Half Of Private Landlords Cut Rent In 2020

Almost half (46%) of landlords reduced monthly rent payments for their tenants because of the pandemic, according to research from Shawbrook Bank. In total, Shawbrook found that 28% of landlords gave their tenants a full rent payment holiday; a period of up to three months where tenants were not liable to pay any rent. Additionally, 18% offered a rent reduction; a period where tenants paid a lower level of rent as agreed with their landlord. Those landlords that gave their tenants a payment holiday estimated they lost £7,500 on average, while rent holidays cost landlords £6,500 on average. Read more on the Mortgage Introducer website.

https://www.mortgageintroducer.com/shawbrook-half-private-landlords-cut-rent-2020/ 

Equity Release For Home Improvements Up 134% Since 2020

The number of over-50s customers seeking equity release to undertake home improvements rose by 134% in 2021, according to data from Legal & General Financial Advice. The business compared the first five months of 2021 to the same period last year, finding that the number of customers looking to unlock wealth from their home to make renovations initially rose in August 2020, and has been one of the main reasons for customers looking to take out a lifetime mortgage since then. Recent research commissioned by the Good Home Inquiry found that 63% of people approaching later life in England see home renovations as a priority in the next two years. Read more on the Mortgage Introducer website.

Equity release for home improvements up 134% since 2020 | Mortgage Introducer 

Build To Rent Sector Accounts For 1% Of All Housing

The build to rent sector now accounts for 1% of all UK rental properties, having risen by 135%. Four years ago there were 22,831 build to rent properties in the UK rental market, accounting for just 0.4% of private rental stock. In London, the level was greater, with the 12,709 properties, accounting for 1.2% of the total rental market. The build to rent now accounts for 53,750 homes within the private rental sector, up 135% since 2017. The volume of build to rent stock in the capital has increased by 109% since 2017, with the current total of 26,625 accounting for 2.5% of all private rental properties in London. Read more on the Mortgage Introducer website.

https://www.mortgageintroducer.com/build-rent-sector-1-housing/

Landlords Publish New Deal For Rented Housing

Private landlords are calling on the government to establish a new landlord and tenant conciliation service as part of its planned changes to the private rented sector. The call, being made by the National Residential Landlords Association (NRLA), comes as it publishes its proposals for the Renters’ Reform Bill. With the government committed to abolishing section 21, or ‘no fault’ evictions, the NRLA is calling for reforms to the rights of repossession that are fair to both tenants and landlords. The plans outline clear and comprehensive grounds upon which landlords should be able to regain possession of their properties. Read more on the Mortgage Introducer website.

https://www.mortgageintroducer.com/landlords-publish-new-deal-rented-housing/

Housing Shortage Set To Become More Acute

The shortage of housing in England is set to become more acute due to the decision to leave the European Union with current levels 30% below those recorded before the economic downturn in 2008. Indeed, recommendations put forward by the Barker Review of housing supply in 2004 that 270,000 new homes should be built every year have never been met, according to a new report from the Yorkshire Building Society. It means that the country has missed its house building targets by a 1,199,180 since 2004. And despite the government pledging in 2015 to build a million homes by 2020 only 142,890 were built in 2015 as a whole. Read more on the Mortgage Introducer website.