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Saturday, August 01, 2015

Latest ONS Index Of Private Rental Prices

Latest private rental figures

 The ONS have just released their latest private housing rental prices show that private rents in Great Britain rose by an inflation busting 2.5% in the 12 months to June.

Rent rises in the other parts of the UK were less strong with a 2.1% increase in Scotland and a mere 0.8% up tick in rents in Wales during the same period.

Rents in England were up by 2.5% with the strongest growth being found in London with a 3.8% rise year on year.

The Rent Index now shows that the average rent in England and Wales is just shy of £650 per month up from an average of £570 in January 2008 showing an approximate increase of £10 per year during this 7 year period.

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Friday, July 31, 2015

RICS - Private Rented Sector Code of practice revised

The code of practice produced by the RICS was revised in July 2015.  This is an updated code of practice that includes legislative changes that will be important for anyone within the Private Rented Sector (PRS).

RICS – Private Rented Sector Code of practice

The code is intended for use by landlords and lettings and management agents in the PRS. You can download the document on the professional guidance codes of practice on the RICS website.

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Wednesday, July 29, 2015

Paragon boosts profits

Paragon Group the specialist buy-to-let mortgage lender has seen it's profits rise by over 10% on the back of the booming residential investment market.

The group which also increased it's market share reported £816.5 million of buy-to-let completions to date.

The pipeline of new mortgage business stood at £865m at the end of the quarter compared to £353m at the same point in 2014.

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Tuesday, July 28, 2015

Buy-to-let hotspots revealed

For those landlords that are swayed by where the buy-to-let 'hot money' is going Barclays have very kindly released there annual 'hotspot' top 20.  Based on a survey of 5000 landlords it is a limited but interesting insight on what is going on in the wider investment market.  I particularly like the average rental figures which come directly from a buy-to-let application giving them a realism that much rental data I have seen lacks.  For more data on average rents have a look at the index of private housing rental prices compiled by the ONS.

Rank (by volume of Barclays completed buy-to-let properties) Q1-Q2
Average rent (of Barclays Mortgages completed buy-to-let properties) Q1-Q2 2015

Monday, July 27, 2015

Auction results show yields falling

The latest results from Allsop's residential auction in London on 16th July.  The interesting thing from a buy-to-let perspective is that they indicate that buy-to-let yields continue to be compressed and have dropped below 9% and significantly below the 11% rental yield that was recorded in 2012.

Mortgage Search - professional advice - trusted provider

Saturday, July 25, 2015

Building consents compared to need

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Large scale converted mill opportunity - Manchester

This large scale mill conversion 5 miles south east of Manchester city centre may be of interest to some landlords who wish to scale up rapidly and have access to large scale finance.

Victoria Mill, Houldsworth Street, Reddish, Greater Manchester, SK5 6AR

A Residential Investment Opportunity with
41 out of 180 apartments unsold presenting some arbitrage opportunities.

Rent passing: £306,900 per annum and fully let

Current Ground Rent Income: £31,576 per annum

Potential Ground Rent ERV: £43,525 per annum

Approximately 235 car parking spaces

Total ERV: £350,042 per annum

Offers are invited on the following basis:

       1.  Freehold + 41 unsold leasehold apartments (to including associated car parking)
       2.  41 unsold leasehold apartments only
       3.  Freehold / Ground Rent investment only (to include associated car parking)

Mortgage Search - professional advice

Wednesday, July 22, 2015

Rightmove's HPI at 5.1%

Right moves House Price Index for July 2015 puts their monthly asking price growth at 0.1% and annual growth at 5.1%.

That puts the current average asking price at £294, 542.

The UK's biggest property portal says it has seen a 'sharp drop' in new seller numbers, down 10.6 per cent on this month last year.

Miles Shipside, Rightmove's housing market analyst, commented
“The forthcoming extra tax burdens on buy-to-let investors may help to tip the balance in favour of first-time buyers, but the consequent drop in rental property supply could push up rents.

“More supply of affordable starter homes for the growing demand from both renters and buyers is required, which means more new build for both sectors to meet the country’s current and future housing needs.

“The challenge for government, planners and developers is how best to ensure the right properties are built in the right locations and at more affordable prices.

“This will however depend on addressing capacity constraints in the building industry, the price of land for housing, the consistency of funding for key players in the construction sector and the overall stability of the housing market and the wider economy.”

Download Rightmoves HPI for July 2015

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Tuesday, July 21, 2015

Struggling to find a BTL to fits your rental income?

If you are you struggling to find a buy-to-let mortgage that fits your rental income, one of these just might help.

Buy-to-let mortgages with a rental calculation at the pay rate:
  • Fleet Mortgages – Life time Tracker 125% at 4.07%, 75% LTV, 1% completion fee
  • Axis Bank - 5 year fixed 125% at 4.09%, 75% LTV, 1.5% completion fee (must have 3 Existing BTL properties & restricted to South East England)
  • Aldermore - Term Tracker 125% at 3.93%, 75% LTV, 3% completion fee
  • Foundation Home Loans – 5 Year fixed 125% at 4.39%, 75% LTV, 2% completion fee
  • Precise - Term Tracker 125% at 3.70%, 70% LTV, 2.5% completion fee
  • Hinckley & Rugby BS– 135% at 3.09%, 75% LTV, £999 completion fee (max loan £300k + affordability assessment)
  • Saffron BS – 3 Year Discount, 125% at 4.69%, 75% LTV, 3% completion fee (this rental calculation must fit the loan + the fee) 
  • Saffron BS – 3 Year Discount, 125% at 4.89%, 80% LTV, 3% completion fee (this rental calculation must fit the loan + the fee)
IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  
Please check our website regularly to see the most up-to-date products available.
Tel: 029 2069 5446
Your home may be repossessed if you do not keep up repayments on your mortgages.  
The Financial Services Authority does not regulate some forms of mortgage.

Wear and Tear Allowance Consultation Document

HMRC have published a consultation document following George Osborne's Summer Budget 2015 announcement on the abolishment of the 10 per cent Wear and Tear Allowance.

The HMRC want to get the views of landlords.

The document outlines the current proposed changes

Read HMRC doc, - Replacing Wear and Tear Allowance with Tax Relief for Replacing Furnishings in Let Residential Dwelling- Houses and then let them know your thoughts.

CEBR push house price growth forecast up

The Centre for Economics and Business Research has revised this years house price growth forecast,  from 1.5 per cent to 4.7 per cent.

The think tank put's its changed forecast down to the “chronic lack of properties being put up for sale”.
The CEBR say the number of new houses being built is continuing to fall short of demand.

They have also revised their house prices growth forecasts for 2016 to 3.4 per cent, and 2017 to 4.4 per cent.

CEBR's economist, Nina Skero,  commented, 

“With the possibility of higher taxation on prime property and intervention in the rental market less likely, the Conservative Party’s victory in the General Election will likely support stronger price growth in the second half of 2015.

“Prices will also see a boost from the lack of fresh properties coming on the market.

“In London, average house prices are being weighed down by the prime end of the market. A strong pound which makes London property less affordable for foreign buyers and December’s decision to increase stamp duty on properties valued above £1.1m are both deterring some prospective buyers.”

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Unlicensed HMO landlord made to pay £25k

Another landlord has failed to obtain the required license for their House in Multiple Occupation.

Emmil Seeson Watson was ordered to pay £25,000 by Hammersmith Magistrates’ Court for failing to obtain a HMO license and for not carrying out gas safety checks on the rental property at 15 Bramley Road, London, W10. 

The landlord pleaded guilty to five charges under the Housing Act 2004.