Category: 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…
New Rules Facilitate Conversion of Farm Buildings into Homes and Businesses
The government has introduced new permitted development rights (PDR) that enable unused farm building conversions into residential homes, retail stores, coffee shops, recreational facilities, and various other business premises without submitting a standard planning application. Implemented this week, these regulations support the government’s announced ‘Long-term Plan for Housing’ back in the previous July. Official data…
Understanding the Impact of the General Election on the Property Market
Prime Minister Rishi Sunak has declared that the UK will have a General Election on Thursday, July 4th, 2024, with the dissolution of Parliament scheduled for the preceding Thursday, May 30th. The announcement has led to various predictions about how the election may affect the housing market. Nathan Emerson, CEO of Propertymark, emphasizes the importance…
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…
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…
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…
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.…
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…
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…
Introducing the Home Upgrade Grant 2 for Homeowners and Landlords
The UK Government has launched Home Upgrade Grant 2 (HUG2), the second phase of the Home Upgrade Grant to help homeowners and landlords in England make their off-grid homes more energy-efficient. The program provides financial support to those who might struggle with the expenses associated with transitioning to greener energy. This article will provide an…
House Price Index: Prices Hit New High in Spring
Rightmove’s latest house price index reveals that the typical listing price for a home in Great Britain has set a new high, surpassing £375,000 with a 0.8% increase. Spring, being the peak season for property activity, often brings about a rise in prices as well. There has been a consistent monthly rise in average asking…
Andy Burnham Intensifies Fight Against Manchester’s Problematic Landlords
After winning re-election, Manchester Mayor Andy Burnham has pledged to use £600,000 of council taxes to implement strategies aimed at confronting landlords who are not following regulations. Burnham has introduced the Property Check scheme, which gives tenants the power to request an inspection to ensure their rental meets the Decent Homes Standard. Initially tested in…
Cladding Court Case: Freeholder Hits Back at Government
The owner of Vista Tower in Stevenage has voiced dissatisfaction with the government’s portrayal of a court ruling on fire safety, as a ‘win for leaseholders’ in their recent cladding court case. Grey GR faced legal action from the Department for Levelling Up, Housing and Communities for not addressing fire safety concerns found in 2019…
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…
Housing Crisis Reaches Critical Turning Point
In the wake of the Scottish government’s recent declaration of a national housing crisis, CIH Scotland has expressed hope that this will prompt the necessary political reaction to address the pressing housing issues in Scotland. Shirley-Anne Somerville, the social justice secretary, attributes the crisis to factors such as a decade of financial austerity in the…
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…
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…
New Shared Ownership Homes Available in London
SO Resi is introducing a new shared ownership program featuring 37 homes in Canning Town, London. These one to three-bedroom apartments will be available off-plan starting this May, and interested buyers can visit a show home in June. The cost for a 25% share starts at £96,875, with the full property value at £387,500. Kevin…
Savills introduces the first Climate Vulnerability Index for Netherlands office markets
International property firm, Savills, has published a comprehensive analysis examining the impacts of climate change on the office property sector in the Netherlands. They have also released a critical map that shows the different levels of threat to various regions, serving as a crucial tool for property investors and developers. Utilizing the Climate Vulnerability Index,…
China’s Real Estate Decisions Impact Global Markets
The world of international real estate is keeping a watchful eye on China’s real estate investors and their lenders as they quickly sell off their property holdings to adapt to market shifts in their country. This rush to convert property into cash is attracting global attention, offering valuable insights into the industry’s health. External pressures…
Anti-Money Laundering Webinar by Rightmove and FCS Compliance
Rightmove and FCS Compliance have scheduled their next webinar focusing on anti-money laundering (AML). The topic is the top ten expensive AML mistakes made by businesses and how to avoid them. The webinar, which lasts an hour, is set for 10:00 am on Wednesday, May 22, 2024, and Rightmove members can attend for free. Malcolm…
Janet Woods Becomes New President for Savills North America
NEW YORK (May 15, 2024) – Savills has promoted Janet Woods to be the new President for its North American operations. In her new role, Woods will manage key revenue-generating activities, and partner with local, regional, and North American leaders to fulfil the company’s short and long-term goals. Upon announcing the promotion, David Lipson, CEO…
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,…
Eviction Orders Soar Past 18,000 Amid Rising Homelessness Concerns
With evictions and home repossessions on the rise, many people are relying on legal aid as a last resort. The Law Society of England and Wales is calling on the UK government to broaden the availability of legal aid urgently. The latest figures from the Ministry of Justice indicate a significant increase in mortgage possession…
UK Inflation Projected to Hit 2% Target
The UK inflation rate is anticipated to decrease to the Bank of England’s 2% goal in the second quarter of 2024 according to forecasts that will be released next week. While there’s a sense of optimism, a slight increase in inflation is expected in the latter half of the year. In July, energy price figures…
Innovative Digital Twin Technology for Estate Agents
A cutting-edge communication tool designed for estate agents has been introduced to offer round-the-clock assistance to homebuyers. This tool, which incorporates digital twin technology, can provide immediate and precise responses to queries, enhancing the process of finding a new home. Created by SMS Speedway located in Carlisle, the digital twin technology delivers constant support with…
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…
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?…
UK Construction Drops by 21% in 2024
The UK construction industry has seen a sharp 21% decline in the start of new projects in 2024 compared to the previous year – this is particularly troubling considering the country’s significant need for more houses. According to research from Glenigan, a company that provides insights on construction, many construction projects have been scaled back…
Estate Agent Offers Staff Unlimited Holidays
An estate agent company named eXp UK is changing the game by offering its full-time employees unlimited holidays. This move aims to create a better balance between personal life and work for everyone at the company, including those who are not self-employed agents. As it stands, the law requires at least 28 days of paid…
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…
Rented Homes Declining: Half of Tenants Moved Out Due to Landlord’s Decision to Sell
Last year, 50% of moving tenants surveyed, said they were forced to leave their homes because their landlords decided to sell the property, indicating that a large number of rental homes are disappearing from the private market. A significant portion of the properties landlords sold, specifically 66.7%, were bought by people owning a home for…