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 growth slows to 33-month low; Manchester tops list of most popular first-time buyer hotspots in the UK; Lower mortgage rates keep first-time buyers in London; 21 tenants competing for each rental – is buy-to-let worth it for landlords?; What are the risks and benefits of buying a house with a friend or sibling?… Happy reading and… renting!
UK house prices drop by more than £5,000 in August
The average price of a newly marketed UK home has dropped by more than £5,000 month-on-month in August, as the distractions of school summer holidays traditionally bring a dip in prices.
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UK rental growth slows to 33-month low
Rental growth has slowed to its lowest level for 33 months, the latest market analysis from Zoopla has revealed.
Demand for rental homes has fallen by 39% over the past year with the rental market shifting from ‘red hot’ to ‘hot’.
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It’s time for a reset in the private rented sector
Labour’s slogan “Change” was impossible to avoid during the 2024 UK General Election. It was everywhere. It also worked. We got a change in government and our new Labour administration has already run out much, if not all, of its honeymoon period. “Change” is what was offered, and “change” is what the public expects to be delivered.
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London sees marked rise in rental properties being sold
A data specialist reveals that in July 2024 some 22% (617) of all newly listed homes for sale in Inner London were found to have been available to rent at some point in the last decade, marking a 10-year high.
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Price of the average London home on the rise as UK demand rockets
The ‘average’ London home will now set you back more than £530,000 after house prices in the capital increased for the first time since April 2023, according to figures.
The East of England was one of only four regions to see prices fall, with the average down 0.9 per cent year on year.
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Property transactions experienced ‘marginal’ dip in July
The data, HMRC’s UK monthly property transactions commentary, showed, for a provisionally seasonally adjusted estimate, there were 90,630 transactions in July 2024, representing a marginal fall of less than one per cent when compared with June 2024.
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UK property equity surges to new record as house prices recover with falling rates
The value of the UK’s property equity is higher than ever before having surged to almost £6 trillion, new research has revealed.
The study by the Equity Release Council calculated that recovering house prices helped to increase the figure to an “unprecedented” £5.7 trillion in the three months ending June 30, 2024.
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House prices near a two-year high – will they continue to rise?
House prices were up 4.3% in August compared to the same period a year ago, according to the latest data from the Halifax house price index. This is the strongest rate of annual growth since November 2022.
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Manchester tops list of most popular first-time buyer hotspots in the UK
Manchester is now the top hotspot for first-time buyers in the UK, according to new research by a major bank. Halifax has now revealed Britain’s hottest locations for first-time buyers, where those stepping onto the property ladder are reshaping the local housing market.
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Bank of England rate cut sparks ‘welcome boost’ in homebuyer activity
The first Bank of England rate cut for four years has led to an immediate upturn in buyer activity, according to Rightmove.
Estate agents have seen a 19% jump in the number of people contacting them about homes for sale since August 1, compared with the same period last year.
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Lower mortgage rates keep first-time buyers in London
Londoners purchased 33,130 homes outside of the capital in the first half of this year, according to an analysis.
This was slightly lower than the pre-pandemic average of 34,830 homes bought outside of London and due to fewer people moving overall.
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Mortgage approvals for house purchase jump to highest levels since mini-budget
The number of mortgages approved for home buyers has jumped to its highest level since the month the mini-budget was delivered under then-prime minister Liz Truss.
The Bank of England recorded 62,000 approvals for house purchases in July…
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Tenant demand fuels ambitions for aspiring landlords
Long-term tenant demand and a desire to supplement retirement income are the primary drivers for aspiring landlords seeking to build property portfolios, research reveals.
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Pressure on renters starts to ease as rents fall
Rents have been rising faster than earnings for three years but there are clear signs that the recent boom in rents for new lets is coming to an end. Welcome news for under pressure renters worried about the cost of renting and planning a move in the rental market.
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Government ‘risks rental crisis’ with landlord attacks
Landlords are being forced to sell up due to a ‘tsunami of legislation’ that has made it increasingly difficult and costly to operate in the sector.
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Renters warned to prepare for the months ahead as supply of properties remains ‘sluggish’
House prices are beginning to rise for the first time in nearly two years as market activity increases, according to surveyors. The Royal Institution of Chartered Surveyors (Rics) reported that price growth moved into positive territory last month for the first time since October 2022.
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21 tenants competing for each rental – is buy-to-let worth it for landlords?
Rental growth may be slowing but landlords are still able to raise rents by double digits in areas close to major cities.
The benefits of buy-to-let have been reduced in recent years due to higher mortgage rates and the scaling back of tax reliefs, which have dented landlord profits.
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Future of short-term let regulation debated in Westminster
It came after the previous UK Conservative government announced reforms to planning laws in February that would empower councils in England to make short-term lets in their area subject to a planning process, thus preventing a “hollowing out” of communities.
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What are the risks and benefits of buying a house with a friend or sibling?
It’s no secret that it’s a challenging time for first-time buyers to get onto the housing ladder. Buying a property can be a daunting financial prospect, especially if they’re trying to do it on their own. To help share some of the financial load, buying with friends or family members is becoming an increasingly attractive option for many first-time buyers…
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On average, Brits can earn £119 extra per month by renting out a parking space
Amidst the high cost of living and high mortgage rates, , many homeowners are starting to rent out parts of their homes to earn some extra money. But which UK cities offer the most profitability for those considering renting out?
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UK is one of the slowest places to sell a home
Across the 12 nations, it takes an average 110 days for a property to go from its initial listing all the way through to completion.
The fastest homeselling nation is the US where it takes an average of just 53 days to go from listing to ‘closing’.
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Lender urges government support for landlord EPC upgrades
Under government plans, all rental properties must achieve an Energy Performance Certificate (EPC) rating of Band C by 2030.
A research found that a third of landlords don’t know their properties’ current EPC ratings, and Hamptons, warned last week it could take up to 18 years to meet the 2030 target.
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Holiday let landlords face tax crunch
The clock is ticking for furnished holiday let landlords as government plans to abolish the favourable tax regime from April 2025 are forcing owners to reconsider their future.
On 29 July, the government unveiled draft legislation ending the Furnished Holiday Letting (FHL) tax benefits.
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New Renters Rights Bill announced in King’s Speech
The Renters Reform Bill was contained in the Conservative government’s 2019 manifesto. The aim of the proposed Renters Reform Bill was to reform the private rental sector in England and Wales to improve tenants’ rights.
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UK housebuilding grows at fastest pace since 2022 mini-budget
The UK’s housing sector has grown at the fastest rate since the mini-budget knocked the industry almost two years ago, according to new data.
The continued rebound in housebuilding helped drive further growth across the UK’s construction industry in August, although the rate of expansion eased slightly compared with the previous month.
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Government hopes Section 21 ban will be in place by summer
The government says the aim is to have the Section 21 ban on evicting tenants in England in place by next summer.
The plans, part of the Renters’ Rights Bill, which was published and introduced to Parliament yesterday, builds on the proposal first put forward under the Conservatives.
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