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: Property industry reacts to latest house price data; British home prices to slip but won’t come crashing down; Inflation drops but further BoE rate rises ahead?; Rents across UK rise at fastest pace on record; North East named as most affordable region to rent in UK; Bailiff crisis will make it harder for landlords to evict tenants… Happy reading and… renting!

The market

Confidence returning to UK housing market as asking prices jump

Asking prices for British homes rose in May by more than in any other month this year as a better economic outlook and steadier mortgage rates offset the impact of the Bank of England’s interest rates rises…
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The UK’s richest and poorest property markets revealed

Over the last 12 months, £250bn worth of property has been sold in the UK with the richest local market – surprisingly – being found north of the Scottish border.
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Property industry reacts to latest house price data

House prices increased 4.1% in the 12 months to March 2023, meaning £11,000 of value was added to the typical home, with the average price of a property stood at £285,000.
However, on a monthly basis, prices have fallen for the fourth consecutive time, decreasing 1.2% in March 2023…
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House prices continue to fall as buy-to-let landlords flee the market

Residential property prices are continuing to fall, newly released figures show, but transactions are ahead of the long-term average due in part to a surge in the number of buy-to-let landlords selling up.
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Housing slowdown ‘deeper than anticipated’ as property sales slump

The number of property transactions has fallen after a bumper month in March leading experts to say the housing market slowdown will likely be longer and deeper than anticipated.
The data shows a return to the downward trend seen earlier in the year, reflecting the long-lasting effects of the mini-Budget on the UK property market.
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British home prices to slip but won’t come crashing down

As in much of the world, home prices soared during the COVID pandemic as buyers sought additional living space and took advantage of low interest rates, but with high inflation proving sticky the Bank of England embarked on an aggressive rate hiking path and is likely not done yet.
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Annual growth turns negative for first time since 2012

Across the UK, house prices fell by 1.0% on average, Halifax said. It marked the first annual decline since December 2012.
However, underlying figures show there were variations across the nations and regions of the UK – in Scotland prices rose by 1.3% to £201,596 on average.
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‘Storm clouds’ loom over the UK’s property sector

Storm clouds are looming over the UK’s property market with some good news being overshadowed by potential interest rate hikes and landlords looking to leave the private rented sector…
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UK housing market strains grow as mortgage rates creep higher

Mortgage rates in Britain rose again on Friday as economists warned that rising borrowing costs would put the housing market under renewed strain.
The average rate on a two-year mortgage deal across the range of loan-to-value ratios rose on Friday to 5.82%, compared with 5.30% a month ago…
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UK house prices could fall by 10% over next two years

“Persistently high inflation and the recent spike in lending rates will trigger a correction in the UK housing market.”
This comes after a period of upward mortgage pricing across the market, as swap rates rose due to stubborn inflation. Although inflation fell to 8.7% in April, it was higher than the 8% to 8.5% that the markets predicted.
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When will interest rates fall? And what does this mean for mortgage deals?

What anyone with a mortgage wants to know at this stage, is just how much further it’s going to go, when it’s going to fall, and at that stage, whether it will be a precipitous drop — or something far more disappointingly pedestrian.
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Inflation drops but further BoE rate rises ahead?

“The big question is whether this fall in inflation is enough to stave off another base rate rise. Two out of the nine members of the Monetary Policy Committee voted for not increasing base rate at the last meeting so there is certainly appetite for no more rises…”
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Greater mortgage tax relief for landlords would ease rental supply crisis

If the Bank of England’s base interest rate was to peak at 5% and remain above 2.5% until the end of 2027, up to 13%, or 735,000, of privately rented properties could be lost across the UK compared to 2021…
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UK mortgage costs set to jump amid further interest rate hikes

Nationwide (NBS.L) has said interest rates on new fixed-rate mortgages will rise 0.45 percentage points. It follows moves by lenders such as Halifax, Santander (BNC.L) and Atom Bank who also upped their rates by up to 0.2 percentage points.
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Hundreds of mortgage deals pulled from market as lenders raise rates

On Tuesday 30 May, there were 5,012 fixed and variable rate mortgage products were counted by, which is down from 5,385 a week earlier.
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Mortgage approvals and borrowing down in April – BoE

The April 2023 total represents a year-on-year drop of 26% and is 25.6% lower than the average number of mortgage approvals between 2018 and 2019.
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High inflation rattles UK home loan market

UK banks mostly offer mortgages with a fixed interest rate for a set period — typically two to five years — but after expiry this becomes variable or a new rate is fixed in line with prevailing market conditions.
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Rents across UK rise at fastest pace on record

According to the latest Office for National Statistics data, rental price growth was led by London, where prices rose 5% from a year ago in April – the steepest annual rate since November 2012.
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Rent cap and evictions ban set to be extended for final six months

Tenants’ Rights Minster Patrick Harvie has confirmed proposals to keep the Cost of Living (Tenant Protection) Act measures in place until the end of March at the latest. Current legislation is due to expire at the end of September.
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What is behind a rise in evictions and what does it means for the rental sector?

In the first three months of this year, 6,820 landlords started eviction proceedings under Section 21 – known as “no-fault” evictions as the landlord does not need to provide a reason to evict the tenant.
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UK’s rental market soars: Record highs and regional disparities

Data highlights that a surge in rental prices is evident across most regions and when London is excluded, the average rent is still 9.5% higher than it was a year ago, standing at £1,016.
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Rental market cools down – and first-time renters stay at home

The capital’s average rent increased by 13.3% year-on-year in May, a drop from the record-breaking 17.2% growth in April.
Though inner London retains its position as having the strongest growth, along with Scotland which also posted double-digit rent price growth.
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Inside the co-living boom: is this the future of renting, or just a cash in on London’s housing crisis?

One increasingly popular alternative to the private rental market, according to new analysis, is co-living. The renting model first emerged in 2018 but is now expanding rapidly in the capital and elsewhere.
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North East named as most affordable region to rent in UK

Figures show that rental affordability ratio, which is average earnings divided by mean rent, found that the ratio in the North East was 23.5%.
The ratio in the North East has dropped slightly in the past year by 0.2%, as mean rents have grown slightly from £6,424 to £7,054.
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How long should you keep a property before selling?

Recent research found that, if you want a return on your investment, the optimum time you should stay living in a property before selling it is nine years.
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41% of landlords see the ‘importance of EPC regulations’

Landlords are apparently feeling the pressure over proposed environmental regulations with 41% believing it is essential to meet the planned Energy Performance Certificate (EPC) requirements.
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Pet owners 6 times less likely to find a rental property than smokers

Pet owners find it more difficult to secure a rental property in comparison to smokers. UK rental market research found that an average of just 7% of available rental properties are listed as ‘pets considered’. In comparison, 44% of landlords are willing to welcome an active smoker.
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House prices Scotland: Buyers £200 better off than renters in Glasgow

Property website Rightmove say that first-time buyers in Glasgow could be better off than renters with the average monthly mortgage payment for a first home £215 per month cheaper than the average rent.
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Cheapest city for property investors and FTBs revealed

The most economical cities for first-time homebuyers in the UK have been revealed – and it offers valuable insights for property investors.
A research reveals that Bradford is the most affordable city for first-time buyers.
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Landlords warned over new rent review procedures

Landlords are being warned that the proposed Renters’ Reform Bill means understanding the new rent review procedure or risk not imposing a rent rise, an expert warns.
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Bailiff crisis will make it harder for landlords to evict tenants

Landlords wanting to evict non-paying tenants in arrears are facing extended delays and increased costs because the UK court system has a significant bailiff shortage, one organisation warns.
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Landlords still looking to buy but further afield

Despite increased speculation about landlords’ intentions in the UK property market, a new survey by The Deposit Protection Service (DPS) reveals that the majority who intend to buy another investment property are looking to do so during the next two years.
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