The May 2021 version of the Halifax House Price Index report shows a continuation of strong inflation of house prices across the UK.
The annual index shows a 9.5% increase this month on last year, the strongest in nearly 9 years.
The average UK property price now stands at a whopping £261,743, a new record high.
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The government are introducing a new housing scheme called the First Homes Scheme in an attempt to help local first-time buyers, many of which are anticipated to be key workers, to get onto the property ladder by offering homes at a discount of at least 30% compared to the market price.
The scheme is expected to launch gradually throughout the country with properties under the scheme already going up in the East Midlands.
The aim of the scheme is to help support local people who struggle to afford market prices in their area but want to stay in their community.
The same 30% discount will be passed on with the sale of the property to future first-time buyers, meaning these homes will always be below market value.
Banks and building societies which are providing 95% mortgages for First Homes:
- Chorley Building Society
- Darlington Building Society
- Leeds Building Society
- Mansfield Building Society
- Nationwide Building Society
- Newcastle Building Society
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Currently if a landlord wishes to serve a Section 21 and evict a tenant, they have to give the tenant 6 months notice, pre-pandemic this was 2 months notice.
The government have now announced that the current 6 month notice period will be reduced to 4 months from 1st June 2021. It is also expected that the notice period will return to pre-pandemic levels of 2 months by 1st October 2021.
What does this mean for me?
As a landlord, if you wish to regain possession of your property, you only need to give the tenants 4 months notice (from June 1st) as opposed to the 6 months you have to give at the moment.
As a tenant, if your landlord wishes to regain possession of their property and evict you, they need to give at least 4 months notice (from June 1st).
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Propertymark’s March Private Rented Sector Report shows no sign of demand slowing down in the rental market with the number of new prospective tenants rising for the third month in a row!
We are seeing increasingly more potential tenants looking for properties every day, and the supply of rental stock is not handling the amount of people looking. In April 2021 CB Estates had 161 potential tenants register for information about a properties for letting.
Right now is a great time to let out your property. If you are thinking about it and need advice or have any questions give us a call today on 01752 917458.
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From Tuesday 4 May, The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 has come into force, this scheme provides a temporary period of relief from creditors for individuals in England and Wales to help those with problem debt.
Any person who is in debt can seek a moratorium from an approved debt advice provider. This debt can include rent arrears.
Types of breathing space a tenant may enter:
- Standard breathing space - lasts for a maximum of 60 days
- Mental health crisis breathing space - ends 30 days after treatment finishes
Once a Breathing Space has started, no enforcement action can take place against the debtor or anyone who is jointly liable with them for a Breathing Space debt. This means that if a tenant enters a breathing space, legally we cannot pursue them for rent if they don't pay and therefore enter arrears. This does not mean they will not be liable for the rent, it just means we cannot pursue them until the breathing space ends.
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