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.
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 recent IMLA report ‘Bridging the gap: developments in later life lending to an ageing population’ suggests that the number of over-65 homeowners has increased by a half in the last 20 years, from 4 million to 6 million. Never have older borrowers had so much power over the property market, and whilst this market is thriving, it is also influenced by several different factors, including increased regulation as consumers increasingly buying for the first time in their late 30s or 40s.
Help to Buy completions totalled 10,160 in the first quarter of 2018, according to the latest statistics from the Ministry of Housing, Communities & Local Government. This is below the record quarterly figure of 13,993 seen in Q4 but above the 8,212 completions recorded in Q1 2017. Since the launch of the Help to Buy: Equity Loan scheme in 2013, 169,102 properties have been bought with an equity loan. Most of the home purchases in the scheme were made by first-time buyers, accounting for 136,657, or 81%, of total purchases.
Since the early 1970s, the number of people getting married has steadily decreased, dropping a further 3.4% last year. Nearly 98% of professionals from family justice group Resolution reported working with a cohabiting couple who they were unable to help, and a further 90% said the couples are often surprised to find out about their lack of rights.