Page 198 – Property118
pic of to let sign in London as agents accused of over pricing rents property118

Solo living surges amid cost-of-living crisis

25th July 2024

The number of young people living alone in the UK has rocketed by a third in just one year, with 237,000 individuals now embracing solitary lifestyles, research reveals. While this trend highlights a growing desire for independence, it coincides with a severe cost of living crisis that is making solo living increasingly challenging for many. […]

Does the Landlord and Tenant Act 1954 need modernising?

25th July 2024

Part II of the Landlord and Tenant Act 1954 (the ‘Act’) affects a large number of properties and was created to provide security of tenure to business tenants. The Act applies to leases granted to tenants of business premises and the tenant or tenants must be in occupation of the relevant premises for business purposes […]

Half of renters are living in cold, damp homes – Citizens Advice

24th July 2024

Nearly half of private renters in England are enduring freezing, damp or mouldy homes, Citizens Advice has warned. And, the charity claims, half of these tenants have endured these conditions for over a year. It also says there has been a surge in eviction cases and it is helping nearly 100 people every day who […]

Possession order granted but we now need to sell the property?

24th July 2024

We had a possession order granted (warranty applied for this week) finally after a year-long battle with a section 8 for rent arrears amounting to over £14,000. A money order has been granted too. The trouble is we are so behind on all of the letting agent fees as well as having to pay out […]

Pic of landlord insurance document non-resident cover property118

Freeholder has not provided full EC coverage?

24th July 2024

Hi, What right does a landlord have when the freeholder of a block of flats has failed to include ‘accommodation cover if flat becomes uninhabitable’? I am the long leaseholder of a flat in a block of 37 flats and the freeholder has omitted this coverage. Do I have any rights to make the freeholder […]

Landlords point to eviction reform to boost buy to let investment

24th July 2024

Landlords say that a more efficient eviction system is the best way to encourage increased investment in the buy to let sector, research reveals. According to mortgage market specialist Pegasus Insight, it found that 64% of landlords prioritise streamlining the eviction process, eclipsing even lower taxes as a motivator. A reduction in Capital Gains Tax, […]

Landlords face HMO crackdowns in THREE council areas

24th July 2024

Three councils have revealed plans to either consult on new selective licensing schemes in their areas or introduce stricter regulations. Wandsworth Council says it is seeking to improve the private rented sector (PRS) in the borough by introducing two new licensing schemes. The proposals, currently under consultation, aim to tackle criminal landlords and ensure better […]

Landlord insurance claims malicious tenant damage property118.com

Universal Credit issues – How do I claim rent arrears?

24th July 2024

Hi, I have tenants in Glasgow on Universal Credit. The tenants paid the rent to me until I asked them to find another property due to vandalism – they have wrecked the house, doors hanging off, holes in walls etc, they have 4 kids. I contacted Universal Credit who don’t give me a reason but […]

Landbay cuts BTL rates, while Aldermore unveils new products

24th July 2024

Landbay has unveiled reductions across its buy to let product range, with interest rates falling by as much as 0.25%. The lender has cut rates on five-year and two-year standard products, and two-year like-for-like remortgage deals by up to 0.25%. Its two-year small HMO/MUFB products are now 0.10% lower. ‘Make some sizeable reductions’ Landbay’s sales […]

Pic of freeholder key landlord leasehold property118

Changes to a lease?

23rd July 2024

Hi, I am the freeholder of a Victorian conversion of 3 flats and I own and live in one of them, on the ground floor. The flat above me has just been sold in auction. Over 20 years ago somebody put up a partition wall and made the bedroom into two bedrooms, without the freeholder’s […]

Invalid right to first refusal offer?

23rd July 2024

Hi, My daughter’s freeholder and management company (since disengaged) have been a nightmare for many years. Not engaging with the tenants to complete repairs and maintenance. Starting section 20 procedure and letting it lapse. Ignoring communication. She is in a block of 4 flats with a commercial property underneath. They started the appointment of a […]

Buy to let sign outside a residential property highlighting changes in mortgage rates

Renters face record price highs as PRS remains ‘difficult’

23rd July 2024

Average advertised rents outside London have surged to a fresh quarterly peak of £1,314 per month, marking a 7% increase year-on-year, Rightmove says. The platform warns that while this growth is slower than the 2022 peak of 12%, renters continue to face significant financial pressures. London rents have also climbed to a record £2,661 per […]

Louisa Sedgwick, the managing director of Paragon Bank,

Paragon Bank unveils new buy to let mortgages

23rd July 2024

Paragon Bank has introduced four limited edition five-year fixed rate buy to let mortgages tailored to landlord portfolios. The lender is offering two new products for landlords owning three or fewer mortgaged BTL properties, and corresponding options for those with larger portfolios. These mortgages are available for single self-contained properties up to 65% loan-to-value and […]

Buy to let lending halves in a year as landlords face pressure

23rd July 2024

The volume of lending for buy to let purchases plummeted by more than half compared to the same period last year, with just 12,422 new loans granted, figures from UK Finance show. It attributes the dramatic slowdown to rising interest rates which have made it increasingly difficult for aspiring landlords to pass lenders’ affordability checks. […]

Woman in red dress smiling while seated in an office chair.

Buy to let slump – Rents rise as fewer landlords invest in the PRS

23rd July 2024

Landlord purchases of rental properties have plunged to a record low, leading to a shortage of rental properties and rising rents across Great Britain, research reveals. According to a report by Hamptons, just 10% of homes sold in the first half of 2024 were bought by landlords, the lowest level since records began in 2010. […]

I say ex-tenant owes me £5,000 unpaid rent, they claim they don’t?

22nd July 2024

Hi, This has been an ongoing situation. I’m a portfolio landlord and use property management companies to manage my buildings. During May 2020, I changed property manager and this is when I started having issues with a tenant not paying rent. Because this was COVID we didn’t get it to court until December 2021 and […]

London’s rental market heats up as summer lets season begins

22nd July 2024

London’s rental market is showing signs of life as the summer lettings season gets underway as tenant applicant demand surged by 15% in June compared to May, according to data from Foxtons. This increase matches pre-pandemic trends and is expected to continue over the coming months. Despite the rise in demand, average rent prices held […]

The Mortgage Works cuts its buy to let rates again

22nd July 2024

The Mortgage Works (TMW) has announced further reductions to their buy to let mortgage rates, making them even more competitive for landlords. New and existing customers can now benefit from rates starting from just 3.54%. This is the third round of cuts from TMW in recent months, and TMW’s senior manager, buy to let mortgages, […]

Incompetent management company?

22nd July 2024

Hi, I’m looking for some advice for what I can do about the property management company who have ‘managed’ my property into oblivion. They haven’t conducted an inspection in over a year; have not chased tenants for unpaid rent and when the tenants finally did a runner, the house has been completely destroyed. They left […]

Allison Thompson of LRG discussing rising demand for accessible rental housing

Survey reveals tenants’ and landlords’ expectations from the Labour government

22nd July 2024

An impressive 60% of tenants and landlords want reduced landlord taxation and lower stamp duty on home purchases, a survey reveals. Leaders Roman Group (LRG) set out to learn the priorities of those in the private rented sector of Labour’s first 100 days in office. This result, the firm says, reflects a shared understanding that […]

Portrait of a business leader in suit and tie

Scottish house prices soar despite economic concerns

22nd July 2024

Scottish house prices defied economic headwinds to surge by an average of £6,868 last year, according to new figures. An analysis by estate and lettings firm DJ Alexander, revealed a big jump in average property values between June 2023 and May this year. It found that prices rose from £184,567 to £191,435, compared to a […]