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Wednesday, April 17, 2019

Weymouth landlord licensing consultation

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Friday, April 12, 2019

Average UK rent down again

Average UK rent down again in Q1 2019; imminent tenancy fees ban may be slowing house moves, says The DPS.

Average monthly UK rent is now at its lowest level for three years (since Q1 2016), according to a quarterly report by The Deposit Protection Service (The DPS).

Rent fell to £757 during the first quarter of 2019, with tenants paying £5 (0.64%) less than the previous quarter (Q4 2018) and over £14 (1.87%) lower than a year earlier (Q1 2018), according to latest edition of The DPS Rent Index.

The decrease continues the overall downward trend seen in the first three quarters of 2018, and The DPS says that it may be in part driven by a reluctance among tenants to move until after the Government’s Tenant Fees Ban comes into force on 1 June.

Daren King, Head of Tenancy Deposit Protection at The DPS, said: 

“The depressed market for rents is part of the larger slowdown that began during the summer of 2016 and which we believe is linked to broad economic factors affecting spending power and demand in the UK.

We also believe that the rental market may be experiencing a period of tenant inactivity driven by uncertainty ahead of the imminent enforcement of the ban on tenancy fees.

Even after a long period of stagnation, we don’t see many signs of a recovery anytime soon and it is possible there will be more quarters of low or negative growth this year.”


Of the UK regions, only the South West, East Midlands, Yorkshire and the Humber and Wales experienced increases in average rent, although all were minimal, with the South West seeing the biggest (0.63%).

London remains by far the most expensive region in which to rent property. The capital has seen consistent average rents over the past three quarters, following a sharper drop in the first half of 2018.

The North East remains the cheapest region in which to rent property with an average of £513 during Q1 2019: just over £244 lower than the national average.

Terraced and semi-detached houses as well as flats all saw a fall in average rents in Q1 2019, although detached homes saw a marginal increase of £3 or 0.34%.

On average, the UK population spent 31% of their wages on rent in Q1 2019. The proportion is highest in London (41%), and lowest in Northern Ireland, Yorkshire and the Humber, and the North East (24%).

2018 was the first calendar year since the global financial crisis of 2008 that average rents decreased in the UK.

For the full report, see: https://www.depositprotection.com/media/1554/dps_rent_index_q1_2019.pdf
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TMW cutting BTL and Ltd Co rates

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Thursday, April 11, 2019

Forget buy-to-let

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Labour plans to restrict house price inflation

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House prices likely to keep falling

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Pressure on Rightmove to ban 'no DSS' ads

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Wednesday, April 10, 2019

Mitigating higher tax costs will see less remortgages

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Landlords Contribution to Energy Efficiency upgrades

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Rents in England continue to rise

RENTS IN ENGLAND CONTINUE TO RISE AS TENANT FEES ACT APPROACHES

HomeLet Rental Index for March reports UK rents for new tenancies have begun to rise at a rate not seen in the market for over two years. The annualised picture shows rental values having increased at a higher rate than was seen in 2018 – rising by 3.3% in the last 12 months.
  • The region with the largest year-on-year increase is the South West, annual rental growth 5.8% 
  • Average UK rent £942, up by 3.3% on the same time last year.
  • When London in excluded, the average rent in the UK is  £782; up 3.0% on last year
  • Average rents in London are now £1,613, up by 2.8% on last year
  • Eight regional ‘hotspots’ showed an increase in rents of more than the UK average over the first three months of 2019
  • All 12 of the regions monitored by HomeLet showed an increase in rental values between March 2018 and March 2019
  • The March Nationwide House Price Index reports that house price growth remained subdued with London being the weakest performing region in Q1, with prices 3.8% lower than the same period of 2018

Commenting on the data, chief executive of HomeLet, Martin Totty, says: 

“With the Tenant Fees Act due to take effect in England from 1 June, the acceleration we’re seeing in agreed rental values will come as no surprise to anyone.

Whilst the aim of the Tenant Fees Act is to reduce the costs that tenants can face, landlords still need to cover the costs that are incurred when setting up a tenancy. With landlords already feeling the impact of taxation changes, the expectation is that costs will be passed back to tenants through higher rents, particularly for new tenancies.

Landlords’ ability to increase rents will largely be determined by local market dynamics of supply and demand for property. Regional ‘hotspots’, where rents are increasing faster than the UK average over the first three months of 2019 when compared to last year include Wales, Yorkshire and Humberside, the West Midlands, the North East and West, the South East and West, as well as Greater London.

Recently released annual results from a number of major quoted property agents point to a resilient private rented sector in contrast to a subdued sales market. With a still unclear outcome of the Brexit political impasse and the increasing prospect of a further extended delay in the UK exiting the European Union, the contrasting fortunes of the two main segments of the housing market seem likely to continue for some time.

If demand for rental property remains strong, coupled with the lower frictional costs of moving between rental properties for tenants from 1 June, landlords may yet be able to recover the additional cost burden they will face by edging up rents. This will likely require the current high levels of employment and real wage growth being sustained. But, it could be the case both tenants and landlords get what they want – tenants are relieved of the one-time up-front burden of feed at the commencement of a new tenancy and instead landlords meet these costs and recover them over time via gradual increases to monthly rents.”


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Letting agents: mother & daughter £266k fraud

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New Govt guide: cracking down on rogue landlords

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The rise of 'Generation private Rent'

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Tenancy deposit cap calculator - TDS

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Welsh ban on letting fees -1st September

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Fleet Mortgages returns to buy-to-let

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Tel: 029 2069 5446

How the buy-to-let market is changing

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PRS landlord and tenant rights/responsibilities : Govt guide

A new Government document setting out the roles and responsibilities of both landlords and tenants when letting or renting a property in England's private rented sector.


Landlord and tenant rights and responsibilities in the private rented sector









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Labour plans to put limits on mortgages

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Tuesday, April 09, 2019

The most searched London rental spot

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Go ahead for Bristol's additional licensing

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Rents up by 1% nationwide

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Average rent for UK property now £1,217

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Changing fortunes: prime London property

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Welsh tenant fees ban in September

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Monday, April 08, 2019

Can my brother force the sale of dad's cottage?

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Brexit confusion could hit EU tenants: RLA

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Forestry investment market: Savills report

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Don’t use your pension to buy a house

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Councils fail to crack down on HMOs

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Brexit's volatile house price fluctuations

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Rental market unprepared for Brexit

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A rise in average UK rents

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Friday, April 05, 2019

House prices subdued amid Brexit impasse

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Growth in ‘Airbnb-style’ lettings

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UK Housing Review 2019 : CIHhousing

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Latest Halifax House Price Index

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House prices hold better than expected

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Thursday, April 04, 2019

More people living alone

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Berlin's rental revolution

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Growth of short-term lets threatens PRS homes

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Peers call for tax relief on rental home improvements

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Kensington And Roma launch new BTLs

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'First-time landlord' top BTL search

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Bristol landlords face £1,200 fee to rent

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Could Brexit be good news for holiday lets?

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Wednesday, April 03, 2019

Airbnb: Are you breaching the lease?

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40% of Brits think they'll never own

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PM3s server issue

Update 3 April 2019

Our landlords' software, PM3s, is back online. We apologise for today's outage.

We are currently working on getting PM3s back online ASAP.

Property Hawk

Landlords fined for 'substandard' properties

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Madrid bans central Airbnbs without a private entrance

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TSB updates BTL range

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Protect yourself from being gazumped

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Kensington cuts buy-to-let rates

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Tuesday, April 02, 2019

Scotland’s residential market remains unfazed

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Private sector hits out at ‘arbitrary rent caps’

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Look north for the best BTL yields

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A garage turned into a holiday let

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Getting around planning on a listed property

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New Gov. guide to Tenant Fees Act

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Gov. guide to energy upgrades on coldest PRS homes

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MEES requirement: cost cap £3,500

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Self-employed tax changes for 2019-20

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Monday, April 01, 2019

Platform cuts Housing Benefit restrictions

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Spring Statement 2019: Knight Frank

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Scottish rents on upward trend: YourMove

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Savills: London Residential Development

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London price falls spreading fast

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Homeowners caught in ground rent trap

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My daughter is buying me out of a house

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Court ruling: 3% stamp duty refund claims

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House price growth remains soft - Nationwide

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Co-op removes housing benefits restriction

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