Landlords selling up leaving 2,000 households a month in England facing homelessness

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More than 2,000 households a month are facing homelessness in England because private landlords say they are selling up, with some blaming uncertainty caused by government delays to renting reforms.

Official figures show that more than four in 10 families who have asked councils for temporary housing after a private landlord ended their tenancy are in the predicament because the owner told them they were putting the property on the market.

Meanwhile, almost a third of landlords plan to reduce their rental portfolios and only 9% say they likely to grow them, a survey by the National Residential Landlords Association (NRLA) found. Stubbornly high interest rates are another key cause of sales, the association said.

Recent data showed that the number of children living in temporary accommodation in England had hit 145,800, a record high and up 12% in a year. The homelessness charity Riverside said this was evidence of a “humanitarian crisis unfolding behind closed doors in towns and cities across England”.

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When will interest rates fall? Forecasts on when base rate will be cut

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The Bank of England is likely to make its first cut to base rate in summer, according to the latest forecasts.

This week, the UK’s central bank opted once again to hold the base rate at 5.25 per cent, marking its sixth pause in a row.

It means the base rate has been stuck at its current level since August last year.

Economists are now divided on how far rates will fall in the second half of this year. 

Base rate could fall as far as 4 per cent by the end of this year, according to the latest forecasts from Capital Economics.

Others forecast just one or two cuts from the current 5.25 per cent level to 4.75 per cent by the end of this year with the first coming in either June or August.

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Stamp duty reform most needed for downsizers and BTL landlords – poll results

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Around 31% of brokers said that stamp duty reform is most needed for downsizers and buy-to-let (BTL) landlords respectively, a Mortgage Solutions poll has found.

According to the poll, this was followed by stamp duty reform for first-time buyers at around 21% and then second steppers at 17%.

Stamp duty reform is not a new topic for the mortgage industry, with the latest Budget including scrapping multiple dwellings stamp duty relief and stamp duty for nominee purchases.

However, many industry figures believe that the measures did not go far enough, with some calling for downsizer stamp duty to be abolished, improved regional variation and BTL stamp duty to be examined.

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Buy to Let bites back as landlords left languishing over punishing interest rate rises

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he amount of money borrowed to fund buy to let property purchases plummeted by 56 percent at the end of last year.

Rising interest rates made it increasingly difficult for buy to let landlords to cover repayments on buy to let mortgages.

The net effect is that it was no longer seen as an easy option to build property wealth and earn a good income.

Many have been inspired by TV shows such as the BBC’s Homes Under the Hammer to buy properties cheap at auction, renovate them and then rent them out.

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Landlords face crisis as government reforms loom large

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The Renters (Reform) Bill looms over most landlords like the Sword of Damocles”, is how one legal expert describes the current situation in the rental market.

Gina Peters, head of landlord and tenant at law firm Dutton Gregory, says many landlords are on the verge of throwing in the towel as the Renters (Reform) Bill makes its way through Parliament.

She tells Property118 that landlords face a variety of challenges.

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Mortgage holders searching for interest-only products to ease burden

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Homeowners seem to be finding it harder to afford their mortgage, as searches for interest-only products has risen by 9%, data from Legal & General Ignite has found.

Some 15% more are also searching for the minimum required period of employment when taking out a loan

‘Satisfied defaults’ moved up to the second highest search term – from third in January – as searches increased by 7%.

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‘We’re both working and in our 30s, but house prices mean we’re living with my fiancée’s parents’

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Living with the in laws and unable to start a family – the reality of life for the city’s young people unable to get on the property ladder.

Every generation often feels they had it harder than the one before, but when it comes to getting a financial foothold in the adult world, there has perhaps never been an economic cocktail of circumstances which makes this more difficult.

Spiralling interest rates and exorbitant mortgage costs make getting on the property ladder “almost impossible” for young people in their 20s and early 30s. Despite years of training, graduate starting salaries in most professions fall short of paying the bills and still having some sort of quality of life.

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