A new ombudsman – known as the landlord redress scheme – and property portal would be compulsory for all private sector landlords. Part of the Renters (Reform) Bill, the redress scheme or schemes will have the legal authority to compel apologies, take remedial action and pay compensation and, according to the government, will provide fair, impartial, and binding resolution to many issues and prove “quicker, cheaper, and less adversarial than the…

At least 410 buy-to-let mortgaged properties were repossessed in the first quarter of 2023, 28% higher than in the previous quarter – the highest level since the start of the pandemic. UK Finance reports that 970 buy-to-let mortgages fell into arrears during the same period as higher interest rates and cost-of-living bite. There were 7,030 BTL mortgages in arrears of 2.5% or more of the outstanding balance, 16% higher than in the previous…

Tenants could effectively move in and give notice the same day under proposals in the Renters (Reform) Bill. The draft legislation scraps assured shorthold tenancies in favour of periodic tenancies, while rental periods can only be 28 days or one month. Tenants will be able to stay until they decide to end the tenancy by giving two months’ notice or the landlord can evidence a valid ground for possession. Landlords won’t be…

Some 750 homeowner mortgaged properties were taken into possession in the first quarter of 2023 and 410 buy-to-let mortgaged properties were taken into possession. Repossessions are starting to rise as the cost-of-living crisis continues to put the squeeze on household finances and would-be homeowners are forced to throw in the towel, latest figures from lender trade body UK Finance reveal. Some 750 homeowner mortgaged properties were taken into possession in…

Propertymark has told a group of MPs that many benefit recipients are excluded from the private rented sector due to the inadequacy of Local Housing Allowance rates. The trade body was giving evidence to the House of Commons Work and Pensions Committee which has launched an inquiry into benefit levels in the UK to help inform current and future government thinking on the adequacy of benefits. The MPs are also…

Tenant groups are cheering the proposed abolition of Section 21 eviction powers but there’s a legal warning that the reality may be bad news for renters.  “They should be careful what they wish fo” cautions Ian Narbeth, a consultant solicitor in the real estate team at law firm DMH Stallard. He continues: “Until the introduction of assured shorthold tenancies, the residential rental market was stultified. “Owners, fearful that they might never…

The main landlord body wants more details behind the soundbite rhetoric of the Renters Referm Bill, launched today in Parliament. Ben Beadle, chief executive of the National Residential Landlords Association, says: “Responsible landlords need to be confident that when Section 21 ends, where they have a legitimate reason, they will be able to repossess their properties as quickly as possible.  “Without this assurance, the Bill will only exacerbate the rental housing…

An estimated 700,000 households across the UK missed rent or mortgage payments in April, according to the consumer body Which? It has based the claim on a survey of 2,000 people by Yonder, which indicated that around 2.5 per cent of households had missed or defaulted on a housing payment in the previous month. Missed housing payments were particularly high among renters with 5.2 per cent, or around one in…

A prominent group of economists has predicted the measures in the Renters Reform Bill will backfire on the government. Matthew Lesh, Director of Public Policy and Communications at the Institute of Economic Affairs, says: “Making it harder to evict residents is only likely to make it harder to rent.  “Landlords will inevitably be more selective about who they offer properties to and charge higher rents when they cannot quickly evict…

Labour is considering raising the buy to let and holiday home stamp duty surcharge above the current three per cent if it wins power at the General Election. An online announcement by two Labour parliamentary candidates claims that shadow housing minister Matthew Pennycook is considering “raising the three per cent stamp duty surcharge for second homes.” The statement comes from Jayne Kirkham, candidate for Truro and Falmouth, and Perran Moon candidate…

Stamp Duty should be waived for downsizers and we should scrap archaic terms such as ‘landlord’ and ‘tenant’ and change them to ‘property owner’ and ‘resident’. The affordability and quality of housing will only get better if policy makers prioritise long-term outcomes and de-prioritise politics and vested interests, experts from Cambridge University Land Society (CULS) say. A new paper from The Whitehall Group – ‘A vision for the UK housing market’, written by Anna Clare…

Bank of England statistics show that agreed mortgages climbed to 52,000 in March, up from 44,100 the previous month. The total number of mortgage approvals has bounced back after hitting a new low at the end of last year, Bank of England figures show. Mortgages agreed jumped to 52,000 in March, from 44,100 in February, as the market recovers from the damage caused by the Mini-Budget. The overall total though remains…

A third of landlords say that the scrapping of Section 21 is more of a concern to them than Stamp Duty Surcharge or loss of Tax Relief, a specialist buy-to-let broker. The poll found that 33 per cent of landlords were worried by the reform of Section 21 as part of the Renters Reform Bill. Under government plans, landlords are set to lose the right to evict tenants at short…

October 1st is a very common day for new legislation to come into force in the UK, and this year is no exception. Both right to rent and smoke and carbon monoxide alarm requirements change on Saturday and landlords will have to ensure they are compliant from this date. Smoke and CO alarms As of 1 October PRS properties must have a working carbon monoxide alarm in almost every room…

Landlords are calling on the Chancellor to adopt a cost of living plan for the private rented sector as tenants and landlords face ever growing costs. In a letter to Kwasi Kwarteng, the National Residential Landlords Association (NRLA) warns that whilst private rents are increasing by less than inflation, rising energy, food and other bills will make it more difficult for many tenants to meet their rent payments. The NRLA…

Almost 90 per cent of landlords feel the Government’s White Paper on rental reform demonstrates an anti-landlord agenda, according to new research by the NRLA.  The NRLA surveyed 3,500 landlords immediately after publication of the document ‘A Fairer Private Rented Sector’, and while the full data set is still being analysed, early indications are that landlords have serious concerns about where proposed changes will lead. When questioned, 87 per cent said…

Landlords are being urged to prepare for changes to Smoke and Carbon Monoxide Alarm Regulations that introduce an obligation to repair or replace any alarm which is found to be faulty during a tenancy. Forthcoming changes to the Smoke and Carbon Monoxide Alarm Regulations are expected as soon as Autumn 2022 when carbon monoxide alarms will be mandatory in rooms with a fixed combustion appliance in private rented homes and…

With a new report showing almost 230,000 new PRS homes a year will be needed in the coming years NRLA chief executive Ben Beadle calls for Government action to help landlords continue to supply homes for those that need them. Demand has been outstripping supply in the PRS for some time now, with rents rising as competition for homes intensifies. Now a new report by the economics consultancy, Capital Economics, commissioned by…

The UK needs almost 230000 new private rented homes a year to meet government housing targets across the UK, according to a new report by the economics consultancy, Capital Economics. The report, commissioned by the National Residential Landlords Association, observes that Government targets would amount to the need for 340,000 new homes a year across the UK by the middle of the decade. Capital Economics finds that if owner occupation…

Around 10 per cent of PRS landlords with UC renters have faced at least one experiencing hardship because of the benefit cuts according to a survey carried out by an industry trade body. The government cut the extra £20 a week payments for UC recipients in October last year after the pandemic related temporary increase was ended. ‘Hot on the heels’ of the government’s announcement the industry trade body undertook…