‘Serious’ housing problems hit highest rate in five years

New research from the Homeowners Survey 2018 has shown that a massive 83% of people believe house prices are a ‘serious’ problem, up from 77% five years ago. 77% of respondents cited availability of housing as a major concern, up from 69% in 2014. The YouGov survey, polling over 2000 UK adults, is conducted on behalf of HomeOwners Alliance and BLP Insurance and has been trending housing concerns for five years. In further evidence of the worsening crisis, the survey found the quality…

Could ‘Generation Rent’ be effectively tackled by new policy changes?

The latest Resolution Foundation Home Improvements report came out yesterday and proposed a number of new policies to address the “decades of neglect” that have left young people a short changed when it comes to housing. According to the report, 40% of millennials live in privately rented accommodation at the age of 30, which is double the level of the previous generation, and a third could still be renting when they claim their pensions. The number of households with children living in privately…

Rent being recognised in credit scores can’t come soon enough

A PropTech startup has restated its support for the government’s Creditworthiness Assessment Bill and the movement towards mandatory inclusion of tenants’ rental payment histories in credit scores. RentalStep, which already provides a solution to this problem, says that the day when all credit scores include rental payment histories can’t come soon enough. Launched last year, the Creditworthiness Assessment Bill aims to make this measure a legal requirement. The Bill, which was put forward by Big Issue founder Lord John Bird, is currently awaiting…

What are a UK renter’s greatest financial concerns?

The UK has seen a sky rocket in rental prices over the last 10 years. Rents, in some places, have risen by a staggering 63% over the last decade, and for most, the cost of renting will take up to a quarter of their income (it is estimated this could be up to two-thirds for Londoners).. With such astronomical costs, it’s hardly surprising that 86% of the UK renting population is concerned by the rising cost of living. To better understand the motivations…

The South East remains top BTL investor location for over 50s

Research from Commercial Trust has shown that despite the recent negative press surrounding the curent state of the housing market in the South, the number of over 50s buy-to-let investors in the area is growing. According to their figures, between 2015 and 2017, 38% of all completed buy-to-let purchases from those aged 50 and over were in the capital and neighbouring South East. Averaged over the three years, the South East (19.14%) was marginally ahead of London (18.95%) for overall market share for…

Have regulation changes in the PRS gone too far?

Well, perhaps for some as new research from Property Partner reveals that as many as 54% of BTL landlords are considering either reducing the size of their portfolio or selling all their buy-to-let properties due to the raft of changes in regulation over the past year. According to the survey, over two thirds have had their finances negatively impacted by mortgage interest relief changes, 59% have been impacted by increased stamp duty on second homes, and 44% have been financially impacted by harsher mortgage…

House price growth slows for second consecutive month

The latest data and analysis on UK house prices by ONS has revealed a slowdown in house price growth for a second consecutive month. Compounded by supply issues, the annual growth rate has remained under 5% throughout 2017 and into 2018. According to ONS, the fall in house price growth accros the UK is driven mainly by a fall in the capital. There, average house prices decreased by 1.0% in the year to February 2018 – down from a 1.3% increase in January 2018.…

HouseSimple becomes a ‘No sale no fee’ agency

Online estate agents HouseSimple.com has announced that it has moved to a “No Sale No Fee” model, after deciding to simplify its proposition to customers, and move away from the pay upfront model favoured by other online estate agents. Sellers will now only pay a fixed fee of £995 (including VAT), with no conveyancing tie-ins, on completion of a sale. This fee compares favourably with the 1% to 2% commission typically charged by high street agents on sale of a property, which can leave…

Average number of viewings it takes to sell a property is on the rise

According to new research, 54.7% of the UK public believe properties sell after an average of six or less property viewings. In reality, it currently take an average of 19 viewings before a sale is agreed, and that figure is on the rise. The research, carried out by Quick Move Now, found that the average number of viewings it takes to sell a property has risen from 11 to 19 in the last three years. Danny Luke, Quick Move Now’s managing director, commented:…

Why UK Buy-to-Let remains very much alive

John Parker, Business Development Director at Surrenden Invest, shares his views on the UK buy-to-let market in 2018. A year since the government’s tax and mortgage relief changes came into effect, what impact have they had on UK landlords who placed leverage on their property investments? The tax changes are still relatively new so we’re still to see exactly what effect it will have on UK landlords and the buy-to-let market in the mid to long term. Key dynamics such as undersupply and…