Auction House continues to break records with fifth record sales month in a row

Property auctioneer, Auction House, has reported a fifth consecutive month of record sales in 2018, selling more lots in every month since July than ever before in the eleven year history of the network. In November this year the group sold 156 lots from 219 offered – a success rate of 71% and raising a total of £14.7m. These figures take the cumulative total in 2018 to sales of 3,257 lots since the start of the year, raising over £400m (£400,721,903) in the process.…

How to stay on top of rent arrears

According to PayProp, rent arrears, which often feature in property repossession cases, can be kept under control with the effective use of communication and technology. By helping landlords cut their rent arrears, thereby limiting repossessions, letting agents may also help minimise void periods and improve housing stability in the private rental sector. Repossessions are taking longer Last year, the average time taken for a landlord to repossess a property when applying to the courts was 22 weeks (approximately five months), up from…

Are tenants simply paying their landlord’s mortgage?

The latest research from the National Landlords Association has revealed that 79% of landlords are only servicing the interest on their mortgages, not paying down their loans, as they contend with rising costs. This statistic has prompted the NLA to examine the narrative that tenants are just paying off their landlord’s mortgage. In a discussion paper launched in London last night, the NLA and PricedOut, the campaign for affordable housing, looked at both sides of the argument. The NLA holds that there are…

Six of the best: Top investment hotspots for 2019

2018 was an eventful year for the UK’s property market, with changes to stamp duty land tax and proposed changes for overseas investors, along with the impending exit from the EU. However there is no doubt that the market as a whole proved resilient, continuing to grow and maintaining its reputation as one of the most stable property markets in the world. Looking to 2019, investors looking to make the most of the opportunities presented by UK property will do well to start…

RLA warns of new risk to landlords

New rules to protect rent paid by tenants to letting agents will fail to provide adequate protection for landlords, the Residential Landlords Association has warned. From April next year, all letting agents in England will need to be members of a Government approved Client Money Protection (CMP) Scheme. These will protect the rental money that a tenant pays to a letting agent to pass onto their landlord in situations such as the agent ceasing trading. Details of the policy provided by the Government…

What were the main factors driving the lettings market in 2018?

Earlier this year, new research from Santander Mortgages found that owning a home is now cheaper than renting in every part of the UK, with tenants able to make annual savings of £2,268 by buying. Despite this, the desire to rent has grown substantially throughout 2018, with more buyers than ever before taking up tenancies due to a desire to rent rather than being unable to buy. With 62% of Jackson-Stops lettings branches reporting a rise in rental applications throughout the year, the…

Rent rises along the Elizabeth line outstripping London average by 2 to 1

The latest data and analysis from Landbay has revealed that the average rental growth along the Elizabeth Line has increased at more than double the rate of the London average over the last 6 years. According to the report, the £15bn Crossrail project has had major economic impact on many areas along the line. The Elizabeth Line, which will open to commuters in Autumn 2019, is set transform the way people travel in and out of London and the South East – improving access…

Why build-to-rent is the key to helping ‘Generation Rent’

Millennials look set to be the first generation in the UK who may never own their own homes. A recent report estimated that more than 50% of adults under the age of 40 will be living in privately rented accommodation by 2025, and research from the Resolution Foundation stated that up to one third of young adults will never be homeowners. As a result, much of this ‘Generation Rent’ looks likely to remain in private rental accommodation for the rest of their lives. …

Halifax HPI reveals a ‘no-deal housing market’

According to the latest data released by Halifax, during November house prices recorded the lowest rate of growth since December 2012. Halifax revealed that prices between September and November were 1.1% lower than in the preceding three months and when looked at on a month-by-month basis fell by 1.4%, making three monthly falls out of the last four. The average price of a home in the UK according to the lender is now £224,578. Russell Galley, Managing Director, Halifax, commented on this…

How to speed up the sale of your rental property

It has been a tough 12 months for landlords. A difficult political climate, new restrictive legislation and less than favourable changes to tax have pushed many into deciding to quit the sector and sell up. UK sales and lettings experts, Belvoir, provide top tips for landlords who wish to sell a rental property – quickly. 1: Incentivise Selling a rental property with a tenant in situ can be a challenge. Tenants are entitled to live their lives as they wish, and although…