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 values lift 51% to record £8.7trn in 2022; Build to rent is UK’s fastest growing housing sector; Mortgage lenders pull and increase headline rates; Rent yields outstrip house price rises; Scottish parliament approves 3% rent cap for private tenants; Landlords to pay extra £1.3bn in tax this year; How To Get A Mortgage For A New-Build Home… Happy reading and… renting!

The market

Property transactions ‘remain surprisingly robust’

Data reveals that the provisional seasonally adjusted estimate of the number of UK residential transactions in January 2023 is 96,650, 11% lower than January 2022 and down 3% on December 2022.
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Property prices in Edinburgh: there’s no early sign of a predicted crash in values or demand, says law firm

Following a year where many households experienced financial hardship due to the energy and cost of living crises as well as the steep and sudden hike in interest rates, the beginning of 2023 saw many homeowners or prospective buyers left wondering what the effect will be on house prices.
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Landlords sell record number of rental properties in South East

Landlords in the region sold 13,710 more homes than they bought last year.
The South East had a bigger net loss of rental properties than any other region in the country.
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UK home values lift 51% to record £8.7trn in 2022

UK homes lifted by £425bn in 2022 compared to a year ago, a lower amount than the previous two years, but still contributing to a 23% surge in value since 2019.
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Outlook for prime central London property market in 2023 appears rosy

There is no doubt that 2022 was a challenging year for the UK property market. Inflation rose to eye-watering levels, interest rates were hiked rapidly by the Bank of England, and Westminster seemed to be in a constant state of turmoil.
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Housing market ‘transformed overnight’ by pandemic

The study points out the housing market was “largely shutdown” following the first lockdown in March 2020, but surged a few months later following easing restrictions and a stamp duty holiday in July.
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Build to rent is UK’s fastest growing housing sector

The British Property Federation (BPF)’s Build to Rent Q3 2022 report revealed growth of 15% year-on-year, with more than 240,000 homes either in planning, under construction, or completed.
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UK house prices predicted to drop by at least 10%

House prices in the UK are likely to fall by at least 10% peak to trough as a consequence of higher mortgage borrowing costs and the general cost of living crisis.
Activity in the housing market as a whole has fallen sharply since October…
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Mortgage lenders pull and increase headline rates

Mortgage lenders have been pulling and increasing their headline interest rates in the past few days following a flurry of applications from borrowers keen to lock in the lowest deals.
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Nationwide latest lender to hike mortgage rates

Nationwide is the latest high street lender to hike its mortgage interest rates.
Earlier this week, HSBC signaled interest hikes on more than 20 mortgage products making headlines with the market’s first sub-4 per cent interest rate since the “mini” Budget.
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Blow for first-time buyers as mortgage repayments surge by two thirds

Buyers purchasing a typical semi-detached house were hit with a £481 increase in their payments in the 12 months to December 2022, according to the Office for National Statistics (ONS). It lifted the typical monthly bill to £1,262, an increase of 61pc.
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Rent yields outstrip house price rises

The UK’s highest average rental yields are in Bradford where they currently stand at a massive 11.06%, according to a new report.
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City leaders call for rent freeze and eviction ban in England

The mayors of three of England’s largest cities have called for the introduction of a rent freeze and a ban on evictions to assist renters in coping with the cost-of-living crisis.
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Scottish parliament approves 3% rent cap for private tenants

Private landlords will be able to increase rent by no more than 3% from April 1 and will be able to apply for a rent increase of up to 6% to help cover certain increases in costs in defined and limited circumstances.
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Rental market shows no sign of slowing as rents continue to rise

With demand heavily outweighing supply, the residential letting market continues to outstrip the sales market with little sign of slowing in the near future.
A major imbalance of supply and demand for rental properties has led to a surge in rents over the last year, with no cooling in the pace of increases expected soon.
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These are the biggest up and coming areas to buy a house in the UK in 2023

A study analysed a range of factors including average property price growth, business growth, the volume of young people migrating to the area, transport links and regeneration to determine the biggest up-and-coming property areas in the UK.
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The cheapest areas to rent in the UK, as experts forecast price changes in the next year

In London, where average prices increased to £2,480 and inner-London rentals reached £3,000 for the first time, tenants were being asked to pay £1,172 per month on average in the rest of the UK.
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Why now is a golden opportunity to earn passive income from UK real estate

According to a report earlier this week, 60% of houses priced below £500,000 have been selling for less than their asking prices. But it’s not the housing market that’s catching my eye at the moment.
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How To Get A Mortgage For A New-Build Home

There can be lots of reasons why a new-build property might be attractive to potential house hunters. As well as being energy-efficient, new-builds also come with guarantees so you’re covered if anything goes wrong with the property in the early years.
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What options do landlords have when tenants won’t leave after a Section 21 has run its notice?

Every week, landlord news portals all over the UK are reporting on the exodus of landlords selling up as rising costs leave landlords feeling the pinch and are either on the brink of (or already) making a loss.
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30% of buyers bought their home after just one viewing last year

The property market has been incredibly tough to negotiate in recent years. But in 2022 it was love at first sight for almost 30 per cent of buyers who only viewed a home once before purchasing it…
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Over 676,000 empty homes ‘a national disgrace’, says lender

A mortgage lender has labelled the Uk’s growing number of empty homes, of which there are more than half a million (676,452), “a national disgrace”.
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Landlords to pay extra £1.3bn in tax this year

The tax burden on property investors will reach £8.3bn this tax year.
It comes as rents across Britain soar as a result of dwindling rental stock, prompting calls for the Government to reverse years of anti-landlord policies.
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Tax considerations for BTL investors

Buy-to-let property as an investment was once very popular in the UK as it offered the potential for steady rental income and capital appreciation.
However, changes to the tax system including the withdrawal of mortgage interest relief and additional stamp duty have made it less appealing.
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