The number of repossessions of Buy-to-Let (BTL) properties surged in the third quarter of 2019 compared with a year earlier, while the number of BTL properties in mortgage arrears stood at a little below 5,000. The combination of increases in repossessions and still relatively high arrears is far from a positive development for the UK’s Private Rental Sector (PRS) as it means there are potentially fewer rental homes available for the still rising number of tenants searching for one.
A list of new regulations for landlords renting homes to tenants in Wales could be put into place by December 13th, this year. The Welsh Assembly has created a new regulation that means landlords must show prospective tenants a pretty lengthy list of requirements before they can request they pay a holding deposit.
Lenders Accord and Vida have both altered the criteria of some of their Buy-to-Let (BTL) mortgage ranges while also making some reductions to their mortgage interest rates. These changes and reductions are likely in order to help stimulate demand among BTL investors at a time when investment in the PRS isn't growing as fast as it has, or even as it could, considering the still high level of demand among tenants.
The latest housing market survey from the Royal Institution of Chartered Surveyors (RICS) shows that house prices are flat to falling as demand from home-buyers is weak, while new instruction levels are also low. At the same time, the survey also shows that demand for rental homes is continuing to rise, however, new supply of them coming to the market remains tight.
With rental property in the UK in such high demand, it’s interesting to know that the proportion of international landlords who own buy-to-let properties in the UK has risen in the first ten months of 2019. That’s the first time this has happened since 2010 and suggests overseas property investors are taking advantage of a weaker British pound.
As the 2019 General Election draws closer, different bodies are putting forward their views for the next Government to consider. Among them are calls from one group for the removal of the 3% landlord stamp duty tax, chargeable when someone buys more than one property.