Landlords set to pass on mortgage rate hikes to tenants
Surging mortgage rates could see record rents growing further as affected landlords look to cover the rising cost of borrowing. Liz Truss and Kwasi Kwarteng’s mini-budget has sent the UK economy into freefall and the resulting mortgage rate hike means affected landlords will likely pass on rent rises to tenants, a landlord lobby group has warned. […]
BTL void periods decline across the board
Currently, the average void period across England is 16.8 days a year. With an average monthly rent of £940, equating to £31 per day, this means that void periods are currently costing landlords £518 per year. On a regional level, the longest average void period is in the West Midlands where, so far in 2022, […]
Rental market warning as landlords sell off properties due to ‘anti-landlord rhetoric’
A “dire shortage of accommodation to rent” will worsen as landlords opt to sell due to “anti-landlord rhetoric” from the Scottish Government, an industry expert warned. The Scottish Association of Landlords chief executive John Blackwood claimed a growing housing crisis is not being taken “seriously enough”. He said landlords are choosing to sell their properties […]
Mortgage deals drop 40% as market panic following ‘Mini-Budget’
The total number of mortgage deals on offer has plummeted by more than 40% in the last few days as the fall-out from last week’s Mini-Budget continues. Lenders concerned about possible Bank of England interest rate rises are pulling their products with some suspending their entire mortgage range. Virgin Money, Skipton BS, Post Office Money, […]
What are my rights if my landlord says no pets in my rented home?
The COVID-19 pandemic caused soaring numbers of pets being bought – in fact, 2020 saw almost a 20 per cent increase in the number of households keeping a pet compared to the previous year. It is no secret that rented property and household pets do not go hand-in-hand. The English Private Landlord Survey 2021 outlined […]
Supply of homes to rent stays static for three straight months
The rental sector remains strong according to the latest market survey by Propertymark. The number of new tenants registered on average per member branch reached a new peak at 141 in August – but the supply of available homes to rent has not risen in the last three months. The association says that a growing […]
‘Potential tipping point’ for housing market as buyers’ purchasing power is hit
Price sensitivity is showing signs of returning to the housing market as house hunters’ buying power takes a hit. Zoopla said six per cent of homes listed for sale have seen the asking price adjusted downwards by five per cent or more, marking the highest level since before the coronavirus pandemic. Given the economic backdrop […]
What The Hell’s Going On With Mortgages? Your Very Simple Guide
As the pound dropped rapidly in value this week, worries about what this means for the housing market are already soaring. It’s no secret that chancellor Kwasi Kwarteng’s so-called “mini” budget with £45 billion worth of tax cuts has not exactly landed well with investors all over the world. Now the Bank of England has tried to step in, to mitigate the […]
Mortgage Warning – higher rates ahead
With the current turmoil in the financial markets mortgage and remortgage interest rates are changing daily with one lender currently quoting a staggering 8.69% on a 75% loan to value fixed rate. Lenders are changing their rates on an almost hourly basis. If you have residential, buy-to-let or commercial loans act now to avoid huge […]
How long does buying a house take?
The average time taken to buy a home today is more than five months – around a month longer than it took house purchase transactions to complete before the pandemic, according to Smoove’s Home Movers Report. Within the last six months, the average time taken to complete the home purchasing process stands at 153 days. […]