The Comprehensive Property News Portfolio
Here at Property Basement, we’re a team of property enthusiasts dedicated to bringing YOU the very latest property news and market information.
We scour news channels and the web for the latest, most relevant, cutting edge stories and press releases from across the entire UK property sector and beyond.
Whether you’re a buyer, a seller or looking to rent or invest; a landlord looking for the news or guidance, or a property agent looking for industry news, we’ve got you covered!
Bookmark our site and get all your property news, when it breaks, every single day.
See the latest from our archives below, or view by category from the main menu.
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News and Opinion
- The Renters Reform Bill Won’t Be Passed Due to the Surprise Election
Rishi Sunak has announced that there will be a General Election on July 4th, effectively suspending Parliament sessions until after the election. This means that MPs won’t continue to work on various bills, including the Renters Reform Bill, which isn’t scheduled to be discussed this week, although some others like the Leasehold and Freehold Reform… Read more: The Renters Reform Bill Won’t Be Passed Due to the Surprise Election - Can Skilled Worker Visa Holders Get a Mortgage in the UK?
If you’re from overseas and bringing your talents to the UK, you might dream of owning your place, so what’s holding back skilled worker visa holders from buying a home? Having a place to call home is deeply important to most Brits and many skilled foreign workers feel the same way. There seems to be… Read more: Can Skilled Worker Visa Holders Get a Mortgage in the UK? - Key Factors to Consider When Choosing Student Accommodation
Students often quickly sign leases for what looks like an ideal student house but later discover problems like poorly equipped kitchens, slow internet, and noisy neighbourhoods that disrupt studying. Taking the time to consider these factors beforehand can prevent such headaches when choosing student accommodation. Choosing the appropriate student house is vital for both your… Read more: Key Factors to Consider When Choosing Student Accommodation - HMRC Intensifies Scrutiny on Airbnb Landlords
Nearly 2,000 owners of holiday rentals faced inquiries from HM Revenue and Customs in the fiscal year 2023-24, marking a significant surge from only 95 cases against AirBNB landlords two years earlier. Insights provided by The Telegraph, thanks to information accessed through the Freedom of Information Act, suggest a clear pivot in the HMRC’s strategy… Read more: HMRC Intensifies Scrutiny on Airbnb Landlords - Bank of England Deputy Governor Teases Reduced Interest Rates
The upcoming inflation data is much anticipated and will show whether inflation is aligning with the Bank of England’s target rate. People with mortgages, those looking to buy homes, financial experts, and others with loans or savings are eager for clues on when the UK might see reduced interest rates, potentially even by next month.… Read more: Bank of England Deputy Governor Teases Reduced Interest Rates - Labour Divided Over Implementing Rent Controls
Rachel Reeves, the Labour Party’s shadow chancellor, has hinted that the party may entertain the idea of implementing rent controls in specific areas, though this does not align with the party’s official stance. During a conversation with BBC Radio Essex, Reeves noted, “I think that should be up to local areas to decide. There may… Read more: Labour Divided Over Implementing Rent Controls
Buying Property
- Unexpected Mortgage Rate Hikes Pressure Homebuyers as Spring Housing Market Heats Up
April brought with it mortgage rate hikes to go along with an uptick in housing market activity, according to OnTheMarket’s latest Property Sentiment Index. The pace at which homes are being sold remains consistent. The mood in April seemed quite consistent, with a small boost in seller optimism paralleled by a minor dip in buyer… Read more: Unexpected Mortgage Rate Hikes Pressure Homebuyers as Spring Housing Market Heats Up - Barratt Merger: Property Companies to Merge Following £2.5B Shareholder-Approved Deal
The merger between Barratt Developments and Redrow has been given the green light after shareholders overwhelmingly supported the £2.5 billion transaction. An impressive 99.93% of Redrow’s shareholders were in favour of uniting with Barratt, and 99.82% of Barratt’s shareholders agreed to the deal. This merger was initially unveiled in February, with Barratt set to acquire… Read more: Barratt Merger: Property Companies to Merge Following £2.5B Shareholder-Approved Deal - LendInvest Mortgages Updates Buy-to-Let Mortgage Options
LendInvest Mortgages is now offering more competitive terms for buy-to-let mortgages. They’ve reduced their rates by as much as 0.15%, with mortgage rates now starting from 3.89%. The company has also raised its maximum loan limit, now offering loans of up to £3 million. Additionally, LendInvest is providing up to 80% loan-to-value (LTV) five-year mortgage… Read more: LendInvest Mortgages Updates Buy-to-Let Mortgage Options - New Housing Development by Pennyfarthing Homes and VIVID in The New Forest
Pennyfarthing Homes has teamed up with VIVID to build 106 budget-friendly homes as part of their Fordingbridge project in Hampshire. The collaborative venture will present a variety of housing styles, including homes for purchase, shared ownership, and affordable rentals. Prospective homeowners can choose from an assortment of one- and two-bedroom flats, two- to four-bedroom houses,… Read more: New Housing Development by Pennyfarthing Homes and VIVID in The New Forest - Essential Contacts for New Homeowners
Buying a new home can feel like a daunting task with a mountain of things to organise, from getting a mortgage to planning the actual move. With so many tasks on your plate, it helps to be well-prepared and organised. Having a list of essential contacts can be a lifesaver, as they offer expert advice… Read more: Essential Contacts for New Homeowners - Home Insurance Costs Spike by 31% within a Year
The cost of home insurance surged by nearly a third (31%) from January to March 2024, according to data from Compare the Market. In the UK, the average home insurance bill climbed from £159 in 2023 to £209 this year, marking a £53 hike. During the first quarter of 2024, this upward trend affected all… Read more: Home Insurance Costs Spike by 31% within a Year
Selling Property
- Unexpected Mortgage Rate Hikes Pressure Homebuyers as Spring Housing Market Heats UpApril brought with it mortgage rate hikes to go along with an uptick in housing market activity, according to OnTheMarket’s latest Property Sentiment Index. The pace at which homes are being sold remains consistent. The mood in April seemed quite consistent, with a small boost in seller optimism paralleled by a minor dip in buyer… Read more: Unexpected Mortgage Rate Hikes Pressure Homebuyers as Spring Housing Market Heats Up
- How to Sell Your House: A Comprehensive Guide
Are you excited about moving to a new place, maybe one with more room or a scenic coastal view? If yes, then it’s time to turn those dreams into reality. Our straightforward guide will lead you through the selling process, covering everything from choosing a real estate agent and pricing your home to preparing it… Read more: How to Sell Your House: A Comprehensive Guide - Labour Considers Council Tax Reform Aimed at Property Wealth
What does Council Tax Reform under The Labour party, look like? Well, Labour under the leadership of Sir Kier Starmer, has not dismissed the possibility of using satellite technology to surveil private properties, similar to recent reports from Wales, in order to raise taxes. Under new proposals from the Welsh government, those living in neighbourhoods… Read more: Labour Considers Council Tax Reform Aimed at Property Wealth - Persimmon Sales Agent Suspended after ‘flipping the bird’ to Homebuyer
A Persimmon sales agent has been put on leave after he was caught on camera giving the middle finger to a potential homebuyer. The incident, highlighted by MailOnline, occurred during an argument in Derby at a property the agent was selling. The offensive gesture happened at Buttercup Leys estate, a development with homes priced up… Read more: Persimmon Sales Agent Suspended after ‘flipping the bird’ to Homebuyer - Rightmove Study Shows Victorian Houses Are UK’s Favourite Period Properties
A new study by Rightmove has found that Victorian houses top the list of most-searched period properties in the UK. The use of Rightmove’s Keyword Sort tool has revealed that people have a keen interest in properties with historic and distinctive features, as ‘character’ and ‘period’ are among the most common keywords used in property… Read more: Rightmove Study Shows Victorian Houses Are UK’s Favourite Period Properties - Overcoming the UK Housing Crisis Through Retrofitting houses
The UK is facing a severe housing crisis – a quarter of homes don’t meet necessary standards, with 12% being particularly hazardous. Evidently, our current approach is failing. To try and alleviate the rental housing problem within seven years, the UK needs to invest a staggering £250 billion into housing. This challenge requires more than… Read more: Overcoming the UK Housing Crisis Through Retrofitting houses
Renting Property
- Key Factors to Consider When Choosing Student AccommodationStudents often quickly sign leases for what looks like an ideal student house but later discover problems like poorly equipped kitchens, slow internet, and noisy neighbourhoods that disrupt studying. Taking the time to consider these factors beforehand can prevent such headaches when choosing student accommodation. Choosing the appropriate student house is vital for both your… Read more: Key Factors to Consider When Choosing Student Accommodation
- Rent Increases for Tenants Extending Their Leases
According to research from Hamptons, tenants who are renewing their tenancy agreements are facing rent increases that bring their payments closer to the higher rents seen in new lettings on the market. In Great Britain, those who have renewed their lease in the past year have faced an average rent increase of 8.3%, which is… Read more: Rent Increases for Tenants Extending Their Leases - Increase Homelessness Risk for Renters As Property Investors Leave the Market
Landlords are leaving the rental market in considerable numbers, with many seeking to offload their buy-to-let properties, causing a significant rise in renters who could potentially become homeless. Official statistics indicate that in England, over 2,000 households monthly are at risk of homelessness as private landlords are choosing to sell their properties, citing uncertainty due… Read more: Increase Homelessness Risk for Renters As Property Investors Leave the Market - Home Insurance Costs Spike by 31% within a YearThe cost of home insurance surged by nearly a third (31%) from January to March 2024, according to data from Compare the Market. In the UK, the average home insurance bill climbed from £159 in 2023 to £209 this year, marking a £53 hike. During the first quarter of 2024, this upward trend affected all… Read more: Home Insurance Costs Spike by 31% within a Year
- Buying vs Renting: Buying in London Almost 50% More Expensive Than Renting
Buying vs Renting: London’s mortgage expenses have soared to 42% above the average rental rates in the city, considerably complicating the home-buying process. In London’s wealthier central areas, homebuyers are finding themselves paying about 66% or £1,232 more each month on mortgages compared to renting. However, in Greenwich, a favourite spot for investors and those… Read more: Buying vs Renting: Buying in London Almost 50% More Expensive Than Renting - Most Tenant/Landlord conflict is due to Maintenance Issues
The main reason behind the tension between tenants and their landlords is poor maintenance (68%) along with subpar communication (42%). It’s clear that these aspects are crucial for landlords to consider in order to maintain positive relations with their tenants. One out of four renters (25%) have a negative view of their current landlord, and… Read more: Most Tenant/Landlord conflict is due to Maintenance Issues
Letting Property
- Rent Increases for Tenants Extending Their LeasesAccording to research from Hamptons, tenants who are renewing their tenancy agreements are facing rent increases that bring their payments closer to the higher rents seen in new lettings on the market. In Great Britain, those who have renewed their lease in the past year have faced an average rent increase of 8.3%, which is… Read more: Rent Increases for Tenants Extending Their Leases
- Increase Homelessness Risk for Renters As Property Investors Leave the MarketLandlords are leaving the rental market in considerable numbers, with many seeking to offload their buy-to-let properties, causing a significant rise in renters who could potentially become homeless. Official statistics indicate that in England, over 2,000 households monthly are at risk of homelessness as private landlords are choosing to sell their properties, citing uncertainty due… Read more: Increase Homelessness Risk for Renters As Property Investors Leave the Market
- Labour Considers Council Tax Reform Aimed at Property WealthWhat does Council Tax Reform under The Labour party, look like? Well, Labour under the leadership of Sir Kier Starmer, has not dismissed the possibility of using satellite technology to surveil private properties, similar to recent reports from Wales, in order to raise taxes. Under new proposals from the Welsh government, those living in neighbourhoods… Read more: Labour Considers Council Tax Reform Aimed at Property Wealth
- Tips for Landlords: Screening Tenants Legally and Effectively
For landlords, screening tenants is key to preventing legal and financial troubles. The process is an essential part of ensuring that tenants can comply with lease terms. Today we’ll look at the best ways to screen tenants, focusing on the legal aspects that landlords need to keep in mind to safeguard their investments and nurture… Read more: Tips for Landlords: Screening Tenants Legally and Effectively - Most Tenant/Landlord conflict is due to Maintenance IssuesThe main reason behind the tension between tenants and their landlords is poor maintenance (68%) along with subpar communication (42%). It’s clear that these aspects are crucial for landlords to consider in order to maintain positive relations with their tenants. One out of four renters (25%) have a negative view of their current landlord, and… Read more: Most Tenant/Landlord conflict is due to Maintenance Issues
- Estate Agents Unprepared for Transition to Periodic Tenancies
Most letting agents are not ready for the transition to periodic tenancies, indicating confusion about the constantly evolving Renters (Reform) Bill, according to a survey conducted by Goodlord. The eagerly anticipated legislation is expected to bring about a change to periodic tenancies, which are rolling contracts with no fixed termination date. This will necessitate a… Read more: Estate Agents Unprepared for Transition to Periodic Tenancies
Borrowing & Investing
- Can Skilled Worker Visa Holders Get a Mortgage in the UK?If you’re from overseas and bringing your talents to the UK, you might dream of owning your place, so what’s holding back skilled worker visa holders from buying a home? Having a place to call home is deeply important to most Brits and many skilled foreign workers feel the same way. There seems to be… Read more: Can Skilled Worker Visa Holders Get a Mortgage in the UK?
- LendInvest Mortgages Updates Buy-to-Let Mortgage OptionsLendInvest Mortgages is now offering more competitive terms for buy-to-let mortgages. They’ve reduced their rates by as much as 0.15%, with mortgage rates now starting from 3.89%. The company has also raised its maximum loan limit, now offering loans of up to £3 million. Additionally, LendInvest is providing up to 80% loan-to-value (LTV) five-year mortgage… Read more: LendInvest Mortgages Updates Buy-to-Let Mortgage Options
- Navigating Shared Inheritance: What If Multiple Heirs Receive One Property?
Imagine the scenario where you and your five cousins all inherit a castle. A shared inheritance situation isn’t simply about room picks; it involves serious legal, emotional, and practical decision-making. Understanding estate law, compromising skills, and maybe even some property management knowledge will be necessary. Should you all sell, rent, or maintain this inherited property?… Read more: Navigating Shared Inheritance: What If Multiple Heirs Receive One Property? - Announcing Sale of Wilmer Place, 50 Armenian Street, Singapore for $26.5M
Wilmer Place, a property under the umbrella of Wilmer and Sons Private Limited, has recently been sold for $26.5 million, reflecting the value for its remaining 22-year tenure. The buyer is Jadeite Properties Pte Ltd, a joint venture equally shared by Coliwoo Holdings Pte. Ltd., part of the LHN Group, and Macritchie Developments Pte. Ltd.,… Read more: Announcing Sale of Wilmer Place, 50 Armenian Street, Singapore for $26.5M - Call for Bank of England to Lower Interest Rates Amid Rising Mortgage Costs
There is increasing pressure on the Bank of England to decrease interest rates following recent hikes in mortgage expenses. An assembly of independent economists, known as the shadow committee, has demanded a significant and immediate reduction in interest rates. Yet, the expectation among economists is that the committee will maintain the current rate of 5.25%,… Read more: Call for Bank of England to Lower Interest Rates Amid Rising Mortgage Costs - Mortgage Rates Still Rising
In the past six months, we’ve seen interest rates for savings and loans go up and down. Moneyfactscompare.co.uk has reviewed the average rates for savings and mortgage rates to see how they’ve shifted over time. Since November 2023, the average rate for a two-year fixed mortgage has dropped from 6.29% to 5.91%, and a five-year… Read more: Mortgage Rates Still Rising