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 property still looks to Europe; Scottish rental market is fastest – and cheapest – in the UK; Lockdown returns but lending continues; Mortgage holidays to be extended for up to six months amid England lockdown; UK Finance: 2.6 million mortgage deferrals have been approved; Rent in Great Britain rises for the first time since March 2020; One in eight renters unable to meet housing costs in full; When do people purchase their first property?… Happy reading and… renting!

The market

UK house purchases rebound to near pre-pandemic level

The number of house purchases rose 21% in Britain last month, boosted by pent-up demand and a cut in transaction taxes, taking the total number of sales close to their pre-pandemic level.
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Scotland records slowest rise in house prices in the UK

The average UK house price hit a new peak of £239,000 in August after increasing by 2.5% annually. House prices were £6000 higher typically than in August 2019.
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Average UK house price at record £227,826 says Nationwide

There have been signs that many buyers are currently looking to beat the stamp duty holiday deadline, which expires on March 31 2021. Activity has also been boosted by buyers searching for homes with more space during the coronavirus crisis.
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UK property still looks to Europe

Faced with the possibility of swathes of empty space, landlords such as Legal & General, Capco and Cadogan are embracing turnover-based rents – which are far more common on the continent – and shorter leases. These sorts of arrangements will be crucial to the long-term success of physical retail, and many European countries have proved they are a viable way forward.
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Housing market to remain open despite national lockdown

On Saturday Prime Minister Boris Johnson confirmed a new month-long lockdown for England beginning on November 5 and ending on December 2. Information regarding the fate of the housing market during the lockdown was initially scarce between, however Housing Secretary Robert Jenrick has taken to Twitter over the weekend to confirm that the market will remain open.
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Scottish rental market is fastest – and cheapest – in the UK

The latest rental market report has revealed that homes for rent in Scotland are being snapped up by tenants in just 15 days. This is almost a week faster than in the UK’s slowest market, in Wales, where homes are taking 21 days to let.
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Overseas buyers continue to fuel UK property boom

It’s a trend which the mortgage club believes is being driven largely by the stamp duty holiday, a factor which has also seen later life lending gain momentum as buyers – including downsizers – take advantage of the incentive.
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Latest UK house price jump could ‘scare off first-time buyers’

The cost of the typical UK home has risen to more than £250,000 for the first time, according to Halifax. The UK’s largest mortgage lender said residential property prices in October were 7.5% higher than a year ago, adding to the gap between income and house prices, which has sky-rocketed in recent years.
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David Hughes: Lockdown returns but lending continues

The latest figures from the Office for National Statistics highlights the economic recovery following the Spring lockdown, with the August GDP 21.7% higher than April’s low. However, it remains 9.2% below the levels seen in February 2020, before the full impact of the pandemic.
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Mortgage

Mortgage borrowers face ‘double blow’ of higher rates as choice halves

Rock bottom interest rates have disappeared from the mortgage market, which may be the start of an upward trend, borrowers are warned. The average two-year fix at 75% loan to value (LTV) now costs £585 more than it did six months ago.
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Mortgage holidays to be extended for up to six months amid England lockdown

UK homeowners are set to get up to six months mortgage holiday extension as England enters a second lockdown from 5 November to 2 December. Following the new lockdown, the Treasury announced on Saturday borrowers will be able to top their mortgage payment holiday to up to six months without this being recorded on their credit file.
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EYE on: Mortgages and Finance

Royal Bank of Scotland has launched its first ever ‘Green Mortgage’ for customers. The new product will offer a preferential interest rate to new or existing customers who are purchasing an energy-efficient property.
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UK Finance: 2.6 million mortgage deferrals have been approved

The Mortgage Arrears and Possessions report outlined that there were 74,850 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the third quarter of 2020. This figure represents a 5% increase on Q3 2019.
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Nationwide profits rise on high demand for UK buy-to-let mortgages

Nationwide saw its profits jump 17% in the six months to October, boosted by strong demand for buy-to-let mortgages. The building society posted profits of £361m ($478m) in its first-half financial report on Friday, though its underlying income was virtually unchanged at around £1.5bn.
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Rent

Rent prices fell sharply in cities over the summer

Rents increased in many rural areas and fell sharply in some cities over the summer as more UK tenants looked to relocate from town to countryside according to The Deposit Protection Service.
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One in eight renters unable to meet housing costs in full

Despite some improvement in the UK labour market since the spring, housing costs continue to be a serious concern for many as they struggle to cover rent and mortgage payments.
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Searches for pet-friendly rental properties surge to record levels post-lockdown

Pet ownership has increased as a result of the coronavirus (COVID-19) pandemic, with households choosing to get a canine friend in the midst of lockdown and during months of isolation.
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New normal has hit London rental market

The latest Hometrack Rental Market report for quarter 3 2020 is indicating that while annual rental incomes are on average for the whole of the UK up 1.7% the London market has fallen 5.2%. The latest average monthly rental income for a UK property is now £890.
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Rent in Great Britain rises for the first time since March 2020

The average cost of a newly let property in the UK rose to £1,041 ($1374) per month in October, a rise of 1.4% on the same month a year ago, and the first annual increase since the pandemic began in March this year.
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London rental growth slows to lowest rate in three years

It was the biggest slowdown in private rental price growth since March 2017. London rents recorded the weakest growth in the UK as the number of people moving to the capital for work dipped due to the pandemic and more Londoners decided to leave the city.
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Other

Nearly half of home offers ‘down valued’ after price agreed

A large proportion of buyers (46%) have had their prospective property down valued by their chosen mortgage lender, according to Bankrate UK. The mortgage comparison service surveyed buyers and prospective buyers across the UK to analyse how lender uncertainty is affecting the market.
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Beating the stamp duty holiday deadline ‘could be challenging’

The chancellor Rishi Sunak is under growing pressure to extend the stamp duty holiday beyond 31 March, amid concerns that thousands of buyers could fail to complete before the deadline.
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New UK law could bypass landlord approval to have pets

A new law is being considered that would allow renters to get a cat or a dog without their landlords’ approval. The proposed law, known as the Dogs and Domestic Animals (Accommodation and Protection) bill, has been put forward by Conservative MP Andrew Rosindell.
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People still want to own homes

The prime minister’s plans to turn ‘generation rent into generation buy’ through government-backed 95% mortgages led to dire warnings of another financial crisis driven by risky lending.
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What help are guarantors entitled to during coronavirus?

Despite the second lockdown starting on Thursday, there has been no help for tenants announced. As it stands at the moment, renters are still liable for rent payments even if their income has been affected by the coronavirus pandemic.
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‘Seven in 10 Brits’ think stamp duty holiday should be extended

Seven in 10 Brits think the UK government should extend the stamp duty holiday, as they may only have until the end of the month to find a property if they want to complete their purchase in time.
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When do people purchase their first property?

The average first-time buyer in Britain is now 34 and needs to scrape together a bigger deposit than ever before to get on the housing ladder. Faced with higher property prices and growing debt, Brits are getting older and older before they buy a home.
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