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CORONAVIRUS UPDATE

Italy Confirmed cases: 124,632 | Italy Deaths: 15,362 | Italy Recovered: 20,996 SEE MAP Spain Confirmed cases: 126,168 | Spain Deaths: 11,947 | Spain Recovered: 34,219 SEE MAP Italy Confirmed cases: 124,632 | Italy Deaths: 15,362 | Italy Recovered: 20,996 SEE MAP Spain Confirmed cases: 126,168 | Spain Deaths: 11,947 | Spain Recovered: 34,219 SEE MAP

TODAY'S OTHER NEWS

The rental market proves resilient as ‘demand remains strong’

The private rented sector is set to see the sustained growth of rental values seen throughout the course of last year continue into the new decade, the latest government index suggests. 

The latest data from the Office for National Statistics for the UK for January 2020 show that private rents rose by 1.5% in the 12 months to January, up marginally from the 1.4% annual figure reported a month earlier.

Private rental prices grew by 1.5% in England, 1.3% in Wales, and by 0.6% in Scotland in the 12 months to January 2020.

Looking at the English regions, the largest annual rental price increase in the 12 months to January 2020 was in the South West at 2.3%, up from 2.2% in December 2019. 

This was followed by the East Midlands at 2.2%. The lowest annual rental price growth was in the North East, where prices increased by 0.6% in the 12 months to January 2020, followed by the North West, which increased by 1.1%.

Focusing on the long-term trend, between January 2015 and December 2019, private rental prices in the UK increased by 8.6%.

Hedi Zidan, founder and CEO of Nestify, a proptech lettings agent, said: “The figures demonstrate that the UK rental market is resilient and that demand remains strong. 

“Landlords are increasingly meeting tenants who are seeking a range of different accommodation solutions, durations and tenancy options. This means that in order to maximise the current UK housing stock, it's vital landlords have access to a range of short, medium and long-term rental options. 

“These figures demonstrate how integral professional landlords are to UK housing and it is our belief that they should be supported to provide the range of tenancies that the UK rental population so clearly crave.”

Poll: Is now a good time to invest in the buy-to-let market?

PLACE YOUR VOTE BELOW

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    Too much is now stacked against the landlord. Although I have never needed to use it, I decided to get out of letting when the end of Section 21 was announced, that really was the last straw as far as I am concerned.

  • Paul Barrett

    DON'T understand why there has been zero response from lenders as to the abolishment of S21 and the AST.
    It was this that encouraged the lenders to enter the BTL market.
    What happens to the PRS if lenders withdraw from the PRS if they consider things have become far riskier with removal of the AST and S21?

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    I don't understand it either the 2 biggest factors, Assured Short Hold Tenancies & S,21 that will be on your mind when deciding whether you should buy or continue being a Landlord, obviously all those new lame duck organisations don't know why those 2 measures were introduced. LL's are now encouraged to educate ourselves in order to deal with the stupid unnecessary bureaucracy that has been imposed on us. We are encouraged to do Courses and I have done a few to no avail didn't learn anything at all unfortunately just bullsugar. They don't understand we are all about supplying quality Affordable Housing. Their courses are all about administration, paperwork, computers to deal with stuff they invented not actual housing. The most recent Course I was on was Taxation of every kind a full day Course but came away from that non the wiser. I was more surprised by the 2 biggest things that were left out, s.21 & AST , apart from that they went through a load of scenarios of every kind until evening time it had gone around full Circle and we were back to where we started nothing gained as far as I could see what ever you done. Regarding putting your property in a Company it could work for some you would only pay 19% tax on your income but caught for capital gains tax on way-in probably but then all your acids have to go-in to the Company, so everything belongs to the Company but you will get hit big time if you want money out of the Company it all seems pointless unless you have large borrowings then you are not affected by S,24 & get the loan interest tax relief. They didn't say what tax changes are in the pipe line already for this April either, say if you previously owned a Property that you lived in for a number of years prior to renting it out, currently you get allowed relief for the years you lived in it, also you were allowed £40k because it was once your
    residence plus also your wife / partner got allowed £40k if they were named on the Deeds, then you got 1.5 years relief after you left the property, (now getting cutback to 9 months) you also had up to a year to pay the capital gain tax now it has to be paid with-in 30 days of completion etc, etc, so are they giving us anything positive at all to work with ? but the Course didn't tell me any of this. Regarding the above its how I see and understand it whether its right or wrong is another matter just a lay persons point of view, you will have to take your own independent advice.

  • Paul Barrett

    Very few LL appreciate the risks involved of being a leveraged LL.
    They fail to understand that their business is predicated entirely on the efficacy of the eviction process.

    Leveraged LL face massive risks from a tenant if no RGI is on the tenant.
    I know if I had been aware of this fundamental situation I would NOT have invested as I did 10 years ago.

    The combination of all the numerous attacks on LL is driving me out of the AST market.

    It seems many other LL are reacting the same way.
    I have noticed that the usual suspects.......................GR and Shelter are now attacking LL who have converted from AST lettings to SA; FHL and AirBnB .
    There really is no stopping these idiots.
    They clearly DON'T want any investor owning investment properties of any type.
    It defies belief the way these stupid left-wing organisations spew out their vile propaganda.

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