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: Build to rent sector accounts for 1% of all housing; House purchases up to highest quarterly level since 2007; Lockdown has changed buyers’ requirements for their next home; One fifth of UK homeowners unable to remortgage due to pandemic; Rental market activity remains robust despite lockdown pressures; Stamp duty holiday rumoured to be extended until June… Happy reading and… renting!

The market

Are things looking up for first-time buyers in 2021?

Buyers with a 10% deposit are also benefiting from more cashback offers in the market, according to the latest analysis, which revealed mortgage deals with incentives increased from 50 to 83 over the past month.
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Build to rent sector accounts for 1% of all housing

The volume of build to rent stock in the capital has increased by 109% since 2017, with the current total of 26,625 accounting for 2.5% of all private rental properties in London.
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UK Budget: Help to first-time home buyers promised

Chancellor Rishi Sunak plans to incentivise lenders to provide mortgages to first time buyers, and current homeowners, with just 5% deposits to buy properties worth up to £600,000.
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Royal London: Lockdown has changed buyers’ requirements for their next home

The top features that made lockdown harder, according to homemovers, were a small garden or outdoor area (33%), lack of indoor space (27%) and no outdoor space (24%).
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House purchases up to highest quarterly level since 2007

Applications data points to a likely slowing in house purchase activity later in 2021 once the stamp duty holiday has ended, following an extension announced in the Chancellor’s Budget yesterday to June.
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Savills predicts 3% increase in Scottish house prices

The firm predicted that average UK house prices will rise by 4% over the year, with a 21.1% growth from 2021-25. Prices in Scotland will increase by 22.8% by 2025, it added.
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UK housing market looked muted before Sunak’s new measures: RICS

Other measures of Britain’s housing market have also suggested that activity in the housing market started to fade ahead of the planned expiry of a temporary cut to property purchase tax – known as stamp duty – at the end of March.
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Property market should be on high alert for fraud

The Financial Action Task Force (FATF), the global money laundering and terrorist finance watchdog, said recently that the crisis and national lockdowns has introduced new opportunities for criminality in this sector.
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Mortgage

HSBC re-prices mortgage rates following Budget

Following confirmation that HSBC UK will be taking part in the government’s newly announced Help to Buy scheme, the bank has announced rate cuts of up to 0.1% across its range of LTVs.
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Will Britain’s first 40-year fixed-rate mortgage tempt buyers?

The deal will be available in England and Wales from next week to first-time buyers, those moving home and those remortgaging. Interest rates will start at 2.99% for a ten to 15 year fix at 60% loan-to-value (LTV), and you can borrow up to 90% of the value of the property.
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One fifth of UK homeowners unable to remortgage due to pandemic

The impact of the pandemic on employment and financial stability has meant that many households have become ineligible for competitive fixed rate deals. Almost half (41%) of households unable to remortgage said their application was rejected because they had lost their jobs…
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Rent

Eviction orders being issued despite UK government Covid pledge

Eviction orders are being issued to tenants who have run up rent arrears because of the pandemic despite a promise by the housing secretary, Robert Jenrick, that “no renter who has lost income due to coronavirus will be forced out of their home”.
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Rental market activity remains robust despite lockdown pressures

“Tenants’ desire to rent has been consistently high since the start of the year, during what can sometimes be a quieter time for the rental market. This led to many agents letting a high number of properties over a short period with a shortage of supply now starting to emerge.”
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Leeds has highest number of student rental homes

Leeds has the greatest number of available student properties to let at 6,033, equating to over 552sq km. Meanwhile in Bradford, there are only 70 student properties available.
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This Is How Many Students Are In Rent Debt

Throughout the pandemic, students have been struggling. Over half of young people who go to university in Britain work part-time to fund their studies. Many of them relied on shop or bar work which they are now shut out of.
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Has Rishi Sunak done enough to help ‘generation rent’?

FTAdviser digital editor and Danny Belton at Legal & General Mortgage Club agreed the guarantee scheme announced by chancellor of the exchequer Rishi Sunak in his Budget last week was a positive move, but they cautioned that it ran the risk of stoking housing demand at the expense of supply.
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Nationwide: Half of renters have no home insurance

More than two million privately rented households in the UK have no insurance policy on their properties, according to a survey. The results show that 52% of the UK’s 4.44 million private renters have arranged contents insurance.
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Other

Warning to landlords over new safety rules with a £30,000 fine

Landlords are being warned of changes to electrical safety rules which come into force in April, and will mean thousands of installations having to be checked. From April 1, 2021, all existing specified private tenancies will need to comply with the new Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020.
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New study reveals areas with the biggest stamp duty savings

The local authorities with the biggest savings include Kensington and Chelsea, City of London, Richmond-upon-Thames and Haringey which all feature in the top 20.
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Stamp duty holiday rumoured to be extended until June

The stamp duty holiday is set to be extended by three months until the end of June. It is expected an official announcement will be made by Chancellor Rishi Sunak on 3 March during the Budget.
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Is our fetish for period property going to die out?

We’ve got a severe fetish for period property here in the UK, and there’s no hiding it. Properties built before 1919 have witnessed a substantial spurt of popularity since 1986 – 461% in fact!
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Number of UK households pushed to debt hits highest since financial crisis

According to the report by Pro Bono Economics for Citizens Advice, the number of households experiencing problem debt could rise to 1.5 million by the middle of the year, and an increase of between 370,000 and 480,000 since the start of the pandemic.
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Three quarters of Brits do not trust online checks when buying a property

An estimated 74% of Brits do not trust property documentation to be handled safely and securely online, according to SmartSearch. As a result of COVID-19 restrictions, sectors across the UK have been forced to move online.
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Number of new sales listings rise by 18%

The number of new sales listings in England and Wales rose by 18% week-on-week in the seven days to 6 March, the highest rise since June 2020. As well as this, the number of new prospective buyers in February was 8% higher than the same month last year.
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