Landlord press review

Like every month, Rentila offers you an overview of the main real estate news of interest to landlords. This month, we focus on property purchases on hold due to COVID-19, how to find and compare the best mortgages in May 2020, offset mortgage rates cheaper than standard fixes, landlords are supporting their tenants during lockdown… Happy reading and… renting!

The market

UK house prices dip as coronavirus lockdown makes sales ‘almost impossible’

UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions.
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Property purchases on hold due to COVID-19 are worth £82bn

There are approximately 373,000 property purchases currently on hold due to COVID-19, worth a combined estimated value of £82bn, according to Zoopla UK’s UK Cities House Price Index.
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Scotland’s rural property market to ‘bounce back’ after lockdown

Scotland’s rural property market is set to ‘bounce back’ as soon as the lockdown ends due to ‘significant pent-up demand’, according to property consultants.
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UK house prices edge up in April as market grinds to a halt

British house prices edged up in April after the market ground to a halt due to the Covid-19 lockdown, mortgage lender Nationwide said on Friday.
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Government urged to define a ‘safe move’ to bring property market out of lockdown

The nation is awaiting Prime Minister Boris Johnson’s plan for easing lockdown – due to be released toward the end of this week – but industry leaders have presented their own ideas for the property market.
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Property market to re-open as viewing and moving properties allowed once more

The property market is to re-open tomorrow with restrictions to activities related to the purchase, sale, letting or rental of a residential property set to be lifted.
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Offset mortgage rates cheaper than standard fixes

Offset mortgage interest rates have dropped below two per cent as product numbers dwindle, making them cheaper than the average standard two and five-year fixed rate deals on the market.
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Coronavirus: UK mortgage approvals hit seven-year low with property sales paralysed

New mortgage levels tumbled to their lowest level in seven years in March when the coronavirus first began to paralyse the UK property market, according to the Bank of England (BOE).
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Back to basics on non-bank lenders, payment holidays and lending difficulties

There is a lot of assumed knowledge that brokers understand the difference between different types of lender, how they work and where get their money from, but many people don’t know this information in depth, so let’s go back to basics.
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Coronavirus: UK house prices could take a year to recover as mortgage arrears edge higher

UK house prices are likely to be lower than pre-crisis levels for almost a year despite the reopening of the property market, according to a poll of surveyors.
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What are negative interest rates and could they happen here?

Negative interest rates – where banks pay you to borrow money – now exist in many parts of the world. John Stepek explains why they are a terrible idea, and how likely we are to see them in the UK.
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First-time buyers ‘may need to raise thousands more to get on property ladder’

First-time buyers in England face needing to raise around £12,000 more if they now find they need to put down a 15% deposit rather than 10%, according to analysis.
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Coronavirus: London rents drop as UK tenants secure discounts to stay put

Tenants across Britain have seen the biggest drop in rental costs in more than six years as the coronavirus ripples through the housing sector, according to new figures.
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Average rents stood at £775 in Q1

Tenants paid average monthly rents of £775 during the first quarter (Q1) of 2020, an increase of just £2 or 0.26% on final quarter (Q4) of 2019, according to The Deposit Protection Service (The DPS).
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Lockdown rental stock shortage will see rents and deposits climb

Research by rental deposit replacement scheme, Ome, has highlighted how a lockdown reduction in rental stock entering the market could result in higher rental and deposit costs for UK tenants.
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Landlords facing a year’s worth of rent arrears if eviction ban is extended

Leading Landlord and Tenant Solicitors firm, Landlord Action, says that any extension to the ban on evictions, as called for by Labour, could cause financial ruin to landlords who already had possession cases for rent arrears going through the courts prior to the ban.
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Generation rent is wrong and landlords are supporting tenants

Generation Rent is wrong to claim that the majority of landlords are failing to support tenants needing help during the COVID-19 pandemic.
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Best mortgage rates: find and compare the best mortgages in May 2020

Looking for the best mortgage rates in May 2020? As England begins its slow exit from lockdown, there are some positive signs of house buying bouncing back.
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Government unveils online system for agents and landlords to receive tenant benefit payments

The Department of Work and Pensions (DWP) has unveiled an online system that will replace the paper-based method for landlords and lettings agents applying to receive direct payments from tenants on Universal Credit.
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Are You A Landlord? Here’s All You Need To Know About Domestic Energy

If you’re a landlord, you’ll need to do a lot more than just ensure your rental property is supplied with gas and electricity. Here’s all you need to know before, during and after a tenancy…
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