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Thursday, August 31, 2017

Charities call for halt of Universal Credit

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Avoiding 'out of hours' property emergencies

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GOVUK property price paid search tool

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London second steppers face a big leap

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Strong Mortgage Approvals data - BofE

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Wednesday, August 30, 2017

BTL stamp duty doubles expectations

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Gov review of fire safety regs

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Shift toward commercial investment

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A house price crash - beware

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London's 'Build to Rent' boom

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Leytonstone tipped to be a landlord hotspot

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Tuesday, August 29, 2017

Uncertainty pushes landlords to sell

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House prices to hit 15 times income

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DWP reissues Universal Credit landlord guidance

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UK property growth slows - Nationwide


Nationwide reports house price growth slowed in August, with the annual growth rate falling from 2.9% in July down to 2.1%. August prices logged a small monthly dip, down 0.1%.

Nationwide's Robert Gardner reflects:

“The annual pace of house price growth moderated to 2.1% in August, from 2.9% in July. The slowdown in house price growth to the 2-3% range in recent months from the 4-5% prevailing in 2016 is consistent with signs of cooling in the housing market and the wider economy.

The economy grew by c.0.3% per quarter in the first half of 2017, around half the pace recorded in 2016. The number of mortgages approved for house purchase moderated to a nine-month low of c.65,000 in June and surveyors have reported softening in the number of new buyer enquiries.

Nevertheless, in some respects the slowdown in the housing market is surprising, given the ongoing strength of the labour market. The economy created a healthy 125,000 jobs in the three months to June and the unemployment rate fell to 4.4% – the lowest rate for over forty years. In addition, mortgage rates have remained close to all-time lows.

It may be that mounting pressure on household finances is exerting a drag. Wages have been failing to keep up with the cost of living in recent months and consumer sentiment has weakened. While measures of housing affordability are not particularly stretched at a UK level, pressures are evident in some regions – especially London and the South of England. 

Ultimately, housing market developments will depend on wider economic performance. The UK economy slowed noticeably in the first half of the year, and there has been little to suggest a significant rebound in the months ahead. While employment growth has remained robust, household budgets are under pressure. This suggests that housing market activity will remain subdued.

Nevertheless, constrained supply is likely to continue to provide support for house prices. The stock of homes on estate agents’ books remains close to 30-year lows and the number of new homes coming onto the market remains subdued. As a result, we continue to expect prices to rise by around 2% over 2017 as a whole.”


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A cut in stamp duty is highly unlikely

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Bank of Mum and Dad funding rents

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Sunday, August 27, 2017

Accord cuts BTL 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.

Rightmove's latest rental tracker

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Saturday, August 26, 2017

Friday, August 25, 2017

London property prices 'bottomed out'

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Benefit cap blamed for 85% cut in homes for the vulnerable

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Landlords sting tenants to cover tax changes

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Housing completions highest since 2008

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Wednesday, August 23, 2017

A spotlight on BTL lending niches

Jane Simpson, managing director at Property Hawk Mortgages says:

At Property Hawk Mortgages we receive a diverse range of enquiries relating mostly to buy-to-let mortgages and have seen significant improvement over recent years in the product options available for landlords, which has increased the likelihood of us being able to find suitable solutions for buy-to-let clients. We are also in a better position to help prospective landlords looking to enter the buy-to-let property sector.

First-time Landlords

Although the recent tax and regulatory changes affecting the buy-to-let sector may have made investing in residential rental property a less attractive proposition for some, there are still people looking to make their first buy-to-let purchases, usually referred to as “first-time landlords”.

Most of the lenders on our panel will consider first-time landlord applications, providing they are currently owner-occupiers in the UK. Foundation Home Loans has recently launched a specific product range for first-time landlords requiring a minimum of 6 months residential ownership, but this minimum requirement does vary between lenders. Some lenders such as Kent Reliance and Mortgage Trust do not state a minimum period of ownership, providing the applicant’s name is showing on the title deeds.

Some aspiring first-time landlords are looking to set-up a limited company for their initial purchase to avoid the recent tax relief changes for buy-to-let. This is certainly an option with lenders who accept limited company applicants and can make financial sense for some new landlords, although it is always recommended for clients to seek qualified tax advice beforehand.

We have also noticed first-time landlord enquiries relating to higher yielding properties such as HMOs and multi-unit properties which may provide a better return for buy-to-let investors. However, the options for first-time applicants are limited to just one lender – Kent Reliance – as all other specialist lenders for HMOs require a minimum amount of previous experience as a landlord. For example, Vida Homeloans requires 12 months experience and Paragon Mortgages requires 3 years.

First-time Buyers

Although there are many options for first-time landlords who are owner-occupiers looking to purchase their first buy-to-let property, the case is quite different for first-time buyers without their own residential property.

At Property Hawk Mortgages, we currently have five lenders who will consider first-time buyers including Vida Homeloans, Natwest, Bank of China, Bluestone and Together Mortgages. The main difference for first-time buyers is that the lenders available normally apply an affordability test alongside regular rental calculations and criteria.

For example, Vida Homeloans applies the same affordability calculation as for its residential mortgages and has a minimum income requirement of £15,000. Natwest requires £25,000 minimum income and uses a multiplier of 4.99 to calculate the maximum loan available; so, for a first-time buyer on £25,000 the amount they can borrow may be quite restrictive in terms of the type of property they can afford to purchase, regardless of the expected rental income.

Bank of China has a minimum income of £18,000 and Bluestone has an affordability calculator, but both lenders will only offer mortgages on a repayment basis. Together Mortgages has no minimum requirement for first-time buyers, but the rates being offered are considerably higher.

Ex-council properties

We have also noticed an increase in enquiries about ex-council properties, which may be seen as an opportunity for some landlords. We have a good selection of lenders who will accept ex-council houses without too many restrictions, however most lenders are more selective about ex-council flats. This includes stipulating the maximum number of storeys in a block of flats – Accord has a maximum of 6, Shawbrook has a maximum on 10 and Leeds BS will only accept up to 4.

Some lenders will offer lower loan-to-values products for ex-council flats and others require that the block has a certain percentage of private owner-occupiers e.g. both Axis Bank and Virgin require 50 per cent to be privately owned.

Some lenders prefer not to lend on flats with deck access and other lenders may impose more restrictive minimum property values for ex-council properties, such as Aldermore and Fleet Mortgages with a minimum value of £150,000.

Although it can sometimes be more challenging to find solutions for niche buy-to-let finance needs, it is encouraging to see the diverse range of cases that can be solved with the right lender knowledge and a dose of perseverance for exploring different options.

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.

People don't want conservatories

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Leeds expands BTL cashback range

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

New DWP helpline for landlords of UC tenants

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Boom in basement developments

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East London Crossrail hotspots

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Tenants staying put for longer

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Planning applications rise by a quarter

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£500 cash back on BTL conveyancing

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Tuesday, August 22, 2017

Tax free BTL equity release products

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.

PensionBee launches no-advisor drawdown

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Property auction news - May, strong & stable

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Property transactions nudge up - HMRC

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Rise in BTL remortgages ahead of PRA

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.

Property affordability by postcode

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London rental supply dropped 18%

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Monday, August 21, 2017

UK homemakers fall by 2 pc

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Rightmove house price data for Aug

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1 in 10 own second homes

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BM Sol. unveils portfolio lending details

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Boom in micro homes

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The Airbnb boost to property prices

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Northants leads Midlands mini-boom

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Gap in the Housing Act - possessions

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Equity release boost for BTL market

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.

House price growth to slow to 1.5%

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Friday, August 18, 2017

Property prices - lies, damn lies and statistics

Looks like buyers are ignoring all the bad news on Brexit, etc.  If you believe the statistics...
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Thursday, August 17, 2017

London landlords fail to declare tax

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Tuesday, August 15, 2017

Mortgage market summary for June

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Residential property investors move focus North for UK rental yields


Property investors are moving their focus North away from London to Manchester in order to maximise rental yields as Stamp Duty and other regulatory changes bite.  Figures  show that investment in London by residential property investors has more than halved since the introduction of the Stamp Duty Surcharge in April 2016.  In the 1st quarter of 2017 there were just 1,126 mortgaged purchases by residential landlords compared to the average in preceding quarters of 2,500.  At the same time residential investment in Manchester has dipped far less.  Falling to 840 purchases by residential landlords compared to the average of 1000 in 2014 & 2015.

Many landlords are targeting rental yield over expected capital gains as the housing market in London slows after the introduction of much higher rates of Stamp Duty for investment properties.

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Monday, August 14, 2017

Regions leading student property investment

Student housing hotspots

Regional centres such as Southampton, Liverpool and Leicester are among the English cities to have seen the biggest growth in student housing owned by private landlords according to recent research.  Becoming a student landlord has been shown to have been a very profitable niche property investment over the last few decades as property prices continue to grow as student numbers have also continued to expand.

Student housing increasing

Countrywide has recently revealed figures that reveals that the number of homes lived in wholly by students has risen by 11,000.  Growth spots include Southampton (3,428), Liverpool (2,560) and Leicester (2,075). Other cities showing gains include Exeter, Brighton and Hove, Birmingham and Newcastle upon Tyne.

Landlords have been traditionally attracted to letting to students by the higher than average yields associated with multiple lets ( 2-3%).  The downside can be higher void periods in between lets and greater wear and tear associated with a multi let.

Room rents

The same research showed massive variations in average room rents from £280 in Sunderland and £414 in Southampton to £559 in Brighton and £752 in Tower Hamlets. Room rents reflect a degree the underlying capital values that landlords have to pay and the combination of the two translate into the overall property rental yield.

Student Landlord insurance - specialist providers

Thursday, August 10, 2017

Drop in home repossessions

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House price growth flattest for 4 years - RICS

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Spanish Airbnbs to turn away tourists

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No landlords prosecuted over rubbish

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Natwest slashes BTL rates and fees

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.

Airbnb not paying fair share of tax

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Sharp jump in ex-pat BTL interest

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, August 09, 2017

How to get your building listed

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Should social housing tenancies be time-limited?

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Castle Trust stress test BTL portfolios

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.

£65m Gov support for largest Build to Rent site

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Graph of global property wealth

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22% of res sales incur 3% SDLT surcharge

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House price growth easing says Halifax

halifax july house price index 2017
  • Three month change (May-July) - down 0.2% than (February-April), a 4th quarterly fall. 
  • (May-July 2017) price up 2.1% from (May-July 2016)
  • Monthly price (July) up 0.4%.

Halifax's Russell Galley comments:

“House prices continue to remain broadly flat, as they have since the start of the year. Prices in the three months to July were marginally lower than in the preceding three months, while the annual rate of growth has edged down from 5.7% in January to 2.1% in July; the lowest rate since April 2013.

The rise in the employment level by 175,000 in the three months to May helped push the unemployment rate down to 4.5%, the lowest since June 1975. However, this improvement in the jobs market has not, as yet, boosted wage growth, resulting in earnings rising at a slower rate than consumer prices. This squeeze on spending power, together with the impact on property transactions of the stamp duty changes in 2016 now being realised, along with affordability concerns, appear to have contributed to weaker housing demand.

However, a continued low mortgage rate environment, combined with an ongoing shortage of properties for sale, should help continue to support house prices over the coming months.” 

Read in full -  Halifax House Price Index 

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Total UK wealth tops £10tn

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Monday, August 07, 2017

Calls for Torys to build more homes

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Nobody can solve this housing crisis

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Labour urge delay in universal credit rollout

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Outrage - tenants labelled 'household pests'

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Shapps calls for 2m new homes by 2022

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Trouble is brewing for the housing market

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The changing uses of a home annexe

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UK rental growth bounces back to 1.1%

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Thursday, August 03, 2017

Prime London Lettings Index - KF

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Leap in families affected by benefit gap

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BofE report on UK housing

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Landlords may dodge Energy Efficiency Standards

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Rents rise in home counties

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BofE keep interest rate at 0.25%

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How much can London landlords earn on Airbnb?

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This blog has been verified by Rise: Rbcce62c323fe5fecb655b7c4bbca4c47

No rent rise predicted



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