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 market is a buyer’s market in 2024; Rental market set to expand by 1M households by 2031; Sunak considers radical plan for 99% mortgages to help first-time buyers; Survey reveals what UK renters want from their homes; Dozens of landlord repossession claims threaten renters; Average time to sell a home in London ‘was twice that in Scotland in 2023’… Happy reading and… renting!
New housing market data shows gains in North West rental yields
Following a subdued 2023 for the housing market, the main positive for many landlords was the massive uptick in tenant demand and the rental price hikes that came with it.
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Those who forecasted a sharp drop in house prices ‘may be proven wrong’
The housing market remained surprisingly resilient in December, with buyer sentiment continuing to be strong with 71% of UK buyers confident they would purchase a property within the next three months, consistent with November.
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UK property market is a buyer’s market in 2024
This is the latest from the property portal website Zoopla, which also suggests that prices may not rise nationally this year. As a result, buy-to-let investors are likely to find good-value investment opportunities in the UK property market.
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The UK’s buy to let hotspots revealed
The UK’s buy to let hotspot has been revealed after the city saw a 12% surge in the number of privately rented properties over the past year, a new report has revealed.
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Rental market set to expand by 1M households by 2031
According to a report, there is a prediction of an additional 800,000 to 1,000,000 households who will be renting in the UK by 2031. This increase in demand is good news for those considering buy-to-let investment.
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London house prices: Best time to buy since 2016, experts say, but it won’t last
House prices in London will become more affordable this year, according to a new report, but the capital has been warned not to “get carried away” amid a frenzy of mortgage rates cuts.
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House prices rise more than expected in January
UK house prices rose more than expected in January as mortgage rates trended lower.
House prices were up 0.7% on the month, having been flat in December and versus expectations for a 0.1% jump. The average price of a home now stands at £257,656.
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Prime property market activity ‘not yet in sync’ with wider positive sentiment
The UK housing market is at an “inflection point”, which means mixed signals for buyers and sellers, according to Tom Bill, head of UK residential research at Knight Frank.
He points out that inflation has fallen quickly and sent the cheapest mortgage rates below 4%…
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UK house prices rise for fourth month running
UK house prices rose for the fourth consecutive month in January to the highest level since October 2022 as falling mortgage rates boosted the market.
Average house prices increased to £291,029 in January, which was £3,900 more than last month, according to the Halifax house price index.
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UK housing market shows signs of recovery as demand grows
At a headline level, buyer demand is running 11% higher than this time last year. Buyer numbers are up across all parts of the UK but London is firmly out in front, followed by the North East and North West regions.
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Sunak considers radical plan for 99% mortgages to help first-time buyers
The government is considering a radical scheme to help first-time buyers by guaranteeing mortgages which would require just 1 per cent deposits.
The prime minister and Jeremy Hunt, the chancellor, are contemplating the bold plan to appeal to young voters struggling to get onto the property ladder…
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Home buyer mortgage approvals reached six-month high in December
The number of mortgage approvals made to home buyers hit a six-month high in December, according to Bank of England figures.
Some 50,459 mortgages were approved for house purchase in December, marking the highest total since 53,953 approvals in June 2023.
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First-time buyer mortgage deposits fell 15% in 2023 – is now the time to buy?
First-time buyers struggled to get on the property ladder amid higher mortgage rates last year but there was some silver lining for those that managed to make a purchase as falling prices pushed typical deposits down.
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Bank of England holds interest rates at 5.25% for fourth consecutive meeting – are cuts coming?
The Bank of England has held interest rates at 5.25% for the fourth time in a row.
The central bank’s monetary policy committee (MPC) held its first rate setting meeting of 2024 and announced that the cost of borrowing would remain frozen.
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Mortgage sector urges government to rethink EPC rules for landlords
Mortgage lenders and advisers have called for a government U-turn on the relaxation of energy performance certificate (EPC) legislation for landlords, new data from the Mortgage Advice Bureau shows.
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Transitional measures proposed as private rent cap ends
Regulations to introduce an arbitration scheme that aims to avoid excessive private rent increases when the current emergency rent cap regulations come to an end have been laid in the Scottish Parliament.
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London rents reach record high of £2,631
It has never been so expensive to rent in the capital, with London rents hitting a new record high of £2,631 per month.
The figures for the last three months of the year are a small increase from the previous quarter but property site Rightmove is predicting London rents to jump 3% this year.
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Survey reveals what UK renters want from their homes
A new survey has revealed the top features that UK renters look for in a property and how much they are willing to pay for them.
The survey asked renters to select their top five most important property features from a list of 18 options.
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Landlord checklist: what you need to do before renting out your property
Amateur landlord renting out your house, or building a buy-to-let portfolio? Whatever kind of landlord you are, you’ll need to take some steps before you can get your property on the rental market.
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UK rental prices fall for third consecutive month
UK rent prices have dropped for a third consecutive month, with the biggest value of decreases noted since the autumn of 2020, the latest HomeLet Rental Index shows.
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Dozens of landlord repossession claims threaten renters
Landlords in Oxford filed dozens of repossession claims last year, new figures show.
Across England and Wales, landlord repossession claims rose by more than a tenth in the three months to December 2023 compared with the same period in 2022, including a 16% increase in Section 21 notices.
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UK rents soar by 8.3% in a year – Scotland leads the way
The UK’s rental market has seen a sharp rise in rents over the last year, with the average monthly rent reaching £1,220, according to property platform Zoopla.
This is an increase of 8.3% compared to a year ago, or £1,100 more per year for the average renter.
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What is the First Homes scheme and who is eligible?
Rising mortgage costs, costly properties and the years needed to save for a deposit – all amid a cost of living crisis – has left many struggling to jump on the property ladder. However, there are schemes such as First Homes, that will help you achieve the dream of owning your own house.
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Is 2024 a good time to invest in the UK property market?
Falling house prices and cut mortgage rates are good news for those looking to jump on the UK property market ladder, with higher levels of affordability potentially offering greater security.
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How much is landlord insurance?
Finding the right landlord insurance for the best price can be a daunting task and many of us begin our online search by asking ‘How much is landlord insurance?’.
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London renters need 209,000 new homes as government told it has ‘huge task on hands’
Some 209,000 new rental homes will be needed in London by 2031 to help deal with the capital’s shrinking pool of housing.
The data comes as supply across London has already dropped to around half of what it was five years ago.
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Let’s be honest, demonising landlords won’t solve Britain’s housing crisis
There have been reports recently about the buy-to-let bubble bursting. The sector is under pressure from higher interest rates, unfavourable tax changes and regulatory costs imposed by new rental rules and energy efficiency requirements.
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New study reveals the biggest worries of landlords for 2024
The cost of living crisis is impacting everyone, including landlords. A new survey has found that the biggest worries for UK landlords going into 2024 relate to rising costs and the impact of these, as well as tenants being unable to pay their rent.
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Why landlords should conduct routine inspections according to a property expert
Landlords are advised to carry out routine inspections as some tenants disobey the rules. According to a survey, 83% of UK landlords have dealt with tenants who have breached their tenancy agreements.
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Majority of landlords bought more property last year
Around 52% of residential buy-to-let landlords have grown their property portfolios in the last 12 months, according to research.
In the next year, more than half of landlords are looking to grow their property portfolio.
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Property transactions fall 20% year-on-year
The number of residential property transactions fell by an annual rate of 20 per cent in December, figures from HMRC have revealed.
The analysis, UK monthly property transactions, found the non-seasonally adjusted estimate of the number of UK residential transactions in December 2023 was 85,820.
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Landlord confidence strengthens as capital gain hopes improve
Landlord confidence has improved across all metrics year-on-year, with many feeling confident about the opportunity for capital gains on their properties, the private rental sector (PRS) as a whole, and the UK financial market.
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Average time to sell a home in London ‘was twice that in Scotland in 2023’
Homes in London took twice as long as properties in Scotland to sell on average last year.
In 2023, the average sale took 34 days – from the property first being launched to the market to a sale being agreed, subject to contract.
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