Foundation launch new 5-year BTL fix

Foundation Home Loans has announced that they have launched a new 5 Year Fixed Rate deal as part of their buy-to-let range. The new product, Standard Plus, will be aimed for a limited time primarily at portfolio and non-portfolio landlords and will offer a competitive fixed rate of at 3.54% (fixed until 31/7/2023) up to 75% LTV with a 2% Arrangement Fee. The product is available to portfolio and non-portfolio landlords without any adverse credit within the last 6 years, except in some…

Countryside report strong growth trajectory

According to a Countrywide’s trading statement, total completions at the firm are up 15% in the six month period to the end of March 2018 – a rise of 19% at the firm’s Partnerships arm and up 7% on the private side. Overall the firm’s private average selling price is down 11% to £392,000 “in line with stated objectives” with the ASP at the Partnerships side down from £368,000 to £308,000 due to increased completions in the West Midlands. The private ASP on the…

Demand for five-year fixed remortgages slips to lowest level in 10 months

New data from conveyancing service provider, LMS, has shown that five-year fixed remortgages are being shunned by consumers in favour of cheaper two-year fixed rate deals. The once popular product fell to 37% of the market in February – down from 45% in the previous month. This is the lowest level of five-year fixed rate remortgages in the market since July. The decline has been driven by more consumers opting for cheaper two-year fixed rate deals to balance out the cost of November’s…

Could letting agents benefit from Build to Rent?

Letting agents should consider the benefits of participating in the growing Build to Rent (BTR) phenomenon, according to automated payment provider PayProp. Around since 2012, Build to Rent aims to provide thousands of units of purpose-built rental accommodation. The sector has government-backing – to the tune of up to £1 billion – and is supported by institutional investors. Over the last few years, investment in the sector has been widespread and extensive. A report from the British Property Federation (BPF), Savills and the…

Warning to landlords and letting agents over fake referencing

Tonight’s episode of “Bad Tenants, Rogue Landlords” (Thursday 19th April, Channel 5, 8pm) will serve as a warning to all landlords and letting agents over the dangers of fake tenant references, as landlord Paul Bloom faces a struggle to get his property back from a bogus company let. Paul Bloom, a professional landlord with several properties in London, let one of his flats in a quiet part of Hampstead, London. The letting agent he used was approached by a third party wishing to rent…

Buy-to-let market weathering red tape storm

Changes to regulations and taxation are old news for buy-to-let landlords and investors. But, despite all the changes that have been introduced over the last two years, the buy-to-let market is remarkably resilient; savvy investors have already acclimatised to the new landscape and continue to grow their portfolios. In fact, it’s not just battle-hardened landlords keeping the market buoyant. Recent industry figures indicate buy-to-let is more popular than ever, with over 2.5 million UK-based investors in the last tax year – 5 per cent…

Biting tax changes force landlords to reshape their portfolios

A recent survey on trends in the PRS conducted by Paragon found that landlords with between 6 and 20 properties in their portfolio have increased from 35% to 39%. According to the research which was based on interviews with 203 experienced landlords in Q1 2018, this follows a drop in the proportion of landlords in the 3 to 5 property bracket at the end of 2017, down from 26% to 24%, and indicates the potential for a growing polarisation between small scale landlords and…

‘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…