Local authorities will collect a whopping £79million from 77,000 landlords this month as new licensing rules come into effect. HMO licensing - which stands for houses in multiple occupation - already applies to landlords who rent their properties to five or more tenants from two or more different households where the property is three or more storeys. But from 1 October, any property let to five or more tenants from two or more households will be caught by the rules - regardless of the number of floors.
CPI inflation rose at a "much faster pace than expected" to 2.7% in August, up from 2.5% in July, according to the latest ONS data. July's increase was the first in 2018, following three months of static inflation at 2.4%. CPIH, which the ONS uses as its headline measure and which includes owner occupiers’ housing costs, increased from 2.3% to 2.4%. Rising prices for a range of recreational and cultural goods and services, transport services and clothing produced the largest upward contributions to the change in the rate between July and August.
According to a new study of 16 UK mortgage lenders, the average homeowner is being hit with £222 extra a month for lapsing onto a lender’s Standard Variable Rate. The analysis found that as of August 28th, the average homeowner slipping onto their lenders’ SVR after the initial two-year fix faced an extra £2,664 a year in interest payments, equating to £222 a month.
The vast majority of home owners who bought a leasehold house now regret it, many feel they were mis-sold and some are struggling to sell up, a report has found. NAEA (National Association of Estate Agents) Propertymark surveyed more than 1,000 people who had bought a leasehold house in the past decade. Like some people living in flats, where charges may cover maintenance costs of shared spaces, leasehold house owners can find themselves paying ground rent as well as other fees to make changes to their homes. The Government has previously said developers have been increasingly selling houses on leasehold terms - adding to buyers' costs. It has been working to make it cheaper and easier for existing leaseholders to buy out their freehold.
Over three quarters (76%) of remortgage applications via intermediaries resulted in a completion during Q2 2018 – up from 70% in the previous quarter – as activity spiked ahead of the Bank of England’s decision to raise interest rates above 0.5% for the first time since 2009, according to the latest Mortgage Market Tracker from IMLA.