help agents get to grips with existing proposals in the recent Renters’ Reform White Paper will soon be launched by Propertymark.
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Over half of Wales’ landlords hiking up rates during cost of living crisis

62% of landlords in Wales have decided to put up their monthly rent payments, adding an extra burden on tenants amid rising food and fuel prices.
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Homeownership becoming more difficult for first-time buyers

Homeownership has been pushed further out of reach for first-time buyers, despite government figures showing most renters could afford mortgage payments.
New figures show that house prices dropped by 1.1% – more than the average for the South East – in Oxford in April.
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These Are The Cities Young People Really Want To Move To

Though it’s famously expensive to rent in, London is the city most young people want to move to.
Manchester is the second most popular city among 18 to 30 year olds – Gen Z and younger millennials – followed by Edinburgh, Brighton and Hove and Liverpool.
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Boris Johnson may have to evict tenants from his previous home

According to the Daily Mail, Mr Johnson and his wife Carrie’s previous home – a £1.2 million house in Camberwell, South London – was on the market for rent last year at £4,000 a month.
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Housing value in UK hits £10tn

The value of the county’s housing stock has lifted by £1.3 trillion, or 15%, from February 2020, a month before pandemic lockdowns began. This has netted the average homeowner £48 per day in capital gains.
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