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 rental housing less affordable than in 2019, ONS says; North east labelled as ‘buy-to-let capital of Britain’; Mortgage costs see ‘meteoric’ rise since last royal coronation; Major blow for homeowners as BoE set to raise interest rates; Rental supply set for further squeeze; Top Things You Must Do As A London Landlord; 80% of landlords say they have carried out EPC work… Happy reading and… renting!
The best cities for buy-to-let investors
With the buy-to-let sector facing significant hurdles, including a combined £17.9bn bill for energy efficiency upgrades, higher borrowing costs and more regulations, identifying the best areas for buy-to-let in the UK is crucial.
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UK rental housing less affordable than in 2019, ONS says
Britons starting new private-sector housing tenancies spent an average of 26.8% of their income on rent in March, up from 26.6% a year earlier and 25.0% in March 2019, according to figures released by the Office for National Statistics.
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Average house price rises to £366,000 as tenants look to escape rental crisis
UK house prices jumped again in March, driven higher by soaring rents pushing tenants to seek out their first home, but further interest rate hikes by the Bank of England could send a chill through the market, new research shows.
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UK property sales fall 19% annually but is there hope of a spring bounce?
According to figures from HMRC, on a seasonally-adjusted basis, there were 89,560 transactions in March. This left property sales 19% down on the same month last year. Meanwhile, compared to pre-pandemic levels, this was 8.2% down on the 97,550 seasonally adjusted transactions in March 2019.
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North east labelled as ‘buy-to-let capital of Britain’
According to data, investors affected by the increase in interest on their mortgages have begun chasing higher rental yields in the north east of England, making it “the buy-to-let investment capital of Britain” due to low house prices and relatively high rent.
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Average UK house price fell by about £1,000 month-on-month in April
The average house price fell by about £1,000 in April, following three months of increases, according to an index.
Across the UK, the typical property value fell by 0.3% month-on-month, taking it to £286,896 in April, Halifax said.
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‘Business as usual’ as housing market stabilises
The UK housing market is “back to business as usual”, after a welcome level of stability returned to the market following a period of unprecedented uncertainty created by September’s mini-Budget, which sent the price of fixed-rate mortgages soaring.
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UK house prices jump to record high of £373,000 in May
Average new seller asking prices jumped by 1.8% — or £6,647 — this month, according to Rightmove, as sellers respond with increased pricing confidence to a market that is defying start-of-the-year expectations.
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Spring bounce as home-buyer mortgage approvals rise in March
The number of mortgage approvals being made to home-buyers bounced upwards in March, according to Bank of England figures.
The Bank’s Money and Credit report said mortgage approvals for house purchases “rose significantly”, to 52,000 in March from 44,100 in February.
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First-time buyers face £200 more a month on mortgage than last year
The analysis was based on the average asking price for a typical first-time buyer property, with two bedrooms or less, and the average rate for a five-year fixed, 85% loan-to-value (LTV) mortgage, with repayments being spread over 25 years.
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Mortgage costs see ‘meteoric’ rise since last royal coronation
Although interest rates are lower now than at the time of the 1953 coronation, house prices and monthly mortgage interest rates have seen a ‘meteoric’ rise, with many locked out of homeownership today as a result.
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New zero-deposit mortgage launched for renters aspiring to be homeowners
Renters who lack savings or financial support from their family can potentially make the jump on to the housing ladder with a new zero-deposit mortgage.
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Major blow for homeowners as BoE set to raise interest rates
The nine rate setters on the central bank’s monetary policy committee (MPC) are widely expected to raise borrowing costs by a quarter of a percentage point, which would be the committee’s 12th consecutive rate hike.
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What Does The Bank Rate Rise Mean For Mortgage Borrowers?
Mortgage brokers reacted with disappointment to the Bank of England’s latest interest rate rise, but say they are optimistic it is now at or close to its peak for this cycle.
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Kent town one of the least affordable places to rent in England where renters ‘will pay more’
A Kent town is one of the least affordable places to rent in England. Property experts say tenants are even willing to pay a higher price as rentals are in short supply in the county’s highly sought after areas.
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London rents rise at fastest pace in more than a decade, Government data shows
London private rental costs increased at their highest rate in a decade in March, new Government data shows.
The price of rent in the capital grew by 4.8% year-on-year, which was the highest rate since December of 2012.
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Average UK rents hit record with £2,500 in London amid property shortage
Average rents for properties across Britain have hit a new record high, according to data from a property website showing a record £2,500 per month in London.
Rightmove said the average rent being asked outside the capital topped £1,190 per month for the first time during the first three months of the year.
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Rental supply set for further squeeze
The rental supply-demand imbalance is only likely to worsen in the near-term future.
Rightmove recently released data showing the number of available rental properties in London was 46% below the level of 2019…
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South East sees country’s biggest increase in rental averages
New figures have revealed that the UK’s average rental price has reached an all time high – with the South East seeing the biggest increase.
Rental index figures for April 2023 from HomeLet have shown that the UK’s average rental price has continued to rise.
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Britain’s commercial rents bounce back
Commercial rents have bounced back across Britain, with an impressive 9.7% growth in the last year alone, data reveals.
The boom has overturned a previous downward trend which saw prices fall by -2.9% between 2021 and 2022.
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Top Things You Must Do As A London Landlord
Landlords have a lot of responsibility. The property they let must be fit for tenants and adhere to all the laws, regulations, and stipulations of the governing policies. Renting is a lucrative business when done right, but it does have to be done right.
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The property feature that could knock £5,000 off the value of your home
Research has revealed that 87% of homebuyers would avoid a property with a pond, while those looking to sell with a pond could see over £5,000 wiped off their asking price in order to secure a buyer.
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Why you should never, ever bet against UK house prices
April’s rise comes after seven straight months of relatively small declines. Not the cataclysmic collapse that was predicted – well, not just yet.
In fact, other house price trackers suggest prices have barely dropped.
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Britain’s renters are the real victims of this inflation and interest rate crunch
People doubtless would’ve gasped at headlines last week about UK interest rates being on course for five per cent.
Such a path looked implausible in March when Silicon Valley Bank’s collapse and Credit Suisse’s shotgun marriage to UBS sparked fears of a financial market meltdown.
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Edinburgh named third most expensive place to live in UK, with high rents the biggest factor
Edinburgh is the third most expensive place to live in the UK if you live on your own, a study has found. Only people in London and Bristol face bigger costs, according to the calculations which looked at average bills for rent, utilities, shopping, restaurants, clothes and transport.
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Rents are at record highs – so why are BTL landlords fleeing the market?
With savers receiving poor returns from banks and building societies in recent years, a number of people have unsurprisingly continued to turn to residential property as a means of supplementing their income, supported by low mortgage borrowing rates, solid demand from tenants and stable yields, as buy-to-let consolidated itself as the investment of choice.
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First-time buyers ‘seeking smaller homes amid higher rents and mortgage rises’
While three-bedroom homes remain the most sought-after property type for people taking their first step on the property ladder, “there is a clear shift in (first-time buyer) demand towards two-bed flats”- Zoopla.
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Renters Reform Bill to be published next week
The Renters’ Reform Bill is expected to include a wide range of reforms including the much-publicised abolition of Section 21 eviction powers for landlords, a strengthening of Section 8 eviction powers, a mandatory landlord register and the introduction of a Decent Homes Standard for the private sector…
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Time it takes to sell a property falls 44 days
The latest data release by an estate agent comparison site, has revealed that while the market may have started to slow where house price growth is concerned, the time it’s taking to sell a home across England and Wales has fallen by an average of 44 days.
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Petition calling on government to reinstate tax relief for landlords fails to hit signature target
A petition calling on the government to reverse its Section 24 tax changes for BTL landlords, which removed their ability to claim mortgage interest rate against their tax liability, has failed to reach its 100,000 signatures target.
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80% of landlords say they have carried out EPC work
A survey has revealed that 80% of landlords have already carried out work to meet their future potential EPC requirements.
However, 52% of landlords say the work was carried out at ‘minimum cost’ and 38% say they did the work to boost their property’s long-term value.
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