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Wednesday, January 23, 2019

Why you need a proper inventory

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What buy-to-let landlords can expect in 2019

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Renting more affordable says DPS

Renting became more affordable in 2018 thanks to a combination of a once-in-a-decade fall in annual rents and wage inflation, according to The Deposit Protection Service (DPS).

2018 was the first calendar year since the global financial crisis of 2008 that average rents decreased in the UK, with the percentage of wages spent on rents dropping 0.5% to 31%, according to The DPS Rent IndexTM.¹

Wages increased on average by 2.83%, according to ONS data² for the period between January and December 2018, the organisation has noted.

Julian Foster, Chief Operating Officer at Computershare Investor Services, which produces the annual report, said: 

”This first drop in average annual rents for almost 10 years is good news for UK renters, especially if wages continue to climb in 2019.”

Average rent in the UK fell by £9 (or 1.17%) from £774 in 2017, to £765 in 2018.

The biggest annual fall was in Yorkshire and the Humber, where average rents fell by £21 (3.63%) to £546, making it the third most affordable area in the UK after the North East (£529) and Northern Ireland (£544).

Rents in the North East fell by 1.47%, or around £8 compared with 2017, with average rents being around 32% lower than the national average.

The second most affordable region was Northern Ireland, however annual rents rose from historically low levels by 2.38% last year, from £532 in 2017 to £544.

Scotland and Wales witnessed modest growth in rents compared with 2017, with Scottish rents rising by a marginal £1 (0.19%), while in Wales rents rose on average by £8 (1.42%).

In England, only the South West (0.21%) and West Midlands (0.12%) experienced annual growth, with the increase equivalent to around an additional pound.

As in 2017, London, the South East, and the East were the only regions last year where annual average rents were above the UK national average.

London continues to have the most expensive average annual rent in the UK, at £1,294, 69% higher than the national average, and representing 41% of average London wages.

Decreases were experienced in average UK rents for all property types, with terraced properties showing the largest decline (2.49%), producing average rents of £711 in 2018.

Between September and December (Q4) 2018:
  • The average UK rent marginally increased, however, by a modest £1 (0.15%), taking the average national rent to £762.
  • Rents in London increased only marginally by £1 (0.07%) to £1,291 compared with Q3 2018, £35 (2.62%) lower than the same period in 2017.
  • The West Midlands saw the largest quarterly increase in rent in the UK, rising by £19 (3.02%) in the last quarter, to £636.

Read the full DPS Rent IndexTM


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Rents fall for first time in a decade

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Tuesday, January 22, 2019

HMRC error hits early-filing taxpayers

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Micro-homes could solve' London's housing crisis

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Landlords to feel effects of BTL changes

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Tax rises: Scotland's second home owners halved

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Govt need help with online Right to Rent checks

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Scot Govt additional dwelling supplement to 4%

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Three dodgy letting agents get 28 months in prison

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Scotland's housing market in 4 charts

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Ministers urged to halt right-to-buy scheme

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Monday, January 21, 2019

Teachers BS loosens BTL criteria

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Tel: 029 2069 5446

YourMove House Price Index

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Rightmove's House Price Index published

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Brent council has paid rogue landlord £500,000

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Tenant Fees Bill : FAQs

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HMRC tax scam warning

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Nottingham's new approach to tackling rogue landlords

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Could renting without deposits become the norm?

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Rental Trends Tracker from Rightmove

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25% wiped off prices in wealthiest areas

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Saturday, January 19, 2019

Tiny homes coming to Bristol

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First-time buyers shrug off Brexit saga

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Half UK homes worth less than 2007

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Bleak outlook for housing market

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Friday, January 18, 2019

What does 2019 hold for UK house prices?

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Skipton refreshes BTL trackers

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Tel: 029 2069 5446

TDS case - landlord claims £245 for tenants leaving a day late

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Thursday, January 17, 2019

Why letting agents should be relishing 2019

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Asking rents soar as supply dwindles

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Allowing pets in rented properties

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Build-to-rent blocks soaring

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Tips for first time landlords

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Downbeat housing market outlook

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London asking rents hit record high

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Biggest property price falls for six years – RICS

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SA tax deadline: January 31st

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Wednesday, January 16, 2019

166,440 homes started in the last year

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How developers bought the Tory Govt

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Tenants win £1.8k rental Brexit dividend

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How landlords are using permitted developments and refurbishment to drive portfolio growth

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Latest ONS Rental Index

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Latest ONS House Price Index published

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Annual house price growth - 2.8% 

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Brexit uncertainty hits house purchases

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UK’s Most Affordable Commuter Towns

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I struggle to get by on Universal Credit

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Housing starts up 12%

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Tenant Fees Bill provisions to come into effect June 2019

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How to rent out your home on Airbnb

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Tuesday, January 15, 2019

Tips for picking the right tenants

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Value of UK homes hits £7.3tn

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10 tips for managing tenancy deposit disputes

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More Scots struggling to pay rents

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2.4m extra funding to tackle rogue landlords

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The Third Reading of the Tenant Fees Bill

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Has Brexit saved London tenants £1800 in rent?

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Pros and cons of smart home technology for landlords

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Mandatory and Discretionary Grounds for Eviction

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Leeds increase BTL cash back

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Property funds lose out from switch

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Fergus Wilson - 90 evictions

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Friday, January 11, 2019

New homes on high streets - planning policy

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Rents remain stable - Homelet Rental Index

The HomeLet Rental Index is showing a steady rate of inflation in prices in the rental sector.

The headlines from this month’s HomeLet Rental Index are:
  • The average rent in the UK is now £921, up by 1.5% on the same month last year
  • When London is excluded, the average rent in the UK is now £763, up 0.7% on last year
  • Average rents in London are now £1,596, up 4.7% on last year. 
  • Whilst this is the third consecutive month where the average rental price has decreased, it is the third consecutive month where the rate of annual growth has been above 4%
  • The region with the largest year-on-year increase is Greater London, showing 4.7% increase since December 2017
  • The region with the largest year-on-year decrease is the North East, showing 4.6% decrease since December 2017
  • The December Nationwide House Price Index reports that house price growth slowed to 0.5% in 2018, down from 2.6% in 2017
  • Annualised growth rates of the average UK rent remain below UK inflation rates, last reported by the Office for National Statistics (ONS) at 2.3%

Commenting on the data, industry expert and chief executive of HomeLet, Martin Totty, said: 

“Positively for both tenants and landlords, this year we’ve seen stability in UK rental price growth, with increases remaining broadly in line with the rate of consumer inflation. For landlords there remains a sustained demand for property, with the private rental sector continuing to provide the market with both flexible and long term housing options.

“The slowdown in the rate of house price growth, as reported by the Nationwide House Price Index is being driven by the depressed London market, which saw house prices decline by 0.8% during the last four months of 2018. In contrast, we have seen average rental values in the capital rise by over 4% in the latter stages of the year. Ultimately, we would expect this theme to continue in London, if the demand for property outweighs supply."


Commenting on the outlook for 2019, he further states:

“Private residential landlords will continue to play a key role in the wider UK housing market. Whilst the outlook for property investors remains positive, one of the key concerns for the market in 2019 would be a potential lack of supply in certain regions. The government’s squeeze on private landlords via taxation changes and more regulation could discourage their continued participation in this important sector. Unlike the trends we saw in 2018, any reduction in supply could lead to rental increases that are above the rate of consumer inflation.

“The data used in the HomeLet Rental Index provides us with a forward-looking view of the rental market, so it will be interesting to see how this theme develops in early 2019.”



The trends reported within the HomeLet Rental Index represent new tenancies that were arranged in the most recent period, providing a forward-looking insight into the lettings market.
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Thursday, January 10, 2019

Blaze at TDS offices

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Electrical safety device for student tenants

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Commercial Trust revamps BTL table

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Tel: 029 2069 5446

FAQs on landlord's tax

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Expenses landlords can offset against tax

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Do legal fees apply if a house sale falls through?

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Wednesday, January 09, 2019

Why Brexit uncertainty will push rents up faster than house prices by 2023

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England needs 3m new social homes by 2040

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Property predictions for 2019 : Savills

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Allowing pets in rented properties

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UK house prices rise at fastest rate in almost two years

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Mould in rental property

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Tuesday, January 08, 2019

Motivation to remortgage hits 11-year high

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Rents up across England and Wales

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Britain's renovation hotspots

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Government will not help landlords with assured / assured shorthold tenancy 'mix-ups

Government confirms it will not address the Monty Shooltz ruling

The Ministry of Housing, Communities and Local Government (MHCLG) will not act to help the thousands of landlords who may have inadvertently granted assured tenancies instead of the assured shorthold tenancies they meant to.

The Ministry has confirmed to the National Landlords Association (NLA) that it does not intend to legislate to address the ruling inCaridon Property Ltd v Monty Shooltz.

The judge in this case ruled that the requirements of the Deregulation Act 2015 mean failure to issue a gas safety certificate before a tenancy begins invalidates any subsequent Section 21 notice for repossession. According to the ruling, which applies a strict interpretation to the wording of the original Gas Safety Regulations, issuing a gas safety certificate after the tenancy has begun would not be sufficient for the landlord to meet the requirements of the Act, which applies in England only.

Instead, MHCLG say they will update the guidance available to landlords on the Gov.uk website, to ensure landlords are certain of their legal responsibilities.

NLA Chief Executive Officer Richard Lambert said:

“Having pressed the Government to respond to this judgement for nearly a year, their answer seems to be, ’We’re not that bothered’.

The Ministry clearly doesn’t understand the impact it is having. The NLA Advice Line is taking more and more calls from landlords who thought they had complied with the law and now find themselves facing a disproportionate penalty for an administrative error. We cannot believe this is what Parliament actually intended.

The NLA recognises the vital importance of ensuring landlords arrange an annual gas safety check with a Gas Safe engineer. But we do not support the de facto introduction of assured tenancies because landlords cannot rectify an unwitting error made before a tenancy begins.

We have no intention of letting this rest and will continue to lobby for change.”

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Paragon refreshes BTL range

Paragon refreshes mortgage range for portfolio and non-portfolio landlords
Portfolio highlights include five-year, fixed rate mortgages with no application fee, free mortgage valuation and £250 cashback
New products suitable for individual and limited company landlords

Paragon, the UK specialist bank and buy-to-let lender, is ringing in the New Year with a refreshed range of mortgage products for portfolio and non-portfolio landlords.

Highlights include five-year fixed rate mortgages for portfolio landlords at up to 75% loan to value (LTV) with no product fee, no application fee, a free mortgage valuation and £250 cashback. Portfolio landlords are those with four or more mortgaged properties.

The new, five-year mortgage products include an initial interest rate of 3.80% for portfolio landlords looking to purchase or remortgage single, self-contained units (SSCs) and 3.90% for landlords seeking finance for houses in multiple occupation (HMOs) and multi-unit blocks (MBUs).

All products are available to individual landlords, as well as those operating in limited companies and limited liability partnerships and include an interest coverage ratio (ICR) starting from 4.00%.

The PRA first introduced minimum underwriting standards for portfolio landlords in October 2017 and, since then, Paragon has seen an increasing proportion of its new business come from landlords with larger and more complex property portfolios.

Complex completions increased from 65% to 79% of new business at Paragon in 2018, reflecting the long-standing expertise that the business has in this specialised segment of the buy-to-let market.

John Heron, Director of Mortgages at Paragon said: “The cost certainty that a longer-term fix provides will be an appealing prospect to many as the Brexit process continues into 2019 and landlord taxation takes the next step up.

“By adding products into our range that remove many of the up-front costs associated with arranging finance, we aim to give landlords more flexibility to decide the best route forward for their business.”

Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446

Solicitor jailed for helping build £10.8m property empire

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Electrical socket calculator

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A 2019 London property market forecast

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Mortgage Interest Relief changes kick in

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House prices to increase by 4% in 2019

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Monday, January 07, 2019

Leasehold dilemma: extend or wait?

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Watch out for protected tenancies

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Wellness certifications are coming to a building near you

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Do we need specialist Housing Courts?

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Can this landlord claim rent and use the property for himself?

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Boundary walls: potential liabilities

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Councils ripped off by landlords

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Slough's landlord licensing scheme plans

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How do English local authorities deal with private tenants who face eviction under the section 21 notice and are about to become homeless?

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Govt. revises minimum rental room size

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Universal Credit: roll out delayed

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Investors in the North get best yields

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Sunday, January 06, 2019

What's going to happen to house prices in 2019?

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London sees double-digit property price crash

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House price predictions: Brexit and beyond

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The lowdown on London's 2019 property market

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Saturday, January 05, 2019

Property raffle forced to close

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Enforcement action by councils in London

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Friday, January 04, 2019

Possible Selective Licensing Scheme: Coventry

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