Landbay announce lending volumes hit £100m milestone

Specialist mortgage marketplace lender, Landbay, has announced that it has lent a total of £100 million to BTL landlords since it launched in 2014. Landbay has found that regulatory changes have dramatically reshaped the sector, with many landlords choosing to diversify their portfolios, while some step back from buy-to-let altogether.  As a result, portfolio landlords, and their brokers, have increasingly looked to specialist mortgage lenders to support them through the changes, which include the recent Prudential Regulation Authority (PRA) reforms, and the gradual…

Average first-time-buyer age rises by almost a third since 1960

According to a new study, average first-time buyers are now seven years older than in 1960 and need to save around £20,000 to be able to buy a home. 2,000 adults were polled and revealed that there is a huge difference in the profile of someone buying their first home through the generations.Today, first-time buyers will be in their thirties before they get onto the property ladder and pay a deposit of £20,622. In comparison, in 1960, the average first-time buyer was just…

Dispute settlement and the ECJ in the draft withdrawal agreement

Professor Steve Peers, University of Essex* One of the most contentious issues in EU/UK relations after Brexit is going to be the extent to which there is still some residual connection between the UK and the EU’s Court of Justice. At first, that issue will arise in the withdrawal agreement which is being negotiated, a draft of which was tabled by the EU Commission last week. It will eventually arise to some extent also in the future relationship between the two sides, but let’s focus on the withdrawal agreement for…

East Midlands rent rises continue to outpace UK average

The latest data and analysis from Landbay has revealed that residential rents in the East Midlands grew by 2.24% in the 12 months to February, the fastest rise of any UK region and more than three times the UK average of 0.69%. According to Landbay’s study, the East Midlands has seen the fastest pace of rental growth out of all UK regions for the past 11 months. At a county level, Leicester (3.42%) and Nottingham (3.30%) have experienced the most substantial rental growth in…

Is the traditional BTL market broken?

Despite the national housing shortage, it seems the government has sent out a clear message that it wants to slow down the private buy-to-let market. The latest Bank of England figures show that while there was an increase in new residential mortgage lending activity in the first half of 2017, the share of buy-to-let lending decreased to 12.5% in June 2017, the lowest percentage since Q3 2013.  It appears that the government’s strategy is working. A significant number of individual landlords and investors…

Why we should all back calls for a new ombudsman

As a business that is deeply entwined with buy to let and which has a client base containing many landlords you could be forgiven for thinking we rolled our eyes when calls for a new property ombudsman were made last month. Landlords are often the scapegoats for pretty much all the ills of the property market; another redress scheme that would exist to handle complaints and grievances about the industry sounds like the last thing we need. But I think it’s essential that this…

20% rise of home sellers recorded during February

New data from HouseSimple.com has shown that, during February, there was a 20% rise in sellers listing their properties – following January’s 40% boost in new supply. The data revealed that total new estate agent listings rose from 56,041 in January to 67,182 last month. However, comparing February 2018 with February 2017, the number of new sellers coming onto the market was just 2.5% higher. More than nine out of ten (93%) towns and cities saw an increase in new sellers in February…

New research shows vast majority still prefer high street agents

New research from the HomeOwners Alliance has revealed that, despite the emergence of online agents, over 90% of homeowners are still opting for their local high-street agent when selling their home. However, according to the analysis, in some parts of England and Wales, nearly 10% of home sellers are choosing the new generation of online estates agents to handle what is likely to be the biggest financial transaction in their lives. Online agents are most popular in areas where the success rate of…

Death Sentence for Autonomous Investment Protection Tribunals

Von Daniel Thym, Chair of Public, European and International Law, University of Konstanz Public debates are short-lived: the international media was thrilled by the regional parliament of Wallonia threatening to block the CETA Agreement with Canada. At the moment, free trade is more popular as a result of Donald Trump’s opposition, since few Europeans feel comfortable promoting a similar approach as the US president. We should be careful, however, not to be forget underlying structural issues besides the headline news about punitive tariffs on European steel or American orange juice.…

Maximum loan size increased for 80-85% LTV residential products at Principality

Wales’ largest building society, Principality, has announced that it increased its residential 80-85% loan to value (LTV) mortgage products from £350,000 to £500,000 maximum with immediate effect. Emma Graham, Intermediary Key Account Manager, said: “At a time of rising house prices in some areas, and smaller deposits, we have been receiving an increasing demand from brokers for larger loan sizes, so this is a positive move in response to that. We will continue to identify ways to expand our product proposition to the…