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: We’re in another house price boom. How long will it last?; Factors that impact the UK property market in 2021; Housing market shows ‘no signs of cooling off’; Banks call for COVID mortgage support for struggling homeowners; Mortgage options increase as rates get competitive; Getting A Mortgage When You’re Self-Employed; Brits spend £110bn on home improvements amid pandemic property boom… Happy reading and… renting!

The market

Fall in demand for London rental properties, say landlords

Tenant demand in London’s private rental sector is falling overall, while significant increases are being seen elsewhere in England and Wales, according to landlords. More than half (56%) of landlords with properties in central London saw tenant demand fall in the first quarter of 2021.
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We’re in another house price boom. How long will it last?

UK house prices are in full-on boom mode again. And booms can last a lot longer than you might expect. One of the UK’s biggest housebuilders, Vistry Group, has just raised its 2021 profit forecast to £325m, after saying just two months ago that it expected to make £310m.
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Historic towns see higher rate of house price growth

Historic towns and cities in England are home to a higher rate of house price growth compared to ‘new’ towns created post-1946. The research shows that the average property price across these historic bricks and mortar markets have climbed by 9.4% in the last year.
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Factors that impact the UK property market in 2021

It is absolutely fair to assume that 2021 will have its fair share of uncertainty, especially concerning the property market in the UK. In 2020, when Covid-19 came into being, the housing market and the real estate market in the UK and all over the world were severely impacted…
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Annual UK house prices jumped 10.9% in May, with buyers in a ‘race for space’

Annual average UK house price growth jumped 10.9% last month, marking the highest level in nearly seven years. The gain adds to the strong trends seen recently, as buyers continue to welcome a stamp duty holiday and the pandemic prompts numerous people to reassess housing needs.
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Housing market shows ‘no signs of cooling off’

Residential property prices look set to continue rising this year beyond the stamp duty holiday, as lifestyle changes continue to fuel market demand. House prices increased by 10.9% annually in May, marking the strongest growth in almost seven years.
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Halifax Reports Biggest House Price Rise Since 2014

The latest data from mortgage lender Halifax revealed average house prices reached a historic high of £261,743 this month, standing at 9.5% (or £22,000) higher than this time last year. It’s also the biggest annual increase since 2014.
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Summertime and the market is far from easy

It’s summertime and the housing market remains far from easy, well for some borrowers, surveyors and conveyancers at least. In fairness, surveyors and conveyancers are facing far fewer obstacles than many borrowers, with the main ones concentrated around volume and capacity.
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What’s in store for the property market?

From predictions of a property crash little more than a year ago, to overnight queues of buyers desperate to snap up their dream home, the current house-buying boom has been one of the unexpected stories of the pandemic.
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Mortgage

Falling buy-to-let rates make property a ‘tempting’ investment

Its figures revealed, since the start of May, the average buy-to-let two and five-year fixed rates for all loan-to-values (LTV) have fallen by 0.04% and 0.05% respectively. What’s more, since March 2021 they have tumbled by 0.10% and 0.11%. At 2.95% and 3.30%, both rates are now the lowest they have been since January 2021.
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Banks call for COVID mortgage support for struggling homeowners

Banks and building societies are calling on ministers to overhaul mortgage support in a bid to help UK homeowners who have been struggling to pay their mortgage due to the pandemic.
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Britain’s mortgage boom ‘pauses’ after record borrowing month

New figures from the Bank of England show mortgage borrowing fell back to £3.3bn ($4.7bn) in April, down from a record £11.5bn in March. Mortgage approvals rose slightly to 86,900 and remained above pre-pandemic levels but were well below the peak of 103,400 seen in November.
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95% Mortgages – All You Need To Know

Buying a home with just a 5% deposit is possible thanks to the availability of 95% mortgages – but you’ll need to do some homework before applying. Here, we explain all you need to know about 95% mortgage deals including the government’s Mortgage Guarantee Scheme which is designed to encourage lenders to offer more of them.
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Mortgage options increase as rates get competitive

Figures out today from Moneyfacts.co.uk show product choice is now at its highest level since the onset of the pandemic having risen for the eighth consecutive month. What’s more, those with smaller deposits appear to benefited the most as options in the 95% loan-to-value (LTV) tier surged.
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COVID ‘created challenging conditions’ for UK mortgage market

The coronavirus pandemic has halted home ownership plans for prospective first-time British buyers. Three in 10 prospective homebuyers have paused plans to purchase their first property as a result of COVID-19.
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Getting A Mortgage When You’re Self-Employed

There are more than five million self-employed people in the UK, according to the Office for National Statistics (ONS). Yet getting a mortgage when you work for yourself can be more complicated than if you’re an employee working for a company. Here’s what you need to know.
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Rent

Cries for help from renters ‘are increasing as evictions ban due to lift’

Citizens Advice said there has been a 17% increase in people with issues about being evicted from their private rented accommodation, when comparing January to April 2021 with the first four months of 2020.
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Thinking around corners on UK rental market could transform life for the better

We all know the stereotypical ladder: you begin in a slightly shabby, probably shared flat, you move on to somewhere on your own or with a partner, and you keep climbing with the objective being to get a mortgage and buy a property of your own.
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Renters short by £360m as pandemic protection disappears

Tenants caught between the pandemic fallout and rising housing costs are now more likely to lose their homes after the ban on evictions expired this week leaving £360m of rent unpaid, poverty activists warn.
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Average rent up 4% year-on-year

The latest HomeLet Rental Index is showing increased demand has pushed the average annual Uk rental price up 4% to 997 pcm and if you exclude London this increases to 6.4% at £854 pcm. Every region excluding London saw a rise in rent prices year-on-year
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Rental boom in rest of UK eclipses London’s decline

The race to leave London in search of outside space and better working from home conditions has hit the rental market, as UK average rents outside of London soar to higher levels and drop in the capital.
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Advice

When should I buy a house? Phil Spencer reveals advice for first-time buyers

The process of buying a house is no easy feat, and with the effects of the coronavirus pandemic and Brexit, there are now several new factors home buyers will have to consider when purchasing a property this year.
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Tips For Starting A Holiday Let Business

Are you looking to start a holiday let business? Now could certainly be the right time to buy a second property to let out to holidaymakers as a result of the boom in staycations over the last year or so. The pandemic forced people to holiday in the UK last year, and many found that this had plenty of benefits.
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Can a property investor be sustainable?

Whether you like the idea of investing in line with your personal values or believe the growing demand for sustainable or environmental, social and governance investing is a fad, there is no escaping the importance of sustainability in investing.
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Other

Nearly half of first-time buyers ‘have had a property purchase fall through’

Nearly half (49%) of recent first-time buyers have had a house purchase fall through, a survey has found. Many of those whose purchase had fallen through said is was due to the coronavirus lockdowns.
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One in three adults in Britain ‘do not have a safe or secure home’

One in three adults in Britain do not have a safe or secure home, the survey of 13,000 Brits by charity Shelter showed, with “deep inequalities” meaning Black people are 70 per cent more likely to be affected by the housing crisis than white people.
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Biggest barrier to homeownership is earnings

Deposits followed as the second greatest barrier at 26%, and mortgage availability at 25%; nevertheless, both of these barriers have declined month-on-month, dropping by 6% and 3% respectively.
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Biggest house sales pipeline in a decade in UK’s red hot property market

The housing sales pipeline in the UK has hit its busiest point in a decade, as buyers rush to market before the end of the stamp duty holiday deadline. There are now 704,000 sales currently going through the conveyancing process across Great Britain.
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Brits spend £110bn on home improvements amid pandemic property boom

As people were confined to their homes for much of the year amid various pandemic lockdowns, 5 million Brits redecorated rooms in their homes, 1.5 million built an outhouse and over a million built home-gyms and extensions.
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Homebuyers struggle as sellers add stamp duty saving to the price

Despite the launch of a government guarantee scheme for 95% mortgages, owning a home is now further out of reach than ever for some people due to the rapid rate of property price growth recorded over the past 12 months.
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Over half of UK homeowners ‘living in homes that don’t meet their needs’

The need for more space is the key reason homes are not suitable, highlighted by 40% of homeowners who said this applied to them. Meanwhile, a quarter pointed to the fact that they are stuck in an area in which they do not want to live.
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