The Renters’ Reform Bill has been seen by many as a silver bullet to rebalance the relationship between renters and landlords, but it will not be rubber stamped before the general election on 4 July.
Last month before the surprise announcement of the election the bill reached the House of Lords, but later it was pulled when the election was called.
Once an election is made known there is a “wash up” period up to the election day itself, where all parliamentary business is completed before the next government begins its work, and the renters’ bill didn’t make the cut of legislations to be finalised.
What is the Renters’ Reform Bill
Initially the bill was promised by the then Prime Minister Theresa May, and this was a commitment that was approved by her successors Boris Johnson and Rishi Sunak.
The main points of the bill are to scrap section 21 ‘no fault’ evictions, allowing a landlord to evict a tenant without any specific reason.
The bill would have made it illegal for landlords and agents to refuse to rent properties to people who receive benefits or have children.
Also the bill was designed to create a national landlord register through a new property portal.
This will give renters all the information they need to make an informed choice, before entering into a tenancy agreement.
The bill was also set to introduce new grounds for eviction for landlords, who genuinely want to sell their properties or move back in.
Critics complained of bill being watered down
Some leaked amendments to the bill has led to the government being accused of watering the bill down, for example Section 21 and no fault evictions only applying to new tenancies.
While existing tenancies would be forced to wait for the reforms to enter the court system.
The The Renters’ Reform Coalition which includes Shelter and Generation Rent said that the government was committed to Section 21 in name only.
So what are Labour and the Conservatives going to do?
With only a few weeks to go before the election renters will be keeping an eye on the campaign for any promises or pledges that may effect them.
According to a poll tracker by the BBC, Labour remain comfortably ahead of the Conservatives with a 20-point lead of 44% compared to 24% for the current government.
If Labour were to win then this would mean good news for those who are in favour of the bill, as they have said that they would pass renters reform legislation that they say would create a more level playing field for renters and landlords.
The award winning Goodlord, who can manage your tenancy process and are regulated by the Financial Conduct Authority, have said that there are many things you can expect from a potential Labour government.
It can be expected that the Renter’s Reform Bill is likely to dissolved in favour of another path to take on this issue, but Labour are also sure to be steadfast in abolishing Section 21.
In fact the party’s deputy leader Angela Rayner has said that in the event of a Labour victory, the section will be scrapped from day one in office.
Labour have also pledged to “close loopholes that disreputable landlords might use to exploit tenants” following the abolition of Section 21.
While the Conservatives had until 24 May to ensure that the reform bill was pushed through before the polling booths open, and the government has attracted criticism as this did not happen.
There have been no official announcements as to why the bill was not waved through parliament, and there has been accusations that the government caved in to pro-landlord vested interests by not ensuring that the bill was passed.
The bill was introduced to the House of Commons in May 2023, and at the time it was met with suspicion by some on the back benches that it would result in a lack of protection for landlords.
Yet a government spokesperson said that the failure to get the bill passed does not mean that renters have been ignored, and highlighted the fact that the bill was put forward in the first place in order for it to be passed.
This would also suggest that if the Conservatives were to pull off a shock election victory, then at the least a similar commitment to rent reform would be resumed.
Stephenson’s solicitors have said what this means for the future is that whichever party is elected would have to start from scratch, when it comes to developing new legislation around rented housing.
Therefore, it could be a quite a long amount of time before any subsequent bill of similar nature is passed.
The average asking price for a house in the UK has reached a record high in May according to online property portal Rightmove.
House prices have reached £375,131 as national average for this month, compared to the £372,324 average that was found for April.
It’s not unusual for prices to climb upwards during the spring season, as its often the busiest time of year for the housing market.
Yet Rightmove said that they have seen house priced edge up higher for every month since the turn of this year, reflecting the confidence of sellers that they can secure a better deal for their property.
The rise in growth has been driven by the prices of larger homes at the top of the market.
This has been seen in particular with five bedroom houses and detached houses, it’s a similar trend that Rightmove saw play put for last month.
More owners of these type of homes have been placing them up for sale, which is a reverse of the pattern of recent years as there has been significant evidence that there has been a pause in house sales of this sector in the market.
Rightmove property expert Tim Bannister said that while the top-of-the-ladder market is still leading the way, it’s important to remember that prices overall are still only 0.6% ahead of this time last year.
The market still remains price-sensitive, and with average asking prices reaching new records in most regions, and mortgage rates remaining elevated, meaning that affordability for many home-buyers is still stretched.
Figures from Rightmove showed that the national average asking price for first time buyers was £228,003 for May, a rise of £893 from April.
While for second time around buyers the average price was £343, 268 for May, in comparison to £342,501for April, which was the average asking price for the pervious month.
The online group also said that it found that the most common amount of time it takes to find a buyer is 62 days, but completing the deal and handing over the keys is taking longer up to 154 days, or around five months.
If you are looking to move house by the time that Christmas comes around, it would be a good idea to start now.
The latest house price index released by the government agreed with Rightmove that house prices are moving upwards.
This is despite the uncertain climate over when interest rates will start to be cut, which has prompted mortgage lenders to increase lending rates for fixed two and five year deals.
In March house prices rose by 0.7% in comparison to February the index showed, and there has been an annual price rise of 1.8%, meaning that the average property in the UK valued at £283,000.
It’s a significant turnaround for the 12 months to February, where the annual house price growth figure went into negative figures with prices falling by a minus 0.2%.
The UK Property Transaction Statistics revealed that the number of house deals completed in March with a value of £40,000 or more was 84,000.
But compared to a year ago this was 6.5% lower.
Also, major mortgage lender Nationwide found that house prices had gone down in April, as potential buyers continued to face financial pressures combined with the higher cost of borrowing that turned them off purchasing a home.
Overall prices had fallen by 0.4% compared to the prices it found in March.
The next decision on interest rates by the Banks of England will take place on 20 June, the Banks’ deputy governor Ben Broadbent recently said that interest rates could be cut in the summer.
The general election is set for 4 July, and as a result we are highly likely to see a stabilizing in the housing market over the next few months according to Rightmove.
Yet for many 2024 was finally the year to make their next move, after the huge challenges that the past four years have delivered, such as the Covid pandemic, a housing shortage and fast moving prices.
While property website Zoopla does not believe that the election will have an influence on the housing market, mainly because the lack of any real divisions in housing policy from both the Conservatives and Labour.
The main focuses have been on the reform of the private sector and the increase of house building.
However due to the election being called, the number of completed sales may now fall slightly short of the 1.1m that Zoopla forecast for this year.
Navigating the real estate market can seem like deciphering a complex map without a compass. Investors, new and seasoned alike, seek to understand the terrain. Amid shifting economic indicators and demographic trends, staying informed is not just an advantage - it's essential.
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With the price of houses rising each year this makes it much harder for first time buyers to get on the property market.
There are regional differences in house prices over the UK and clear increases as you travel the south of England.
When looking to buy a house you might consider the regional differences in prices.
MoJo Mortgages has found that the value of property you can buy in the North VS. the South holds a significant difference. The average price for a 2 bed in £260,863. For this price, in a northern city you could find a three bed for this average price whereas in the South you would be more likely to find a 1 bed flat for the average price.
They found that Middlesbrough can offer the best value as with the average price mentioned above you could get a 3 bed house.
Brighton offers the worst value closely followed by Oxford and then Cambridge.
House Prices began falling at the start of 2024 but remain +30% higher than the average in most areas.
The south is perceived to come with lifestyle benefits such as the climate and landscape with fewer large cities and more natural land.
Higher wages in the South match the higher house prices and often people will move to the south for work benefits.
The commuting belt into London stretches about 100 miles around the city offering easy access to work offices and so many people live in the South for this reason too.
The high demand for living in the South drives the prices up.
Home insurance premiums are becoming more expensive as conditions such as extreme weather are pushing the prices up.
Figures released by Compare the Market showed that from January to March this year home insurance costs rose by a huge 31%.
It was found that the average combined building and contents policy climbed up to £209 in the first quarter for this year, a leap of £53 compared to the same period for last year.
One of the major triggers for the prices spiralling upwards was the unsettled weather that the UK faced last autumn from storms Babet, Ciaran and Debi.
This led to weather related claims reaching an eye watering £573 million, which is the highest on record.
Most of the payouts were for flooding, followed by the costs of burst pipes.
Other figures revealed by the Association of British Insurers (ABI) would support what was found by the comparison website.
Year-on-year ABI data revealed that home insurance premiums rose by 19%, comparing the first three months of this year to last year.
Again the storms of last autumn were the main reason for the increases, and caused £352 million of damage to homes.
Compare the Market said that bedsits were the most priciest type of property to insure for the first three months of this year.
The average cost of covering a bedsit was £423, which also saw the largest annual increase in premiums, rising by a massive 41% from £301 in 2023.
Flats were the second most expensive property type to insure, with an average cost of £221 which was an annual increase of 36%.
While bungalows were found to be the cheapest to cover, with the average price of a policy £199 for the first quarter of this year, but those living in bungalows have still not escaped the premium rises as they have increased by 30%.
Regional disparities were also found, with Northern Ireland the most expensive area for home insurance with an average price of £383, while the North East was the cheapest with a £169 average premium.
The first thing to do is shop around and compare the quotes that you receive from different insurance companies.
You can also contact an insurance broker directly through the British Insurance Brokers’ Association, or use a price comparison website such as Compare the Market.
Also, don’t just accept your current insurance provider’s renewal quote, make sure that you look around for the best deal each time your policy is up for renewal.
Do not pay for any unnecessary extras, as your insurer could offer you additional cover that you might not have recognised, such as for accidental damage.
It’s more than likely that your standard policy will cover everything that you need.
While it is not necessary to buy building and contents insurance from the same provider, some companies will offer a discount if you take out two premiums together.
Yet it can also work out cheaper to buy different polices from separate companies, so again it is best to shop around and compare costs.
You could also look to upscale the security in your home, as many insurers do offer discounts to reward efforts of increasing safety.
The devices that you could install include burglar and smoke alarms, and high quality door and window locks would impress insurers.
Potentially your insurance provider could reduce the cost of premiums if you agree to pay higher excess, which is the first amount of any claim that you must pay.
Rather than pay for your premiums on a monthly basis, you could pay for them in one whole go at the beginning of your policy period, this could qualify you for a discount.
It’s common for insurers to offer discounts if a customer has not claimed anything on their insurance over a period of time, so it important to maintain your no claims discount.
To increase your chances of not having to make a claim, you can take preventative measures such as insulating your pipes and water tanks to prevent freezing in cold weather.
Plus you can install proper security devices to further avoid having to make a claim.
Finally, make sure that you spend time working out exactly how much that your possessions are worth.
If you overestimate the value of your possessions then your premium will be higher than what you should pay.
While if you underestimate this figure you will not be fully covered for a claim.
Over one million people have taken out new mortgagees that are set to run past retirement age in what is a growing trend.
The data has been supplied for the Bank of England by the Financial Conduct Authority under the Freedom of Information Act, and was later obtained by Steve Webb who is a partner at the pensions consultancy LCP.
It showed that in the final three months of 2021 the number of new mortgages that would run past the age or retirement was 88,931, which was 31% of the total of new mortgages.
While two years ago, again in the final quarter of the year, the total of the latest mortgages at the time that would go beyond pension age reached the higher number of 113,916, or 38% of new mortgages.
For the same period last year, it was a smaller number of 91,394, but as a percentage of all of the new mortgages that were taken out it was a higher 42% that would run past the time of the state pension age.
Currently the state pension age is 66 years old for both men and women but this will gradually increase again from 6 May 2026, and it will rise to 67 for those born on or after April 1960 again for men and women.
It was found that the fastest growing group of people taking out mortgages lasting into retirement is those aged under 40, and many of them were first time buyers.
For those who are under 30s, it was revealed that there was a 139% increase of into retirement mortgages for the final three months of 2021 compared to the same period for last year.
While there was a 29% leap in the amount of past retirement date mortgages for those who are between the ages of 30 and 39 for the same timeframe.
Over the age of 40 up to those in their seventies, there was a decline in the amount of fresh mortgages that will be paid at state pension age.
Other information compiled by the Bank of England discovered that just under a quarter or 23% of new mortgages to people in their thirties ran past pension age, but now that has climbed to 2 in 5 or 39% of new mortgages.
Yet a mortgage that has been taken out in someone’s thirties, perhaps as a first time buyer, is highly unlikely to be someone’s last mortgage.
The risk to retirement depends on what happens over the course of their working life, and if they are able to shorten the mortgage term.
Those who have mortgage debt during retirement may use their modest auto enrolment pension pots to clear the debt, this would leave little for retirement itself and less to live on for their golden years.
It has happened in the past that when people mostly paid off their mortgage before pension age, they could spend their final years in work boosting their pension pot.
Even if mortgages only run to pension age and not beyond, it denies people a period before retirement when they might have paid off their mortgage and put more money away in their pension schemes.
As for mortgage lenders there is little certainty over the future pension income of someone in their thirties today, so they cannot know if borrowers will have enough income in retirement to cover mortgage debts.
Also there is evidence that more people have pulled out of the labour market before they reach pension age.
This places extra pressure on keeping up payments on a long-term outstanding mortgage;
The latest figures on mortgage rates released by Moneyfacts will make disappointing reading for mortgage holders, or those who are looking to buy as they grew throughout April.
At the beginning of May the cost of a two-year fixed mortgage rate deal had climbed upwards to 5.91%, up from 5.80% the previous month.
Its UK mortgage trends treasury report found that five-year fixed rates had also jumped up in a similar fashion, rising from 5.39% last month to 5.48% in May.
This is the biggest month-on-month hike in average rates since March for both of the timeframe deals on offer.
One of the main reasons for the rises is the uncertainty over when there will be an interest rate cut.
Rental properties are hard to catch and recently the competition has become fiercer as Zoopla report that listed rental properties only remain available for 25 days on average. The high demand coupled with the lack of available properties is forcing tenants to move quickly.
Trying to get a mortgage can be a difficult process and making sure you are eligible before beginning could speed up the process for you. If you are starting the mortgage application process then you will know there are many documents you will need to have for this. To make sure you are eligible to begin ensure you meet the requirements of your lender.
Home owners have suffered another setback with the news that three major lenders have announced that they are to increase their fixed mortgage rates.
Nationwide, NatWest and Santander have all announced rate hikes, due to increased uncertainty over when the Bank of England plan to cut interest rates, currently at a 16- year high of 5.25%.
Santander started the ball rolling with a number of fixed and tracker rate increases, including a residential fixed rates rise by between 0.04% and 0.2% for all buyers and remortgage customers.
All buy-to-let fixed rates rose by up to 0.25%
NatWest soon followed with a 0.22% rise across a range of residential and buy-let fixed rate mortgage deals./
While Nationwide said that they would increase rates on several of its foxed rate deals by 0.25%.
It’s bad news for those who are currently have fixed rate mortgage deals that are about to expire, as they are relatively cheaper compared to what has been announced.
Also as the three lenders who have revealed their rate increases are big players on the mortgage market, it might trigger other banks and buildings to follow their moves.
Mortgage holders should wait for the news from the Bank of England, who will announce its next interest rate decision on May 9.
Nationwide’s latest figures for April showed that house prices fell in April by 0.4% compared to the previous month.
The average home now costs £261,962, which is 4% below the peak in the summer of 2022 when house prices benefited from the fall out of the Covid-19 pandemic.
The rise in the cost of borrowing as interest rates hikes have continued were blamed for the fall in house prices.
According to Moneyfacts the average two-year and five-year fixed rate stood at 5.91% and 5.48% respectively on May 1.
This is the highest it has been since January, and is also higher than the 5.80% and 5.39% respective average two-year and five-year fixed rate at the beginning of April.
As this year progresses average interest rates have increased.
Yet according to the Bank of England’s Money and Credit figures there were 61,300 mortgage approvals for house purchases in March,, which was up from 60,500 in February.
This was the sixth successive month that the number of mortgage approvals have risen.
If you are feeling the pinch of the current high living cost environment, the HomeOwners Alliance has revealed several ways that you can lower mortgage payments.
The most expensive mistake that many mortgage holders make is staying on a standard variable rate mortgage, as they are invariably higher than the introductory rate whether it be a tracker or fixed rate if it has expired.
You could also switch to a interest rate only mortgage, where you would only pay the interest on the loan for the mortgage.
This would be a more suitable to someone who did not have a steady income, but had lump sums available either through for example lump sums or an inheritance.
Asking for an extension on your mortgage would reduce your mortgage payments, but the downside is that taking this route will increase the amount of interest that you would pay over a longer period of time.
Another option is to look for a cheaper mortgage deal, by switching from your current deal, and then remortgage onto a more economical arrangement.
In the long term you can cut your mortgage payments if you can make overpayments.
But make sure that there are no penalties if you were to choose this path and speak to your mortgage lender.
Also make sure that there are no other loans or credit cards that need dealing with first.
An offset mortgage is another route you can take, where the mortgage is linked to a savings account, the balance on these savings are used to cut the interest charged against the mortgage, which is where you can save.
If you are really struggling to keep up with the mortgage payments the check with your lender over the possibility of a mortgage holiday.
This is when your mortgage payments will be paused over an agreed period of time
Yet this does mean that mortgage arrears will be chalked off or that your mortgage lender will cover any payments.
If your lender agrees to the payment holiday then the debt will be deferred to a later date.
Although be warned that interest will build on your mortgage debt, so when you restart payments the monthly amount will be higher.
In a complex and ever-shifting financial landscape, it can be difficult to know with any degree of certainty what to do with one’s money. Strategy is key for maximising gains on your savings or investments, necessitating a great deal of research in order to chart the right path for you.rea
Against a backdrop of high inflation and slow growth elsewhere, it is more important than ever that your money works hard for you. As such, you should be looking for key ways to make inflation-beating gains on your hard-earned cash. What, though, are the best ways in which to invest your money at present?
Property of any kind is a shrewd investment and always has been – even in relatively difficult times for the housing market. This is because property is an extremely valuable asset and one which will always enjoy a high level of demand; few of us want not for comfortable shelter, after all!
Luxury properties are especially good stores of value and an even better way to grow the size of your estate. Shrewd financial planning through high net worth mortgage brokers can allow you to leverage debt to expand your portfolio, and ultimately profit from an ever-growing market.
The tech industry is still booming, even after the meteoric rise of Silicon Valley at the end of the 20th century; new developments and innovations continue to fuel significant micro-booms within a now-essential industry for the average consumer or business.
The latest example of tech breeding investment potential is in AI, where breakout start-ups like OpenAI are disrupting the industry with epochal inventions. It may be too late to maximise gains from investing in the likes of OpenAI, but keeping an eye on the future of tech could allow you to get in on the next big thing on the ground floor.
Regarding investing in businesses, there is another epochal shift happening which could positively influence your portfolio if you play your cards right: climate change. The onset of ecological disaster is a terrifying prospect, but one which has bred incomparable innovation in green spaces. Businesses and start-ups focused on the big challenges of our time – clean energy, recyclable materials, Earth clean-up exercises – are likely to see huge increases in demand, and their respective company values soar as a result.
‘Alternative assets’ is almost another way of saying ‘…and the rest!’ when it comes to investment practices. However, the miscellaneous assets that make up an expensive lifestyle can themselves be highly valuable additions to your portfolio. Art is one excellent example, where short-term gambles on promising artists can lead to long-term profits as their stature grows; similar things can be said of investment whiskies. Finally, valuables like watches and jewellery can be stable stores of value.
If you are thinking of a move to one of the most scenic and popular countries then you should be aware of the costs before you go. Moving away from the UK is currently extremely popular for many reasons including the costs rising and the disappointment many feel for the UK government in helping the public.
Canada is known for beautiful lakes, fun cities and a fairly transparent government which people appreciate. Despite Canada being a popular move for brits, Canada is also very expensive to live and the prices are only rising too.
For a family of 4 living in Canada excluding the cost of rent, their monthly costs average at around £3,065 ($5208.07).
This is 7% higher on average than the cost of living in the UK.
Rent in Canada is around 10.5% higher than the average rent in the UK as well.
The high inflation and interest rates which are at the highest level in 22 years, are causing prices to become unbearable for many residents.
The most expensive place to live would be Vancouver and small towns in Quebec are the cheapest areas to live.
The rising prices of houses and rented property is due to the limited supply and high demand in cities like Vancouver and Toronto. This increases the prices of living here as there is a massive increase in the population here.
Due to the rising population, 315,000 new residences will need to be built every year between now and 2023 to keep up with the demand.
The government is trying to solve their housing crisis by building more homes including affordable housing. They aim to bring down the cost of building and helping cities to create homes quickly and efficiently on a lower cost.
Your mortgage should be your top priority debt over any other forms as missing or falling behind on payments could result in serious consequences.
Most lenders will allow for 3 missed payments before they start taking action.
If you have taken out a mortgage and are now struggling to pay back the full amount then you could be in danger of being taken to court to have your property repossessed.
The mortgage lender will take possession of your property so they can sell it and cover the costs of your repayments with the value of the house. You will no longer own your house and could only buy the house back by making a lump payment
