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 house prices predicted to not rise in 2021; Property searches surge in low population areas; UK mortgage approvals hit highest level since 2007; The 10 most affordable cities for renters in the UK; A third of Brits worried about paying their rent or mortgage; Stamp Duty… Happy reading and… renting!

The market

Edinburgh, Glasgow and Dundee judged the places to be in the UK to sell a house quickly

Glasgow, Edinburgh and Dundee are the places to be in the UK according to the new research when selling a property But the quickest sale in the UK is in Edinburgh – with an average of 45 days over twice as fast as the UK average of 101 days.
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UK house prices predicted to not rise in 2021

As the coronavirus crisis hammered almost every sector and plunged the UK economy into its deepest recession, the housing market, which came to a complete halt during the lockdown, managed to bloom after reopening in May.
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Ringley: UK has failed to build enough new homes for decades

“The UK has some of the oldest housing stock in Europe, especially in the private rented sector, where the majority of homes are converted flats rather than purpose-built, so it comes as no surprise that three million renters report to be living in poor conditions.”
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Many first-time buyers ‘more determined to get on housing ladder’

Nearly two-thirds (61%) of first-time buyers say purchasing a home is more important to them now than it was before the coronavirus lockdown in March, a survey has found. But many are relying heavily on the bank of mum and dad to help them achieve their ambitions.
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Property searches surge in low population areas

Taking the top spot is Lightwater in Surrey, where buyer searches were up 130% in September compared to September 2019. The village has a population of under 7,000, and house prices range from a studio flat on offer for £155,000 to a five bed house with an asking price of over £3.6 million.
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The covid housing crisis provides an ideal opportunity for reform

For a moment, it seemed as if the UK real estate sector was experiencing a boom in the weeks after the covid lockdown ended. Despite the steepest drop in GDP in the country’s history, the increased demand brought about by months of inactivity in the sector led to a rise in house prices.
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Yorkshire sees largest increase in property asking prices

Analysis from Knight Frank has revealed that asking prices for properties in Yorkshire and the Humber have risen by more than any other region in England and Wales since the market re-opened in May. The data looked at the average asking price for two-bedroom flats and three-bedroom houses across regions.
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Mortgage

You’re self-employed? You can still get a super-low mortgage rate

But first, you have to qualify for the mortgage. As the unemployment rate stays high, lenders are trying to predict whether potential borrowers will be able to make payments. They’ll check — and then double-check — that your income hasn’t been impacted by the pandemic.
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UK mortgage approvals hit highest level since 2007

The Bank of England on Tuesday said the number of mortgage approvals increased “sharply” to 84,700 in August. The spike represents the highest level of approvals since October 2007, on the eve of the financial crisis. The surge in borrowing was well ahead of forecasts from City of London economists of a 71,000 rise.
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Low-deposit mortgage deals vanishing – what it means for first-time buyers

Mortgage deals for first-time buyers with a low deposit have been disappearing from the market since the coronavirus pandemic took hold in the UK, new data shows. Analysis found that there aren’t any standard mortgage deals available to first-time buyers with a 5% deposit at the moment.
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Boris Johnson plans low deposit mortgage scheme

First-time buyers have been finding it particularly hard to buy a property since the pandemic began as lenders have cut maximum loan to values (LTVs), meaning they require a bigger deposit to buy a home. The stamp duty holiday in England and Northern Ireland was also granted to landlords and second home owners, further squeezing those looking to buy their first home as house prices have been pushed up and demand has increased.
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Mortgage applications spiral amid house price boom

The mortgage lender said the high levels of applications had coincided with house price growth over the last quarter of 3.3%, according to its house price index. Indeed, its latest house price figures revealed a 7.3% increase annually and a rise of 1.6% monthly in September.
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First-Time Buyers Paying £140 More Per Month in Mortgage Payments Since Pandemic Started

The average rate for a two-year fixed mortgage for a buyer with a 10% deposit has risen from 1.97% in February to 3.32% last month, adding significantly to the monthly mortgage payments of first-time buyers.
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Mortgages and loans to become tougher to get, lenders say

Borrowers could find it harder to obtain mortgages and other loans over coming months as default rates look set to rise, according to a Bank of England survey. The research revealed that the number of people defaulting on their mortgage and consumer loans are poised to increase during the final three months of this year, underlying the pressure on household budgets as the financial impact of the coronavirus takes its toll.
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Rent

HomeLet: Average rent up 2.1% on last year

The average rent in the UK is now £987, up 0.2% on last month, and 2.1% year-on-year, according to the September HomeLet Rental Index. When London is excluded, this average drops to £828; this is up 0.4% compared to last month, and 3.9% year-on-year.
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Coronavirus: Landlords call on UK government to provide rent arrears ‘hardship loans’

Landlords in England and Wales are calling on the UK government to provide “hardship loans” that will help tenants pay off coronavirus-related rent arrears. This comes as landlord confidence sees its sharpest decline since the beginning of the pandemic.
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These are the 10 most affordable cities for renters in the UK

While experts recommend that rent should not make up more than 30 per cent of a tenant’s income, there were only 16 cities in the UK where this would be the case for a tenant on the average income for that area.
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A third of Brits worried about paying their rent or mortgage

Levels of concern are highest amongst private renters, with 43 per very or fairly concerned about paying their rent now, compared to 39 per cent of social renters and 35 per cent of mortgage-holders.
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Other

Property: Top tips for first-time buyers hoping to get on the property ladder right now

The choice of low deposit mortgages has shrunk in recent months, as concerns about ‘riskier’ lending have grown. According to NAEA, first-time buyers made up 23 per cent of home sales in August, a fall from 25 per cent in July.
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Edinburgh named fastest city in UK for selling your home

Figures show properties in the Capital spend an average of just 45 days on the housing market before being snapped up. Edinburgh came just ahead of Glasgow, where the average home is bought 47 days after it is put up for sale.
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8 most common property survey issues revealed

Research conducted by Insulation Express found that buyers could save around £30,000 by conducting a home survey before putting down an offer. Whether the surveyor spots Japanese knotweed or electrical issues, this could help you negotiate a lower asking price.
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UK house prices to rise 20 per cent by 2024

Analysis by estate agent Savills found that UK property prices will jump 20.4 per cent in the five years to 2024. Average house prices are expected to increase four per cent this year before stagnating in 2021.
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Stamp Duty

In response to Covid-19, the UK Government have introduced many incentives to support personal and business finance, keep people in work, and keep the economy going. From the furlough scheme, to mortgage payment holidays, an array of incentives have been made available to help keep the country moving.
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Generation rent to generation buy: IMLA and UK Finance react

Last week, the Prime Minister proposed procedures to get more prospective homeowners onto the property ladder by offering lower deposits to help with affordability. As part of the initiative, banks would no longer be required to ask applicants about the finer details of their earnings and outgoings, with the intention of an estimated 95% of loans being accepted.
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