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 house sales fall in slowing market but mortgages to become more expensive; Estate agents report drop in inquiries for properties; Mortgage rates are rising ‘but it’s not all bad news for borrowers’; £27 million of deposits held in rental disputes; How much the Queen’s homes are worth as Platinum Jubilee celebrated… Happy reading and… renting!

The market

UK house prices and rents remain at record high

House price growth began accelerating in the second half of 2020, with the trend continuing into 2021 and remaining strong since the start of 2022. The average house price of £278,000 remained unchanged from the record level seen in February.
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The world’s hottest housing markets are faltering – is the UK next?

When interest rates fall, you can borrow more to buy a house; most homebuyers borrow to their limit to get the best house they can afford. In practice, they’re not worrying about the overall price, they’re worrying about the monthly payment.
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UK house sales fall in slowing market but mortgages to become more expensive

Britain’s property market boom is showing signs of cooling as house sales fell slightly in April, with experts warning mortgage prices could surge and deter first-time buyers amid rising inflation.
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Average UK home hits £250,000 for first time despite slowdown signs

Rising house prices coupled with increased interest rates mean the cost of repayments for a new mortgage for an average UK home has risen by £71 a month, equating to £852 a year since the start of the pandemic.
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It may not look like it, but the UK housing market is cooling off

Recent house price statistics show UK house prices rising. Nationwide says that prices in May went up by 11.2% year on year.
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New research ‘reveals full extent’ of landlords’ exit from private rental market

Propertymark has published new research which it claims to reveal the clearest indication of the rate at which the private rented market is shrinking.
It shows the number of properties available to rent through letting agents in the month of March halved between 2019 and 2022.
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Property market investment is crucial to economic recovery

Amongst the volatility, the UK property market once again flourished, highlighting the sector’s reliable reputation in such times.
This resilience was likely made possible by investors seeking financial opportunities that have been historically more reliable…
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Estate agents report drop in inquiries for properties

The cost-of-living crisis is clearly taking its toll, while speculation that interest rates will increase next week for a fifth time since December is likely to slow buyer demand even further.
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Plans to create fairer private rental sector in England take a step forward

Plans to create a fairer private rented sector in England are taking a step forward with the publication of a Government White Paper on Thursday.
Tenants will have stronger powers to challenge poor practice and unjustified rent increases under the proposals, and they could also be saved the expense of having to move as often from one rented home to another.
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Mortgage

Average rate for fixes climbs again

For a two-year fix, the average rate lifted by 9 basis points to 3.17%, while the average rate for a three-year fix jumped by 21 basis points to 3.26%.
At the same time, the average rate for a five-year fix climbed by 11 basis points to 3.30% and the average rate for a 10-year fix rose by 8 basis points to also come in at 3.30%.
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Buy-to-let rates rise considerably

Rising interest rates and supply of property are not the only factors that may impact landlords in the months to come, as tax changes and the cost of living crisis may already be pinching the potential profitability of investing in property…
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UK mortgage approvals fall to lowest level since June 2020

The number of UK mortgages approved by lenders dropped to its lowest level since June last year, in a sign that the housing market could be cooling amid rising inflation and the cost of living squeeze.
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Mortgage rates are rising ‘but it’s not all bad news for borrowers’

More lenders are currently offering more fixed deals without a fee than a year ago and are charging less on deals that carry a product fee, an analysis shows.
The study also reveals that the rate gap between fixed deals that carry a product fee and those that do not has narrowed.
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Bank of England set to raise rates again as inflation heads for 10%

The Bank of England looks set to raise interest rates next week for the fifth time since December, its steepest run of rate hikes in 25 years, and is likely to keep going in the coming months as inflation heads for double digits.
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UK mortgage arrears hit highest level in more than 12 years as debts to banks creep past record £2bn

The value of mortgage arrears in the UK has reached its highest level since 2010, with £2.05bn of mortgage debt delinquent at the end of the first quarter of 2022, according to new data.
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Rent

What the average UK rental price will get you in Herefordshire

The average cost of renting a home is close to £1,000 a month, as soaring demand pushes prices higher.
Renters are now paying £969 per month on average across the UK.
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Private rental market shrinking drastically as landlords sell up

The outnumbering of prospective tenants to rentals may be partly due to pandemic-born patterns of hybrid and remote working, which have allowed people to choose locations without having to consider the office commute.
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Cheapest and most expensive boroughs to rent a home in Greater Manchester

Similar to house prices, the rental market remains highly localised with prices fluctuating areas across different parts of the country. In Greater Manchester, there are some boroughs where rental properties remain affordable…
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Housing minister says government will not consider rent controls in England

Letting agents will undoubtedly welcome a commitment from housing minister Eddie Hughes that the UK government is not considering rent controls in England.
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Annual rental inflation at 10.6% for May

The HomeLet Rental index for May indicates annual average rental inflation stands at 10.6% with an average rent of £1,103 or £928 excluding London.
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£27 million of deposits held in rental disputes

The latest figures from mydeposits show that while tenancy deposit disputes did see a year-on-year decline in volume during 2021, there was still an estimated £27 million worth of deposits held in rental disputes between landlords and tenants.
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White paper published into ‘fairer’ private rented sector

The UK Government has released the full details of its Fairer Private Rented Sector White Paper, which it said is designed to redress the balance between landlords and 4.4 million private rented tenants.
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Advice

Buying A Second Home – All You Need To Know

If you need a mortgage to finance your second home, it could be one of three different types. And which type you require will depend on what you’re planning to use the property for.
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Tenants’ survival guide: can my landlord increase my rent, and what can I do about it?

London’s dysfunctional rental market continues to pile more misery on tenants as soaring rents, low supply and the cost of living crisis combine to create a perfect storm.
The capital’s rents hit a record high of £2,193 per month in the first quarter of 2022, a 14 per cent rise on last year.
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The 3 most important things landlords should do when selling rental properties

The current economic situation has landlords across the UK making the decision to sell their whole property portfolios, or at the very least, downsize. With property market risks, rising interest rates, Section 24 legislations and refurb costs overtaking rent, it seems that the golden era of buy-to-lets is well and truly over.
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Other

Significant increase in fraudulent tenancy applications, new data shows

There has been a 10% increase in fraudulent tenancy applications, according to Barbon.
The referencing group, which includes HomeLet, Let Alliance and Rent4sure, has revealed the extent to which tenancy application fraud is on the rise, with a notable spike over the past 18 months.
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Second home owners rewarded as they will get Rishi Sunak’s £400 energy bill discount twice

The Treasury has confirmed that this applies to every individual house – including second homes – prompting criticism from MPs who have campaigned to clamp down on the number of second homes.
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How much the Queen’s homes are worth as Platinum Jubilee celebrated

The value of the Queen’s UK property portfolio has reached new heights in 2022, with the figure more than £3billion according to a new study. Research has estimated that Her Majesty’s royal property portfolio may be worth up to £3.7 billion, with royal residences including castles, palaces and luxurious lodges…
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Harlow named among the most expensive towns to buy a house with a garden in the UK

During the pandemic, many areas of life came to a halt. People were stuck in their homes indoors, with many of us developing a newfound appreciation for gardens, greenery and private outdoor space.
Parks also saw a huge boom in popularity, especially among those without gardens…
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Number of UK first-time buyers using family money to get on the property ladder hits seven-year high

The proportion of people relying on the bank of mum and dad (and grandparents) has grown during the pandemic as the average house price across the capital continued to climb, despite the economic uncertainty created by Covid-19.
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Over half of young Brits expect to be renting into their 40s, NatWest survey reveals

The new study from NatWest suggests that the crisis is set to give rise to a new ‘Generation Rent’ – as 57% of Brits who are not on the housing ladder believe they are likely be over 40 when they buy their first property.
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