The Basic Rules for Increasing Rent in the UK
With the cost of living increasing and private rents reaching historic highs, many individuals across the UK find themselves with barely a penny left after covering their basic needs. The surge in private rent costs since the pandemic has deepened the nation’s housing crisis, raising the pressing question: what can tenants do if their landlord […]
Mortgage Product Surge Reflects Rising Market Confidence
The housing market is showing signs of renewed confidence, with a significant increase in the variety of mortgage products available, even before the anticipated interest rate cuts. According to Jonathan Samuels, Chief Executive of Octane Capital, the second quarter of this year saw a notable 7.7% rise in mortgage options for first-time buyers. This increase […]
Landlords Purchase Lowest Share of Homes in 15 Years Amid Pressures
Landlords acquired a mere 10% of homes sold across Britain in the first half of this year, marking the lowest share in at least 15 years, according to a recent report by Hamptons. This sharp decline contrasts with the 16% share recorded in 2015, before a series of tax and regulatory changes began to diminish […]
Record High Rents Hit Britain’s Tenants Amid Supply Struggles
Britain’s renters continue to face an uphill battle as recent figures from Rightmove PLC reveal a surge in rental prices, adding to their mounting concerns. The latest data indicates that average advertised rents outside London soared to an unprecedented £1,314 per month in the second quarter of 2024. This represents a significant 7% increase compared […]
Liverpool Cracks Down on Non-Compliant Landlords in Joint Effort with HMRC
Liverpool City Council, in collaboration with HM Revenue and Customs (HMRC), has launched a rigorous campaign to address non-compliant landlords in the city. Louise Harford, the council’s interim director of housing, emphasized that landlords who avoid licensing schemes are often implicated in broader criminal activities. This joint effort aims to improve housing standards and tackle […]
Buy-to-Let Mortgage Lending Halved in 2023 Amid Rising Interest Rates
The volume of lending for buy-to-let (BTL) house purchases dramatically decreased in 2023, according to recent data from a banking and finance industry body. The number of new BTL mortgage deals plummeted from 25,280 in the fourth quarter of 2022 to just 12,422 in the first quarter of this year. UK Finance attributed this sharp […]
Buy-to-Let Market Faced Significant Challenges in Q1 2024: UK Finance
UK Finance has today unveiled its comprehensive update on the buy-to-let (BTL) market for the first quarter of 2024, alongside a detailed report titled “The Shape of Buy-to-Let.” This report delves into the factors driving landlords into arrears, revealing a landscape fraught with difficulties. Market Contraction The volume of lending for BTL house purchases has […]
Private Renters Much More Satisfied Than Social Renters, Survey Reveals
Private renters express greater satisfaction with their accommodation compared to those in the social rented sector, according to new data released over the weekend. The Government’s latest English Housing Survey for 2022/23 reveals that 82 percent of private renters are satisfied with their accommodation, in contrast to 74 percent of those in the social rented […]
Propertymark Wants Government Clarity on Section 21 Eviction Reforms
Propertymark has called on the Labour Government to provide explicit details on its plan to abolish Section 21 ‘no-fault’ evictions under the forthcoming Renters’ Rights Bill. The organization also emphasized the need for a legal mechanism to prevent the court system in England and Wales from becoming overwhelmed. In his recent speech, King Charles announced: […]
New Renters’ Rights Bill Aims to Bolster Tenant Protections
In the wake of the Renters (Reform) Bill’s failure, landlords are bracing for another challenge as the Renters’ Rights Bill (RRB) seeks to fill the gap left by its predecessor. Despite a 2019 manifesto pledge, the RRB was shelved by the Conservatives after Rishi Sunak called a General Election. Now, Labour promises to “take action […]