June 26, 2014
Huge fines for landlords in HMO clampdown
Two landlords have been fined £12,000 and £4,000 for failing to safely maintain their properties in another example of councils getting tough on the management of HMOs.
David Lubin of Plasnewydd in Cardiff has pleaded guilty to four offences related to a failure to ensure electrical equipment was inspected and tested, a failure to ensure fire alarms were maintained and failure to ensure that all means of escape from fire were maintained.
June 13, 2014
Osborne and Carney get tough on house...
Chancellor George Osborne is giving the Bank of England the power to control the size of mortgages and Bank governor Mark Carney has hinted that an interest rate rise could come sooner than expected - perhaps even later this year.
Their speeches, made at the traditional Mansion House dinner in front of City financiers, made it clear that the government and the BoE did not see an immediate threat of a housing bubble but wanted to avoid one destabilising the wider economy.
"I want to make sure that the Bank of England has all the weapons it needs to guard against risks in the housing market," Osborne said, announcing that the BoE would in future be able to instruct lenders on mortgage sizes in relation to income, rather than just advise lenders as it does now.
May 26, 2014
Next 12 months a 'critical period; for...
February 04, 2014
Student accommodation continues to set...
The buy to let sector continues to do well for landlords - but student accommodation is setting the benchmark for letting performance.
Despite monthly rents increasing by 2% during 2013, the average buy-to-let yield for a UK landlord sits at 6.1% gross, down 0.1% on 2012. But student accommodation thrashes this figure with sustainable and assured yields of 7 to 9% - net.
Peter McDermott, Director of UK-based Go Global Investments, said: "These latest figures from Countrywide Residential Lettings show that despite 'Generation Rent', where the number of people renting from a landlord has doubled to 8.5 million in 15 years, gross rental yields are sticking around the 6% mark.
January 16, 2014
UK home sales highest for six years,...
The number of UK homes sold per surveyor has more than doubled since the depth of the housing market downturn, a survey suggests.
Just over 21 sales per estate agency branch were recorded in the final three months of 2013, the Royal Institution of Chartered Surveyors (Rics) said.
This was the highest number since March 2008, and up from 9.8 in January 2009.
The survey found surveyors expected prices and sales to keep rising.
December 10, 2013
Carney warns on housing as survey...
Bank of England governor Mark Carney has said he is concerned about the "potential" for a UK housing market bubble, but will tighten lending requirements if necessary.
"There is a history in the housing market of moving from stall speed to warp speed," Mr Carney said. "We want to avoid that."
Meanwhile, a survey suggested house prices will continue "surging ahead".
A separate forecast said borrowing would rise.
Mr Carney was speaking at the Economic Club of New York.
His speech came as the Royal Institution of Chartered Surveyors (Rics) found that more surveyors expected prices to rise than at any time in the last 14 years.
A separate forecast by mortgage lenders predicted that borrowing would keep increasing in 2014.
But the Council of Mortgage Lenders (CML) added an "unbridled" housing boom was "unlikely".
The last time such a clear majority of surveyors expected price rises was in September 1999