Landlord press review

Like every month, Rentila offers you an overview of the main real estate news of interest to landlords. This month, we focus on UK house prices holding up, mortgage lending slumps, late rent payments, new rules on student tenancies, summer holidays in the UK … Happy reading and… renting!

The market

Coronavirus: Home ownership aspirations tumble as recession fears mount

According to research undertaken by insurance company Aviva only 50% people who do not own a home believe they can get on the property ladder any time soon.
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House prices are going up – but will this bounce back last?

UK house prices are rising, defying dire prognoses of a house price slump in 2020. The latest figures obtained from Rightmove reveal an average house price increase of 1.9 per cent – and that’s compared to March levels before we went into lockdown.
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Demand for housing in England surpasses pre-lockdown levels

Two weeks after the government reopened the property market, demand for housing in England has exceeded levels recorded at the start of March, according to the latest UK Cities House Price Index.
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Coronavirus: UK house prices drop for a third month but demand picks up

The latest Halifax house price index shows a modest monthly drop of 0.2% to an average of £237,800 ($297,984) in May, with the pandemic sending a brief revival in prices after December’s election into reverse.
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UK property: rest of 2020 will see shifting priorities and regional differences

The UK property is undergoing a massive shift, which may well become permanent. Of course, In the short term, Covid-19 caused a sharp contraction in property market activity.
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UK house prices holding up as city folk flock to the country

What do you want right now? Immediate freedom to go to the Italian lakes aside, I bet that near top of your list is a bigger garden. If it isn’t that, it will be a home office or two, or perhaps an intergenerational living annexe.
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The beginning of a property recovery?

Despite the process of moving house never being explicitly forbidden, social distancing requirments and the economic shock of COVID-19 meant that property professionals and businesses (conveyancers, developers, estate agents) were caught on the backfoot.
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Mortgage

Bonus rout spells trouble for high income mortgage-holders

A drop in bonuses for some workers from an impending recession could spell trouble for high income mortgage-holders, according to a report by The Sunday Times.
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What to watch: UK mortgage lending slumps, house prices fall, stocks rise

Mortgage lending in the UK fell to a record low due to the coronavirus crisis in April, according to new figures from the Bank of England.
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Coronavirus: UK homeowners can apply for another mortgage holiday

Britain’s lenders have been ordered to offer homeowners a second wave of mortgage holidays if they are struggling to pay because of the coronavirus crisis. A UK financial watchdog said borrowers would be able to apply for either a new or extended mortgage holiday until 31 October.
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Early signs of BTL mortgage market recovery

Moneyfacts UK Mortgage Trends Treasury Report data, not yet published, reveals that there are glimmers of hope emerging for the Buy to Lat mortgage market, following the significant initial impact of the Coronavirus pandemic.
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HSBC re-starts buy-to-let mortgages as it clears physical valuations backlog

The bank previously had to temporarily halt some mortgage applications, such as for buy-to-let deals or low deposit borrowers, due to the coronavirus lockdown, while physical valuations had not been possible.
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Trouble getting a low deposit mortgage? Follow this Martin Lewis advice

First-time property buyers will be dismayed to learn that their mortgage options are dwindling once again. Coronavirus killed off the low-deposit first-time buyer mortgage when lockdown measures were introduced in March.
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Rent

Long term rental of Furnished Holiday Let?

Your property must be available for letting as furnished holiday accommodation letting for at least 210 days in the year…
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Landlords heavily exposed to young renters most at risk of losing their job

With nearly one in two renters in the UK aged between 16 to 34, residential landlords are heavily exposed to younger people falling into financial distress as a high proportion of young people work in retail or the gig economy, according to research by payment technology firm flatfair.
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Late rent payments increased 13% between April and May

Seven in 100 rental properties are now making late rent payments, according to a survey of letting agencies covering 16,000 UK properties, conducted by property technology company Goodlord.
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Nine in 10 tenants have paid rent as usual despite pandemic, say landlords

Some 90% of tenants surveyed across England and Wales said they had paid their rent as normal, research between May 20 and 25 found.
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Landlords must beware new rules on student tenancies – Alastair Cowan

New legislation which forms part of the Coronavirus (Scotland) (No.2) Bill, which was given Royal Assent on 26 May 2020, will give students living in purpose-built accommodation the right to end tenancies if they are affected by the coronavirus.
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Rent and Legal Guarantee now available for existing tenancies

Debt is a reality in every type of business, but unlike almost any other service provider, landlords are unable to terminate a contract with their client if payment is not received.
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Advice

Can I have a holiday or rent an Airbnb in the UK? Coronavirus travel rules explained

Since the relaxing of lockdown restrictions on 11 May, the government has allowed people to spend time outdoors sitting, enjoying the fresh air, picnicking or sunbathing. The guidance says there are no restrictions on how far people can travel during lockdown for outdoor activities.
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How much does end of tenancy cleaning cost on average

If you are about to end your tenancy and you want to secure your deposit is a 100% refund, then you need to make sure the apartment, flat, or house is professionally cleaned and ready for the next tenants.
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How to start refinancing your mortgage this weekend

Mortgage rates have never been lower: The average for a 30-year fixed-rate mortgage has dropped below 3% for the first time, according to a survey of lenders. So this weekend, why not start the ball rolling on a mortgage refinance that will cut your housing costs?
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