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: House price forecast: will the property market rise or fall in five years?; Top 5 Buy-to-Let Rental Yield Areas in Liverpool: Revealed; Could a joint mortgage make it easier to get on the property ladder?; Average five-year fixed mortgage rate edges back down towards six per cent; Tenant demand surges in South East regions; Top 5 Property Investment Mistakes You Need to Avoid;… Happy reading and… renting!

The market

UK’s housing market is now being driven by the over 50s

The UK’s housing market is increasing driven by older, affluent individuals already firmly entrenched in home ownership, in the latest sign that younger generations are being squeezed out.
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UK home-buyer demand inches up as mortgage rates fall

More Britons made enquiries with estate agents about potential house purchases over the past four weeks as mortgage rates started to fall, breaking a downward trend which has been in place since April…
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House price forecast: will the property market rise or fall in five years?

ouse prices across the UK are forecast to fall by seven per cent this year — according to the most recent property market forecasts.
In 2024 UK values will fall by a further four per cent before increasing by 2.5 per cent, three per cent and three per cent for the following three years.
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Average UK house price £14,500 lower in September than a year earlier

The average house price was around £14,500 lower in September than a year earlier, amid signs that buyers are favouring smaller properties such as flats, according to an index.
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London house prices fall over £20k on average as mortgage rates bite but full crash ‘unlikely’

The average London house price was around £20,220 less this September than the previous year, as higher interest rates make mortgages pricier and homes less affordable for buyers.
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Increase in Airbnb properties in Shropshire blamed for lack of rural rental homes

A ‘big increase’ in Airbnb properties is one of the reasons behind a “perfect storm” causing a shortage of rental homes in the county, it has been claimed.
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Property industry reacts to another drop in UK house prices

The Halifax house price index showed that the decline was softer than August when there was a 1.8% fall compared to the previous month.
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Housing market shows resilience amid high interest rates

The market is recalibrating to a higher interest rate environment, and that sentiment should slowly improve as buyers and sellers increasingly know where they stand…
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Top 5 Buy-to-Let Rental Yield Areas in Liverpool: Revealed

Liverpool Buy-to-Let offers some of the most attractive rental yields in the UK, with many buy-to-let investors enjoying good value properties in the North West city.
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London rental crisis: £1,000pcm room rents now the norm in growing number of postcodes

The number of London areas where the average price of renting a room has hit £1,000 per month is approaching half as the housing crisis continues to worsen in the capital.
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Bank of England Pauses Interest Rate Hikes, Relief for Mortgage Borrowers but Uncertainty Remains

The Bank of England (BoE) has decided to maintain the current base interest rate at 5.25%, marking a pause after 14 consecutive hikes. The decision on Thursday, September 21, 2023, offers some respite to mortgage borrowers and is the first time since November 2021 that the central bank’s monetary policy committee has not raised the base rate.
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Could a joint mortgage make it easier to get on the property ladder?

Clubbing together to buy a home may be a good idea for some people, but it’s worth considering the pros and cons first.
Buying a home with someone else is one way to get on the property ladder faster, with two incomes instead of one.
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Interest Rate Stays a 5.25%: What Does This Mean for Buy-to-Let Investors?

The Bank of England’s decision not to raise the interest rate suggests that rate increases may have peaked.
The reasoning is that higher interest makes people less likely to borrow money. Therefore, households will limit their spending, and companies will be less likely to raise prices.
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Mortgage rates falling as drop in inflation provides ‘confidence to lenders’

Homeowners with mortgages have seen their monthly repayments skyrocket in line with interest rate rises, with mortgage rates increasing to more than 6% for both two- and five-year fixed-rate deals in recent weeks.
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Average five-year fixed mortgage rate edges back down towards six per cent

The average five-year fixed-rate homeowner mortgage is edging closer to falling back below the six per cent mark, according to figures from a financial information website.
Across all deposit sizes on the market, the average five-year fixed-rate homeowner mortgage is 6.03 per cent, edging down from 6.04 per cent…
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UK mortgage approvals touch six-month low but consumers borrow more

British lenders approved the fewest new mortgages in six months in August, figures showed on Friday, in a further sign of the slowdown in the property market as mortgage interest rates rise, but borrowing by consumers gathered some steam.
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Many landlords are not passing higher mortgage costs on to tenants

UK landlords are facing mortgage costs rising quicker than rent increases in the past year – but they aren’t passing all the rise on to tenants, a new study reveals.
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ONS shows annual UK private rental prices up 5.5%

Within England, London had the highest annual percentage change in private rental prices in the 12 months to August 2023 at 5.9%, while the North East and South West saw the lowest (4.8%).
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Tenant demand surges in South East regions

The rental market in England has seen a strong recovery in the third quarter of 2023, with some regions in the South East leading the way.
“What’s striking is demand is stronger outside of London, as properties in south coast areas like West Sussex are being rented out like hotcakes.”…
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This Scottish city has been named the UK’s worst for renters

Renting in the UK right now is, to put it lightly, abysmal. Prices are rising like there’s no tomorrow and people are going to extreme lengths in order to keep accommodation affordable.
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Rents reach new record high with average home receiving 25 inquiries

The average advertised rent for a home across Britain, excluding London, reached a record high of £1,278 per month in the third quarter of this year.
It marks the 15th consecutive quarter that average advertised rents have risen to a new record.
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Tenant deposit values and disputes on the rise

The UK’s private rented sector (PRS) has seen a significant increase in both the number and value of deposits protected by tenancy deposit schemes in 2022-23…
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Is this the worst time ever to rent in the UK? That’s what the numbers say

The Royal Institution of Chartered Surveyors (RICS) said that some 43 per cent of its survey participants saw an increase in tenant demand in September but new landlord instructions fell by 24 per cent.
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Short-Term Lets in Liverpool: Is It Right for Buy-to-Let Investors?

When getting into buy-to-let property investment, there are many decisions to be made.
What kind of property should you invest in? Where should you invest? What are the different types of property investment?
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Update to ‘How to rent guide’ published

The updated ‘How to rent guide’ has been published and includes the latest advice for landlords and tenants on renting a property in England.
The latest guide must be handed to tenants before they move in because failing to do so might invalidate a Section 21 notice.
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Top 5 Property Investment Mistakes You Need to Avoid

Property investment can be a profitable venture.
However, you’ll want to ensure you do not make rookie mistakes if you’re a first-time investor.
2023 has been a tempestuous time for the housing market.
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Scrapping new energy efficiency standards ‘cruel and irresponsible’

Tenant organisations, trade unions, built environment bodies and energy companies have combined to criticise Prime Minister Rishi Sunak’s plans to change some of the UK Government’s key green policies, including proposals to water down housing energy efficiency standards and a weakening of targets to phase out gas boilers.
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What is a landlord break clause?

A break clause is a contractual provision in a lease which allows either the landlord or tenant to terminate the lease early. The clause may be drafted to be exercisable on a specified date or at any time during the term on a rolling basis.
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‘Rogue’ Sheffield landlord gets ten-year ban on letting out properties

A Sheffield man, widely dubbed ‘Britain’s worst landlord,’ has been handed a ten-year ban on letting properties due to serious safety concerns.
Nilendu Das, 55, created controversy last week when he claimed that his tenants “love” him despite the ban.
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Private renting leads to ‘quicker biological ageing’ than owning home

Renting in the private sector leads to quicker biological ageing than owning your own home or being in social housing, research suggests.
Experts found private renting negatively affects health, with the impact being nearly double that of being out of work versus having paid employment.
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