Category News

Private residential rents are on the increase..

  • ONS reported a 1.5% annual increase in private rents in August. Agents are reporting an increase in tenant demand and positive short-term rent expectations, suggesting that many markets will be insulated from the end of the eviction ban and the furlough scheme.
  • All regions saw an increase in private rents. The South West had the biggest annual increase, 2.5%. Scotland had the smallest annual increase, 0.5% (ONS).
  • 13.1% of leases are set to expire in Q4 2020. Greater London has the highest proportion of tenancies expiring in Q4 2020, 15.3%. Wales has the lowest, 6.6% (Dataloft Rental Market Analytics).
  • 13.1% of leases are set to expire in Q4 2020. Greater London has the highest proportion of tenancies expiring in Q4 2020, 15.3%. Wales has the lowest, 6.6% (Dataloft Rental Market Analytics).
  • With increased tenant demand and subdued landlord instructions, +31% of agents expect an increase in rent over the next 3 months (RICS).

If you would like us to provide a free market rent review for your rental property please contact our Lettings team: http://www.taylorhillandbond.co.uk/contact-us.html

NOW OPEN – Taylor Hill & Bond Andover

Taylor Hill & Bond’s new branch in Andover town centre is now open for business! Occupying a prominent location directly on the high street the new branch has launched with a combination of existing Taylor Hill & Bond staff as well as exciting new hires who are ready to offer their expert help, support and guidance to local residents with their property selling and letting needs.

The Andover branch further strengthens Taylor Hill & Bond’s offering in the west and will compliment our existing branch in the market town of Romsey.

The Andover team has already secured an exciting new homes contract representing Foreman Homes the established regional developer with their new development The Nightingales which is an exclusive new development in Picket Piece, Andover – a mostly residential suburb located less than three miles east of Andover’s town centre.

Please feel free to contact the team directly on: 01264 314419.

Peak season for the rental market…

The rental market is about to enter its busiest time of the year. Analysis from Dataloft Rental Market Analytics reveals that 40% of tenancies are set to expire in July, August and September.

Usually the surge in activity is a combination of students seeking accommodation, graduates starting new jobs and families looking to settle into new homes for the next academic year.

Post lockdown other factors may influence homemovers; more green space, closer to friends and family and a home office.

With 14% of tenancies set to expire in July, 16% in August and 10% in September, agents look set for a busy summer, whether renewals or new tenancies. Source: Dataloft Rental Market Analytics and Dataloft Homemover Survey.

Post Lockdown housing market demand surges…

There has been a huge surge of consumer interest in the housing market since May 13th, according to the Dataloft Demand Index.

In the week that lockdown was lifted, the Index climbed by 30%. By the end of May, it was 71% higher than a month earlier.

The Dataloft Demand Index suggests a strong start to the post-lockdown market, with agents’ sites receiving plenty of attention from prospective home movers.

The Index tracks the number of visits to agent’s local insight pages displaying the Dataloft Inform widget, making it a valuable indicator of potential demand.

Email inform@dataloft.co.uk to find out how to install the widget on your website. Read more in the blog ‘What is the Dataloft Demand Index?’ in ‘View from the loft’.

Lenders loosen mortgage criteria post lockdown..

  • Mortgage products are returning following a collapse in availability during lockdown. 77% of mortgage brokers expect lending to return to pre-pandemic levels within nine months.
  • The increase in mortgage products will be slow and steady, lenders are prioritising existing customers and the back log of around 350,000 sales which did not complete during lockdown.
  • An example of mortgages returning; the number of two-year fixed mortgage deals on a 90% and 95% LTV fell from 431 in March to 35 in May. At the beginning of June there were 61 products, although the growth is all in 90% products. 
  • It’s encouraging to see mortgage products return, but borrowers with a 5% deposit will find few fixed rate deals due to more cautious lenders.

Green shoots in the Housing Market…

Recent reports from the Office for National Statistics confirm that we are now starting to see some positive increases in the market.

Momentum is building across the UK housing market as spring approaches. The ONS (Office for National Statistics) report average property prices are rising in every region of the UK for the first time in nearly two years.

Property price growth is currently strongest across Yorkshire and the Humber and the East Midlands, with price growth across the capital at its strongest level since October 2017.

The Royal Institute of Chartered Surveyors (RICS) and Rightmove report there has been a notable increase in buyer demand in January with both the HMRC and Rightmove citing sales volumes are on the rise.

Both market appraisals and new instructions are on the up, according to both RICS and Rightmove although demand currently outpaces supply. Prospective vendors are well advised to contact their local agent.

Government pledges to continue to support First Time Buyers with new initiative..

  • Nearly half a million (464,700) first-time buyers have benefitted from over £1.1 billion of tax duty relief since the First Time Buyers’ Relief was introduced following the Budget in November 2017, each saving on average £2,387.
  • Zero tax is charged to first-time buyers on property purchases between £125,000 and £300,000, which account for 77% of benefitting purchases. The standard 5% SDLT (stamp duty land tax) is charged between £300,000 and £500,000. Properties purchased under £125,000 are exempt from taxation for all purchasers.
  • 62,800 first-time buyers benefitted from the scheme in the final quarter of 2019, the highest quarterly number since its inception, as first-time buyer numbers hit record levels in 2019.
  • Across Wales all purchasers purchasing a property with a value of less than £180,000 are eligible for Land Transaction Tax Relief. This will undoubtedly include the vast majority of first-time buyers, as the average price of a first-time buyer property across the country is £149,000.
  • The government have recently announced plans for a First Home Scheme, whereby local buyers would benefit from a 30% market price reduction on the price of their first home.

What can we expect from the government’s key housing policies?

After a night of drama Boris Johnson has returned to Number 10 with the largest Conservative majority since Margaret Thatcher in 1987.

The markets reacted positively to the news, the value of Sterling rising against both the US$ and hitting its highest level since July 2016 against the Euro. On the stock market the FTSE 100 share index rose 1.8%, while the FTSE 250, which includes more UK-focused shares rose 4%, hitting a record high.

A poll prior to the election by YouGov indicated 14% of people considered housing a ‘top three’ priority in the election, with housing considered more important than education, defence and welfare benefits.

Key Conservative housing manifesto pledges include increasing housebuilding, supporting first-time buyers and maintaining ‘Right-to-Buy’, leasehold reform and reforms to the rental market including ending no-fault evictions and the introduction of so-called ‘lifetime’ deposits. Non-UK resident purchases may now face a 3% additional taxation levy, up from the 1% mooted by Theresa May.