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: Big increase in value of UK’s build to rent sector predicted; What is currently happening in the UK property market?; Bank of England expected to keep interest rates unchanged again; London found to be the only region to have unaffordable rent; 32% of landlords are looking to buy property; Tenancy fraud: strategies for landlords… Happy reading and… renting!

The market

Property market gap in England and Wales reaches 183,900%

The difference between the most and least expensive homes sold in England and Wales so far this year is more than £38.6m – or 183,900%, research reveals.
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Property market ‘turns a corner’ a year after mini-Budget

London’s property market has finally “turned a corner” a year after Kwasi Kwarteng’s mini-budget, with property listings back at levels seen before the ex-chancellor’s ill-fated Commons statement and prices starting to tick up again.
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Big increase in value of UK’s build to rent sector predicted

There are currently 90,000 completed BTR homes across the UK in schemes of at least 75 units. An additional 67,000 units are under construction and 74,000 have full planning permission, bringing the total volume to over 230,000 homes.
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What is currently happening in the UK property market?

The average listing price is continuing showing sings of returning to the sums seen in the Summer. Average listing price this week – £421,944. The 2023 running weekly average of £432,941. The difference between listing and sale agreed prices at 19% this week, which means it’s below the 20% barrier which is better for the property market.
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Yorkshire town tops the UK chart for annual house price growth and property predictions for 2024

Zoopla’s latest House Price Index has revealed that house price decline is now more widespread across the country. The impact of higher mortgage rates and cost of living pressure is impacting property values and weaker demand…
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UK house prices increased by 0.9% month-on-month in October

House prices rose by 0.9% on average month-on-month in October – likely reflecting a constrained supply of properties for buyers to choose from – according to an index.
Across the UK, property values fell by 3.3% compared with October last year…
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House prices could fall 10% by autumn 2024

A research brought together an expert panel of academics, economists and mortgage and savings experts, to ask them for their predictions on what will happen to the base rate for the rest of 2023 and the impact on the economy.
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Top 10 UK locations where house prices have risen the most

The average UK house price has fallen by 3.9% over the last year, with higher interest rates impacting mortgage affordability. However, there are still locations across the country where property values have risen.
More than 70 local areas have bucked the national trend with rising property prices…
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The housing market is booming – if you know where to look

Residential property prices in some parts of Britain have continued to increase strongly over the past year despite the wider housing market slowdown.
More than 300 local authority areas across Britain were analysed during Q3 2023 based on Halifax’s house price index.
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Mortgage guarantee scheme set to be extended for another year

The chancellor Jeremy Hunt is expected to extend the mortgage guarantee scheme for another year to help those struggling to cope with increasing mortgage rates, as part of the Autumn Statement next month.
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The UK remortgage market fell by over £10 billion in the last year

New data reveals that £17.5 billion worth of remortgages were approved in the first quarter of 2023, a £10 billion decrease from the previous year.
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Bank of England expected to keep interest rates unchanged again

The base rate, which influences the interest that people pay on their mortgages, is widely expected to be kept at 5.25%, although markets see some chance that it could rise.
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Mortgage rates are dropping — could they ‘continue to edge downwards’?

The 85 per cent LTV (loan-to-value) five-year mortgage rate dropped below five per cent for the first time since June — and some expect it could “continue to edge downwards”.
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Mortgage arrears rise sharply with landlords hardest hit

According to UK Finance, 87,930 homeowner mortgages were in arrears during the third quarter of the year – up 7% on the previous three months but still running at less than half the number seen in 2009 following the financial crash.
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London found to be the only region to have unaffordable rent

Only one region in England, Wales and Northern Ireland had unaffordable rent, according to official figures.
On average, Londoners paid 35% of their household income on rent in the year to March 2022, a percentage that the Office of National Statistics classes as unaffordable.
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Renters Reform Bill passes second reading

The second reading serves as the initial opportunity for MPs to discuss the fundamental principles of the Bill. This deliberation typically occurs at least two weekends following the first reading. During the second reading, the government minister, spokesperson, or the MP responsible for the Bill initiates the debate.
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The most and least affordable places to rent in the UK

England is the least affordable country in the UK with a median rent of 26.1 per cent, based off of £795 rent compared with a £3,050 monthly income.
Meanwhile, Wales is the most affordable with median rent of 23.4 per cent of private-renting household income…
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No rent controls in England for Buy-to-Let landlords

According to Housing Secretary Michael Gove, rent controls will not come into effect in England.
In a letter to the all-party Select Committee for Housing, Michael Gove confirmed that Valuation Office Agency data would not be made public, preventing an assessment to define “justified rent increases”.
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Rents reach new record high

UK renters can now expect to pay £1,283 per calendar month (pcm) on average, or £1,068pcm outside of London. This is up 0.55% and 0.66% respectively from last month alone, and a staggering 9.56% and 9.43% compared to this time last year.
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UK rents rise as supply falls and house prices remain subdued

The UK rental market is facing a supply-demand imbalance with rents expected to rise by 4% in the next year, the Royal Institution of Chartered Surveyors (RICS) reveals.
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Rental market in crisis: Are landlords exiting the sector?

According to one recent survey, landlords are now more than twice as likely to sell properties than they are to purchase them.
And that number is likely to grow, as the number of landlords in mortgage arrears has doubled year-on-year from 5,760 to 11,540, according to UK Finance.
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Is It Possible to Buy a Shared Ownership Property Without a Mortgage?

Through shared ownership, whereby people buy a portion of a property and pay rent on the remaining portion, people can become homeowners in the United Kingdom. Many prospective buyers are interested in finding out if they may buy a home through shared ownership without getting a mortgage.
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Tenancy fraud: strategies for landlords

Tenancy fraud occurs when someone dishonestly gains access to or continues to occupy social housing under false pretences.
This could manifest in various ways, such as subletting a property without permission, providing false information on a housing application, or illegally swapping homes with another tenant.
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Landlords threat to hike rents amid pet policy changes

In a poll of 1,400 UK landlords commissioned by an insurer, 54% of landlords are concerned about the increased risk of property damage from pets.
According to the survey, 63% of landlords would raise rents as a result of the changes.
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32% of landlords are looking to buy property

Almost four out of five of these landlords (78%) said they are building their portfolio with 38% citing an increase in the number of tenants and 34% are swayed by a potential drop in house prices.
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Number of UK’s unincorporated landlords rises to 2.82 million

The number of unincorporated landlords in the UK’s private rented sector (PRS) has increased to 2.82 million in 2021 to 2022, according to new data.
The data, based on Income Tax Self-Assessment (ITSA) returns, shows that unincorporated landlords declared a total of £48.87 billion in property income from 2021 to 2022.
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68% of UK first-time buyers more confident about getting on the property ladder than they were at the start of the year

Survey for HSBC UK reveals nearly 7 in 10 (68%) first-time buyers say they’re now more likely to be able to buy their dream home than they were at the start of 2023.
Most likely reason for buying is that it’s cheaper than renting, with only one in nine (11%) seeing property as an investment.
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Renters Bill provides benefits for both tenants and landlords, Government says

The long-awaited ban on so-called no-fault evictions will not be brought in until a new court process and stronger possession grounds for landlords are in place, the Government has confirmed.
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