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 households take on more debt after months of repayments; UK housing bubble ‘set to burst’ with 14% hit to prices next year; The common misconceptions about self-employment and getting a mortgage; London mayor Sadiq Khan resurrects plan to freeze rents; How To Decorate Your Rented Home Without Annoying Your Landlord… Happy reading and… renting!

The market

Property Prices in a Recession: What’s Going On?

There have been bounce back loans, state grants, VAT deferment and more. Add this to the Stamp Duty waiver and the pent-up demand from the Covid-19 lock-down, it’s easy to understand why there is a mini property boom right now.
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UK house prices will hold firm to end of the year

Analysts at Zoopla expect market conditions to remain stronger than last year for the rest of 2020 with house prices up 2-3% by the year end despite the onset of recession and rising levels of unemployment.
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Coronavirus: UK households take on more debt after months of repayments

Lender survey data from the Bank of England showed on Tuesday showed that net consumer borrowing returned to “around its pre-COVID level” in July with households borrowing an additional £1.2bn ($1.6bn). That’s higher than the £1.1bn monthly average for the 18 months up to February this year.
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Barrows and Forrester: Property transactions in England down 71% since March

The average sold price secured by home sellers has also decreased since lockdown began, although this reduction has been more marginal at just 2%. Yorkshire and the Humber has been the worst-hit region, with the number of transactions declining by 73%.
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UK house prices at record high after biggest monthly leap in 16 years

The average home sold for £224,123 ($299,828) in August, up 2% from £220,935 in July. It provides the latest sign of the mini-boom in Britain’s property market in recent months, with pent-up demand after lockdown.
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UK Housing Market Snapshot: Is Now A Good Time To Move?

Back in the spring, almost nothing was happening in the property market. Coronavirus lockdown guidance stipulated that all exchange dates should be delayed, while those who had already exchanged contracts on a new home should agree a ‘contractual clause’ to stave off completion.
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Everything you need to know about UK housing right now

Over the past week, the UK government announced a shakeup of the shared ownership scheme in England, in a drive to help more households buy their own homes, while news filtered through from estate agents and surveyors about “unaffordable” house prices across the country.
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UK housing bubble ‘set to burst’ with 14% hit to prices next year

A study by the economic forecaster said many of the drivers of the recent rebound in sales and prices were “transitory in nature,” and predicted as they tail off, prices will start falling later this year.
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Mortgage

Now is the time to fix as rates rise and product availability stays low

Average mortgage rates have increased after dropping to record low levels in July of this year, and product availability continues to be a key issue, so borrowers may want to consider fixing to a new mortgage deal, according to Moneyfacts.co.uk.
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Coronavirus: UK mortgage approvals soar 66% as stamp duty slashed

UK lending for new mortgages soared by 66.2% in July as pent-up demand and a stamp duty holiday “turbo-charged” the property market in England, official figures suggest.
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HSBC limits 10% deposit mortgages for first-time buyers

The move is likely to further limit options for would-be buyers with low deposits, setting back many younger people’s hopes of getting on the property ladder. The average first-time buyer needed a 20% deposit in the wake of the global financial crisis.
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Average price of mortgage-funded property sales 10% higher than cash purchases

The mortgage vs cash house price gap has been increased by the most significant margin in the North East. The average property price funded by a mortgage is 15% higher than funded by a cash sale, with the North West and Scotland also home to a double-digit difference (14%).
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The common misconceptions about self-employment and getting a mortgage

It has long been believed that self-employed people always got the short straw when it came to getting a mortgage, however mortgage lenders are not as put off as we thought.
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British Banks Brace for Deeper Slump by Pulling Mortgage Deals

HSBC Holdings Plc, Barclays Plc and Natwest Group Plc have tightened restrictions on home loans for risky borrowers as officials unwind pandemic-support efforts. Then there’s the renewed prospect of a no-deal Brexit, threatening to deepen what’s already the worst recession in centuries.
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Rent

Eviction ban could leave some landlords without rent for two years

Some landlords could find themselves without rental income for two years if a ‘perfect storm’ of circumstances affects their lettings and they find themselves unable to evict unsatisfactory tenants.
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‘All-inclusive’ package properties on the rise among renters, new research has found

With more renters looking for improved financial security, the popular video-first rental app has seen a surge in the number of home hunters turning to solutions that offer fixed monthly outgoings.
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Goodlord: Voids settle and rents hold steady during August

August proved to be another successful month for the lettings market, with rents up by 2% overall, according to research by Goodlord. Void periods were up by an average of two days across the UK compared to July, reflecting an easing of the ‘rush to rent’ which characterised early summer.
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YouGov poll suggests almost a quarter of landlords have lost rent due to Covid

The research, conducted online by YouGov for the National Residential Landlords Association, found that whilst 19 per cent of those questioned had lost up to half of their usual rental income as a result of COVID-19, three per cent had lost more than half.
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Coronavirus: London mayor Sadiq Khan resurrects plan to freeze rents

London mayor Sadiq Khan has called for new powers to cap private rents in the capital, sparking a backlash from landlords and the UK government. The Labour mayor is demanding a two-year freeze on rent increases, as an “emergency measure” amid fears of rising evictions when a ban ends later this week.
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A quarter of Brits worried about their ability to pay rent

About 13% of tenants have already missed rental payments due to COVID-19 or had to make alternative arrangements in order to pay their rent, as lettings agents report a rise in rental arrears, a survey of 2,750 UK renters by property technology company Goodlord found.
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Top 5 ‘Need-to-Knows’ for tenants

If your landlord wants to evict you from your privately rented home, there are three stages they’ll have to go through.
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Other

UK government will extend eviction ban amid homelessness fears

A ban on the enforcement of repossession orders and bailiffs visiting homes has been in force since March in England and Wales. But it was due to expire on Monday (24 August) with legal eviction proceedings able to resume, sparking a backlash from councils, charities and campaigners.
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Do estate agents charge too much?

Property recruitment specialist, Rayner Personnel, has revealed that despite the stick UK estate agents receive for their so-called high commission fees, they actually rank mid-table when compared to other prominent property selling nations.
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Cost for first-time buyers increases by two thirds in a decade

Property prices for first-time buyers have increased 69% in the past decade, with the average price rising from £142,473 in 2010, to £241,025 today, according research from the Halifax.
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Brits take up to four years to save deposit for first home

Brits are up against a long wait to own their first home, with the average first-time buyer taking as long as four years to scrape together the money for a deposit. The average first-time buyer will have to save for three to four years for a deposit on a two bed property, according to a survey of 1,000.
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Shared ownership explained as house buying scheme expanded

Shared ownership schemes involve buying a share of a property with a mortgage or lump sum, and paying rent for the rest to the owner of the remaining share. Most shared ownership homes are part-owned by housing associations, but some councils and private developers also run similar schemes.
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Government spends £12.2bn on up to 180,000 affordable homes in England

The UK government has announced a £12.2bn ($16bn) plan to build up to 180,000 affordable homes over the next six years, and promised more social housing tenants will be able to part-buy their homes.
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How To Decorate Your Rented Home Without Annoying Your Landlord

From the phenomenon of Selling Sunset to tablescapes taking over Instagram, houses and how they look are dominating cultural conversations currently. Hardly surprising, considering home is where the majority of us have spent nearly all of 2020.
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