Speaking on Radio 4’s Today programme, the housing and planning minister Matthew Pennycook confirmed that the number of proposed sites has been reduced. Plans for five new towns have been ditched with only three ‘breaking ground’ before the end of this Parliament, a Government minister has confirmed. Speaking on Radio 4’s Today programme, the housing and planning minister Matthew Pennycook confirmed that the number of proposed sites has been reduced… Continue Reading Plans for five new towns are ditched, Minister confirms

A senior figure in the Independent Age charity is warning that older renters face an increased risk of living in poverty. Director of Policy and Influencing Morgan Vine says new government ‘Household Below Average Income’ figures show there has been an increase of 200,000 pensioners living in poverty, in just one year. He comments: “We want to see Local Housing Allowance uprated, to ensure older private renters are not forced… Continue Reading Older renters risk poverty unless allowance boost – call

New energy efficiency regulations could create what one property expert is calling an “EPC time bomb” in the UK rental market. Millions of privately rented homes in England currently have an EPC rating of D or below, meaning they would require improvements to meet a future EPC C standard, expected for 2030. Government impact assessments estimate the average cost of upgrading a rental property to EPC C could be around… Continue Reading Warning that buy to let is facing “EPC time bomb”

Labour politicians in government and London have given details of measures to help ease the capital’s housing crisis.  Housing Secretary Steve Reed and London Mayor Sadiq Khan have admitted in a statement that “the capital is building far fewer homes than it needs.” It blames high interest rates, rising construction costs, complex planning rules and the legacy of the Covid-19 pandemic for “a series of hurdles.”  This has resulted in only 4,522 social and affordable housing starts on site in… Continue Reading Labour reveals emergency London housing rules

The locations of seven new towns have been named for consideration by the government. Each proposed location is expected to deliver at least 10,000 homes, with several delivering 40,000 or more in the decades to come.  The proposed locations are:  Tempsford, Bedfordshire — up to 40,000 homes built around a new East West Rail station, linking residents to Cambridge, Oxford, London and Milton Keynes; Crews Hill and Chase Park, Enfield… Continue Reading Government names seven new towns and launches housing bank

There’s another blow to the government’s ambitious housing targets today. The Home Builders Federation (HBF) suggests the vast majority (70%) of small- and medium-sized home builders say that market conditions are limiting their appetite to invest in new sites. Despite the government’s changes to the planning system and clearly-stated desire to increase housing supply, well under half (41%) of SME builders expect to increase the number of homes they start… Continue Reading New blow to government’s house building targets

Stuart Haire of Skipton Building Society says only one in 15 home purchases are now made by people aged under 25. The market for first-time buyers has “collapsed” over the last 30 years, but is showing signs of recovery, according to a major piece of research by the parent company of Connells. The Skipton Home Affordability Index “reveals the true scale of how access to first-time homeownership has transformed in… Continue Reading Connells owner reveals ‘collapse’ of first-time-buyer market

But officials also say landlords who fail to report rent income and expenses on time over next 12 months won’t – initially – be fined for tardiness. HMRC has revealed more details about its looming Making Tax Digital (MTD) system including that some 118,000 private landlords will soon have to begin reporting quarterly rather than annual rent receipts and expenses. Letting agents will be heavily involved in this new system,… Continue Reading HMRC reveals first 118,000 landlords to face new tax reporting system

Hamptons estimates there would be 2.2 million more homes available to rent had the surcharge not be introduced a decade ago. More than two million homes have gone “missing” from the rental market after the stamp duty surcharge was introduced a decade ago, it has been revealed. Research by Hamptons claimed there would be 2.2 million more homes available to rent had the surcharge not be introduced and the market… Continue Reading Millions of rental homes are “missing’ due to Stamp Duty surcharge, claims Hamptons

Housing Secretary Steve Reed’s pledge was “build baby build”, but the latest ONS figures show private housing output dropped 6.3%. The Government’s plan to deliver 1.5 million new homes by 2029 has suffered another blow with news that housebuilding actually fell. There was a 6.3% drop in output of private homes in the three months to January, the latest figures from the Office for National Statistics (ONS) reveal. Build baby… Continue Reading Government target suffers blow as housebuilding falls

The ending of fixed-term tenancies means landlords could lose oversight of the condition of their properties, warns Inventory Base’s Siân Hemming-Metcalfe. Nearly half of landlords plan to inspect their rental properties no more than once a year after the Renters’ Rights Act replaces fixed-term assured shorthold tenancies (ASTs) with periodic tenancies in May, according to Inventory Base. A survey of 885 UK landlords commissioned by the property inspection platform found… Continue Reading Landlords urged to increase inspections post Renters’ Rights Act

What US President Donald Trump says about the length of the war in the Middle East will determine the future of the housing market, says Knight Frank. Leading estate agency Knight Frank says the fate of the housing market this year may depend on what Donald Trump (main picture) declares about the war in the Middle East. Tom Bill, who is Head of UK Residential Research at Knight Frank, claims… Continue Reading Fate of housing market ‘depends on Trump’, says Knight Frank

From today, long-standing practices including Section 21 ‘no-fault’ evictions came to an end, ushering in a new legal framework based on periodic tenancies, strengthened tenant protections, and a greater reliance on statutory grounds for possession. Propertymark, the letting agents’ trade body, has given this guide to the biggest changes. End of Section 21 and shift to periodic tenancies One of the most significant changes taking effect today is the abolition… Continue Reading Renters Rights Act at a glance

Reports of a year-long rent freeze for the PRS to help tenants with the cost of living have been criticised by the industry, who point out that it may force landlords – already under pressure from the Renters’ Rights Act and increased costs – out of business. Ben Beadle, chief executive of the National Residential Landlords Association, said such a move would threaten confidence and supply. “Introducing a rent freeze… Continue Reading Industry slams rent freeze proposal

Leasehold reforms are likely to have unintended economic consequences, warns former Treasury economist Martin Beck. Labour’s proposed annual cap on ground rents could deliver an unexpected windfall to property investors rather than just benefiting owner-occupiers, as a significant number of rental properties are leasehold, according to analysis carried out by consultancy firm WPI Strategy. Its Chief Economist, Martin Beck (pictured), says: “While the intention of reform is to support leaseholders, the economic… Continue Reading Ground rent cap will give landlords £8.7bn windfall

Forward-looking sentiment has turned more cautious, although twelve-month expectations “remain positive”, says RICS analyst Tarrant Parsons. Confidence in the UK housing market weakened in February as renewed geopolitical and macroeconomic uncertainty have weighed on buyer sentiment, according to the RICS latest survey. Its data shows new buyer enquiries continued their decline, with the net balance slipping to -26% from -15% in January, while agreed sales remained subdued at -12%. Near-term… Continue Reading Global headwinds weigh on housing market confidence, warns RICS

Experts warn mortgage rates are climbing at the fastest pace since the Mini-Budget delivered by Kwasi Kwarteng in 2022, due to the effects of the war in the Middle East. The mortgage market is now becoming as turbulent as it was following the Liz Truss mini-Budget, which saw loan rates jump dramatically, according to Moneyfacts. The data comparison firm says there are worrying trends among mortgage offers that resemble the… Continue Reading Mortgage market suffers ‘worst turbulence’ since Truss Mini-Budget

Rightmove claims it’s identified Britain’s most expensive streets. It says Winnington Road in Barnet, London retains its top-spot position as the most expensive street in Great Britain, with an average asking price of £12,538,095.  The analysis is based on Rightmove’s data, with the UK’s largest choice of homes for sale and rent and includes streets where at least five homes have been available for sale across January this year.  Chester Square in Westminster, London, is second, with an average asking price… Continue Reading Britain’s most expensive streets named by Rightmove

Leasehold flat owners risk being unable to sell their homes due to high service charges making them unmortgageable. More than a third of flats may be unsellable, MPs have been warned. Speaking in front of the Housing, Communities and Local Government Committee in Parliament this week, Harry Scoffin, of campaign group Free Leaseholders, said: “There is a crisis in the flats market at the moment. People cannot sell. They cannot move on.” The… Continue Reading A third of flats may be “unsellable” in latest housing crisis

A leading agent has warned landlords and letting agents that Section 8 evictions will cost around £3K, and that’s before the loss of rent is counted. Landlords face eviction costs of around £3,000 to evict tenants once the Renters’ Rights Act becomes law in May, a leading agent has warned. Greg Tsuman (pictured), MD at Martyn Gerrard, says court fees and legal costs could add up to that figure before… Continue Reading Landlords “face eviction costs of £3,000” under Renters’ Rights Act