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Friday, March 31, 2017

New inheritance tax regime starts next week

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Manchester leads in Build-to-rent

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When an Airbnb gets out of hand

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NAEA agents see strong February sales

The  National Association of Estate Agents have published their members survey for February 2017. 

The agents association report that during February 2017  -
  • Branches completed an average of 11 property sales, a ten year high.
  • 74% of property sales were at below asking price. 
  • First time buyers were thin on the ground, making up just 22 % of sales. 
  • Branches had an average of 44 properties on their books; up from 38 in January, and 35 back in February 2016.
  • Branches had an average of 425 buyers on their books; the same as January.
Mark Hayward from NAEA comments 

“The number of sales agreed reaching a 10 year high indicates the housing market is moving in the right direction. However, FTBs need to be a priority – the number of sales made to the group dipped in February when it should be growing. As house prices continue to rise, the market’s most vulnerable buyers are being priced out and the only way to address this is to increase housing stock” 


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Nationwide see slowing house price growth

Nationwide's House Price Index for March 2017
  •  Annual house price growth softens to 3.5% 
  •  Prices fall 0.3% month-on-month in March 
Nationwide's Robert Gardner, comments:

“The annual rate of house price growth slowed in March to 3.5%, from 4.5% in February. House prices fell by 0.3% in the month, after taking account of seasonal effects.

There was a mixed picture across the UK in Q1. Six regions saw the pace of house price growth accelerate, six saw a deceleration and one (East Midlands) recorded the same rate as the previous quarter. Interestingly, the spread in the annual rate of change between the weakest and strongest performing regions was at its narrowest since 1978 at 6.8 percentage points – the second smallest gap on record.

The South of England continued to see slightly stronger price growth than the North of England, but there was a further narrowing in the differential. Northern Ireland saw a slight pickup in annual house price growth, while conditions remained relatively subdued in Scotland and Wales."







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Thursday, March 30, 2017

Online letting agents - tips & analysis

The rise of online letting agents seems to be unstoppable.  There are now tens of virtual letting agents who will get a landlords rental property online through the property portals for a hundred quid or so.

What do I think of online letting agents?

To me they are a great thing as you can read from my recent experience.  They do hand back control to the letting process back to the landlord and out of the hands of what are often mediocre and under experienced letting agents.  I can't forget that my only nightmare tenant in 25 years of letting property was delivered by a letting agent who clearly were determined at hoisting a rubbish tenant onto me irrespective of the likely long term costs to me.

Letting Agent or DIY?

I have analyzed the pros and cons of using a letting agent.  It is possible to hand over complete responsibility for the letting and management of rental property which can be handy for absentee landlords.  There is a cost.  Landlords need to look closely at what works for them but don't assume that you need or are better off with a traditional letting agent.

Landlord insurance - online rates - professional cover

Letting fees ban could cost tenants

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Rents rocket outside of London

Your Move's rental data from February 2016 shows rents across England and Wales, are in their words, 'rocketing'. However, London rents struggled. The capital was the only region to see falls on both a monthly and yearly measure.

Key points -
  • Average rent across England and Wales - £798 
  • Fastest rises in Wales.
  • London rents falling ( £1280 average monthly rent)

Valerie Bannister from Your Move, comments - “The dramatic rent increases in London have now slowed as people look outside the capital in order to meet their housing aspirations with the South East and East of England – which traditionally offered much better value than the capital – appearing to be tempting many Londoners to look further afield for rental properties. Wales also saw the strongest outright performance with rents increasing, on average, by 7.7% in the last year, more than anywhere else in the UK.”

rents map yourmove feb 2017

Wednesday, March 29, 2017

Brexit affect - UK house prices/mortgages

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Sajid Javid speech slams Housing Market

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Agents stands up against landlords who advertise direct on portals

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Offset buy-to-let mortgages return

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Your home may be repossessed if you do not keep up repayments on your mortgages.  

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Landlord threatens to shoot his tenants

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The impact of Article 50 on London property

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Tuesday, March 28, 2017

Vida cuts BTL mortgage rates

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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.

London's housing undersupply chart

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Mandatory Client Money Protection

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BTL Fergus Wilson bans coloured tenants

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New flats smaller than Travel Lodge rooms

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Tenancy deposit disputes over smoking

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20-24 yr old homeowners now just 10%

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Monday, March 27, 2017

Property designs ideas - Crittall windows

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Fos and IFA clash over resi-property / SIPPS

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More Brexit/house prices guess work

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London's declining BTL rental yields

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New build nostalgia - village greens

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Friday, March 24, 2017

5 maps of the London housing market

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Ground rent investments from £8k -£75k

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Shelter campaign for longer tenancies

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Manchester property prices surge

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Buoyant market north of Watford

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Thursday, March 23, 2017

ARLA's latest PRS Report

ARLA have published their February 2017 Private Rented Sector Report

Their key observations from February

  • Rent increases in London are slowing
  • Overall, the supply of rental stock decreased  
  • Demand for rental properties remained the same 
  • Tenants stayed in rental properties on average - 18 months
  • It takes an average of six viewing to let a property
  • Average rental void period was three weeks 

1 in 4 'youngsters' think they will never own a home

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Lewisham landlords asked to home refugees

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A report on rising homelessness

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Car parking wars - sharing the space

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Do I need to fill out a tax return I buy to let without a mortgage?

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Wednesday, March 22, 2017

UK house price growth at 6.2% - ONS

The average UK house price increased by 6.2% in the year to January 2017 (up from 5.7% in the year to December 2016) according to the ONS House Price Index for January 2017.

England performed strongest, with average annual house price growth now at 6.5% ( average property price of £235,000 ), Wales is 4.2% ( average property price of £146,000), Scotland's now at 4.0% ( average property price of £142,000), Northern Ireland at 5.7% ( average property price of £125,000).

average house prices ons data for january 2017

In terms of the regions, the East of England is still performing strongest, followed by London and the south.

english regional house price growth ons jan 2017


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Global Housing Bubble Championship

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Renters twice as likely to have no savings

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Rent could be FTBs mortgage evidence

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Airbnb causing housing strain

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House price growth slows

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House prices outpacing earnings growth

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No money laundering regs for letting agents

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Bounce in ONS house price growth

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Gov. rogue landlord measures to start 6th April

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Monday, March 20, 2017

Rightmove's March HPI data up 1.3%

Rightmove's latest house price data shows the average property uploaded to the portal during March was up by +£3,877 (1.3%),  to £310,108 . This equals the performance of last March's BTL fuelled pre-stamp duty rush.

Unusually, it was the Midlands that lead this price charge, with both the East and West Midlands jumping by 2.1% over the course of the month.

Rightmove's Miles Shipside, comments: 

“Since the start of the decade, the average March price rise has been 0.9%, so this month’s 1.3% uplift is an indicator of a shortage of suitable property for sale in many parts of the country, with strong demand for the right property at the right price. Since 2007 we’ve only once seen a larger rise than this in March, and we are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the Stamp Duty tax deadline of April 1st..

While six consecutive years of price rises have been a gravy train for many home-owners, some of them are running into the buffers of affordability when they come to trade up. Meanwhile many would-be first-time buyers are being left waiting on the platform struggling to even get on board. Modest average wage rises and tighter lending criteria have limited buyers’ ability to pay more. While credit is cheap, if there are limits on its availability then the pace of rise has to slow even though demand for housing is high. Many buyers are being forced to be price-sensitive, so sellers have to be wary of over-pricing if they want to sell.

The price-rise crown has shifted from its previous strongholds. The pace is no longer being set by the more affluent commuter-belt south, including London with its international appeal. Neither is it set by the cheaper north driven by a mass of investors swooping on high buy-to-let yields. As markets in other areas of the country become more mature and run out of price-rise steam and froth, the fundamentals of the Midlands have come to the fore. Accessibly and conveniently located in the middle of the country, the area offers mid-range and relatively affordable prices at an average of around £200,000, whilst also exhibiting local economic breadth and strength. As other parts of the country suffer from varied factors such as highly-stretched affordability, changes in sentiment and increased economic uncertainty, it is the Mighty Midlands that is the current powerhouse of price rises.”




Brexit to begin on March 29th

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Email scam targets Mydeposits customers

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Scottish Property Market Report

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Midlands powers property price growth

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Londoners keen on 'Walk to work' property

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Hometrack founder looks for £1bn investment



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The death of the letting agent

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Rent Smart Wales Public Register

Rent Smart Wales have published a Public Register of their registered landlords and letting agents.

Searchable by a rental property address, the database will show if that property is managed by a registered letting agent or landlord.




Is Airbnb pushing up London rents?

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Regeneration is not a dirty word

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Thursday, March 16, 2017

London rents fall by 5%

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Dissatisfied with a RICS survey?

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Telford landlord guilty of unlawful eviction

A Telford landlord has pleaded guilty to two charges of unlawful eviction. 
Back in November 2015, landlord, David Beattie threatened his tenant with violence if he didn't leave his rental property in Dudmaston, Hollinswood.

Mr Beattie was ordered to pay £7,121.32 in costs, victim compensation and a victim surcharge, as well as getting 200 hours community service over the next 12 months, and a 5 year restraining order. 

Landlords need to always make sure to use the correct procedures when evicting a tenant.




Council leaves landlord with £30k clean up bill

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BTL rates lowest ever says BofE

Buy-to-let mortgage rates are at a record low according to the Bank of England, down more than 0.5% over the course of the past year.

The Bank's data from February shows that a standard two-year fixed-rate buy to let mortgage deal is now at an average rate of 2.76%, down from 3.29% in February 2016.  

It's offers some comfort with all the changes in Buy To Let involving both taxation and the new PRA lending standards.




Email:info@propertyhawkbtlmortgages.co.uk
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.

Wednesday, March 15, 2017

Are landlords ready for the tax bomb?

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BTL lending down on last year

Email:info@propertyhawkbtlmortgages.co.uk
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.

Tuesday, March 14, 2017

Get your property noticed; dress as a parrot

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Housing wealth crucial to retirees

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Right to buy puts 40% of ex-council into PRS

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BTL investors give way to first time buyers

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Non-domestic Energy Efficiency Regulations

The Government have published the guidance document on the Energy Efficiency Regulations for PRS landlords of non-domestic rental property in England and Wales.

From April 2018, private non-domestic (and domestic) landlords must ensure that properties they rent in England and Wales reach at least an EPC rating of E before granting a tenancy to new or existing tenants. 

These requirements will also apply to all private rented non-domestic properties – including those properties where there has been no change in the tenancy arrangements from April 2023.

The document provides guidance and advice on:

Scope of the regulations: the steps a landlord should take to determine whether their property is covered by the regulations, and the steps they should take to ensure their property complies with the minimum level of energy efficiency.

Relevant improvements: how a landlord can identify appropriate energy efficiency improvements for their property;

Cost effectiveness: how a landlord can calculate whether particular improvements would be cost effective to install;

Exemptions and exclusions: the exemptions framework and the steps a landlord should take to register a valid exemption;

Enforcement: the enforcement framework and the options open to enforcement authorities when policing compliance with the minimum standards, including information on fines and other penalty options;

The appeals framework: landlord appeals will be heard by the First-tier Tribunal, part of the court system administered by Her Majesty’s Courts and Tribunals Service; the guidance discusses the steps a landlord will need to take to lodge an appeal, and how that process will be run.

Where a landlord believes that an F or G EPC rated property they rent qualifies for an exemption from the minimum energy efficiency standard, an exemption must be registered on the PRS Exemptions Register. Further information on this will be available shortly.

Separate guidance to domestic private landlords on complying with their obligations under the minimum standard regulations will be published in due course.

Manchester could ban 'To Let' signs

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Monday, March 13, 2017

A Barnsley landlord event

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Mansfield BS loosens BTL lending criteria

Email:info@propertyhawkbtlmortgages.co.uk
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.

BTL mortgage rates hit 12 month low

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Government drops 200k starter home pledge

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Scrapping rent-a-room relief on short term lets

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1 in 3 workers earns more from their property

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Photos can help avoid tenancy disputes

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BofE predicted to keep rates on hold

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Brexit is making rents fall



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UK house prices forecast to rise 6.5% in 2017

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A strong start to the year for property prices


House prices grew at their fastest pace for a year during the month of February according to agents,  LSL Property Services.

LSL agents saw average prices across England and Wales increase by 0.6% in February, double the rate they recorded in January. 

The East of England,  Merseyside and Birmingham performed best. 

The average property price in England and Wales now sits at £297,832 according to LSL's data.

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents  (part of LSL), comments: 

“It’s an encouraging start to 2017. We’ve seen the strongest house price growth in a year, the emergence of the promised Northern Powerhouse and the first tentative signs of a recovery in our highest priced properties in London.

The good news too is that the number of first time buyers grew last year and house building was up – although home ownership is now at its lowest level in over three decades." 

Saturday, March 11, 2017

Thursday, March 09, 2017

BTL second charges, bridging finance and semi-commercial loans


Jane Simpson at Property Hawk Mortgages says:

Buy-to-let second charges and bridging finance – alternative solutions for landlords

Second charge buy-to-let mortgages or short term finance such as bridging can resolve issues faced by landlord clients who are looking to raise capital. For example, those tied in with their existing mortgage provider or those on a very low reversionary rate with no incentive to remortgage away from their current product.

There are numerous reasons for landlords to raise capital and the purchase of a further buy-to-let property is a common one. However, the recent PRA regulations and subsequent changes to rental calculations has meant that some landlords are looking for ways of generating additional deposits to meet the tougher rental requirements. Second charge buy-to-let mortgages provide an option for doing this and there are now more providers in the market.

At Property Hawk Mortgages, we are also receiving a growing number of enquiries about bridging finance solutions and now offer a range of both second charge and bridging products with Together Mortgages, Shawbrook Bank, and Precise.

Bridging is certainly growing in popularity among landlords and its reputation for being punitively expensive seems to be diminishing. If used intelligently, bridging can be an excellent resource for buy-to-let investors and enable them to make the most of opportunities and bargains in the rental property market.

For example, bridging is an excellent short term solution for landlords buying property at auction. Auction properties can often be obtained at a reduced price and allow investors to avoid paying higher stamp duty. Bridging can also provide an alternative for landlords purchasing cheaper properties that need some refurbishment before they are let out. There are numerous light refurbishment products available through core lenders, but a bridging specialist can often provide the resource to carry out more extensive renovations.

Semi-commercial

For landlords who are deterred by the 2016 buy-to-let stamp duty increase, semi-commercial properties can provide an investment opportunity that avoids the higher levy. For example, a single freehold that includes a commercial property, such as a shop with living accommodation above it, is not subject to the 3 per cent levy increase imposed in 2016, because it is not considered to be a buy-to-let property. A savvy investor could buy the single freehold property and then create separate leases for the commercial element and the residential element. The flat above the shop could then be considered for a buy-to-let mortgage.



Email:info@propertyhawkbtlmortgages.co.uk
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.

Clamp down on money laundering

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