Tag: property news
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…
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…
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…
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…
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,…
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…
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…
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…
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…
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…
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…
Asda Plans to Build 1,500 Homes in New Development Venture
The supermarket Asda is making its debut in the property sector by collaborating on a large-scale property redevelopment scheme next to London’s HS2 station. In a joint effort with the established developer Barratt, Asda will contribute to the transformation of Park Royal in West London into a vibrant town centre. The plan includes 1,500 new…
Continued Section 21 Notices After the Introduction of the Renters Reform Bill?
Even after the Renters Reform Bill comes into effect, landlords operating periodic tenancies might still be able to issue Section 21 evictions, as per insights from Goodlord and Dutton Gregory Solicitors. The Bill specifies that during periodic tenancies, landlords can use Section 21 until a review of the court system is done, a report is…
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…
A welcome increase in Property Listings
As the UK welcomes the lively season of Spring, its Property Listings are experiencing a remarkable boom, presenting appealing prospects for those looking to buy a home. A report from Dataloft reveals a heartening 20% hike in the number of homes hitting the market compared to the previous year. This upward trend in property listings…