Category: Uncategorized

Rental prices surge upwards in London as renters return to the capital

December 23, 2021
Rental price growth in London commuter belt cities and towns have outperformed villages and rural areas over the past year, according to the latest quarterly rental price indices from Savills, as lockdown rental trends continue to reverse. The latest data from the company reveals that rents in commuter belt cities are up 8.9%, while in towns they have increased by 8.5%. Meanwhile, villages and rural areas have seen growth of 7.4% and 6.7% respectively. With more people returning to cities, prime London rental values experienced their strongest quarterly growth since June 2010 – up 6.6% on the year. This in part was led by the recovery of London’s flat market, which saw growth reach 4.1% in Q4 2021 versus 2.2% for houses in the ... Read More

Will house prices rise in 2022? The outlook for the housing market next year

December 21, 2021
The property market has soared in the past 12 months despite the adverse impact the global pandemic has had on the UK economy, as people sought more living space and locked into cheap mortgage borrowing costs. One of the major factors driving up prices over the past year was the stamp duty holiday, introduced in July 2020, which finally ended on 31 September after being phased out over the summer period. The scrapping of stamp duty on properties worth less than £500,000 prompted record numbers of transactions, as buyers were able to save up to £15,000. Yet despite the ending of the tax break the housing market has remained relatively strong. House prices grew by 7.1% in November, Zoopla said, meaning the average house has now gai... Read More

Bank of England considers easing mortgage lending conditions

December 8, 2021
The Bank of England is understood to be considering softening affordability checks borrowers must pass in order to take out a mortgage, but some critics warn the move risks creating a housing bubble. Currently, borrowers applying for a mortgage will need to satisfy their lender that they could afford to pay a reversion rate, which as many of you will know, is a hypothetical future mortgage payment, usually based on the lender’s standard variable rate of interest, plus 3%, designed to keep large mortgage borrowing in check. The potential easing of this would better reflect real-life conditions at the end of mortgages, but experts warn that allowing greater borrowing could push up residential property prices even further. Many buye... Read More

A number of buy-to-let mortgage providers are dropping minimum income requirements to attract silver landlords to the market

November 29, 2021
Accord Mortgages, the buy-to-let brand of Yorkshire Building Society, is one such lender to do so, while NatWest similarly eased its rules earlier this year. Previously it was standard practice for buy-to-let applicants to require a minimum income of £25,000. Bank of Ireland, BM Solutions, Coventry Building Society and Foundation Home Loans are other lenders that don’t have minimum income requirements. Chris Sykes, of mortgage broker Private Finance, said: “It is a welcome change for many. Those who treat buy-to-lets as their pension wouldn’t qualify for finance through Accord previously, but would now.” Accord is also encouraging first-time landlords to apply, saying they should contact their business development manag... Read More

The Mortgage Works returns to 80% LTV lending

July 1, 2021
The Mortgage Works (TMW) has resumed lending to 80% LTV on its buy-to-let, let to buy, large portfolio and limited company range of mortgages. The mortgages are only available on properties with an EPC rating of at least C, as the lender looks ahead at a potential regulatory change which could make a C rating a minimum requirement for all tenancies by 2028. The lender is offering a 2-year fix at 2.49% and a 5-year fix at 2.99%, both with a 2% fee. For limited company landlords meanwhile 2-year fixes cost 2.79% and 5-year fixes 3.49%, with a 2% product fee. TMW had halted 80% LTV lending in the height of the pandemic. head of The Mortgage Works, said: “The Mortgage Works is one of the UK’s largest buy to let lenders and we... Read More

House prices set to soar as buyer demand shows ‘no signs of abating’

May 25, 2021
A significant increase in residential property prices has been forecast by Reallymoving as demand rom buyers continues to heavily outweigh supply. The comparison site predicts the UK housing market will remain buoyant with prices set to increase by an average of 2.9% in June and 3,7%, when compared with the corresponding period last year. Despite warnings from agents and surveyors of limited new supply, activity remains exceptionally stron... Read More

First time buyers can now borrow 5.5 times their income

April 22, 2021 Tags: income
From April 26 Nationwide’s Helping Hand product allows first timers the option of borrowing up to 5.5 times their income when taking a five or 10-year fixed rate mortgage up to 90 per cent Loan To Value – the most currently offered by any major high street lender.   More info at https://www.estateagenttoday.co.uk/breaking-news/2021/4/first-time-buyers-can-now-borrow-5-5-times-their-income... Read More

Agency fees the biggest factor when choosing an agent

April 13, 2021 Tags: Agency, factor
Price unsurprisingly remains an important factor for many buy-to-let landlords when it comes to choosing a letting agent. Letting agent fees, of which 44% of landlords stated is their biggest expense, is the biggest factor when choosing an agent, according to new research by Rentround. More info at https://propertyindustryeye.com/letting-agency-fees-is-the-biggest-factor-when-choosing-an-agent/... Read More

PBSA news roundup

April 11, 2021
PBSA roundup – new Leeds scheme, £133m tie-up and hottest towns revealed More info at  https://www.propertyinvestortoday.co.uk/breaking-news/2021/4/pbsa-roundup--new-leeds-scheme-133m-tie-up-and-hottest-towns-revealed... Read More

Revealed – London postcodes still in favour with investors and buyers

April 7, 2021
London lettings and estate agency Benham and Reeves has calculated a league table of the most popular postcodes in the capital for investors and owner occupier buyers in the past year of the pandemic. Checking all residential property transactions since the first lockdown in March 2020, the agency says there’s been just shy of 50,000 sales completed across the capital at an average £487,500. More info... https://www.lettingagenttoday.co.uk/breaking-news/2021/4/revealed--london-postcodes-still-in-favour-with-investors-and-buyers... Read More