Available Rental Stock At Record High

The latest data released by ARLA Propertymark has revealed that the supply of properties available to rent rose to 203 per member branch in March, from 197 in February – the highest since records began in 2015. Year-on-year, supply is up 13 per cent, compared to 179 per branch in March 2018. Demand from prospective tenants also increased, with the number of house hunters registered per branch rising to 67 on average3, compared to 65 in February. The number of tenants experiencing rent rises fell marginally in March, with 30 per cent of agents witnessing landlords increasing them, compared to 34 per cent in February. Year-on-year, this figure is up 30 per cent, from 23 per cent in March 2018. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/landlords/available-rental-stock-at-record-high-says-arla.html

Regional Housing Markets 'Shrug Off' Brexit Uncertainty

The latest UK Cities index from Hometrack has revealed that despite Brexit continuing to dominate most aspects of life in the UK at the moment, in the two and a half years since the referendum, it appears to have had a limited impact on the UK’s housing market. According to the report, households in regional housing markets appear to be shrugging off any uncertainty. Six of the UK’s largest cities are posting year on year growth figures over 6% with Leicester (7.7%), Edinburgh (7.4%), Manchester (6.3%), Birmingham (6.2%), Nottingham (6.1%) and Liverpool (6.0%) all performing strongly. Sales volumes continuing to keep pace with new supply in regional cities, supporting price growth. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/regional-housing-markets-shrug-off-brexit-uncertainty.html

FTB Numbers Hit Highest Level In 14 Months

The latest data and analysis from UK Finance has revealed that, during August, there were 35,500 new first-time buyer mortgages completed in the month, a 2% rise against the same month a year earlier. The data shows that the £6.1bn of new lending during August was 5.2% more year-on-year and that the average first-time buyer is 30 and has a gross household income of £42,000. According to the data 38,000 new homemover mortgages were completed in the month, some 2.3% fewer than in the same month a year earlier. Read more on the property reporter website.

http://www.propertyreporter.co.uk/property/ftb-numbers-hit-highest-level-in-14-months.html 

Landlord Purchases Down 30% In 3 Years

During the first half of 2018, landlords spent £12.1bn on new buy-to-let purchases - a £5.2bn or 30% drop in value than the same period during 2015 according to the latest report from Hamptons International. The total value of homes purchased by landlords has reached the lowest level in five years (since H1 2013 - £11.2 billion), having peaked in H1 2016 at £21.2 billion when second homeowners rushed to beat the 3% stamp duty surcharge which was introduced in April 2016. Read more on the property reporter website.

http://www.propertyreporter.co.uk/landlords/landlord-purchases-down-30-in-3-years.html

Labour Plans £560m A Year Levy On Holiday Homes

Labour has announced new plans to introduce a levy on second properties used as holiday homes, in a bid to tackle homelessness. Under the plans, the holiday homes would face an average annual bill of around £3,200, meaning the estimated 174,000 properties used for this purpose in England could generate up to £560m a year. The new levy would be based on a property’s council tax band and represent a doubling of its council tax bill. Labour stressed that the new levy would only be applicable to second homes primarily used as holiday houses, and would not include homes that are rented or used for employment, or static caravans. Read more on the propertyreporter website.

http://www.propertyreporter.co.uk/property/labour-plans-560m-a-year-levy-on-holiday-homes.html    

UK HPI: House Prices Up 5.1%

The latest data and analysis from ONS/Land Registry has revealed that average house prices in the UK have increased by 5.1% in the year to July 2017. The annual growth rate has slowed since mid-2016 but has remained broadly around 5% during 2017. According to the UK HPI, the average UK house price was £226,000 in July 2017. This is £11,000 higher than in July 2016 and £2,000 higher than last month. The main contribution to the increase in UK house prices came from England, where house prices increased by 5.4% over the year to July 2017, with the average price in England now £243,000. Read more on the property reporter website.

House Sales Surge Due To Interest-Only Worries

New research from equity release referral service, Key Partnerships, has revealed that many homeowners are being forced to sell their homes to pay off interest-only mortgages ahead of looming repayment deadlines. The report found that more than two out of five estate agents (43%) say the number of customers forced to sell to pay off interest-only mortgage debts has increased over the past two years. Mortgage debt issues are particularly affecting older customers trying to downsize to less expensive houses to release cash. Key’s research found 73% would-be downsizers are paying off mortgages. Estate agents are regularly asked for advice and guidance on mortgages and remortgages by clients – 58% say clients want support on mortgages. Read more on the property reporter website.

Millennials Spend Over A Third Of Take Home Pay On Rent

According to the latest Landbay Rental Index, young tenants are spending a third of monthly take home pay on rent, with those in a three bed property spending 30% and those in a two bed spending 39%. Those attempting to live alone face spending over two thirds (69%) of monthly take home pay. For tenants aged between 18-39 and living alone, 69% of a monthly post-tax income of £1,447 is spent on £1,012 of rent. In a shared house of two people, overall rent of £1,152 adds up to 39% of each tenant’s income, while those co-habiting in a three-bed property would each spend 30% of their monthly take home pay on a rent of £1,322. Read more on the property reporter website.

NLA Warns Landlords To Get A Licence Or Face A £20k Fine

The National Landlords Association is encouraging landlords in Ashfield to become accredited to take advantage of discounted property licensing fees. From May 1, landlords in Ashfield will require a licence for every property they let, or they could be subject to a £20,000 fine. The scheme has been set up to tackle problems identified by the Council as poor quality of rented properties, poorly behaved tenants and anti-social behaviour. However, landlords will receive a £100 discount when applying for licences, so long as they are accredited with an appropriate body. The full cost of a licence per property is £350 and is valid for five years. Read more on the Property Reporter website.

Strong FTB Activity Sees Homebuying Hit 10 Year High

The latest CML data has revealed that during the first two months of the year house purchase loans were at their highest levels since 2007. According to the report,  this is due to strong first-time buyer activity which has" consistently matched home mover borrowing over the past six months, a trend not seen in the UK for 20 years". However, due to the seasonal dip in activity, borrowing was relatively low compared to monthly activity the past twelve months. On a non-seasonally adjusted basis, home buyers borrowed £8.9bn, up 6% on January and 2% on February 2016. The report also highlighted that homeowner remortgage activity fell by 26% by value and 23% by volume compared to January. Read more on the Property Reporter website.

100,000 Unoccupied Homes across Yorkshire

The Housing Crisis is a political and social problem that has set the agenda for many a political debate over the last few years, and so it may surprise some readers in Yorkshire that a survey carried out by Endsleigh Insurance found that there are nearly 100,000 unoccupied yet perfectly habitable homes across Yorkshire and the Humber alone. On a wider scale, the UK as a whole has an astounding 693,920 habitable yet vacant homes, which amounts to £115 billion in locked away value, or in more palpable terms, more than 8% of Britain’s £1.4 trillion debt.  Read more on the propertyreporter website.