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 home to fourth largest rental market trailing US, Germany and Japan; UK property market goes down the rabbit hole; How Bank of England’s new rules will impact UK mortgages; Tenants outside London saw the sharpest rent hikes for at least six years; Covid pushes up average age of first-time buyers… Happy reading and… renting!

The market

London rebound boosts UK house price rise

Asking prices for UK homes rose by a record 2.3% in February, as the easing of Covid restrictions led to a rebound in demand in London with people returning to office work.
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House sales down 22% as market ‘finally starts to slow’

The decline in transactions follows a year of double-digit house price growth which made 2021 the strongest year for growth since 2006.
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UK home to fourth largest rental market trailing US, Germany and Japan

When it comes to the total volume of privately rented properties, the UK ranks fourth in the global rankings, with just the United States, Germany and Japan home to more rental homes, according to new research.
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Average UK property almost £30,000 more expensive than a year ago as house prices accelerate

The average UK house price has topped £260,000 for first time, after surging by nearly £30,000 over the past 12 months.
In cash terms, the average house price in February was £29,162 higher than a year earlier, the biggest annual cash increase the monthly index has recorded in more than 30 years of its existence.
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The UK housing market has gone crazy

Demand from wannabe buyers is still vastly bigger than housing supply, and it’s driving prices up at a crazy rate. It’s somewhat interesting that listings are up on a year ago too…
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UK property market records busiest start to the year since 2016

In January, half of all properties where sales were agreed were snapped up within three weeks of coming to the market, compared to a third of homes during the same period in 2021.
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UK property market goes down the rabbit hole

The Halifax house price index for February delivered monthly price growth of 0.5% and annual growth of 10.8%, the strongest level since June 2007, just before CDOs KO’d the entire banking system and the Global Financial Crisis took grip.
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House prices in London: the property market fell month-on-month but is expected to rise again in spring

The London property market slowed sharply in January following a surge in prices through the autumn, official figures reveal today.
The average cost of a home in the capital dropped 1.8 per cent from £519,653 to £510,102 during the month.
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Mortgage

Green mortgages in the UK – why 2022 is a breakthrough year

“2022 will see a new approach; this will be the year of the green buy-to-let mortgage.
There are 316 green buy-to-let mortgages on the market for individuals at the moment.”
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Third of mortgage applications face rejection in 2022

Around 14% of UK adults plan to buy a home over the next 12 months, but 34% of them could see their mortgage application rejected due to poor credit histories…
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How Bank of England’s new rules will impact UK mortgages

Britons trying to get on the housing ladder might soon be able to borrow more for a mortgage as the Bank of England considers removing the affordability test that limits how much banks can lend.
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Surge in mortgage approvals fuels UK property boom

According to the Bank of England on Tuesday, Brits borrowed £5.9bn ($7.9bn) in mortgage debt during the month of January, up from £4bn in December and above the pre-pandemic average of £4.3bn.
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Mortgage rates rising rapidly

The increase to the two-year average rate would mean that the same mortgage will cost over £800 more per annum in March. The average standard variable and reversionary rates have already climbed by more than 0.30% to 4.14%…
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Rent

Can a landlord demand a tenant pay turnover rent at lease renewal?

Turnover rents are becoming more common as tenants seek to balance the risk in relation to rental liability and as landlords seek to benefit from successful tenants’ upturn in sales.
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Scheme launched to help with tenant deposit disputes

The Dispute Service Ltd has been approved as an Alternative Dispute Resolution (ADR) body to help tenants resolve deposit complaints with landlords.
However, in order for complaints to be dealt with, the landlord or agent must be a member of one of The Dispute Service Ltd tenancy deposit protection schemes.
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London housing shortage will cause ‘crippling rise in costs’ for renters without thousands of new homes

Young tenants in London face ever crippling increases in housing costs unless there is a massive boost to new private rented accommodation over the coming decade, a report warns.
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Tenants outside London saw the sharpest rent hikes for at least six years

People who are seeing soaring prices for food and fuel are also seeing a steep jump in the price of renting their home. The price of privately renting a property is rising at a record rate for millions of households across the UK.
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If you’re thinking about moving to London be prepared to pay £25k a year to rent a two-bed flat

If you’re looking to move to London anytime soon you’ll need to have deep pockets. Skyrocketing rents could see a two-bedroom home in the center of the capital costing an eye-watering £25,933 a year from September.
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Rents for rooms in Northern Ireland ‘increased faster than any other UK region’

Rents for rooms in Northern Ireland have increased faster than any other UK region over the last year.
Figures show a 14 per cent rise between February 2021 and February 2022.
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Advice

Now is a good time to check your property portfolio’s performance

The past year has seen the UK property market defy all expectations, and, as 2022 gets underway, it still seems that the only way is UP!
So, for landlords, the picture is rosy … or is it?
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The best ways to make a profit with property in 2022

The 2022 property market is shaping up to be one of the most difficult to predict. There’s the impact of COVID, likely interest rate rises, the cost of living crisis, and labour and supply shortages, to take into account when looking at properties to buy.
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Other

UK home sellers overprice their properties by as much as 21 per cent in wake of stamp duty holiday

Despite a property market boom, the gap between the asking price expectations of the nation’s sellers and what buyers are willing to pay is as big as 21 per cent in some areas of the market, according to data.
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BTL landlords ‘faced with further regulatory pressure’ flee the market

There has been a significant increase in the number of landlords selling property, particularly in Wales, new research shows.
Welsh agents reported the highest overall figure of new applicants registering at an average of 313 per member branch.
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Buy-to-let landlords targeting smaller UK cities and towns

Landlords buying in urban areas are increasingly shifting their purchasing activities to smaller, secondary towns and cities.
The strongest increases were seen in locations outside of the UK’s major city centres.
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Covid pushes up average age of first-time buyers

Covid-19 and the rising cost of living has pushed up the average age of first-time buyers in Britain by two years.
Before the pandemic, the average age of a first-time buyer was 32.
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How satisfied are tenants with renting?

Most people renting their home in the private sector are content with their property and landlord, the results of a new survey have shown.
81% said they are happy with their current property, and 85% said they are satisfied with their landlord.
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Scottish homeowners ‘saved around £1800 compared to those renting’

Last year, the average rent for a three-bedroom house grew by 2% to £699 while buying costs went up by 5% to £548, the Bank of Scotland said, giving homeowners a monthly saving of £151 – or £1817 annually.
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