Demand for rentals outstrips supply as tax changes and rising rates punish investors the number of landlords choosing to exit the market increased The Bank of England Monetary Policy Report has just been published, and says demand for rental properties has continued to outstrip supply as “the number of landlords choosing to exit the market […]
The Financial Times have run an article questioning whether we are seeing the beginning of the end of Buy-to-Let. The article can be seen here (subscription may be necessary), and gives the example of a long term landlord who began buying homes for rent over two decades ago as a student and amassed a portfolio […]
The House of Commons Library has just published a report on Household Debt: Key Economic Indicators. It can be seen here, and says: Household debt as a % of disposable income Household debt peaked in Q3 2008 at 155.6% of household disposable income. It then declined to 132.4% by late 2015. Growth in household debt […]
A report in the Telegraph shows that taxes paid on second properties surged in the last financial year. The report can be seen here (subscription may be necessary) and shows that HMRC have reported tax paid last year of £4.56bn, against an average of £3½bn in previous years. This is thought to be due to […]
Almost 13,000 offshore companies holding UK property have failed to declare their ultimate owners and may now face fines and a ban on selling their land, the government has said. Martin Callanan, a business minister, praised the introduction of the new register of overseas owners of UK properties, saying it had been “invaluable for tax […]
UK Nationwide house prices grew by 1.1% year-on-year in January, falling short of estimates for growth of 1.9%. On a monthly basis, the figure declined by 0.6% also underperforming forecasts for a decline of 0.3%, representing the fifth consecutive monthly drop. Nationwide said economic headwinds are set to remain strong in the near-term. UK house […]
In their a trading update for the year ended 31 December 2022, leading morgage broker, Mortgage Advice Bureau reported revenue for the year increased by 22%, despite the immediately negative impact of September’s mini-budget on the mortgage market. The statement added: “Following a leap in mortgage interest rates, the withdrawal of many mortgage products and […]
If you bought properties before August 1st 2022 with an overseas ‘entity’ you should register with Companies House by January 31st this year. To register with companies house, follow the steps here. The register will be publicly available and HMRC.
A landlord has agreed to repay a total of £2,160 that he had received in housing benefit following the expiry of an improvement notice that was served by the council requiring works to be completed on the property. The rent repayment covers a period of seven months during which the landlord failed to complete the […]
Michael Gove, housing Secretary of State has made two announcements this weekend (29/1/23). After admitting the Government was partially to blame for the Grenfell fire, in that guidance on fire materials at the time allowed ‘unscrupulous people to exploit a broken system in a way that lead to a tragedy’, Gove went on to say […]
Following feedback from various sources, including the letter from iHowz, Greenwich Council has abandoned the consultation on additional licensing plans, and has been forced to relaunch the consultation. You can see more details on their website, and we urge you to participate in the consultation. Ihowz will again be engaging with the council.
iHowz have just submitted a paper to the Treasury in respect of the next Spring Budget. The whole paper can seen here here, and calls for: Rescind Section 24 of the 2015 Finance Act Allow Registered Landlords to reclaim Supplemental 3% SDLT on...
Making all tenancies open-ended will bring an ‘inevitable’ reduction in student housing. In a recent article in the Telegraph, Melissa Lawford warns of the potential of the proposal to make all tenancy agreements contractual (rolling) from day 1, will cause considerable uncertainty. The article can be seen here (subscription may be necessary) states ‘The move […]
More than four out of 10 buy-to-let (BTL) landlords (42%) intend to purchase additional property in the next 12 months, a Landbay survey reveals. Despite ongoing pressures on landlords, the quarterly survey found that 79% of those intending to buy said they do not plan to sell any of their existing properties. The strongest intention […]
Balfour Beatty has won a GBP1.2 billion contract to dig a tunnel called the Lower Thames Crossing under the River Thames. The infrastructure construction firm said the contract is for the ‘Roads North of the Thames’ package and was awarded by National Highways. The project at Tilbury in Essex aims to ease congestion and boost […]
What Mortgage have run an article that it is their belief that now is the time to invest in property. Commencing ‘Would-be landlords may have been put off investing in a new property because of soaring mortgage rates. But, says Richard Campo, there are some market forces which are making buy-to-let an attractive prospect right […]
The Mirror has run an article on how some tenants might be owed ‘thousands’, and advises them on how to do it. The article can be seen here. Renters could be due a refund of 12 months’ rent if their landlord has not properly licenced the property they are living in.
On 5 January 2023 the Ministry of Justice announced that there will be a review exploring options for improving the sustainability of the legal aid system for people facing civil and family legal issues. The review will commission an external economic analysis of the civil legal aid market encompassing all categories of civil legal aid […]
The Office for National Statistics has published data showing that more than 1.4 million households in the UK are facing the prospect of interest rate rises when they renew their fixed rate mortgages in 2023. The majority of fixed rate mortgages in the UK (57 per cent) coming up for renewal in 2023 were fixed […]
A landlord is hoping for a more effective complaints system after winning a long-running mould and damp battle with Norwich City Council. Alice Holtom, a legal executive from Norwich, bought a one-bedroom in 2018. Despite owning and leasing out the ground-floor flat, which is in a block of six, the council owns the fabric of […]
On 9 January 2023 the Resolution Foundation published a report finding that typical household disposable incomes for working-age families are likely to fall by 3 per cent this financial year, and by 4 per cent next year, with the two-year cost-of-living increase set to leave families £2,100 worse off and only the very richest households […]
The House of Commons has released its latest indicators on house prices, etc. It can be seen here, and says: House prices, as measured by the UK House Price Index, increased by 10.3% between November 2021 and November 2022. On a seasonally adjusted basis, average house prices increased by 0.1% between October and November 2022. House […]
A tenant who let out their council home for 12 years while secretly living abroad has been fined £34,000, a council said. The fraudster had been “sub-letting the property since 2010” until they were discovered by Kensington and Chelsea Council’s housing investigation team in 2022. The housing team said it first came across the case […]
On 22 December 2022 the DLUHC published new guidance to help eligible tenants in social and affordable housing buy a share in their home for the first time, under the Right to Shared Ownership scheme. Tenants will be able to buy a share of their property worth between 10 and 75 per cent, giving them […]
On 5 January 2023 the Office for National Statistics published information from the 2021 census setting out types of accommodation, tenure, rooms and bedrooms and availability of central heating. The main points are: Across England and Wales, 77.9 per cent (19.3 million) of households lived in a house or bungalow, 21.7 per cent (5.4 million) […]