Nowhere to go: One in three Brits fear ending up homeless or ‘sofa surfing’ within next five years June 7, 2022 Nearly one in three Brits are concerned they may end up homeless in the next five years due to housing costs. Some 31 per cent of people polled for Amnesty International UK said they are worried about ending up sofa-surfing or in temporary accommodation. It likened navigating England’s housing system to undertaking a “gruelling obstacle [...]
Exclusive: Staggering £130bn worth of homes left empty in London alone with record 87,731 vacant properties May 30, 2022 It has emerged that the value of vacant homes in London equates to over £130bn. London has a total of 87,731 vacant homes, making it the top city in the UK for the prevalence of empty houses. With house prices averaging £1.49m in the capital, the cost of vacant homes is approximately £130.8bn. A recent study [...]
Average mortgage repayments approaching 33 per cent of monthly income akin to 2008 financial crash levels May 25, 2022 Homeowners are spending more to live in their house than at any point in the last 15 years, with mortgage repayments equalling almost 33 per cent of monthly income. The cost of living crisis and increase in interest rates has put renewed pressure on property-owners, with house prices soaring and the cost of repayments nearing [...]
Property Special: Will the Bojo mortgage fill the Help to Buy hole? May 23, 2022 The so-called Mortgage Guarantee Scheme (MGS), commonly known as the Bojo Mortgage, is a more market encompassing version of the Help to Buy scheme, allowing lenders the option to purchase a guarantee on mortgage loans for those with less than a 10 per cent deposit. Launched in April of last year, it can be utilised [...]
Landlords being pushed to innovate by ‘Instagrammable’ build-to-rent schemes with furnishing and socialising space May 23, 2022 Landlords are being pushed in to more innovation and providing better furnished homes because of modern renters. Younger people are looking for professionally managed properties to live in, as part of a build-to-rent (BTR) schemes, which are created specifically for the purpose of renting. The majority of people renting are still doing so through landlords [...]
London average hits £440k: First-time buyers in for a shock as house prices for newcomers rise £24 per day May 18, 2022 While celebrities can often be seen splashing millions of pounds on their first homes, the average first-time buyer (FTB) is spending £223,751 on their first property. In fact, the average FTB needs to find £43,623 more than they did in 2016 to secure their first own property, a 24 per cent increase, according to data [...]
London is back: Influx of new residents picks up as 1 in 3 homes are let to tenants from outside the capital May 16, 2022 It has been revealed that nearly three in every 10 homes let in London so far this year have gone to people who were previously living outside the capital. Some 30 per cent of these properties have gone to tenants who were previously living elsewhere, according to research from sales and letting agent Hamptons, shared [...]
Property heavyweight slams housing reforms in Queen’s Speech: ‘Nothing new – simply old policies re-hashed’ May 11, 2022 The Queen’s Speech will do little to solve Britain’s housing crisis, a leading property association shared with City A.M. this morning. There were three main commitments linked to housing in the Government’s announcement; the Renters’ Reform Bill which will end unfair evictions; the Social Housing Regulation Bill which will give tenants more rights and vital [...]
Lack of properties in London’s poshest postcodes sees rental prices soar May 9, 2022 The cost of renting a property located in one of London’s most prestigious postcodes has jumped 28.3 per cent over the previous year, due to a shortage of rental properties and booming demand. There are now 50 per cent fewer rental properties hitting the market than before the pandemic, new figures from LonRes show. The [...]
Thanks, Bank of England: Households will pay £858m more in interest after yesterday’s rate rise May 6, 2022 With the Bank of England Monetary Policy Committee confirming yesterday that its base rate will rise by 0.25 per cent to 1 per cent, UK households face an immediate increase in interest payments of around £858m. Analysis of Bank of England data shows UK households are currently paying £18.3bn annually in interest payments on floating rate [...]