Landlord Update – Section 21 Abolition Renters Reform Bill White Paper Revealed UK Property Talk

Landlord Update – Section 21 Abolition Renters Reform Bill White Paper Revealed UK Property Talk

Landlord Update – Section 21 Abolition Renters Reform Bill White Paper Revealed

UK Property Talk With Charles Kelly

The long-awaited document sets out Government commitments to:

  • Convert Assured and Assured Shorthold tenancies into periodic tenancies, that can be ended by the tenant with two months’ notice and by landlords with a legitimate reason
  • Abolish Section 21 and introduce new possession grounds for landlords
  • Extend the Decent Homes Standard to the sector
  • Create a new Private Renters’ Ombudsman to settle disputes informally
  • Introduce a new Property Portal to support landlords – and to provide information on rogues
  • Abolish rent review clauses (while retaining the ability to increase rents annually)
  • Outlaw blanket bans on renting to families with children or tenants on benefits
  • Incentivise landlords to accept tenants with pets
  • Reform and speed up the court process.

What about landlords?

NRLA has successfully campaigned for positive change, with the white paper announcing landlords will be allowed to ask for pet insurance as a condition of tenants keeping animals, something currently prohibited. Landlords will be obliged to consider a tenant’s request to have a pet but can decline with good reason.

The Government has committed to reforming the court system and making local authorities more accountable when it comes to housing standards, as well as introducing mandatory grounds for landlords (or their families) wishing to move back into a property or sell it.

All very well, but private buy-to-let landlords have these rights already!

Don’t panic! Change is inevitable but landlords are needed whether the government like it or not.

Why not lobby your MP and support the NRLA’s campaign?

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Longer Term 30-Year Fixed Mortgages Coming to the UK To Help Borrowers Buy Property

Government wants think-tank expert to lead review, as Boris Johnson pledged last week to start ‘home ownership revolution’, Bloomberg reports.

The UK government will explore ways to hand borrowers larger and longer mortgages in the hopes of encouraging more people to buy homes, with a review to be launched in the next few weeks.

The joint review by the Treasury and the Department for Levelling Up, Housing and Communities will consider 30-year fixed rate mortgages, debts worth almost 100% of the property and ways to blend renting and owning a property, according to people familiar with the matter.

Long term and even lifetime mortgages can work and are not new. The difference in repayment between and 25 and 30-year repayment mortgage is negligible, however, the additional interest paid is HUGE.

Interest only loans would cut the cost of borrowing, but could be risky for borrowers.

Right to buy for housing association tenants – will it work?

No fault eviction ban has not been thought through fully…

UK interest rates hiked again to highest for 13 years as Bank of England attempts to stem soaring inflation

Will higher interest rates and the recession crash the property market?

UK base interest rates have increased from 1% to 1.25%, the fifth consecutive rise, to reach the highest level in 13 years.

In America, the Fed went further raising rates by .75% to a target range of 1.5-1.75 percent and forecasts a 3.25-3.5 percent fed funds rate by year-end.

75% of mortgages are fixed.

40% of fixed rate mortgages are fixed for 5 years.

More houses in the UK are owned out right with no mortgages than those with mortgages.

How much difference does a quarter percent make to a typical mortgage?

On a £200,000 loan a .25% rise means an additional £500 per annum or around £40 per month.

It comes as finances are being squeezed by the rising cost of living, driven by record fuel and energy prices.

Inflation – the rate at which prices rise – is currently at a 40-year high of 9%, and the Bank – which last year said inflation was “transitory” now warns it could surpass 11% by October.

But hey, everyone and his dog knows inflation is already well into double digits with heating and fuels bills doubling for many families.

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Crypto collapse continues as BTC losses top 70%

Many major cryptocurrencies have fallen by up to a quarter of their value over the past day

Bitcoin crashed below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach its lowest level since the end of 2020 – at $20,630 as I write.

Ethereum has collapsed from just under $5,000 in November 2021 to just over $1000 and other cryptos have fallen off the cliff.

Some cryptocurrencies have since recovered slightly, though analysts warn that the volatility may not yet be over.

Bitcoin is trading at $20,630, and has dropped 25% in the past five days alone its lowest value in 18 months. Its peak of almost $70,000, in November, feels like another era.

US stocks have fallen nearly 40% since their peak last year, the Nasdaq dropped 4% this week and the S&P had its worst week since 2020 falling 5%.

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