At Belvoir, we like to keep our landlords and tenants up to date on all of the landlord news, plus updates to landlord laws and regulations. Each quarter, we put together a summary of the most important things that have happened in the past 3 months so that you stay informed.
So let’s go through them all…
1. Homes for Ukraine scheme
The UK government has created the Homes for Ukraine Scheme, which asks individuals to provide a room in their house to refugees escaping Ukraine.
The project seeks to give individuals who have been forced to flee their homes a way to go to safety. Based on the number of sponsors that come forward under the system, the government has pledged that the UK will accept as many people as feasible.
This bespoke scheme will offer a route to those who want to come to the UK who have someone here willing to provide them with a home. It will enable individuals, charities, community groups and businesses to volunteer accommodation and provide a route to safety for Ukrainians, and their immediate family members, forced to escape their homeland.
Sponsors should provide accommodation for as long as they are able, but the Government has a minimum expectation of 6 months.
To register your interest and read more about this – click here.
2. Best ever spring sellers’ market as prices hit another new record
Rightmove have reported record market prices in March 2022. For the second month in a row, the price of property on the market has reached a new high, with the national average currently standing at £354,564. This month’s gain of 1.7 percent (+£5,760) is the highest since March 2004 at this time of year.
Furthermore, Rightmove’s annual rate of 10.4 percent is the highest it’s seen in any month since June 2014. The largest disparity between buyer demand and the quantity of houses available for sale that we have ever recorded at this time of year is fueling this unprecedented price level. In numerous criteria, this is the strongest spring sellers’ market we’ve ever seen.
3. Calls for Government to restart Empty Homes Programme
Propertymark is calling for new financial incentives to help thousands of empty homes find new homes to rent in the private rented sector, boosting the supply of housing for renters.
This includes a request that the government reopen the Empty Homes Program, which was shut down in 2015. Propertymark has also advocated for additional financial incentives, such as the elimination of VAT on home and energy efficiency renovations, as well as reductions or exemptions from council tax and stamp duty when vacant houses are acquired and occupied.
The letting agents’ body expects that this will complement the other benefits mentioned in the Levelling Up white paper, which was issued a few weeks ago.
According to the most recent statistics from Action, the number of unoccupied homes now stands at 238,306, up 20% since the start of the inaugural empty homes programme project.
4. House buyers prioritise energy efficiency when looking for a new home
According to recent research conducted by the Home Builders Federation, house hunters have become increasingly interested in sustainability, causing them to seek energy-efficient homes with green features (HBF).
The research, which was conducted to coincide with New Homes Week 2022, shows the extent to which energy efficiency is now dictating the way Brits make home-moving decisions.
Around three-quarters of those who responded to the HBF’s recent study – 73 percent – expressed concern about the energy efficiency of their existing house, with nearly a quarter – 24 percent – stating that energy efficiency will be “crucial” in their future relocation.
5. Some MPs admit that Landlords paying for cladding removal is unjust
The expectation that buy-to-let landlords pay for the replacement of unsafe cladding is unjust, according to a committee of MPs.
“Buy-to-let landlords are no more to blame than other leaseholders for historic building safety defects, and slapping them with potentially unaffordable bills will only slow or prevent works to make buildings safe,” the Levelling Up, Housing and Communities Select Committee, which is made up of backbench MPs, wrote.
“We are thrilled that the Committee agrees with us,” said Ben Beadle, chief executive of the National Residential Landlords Association. The government’s decision to exclude buy-to-let landlords who rent multiple properties from the plan is unjust and unacceptably harsh.
“As the Committee correctly points out, landlords are no more at fault for historic building safety flaws than other leaseholders. “Ministers must now stop dragging their feet on this matter, accept the Committee’s conclusions, and cease their unjust and indefensible policy.”
Michael Gove, the Housing Secretary, has previously stated that he does not want to encourage landlords who have more than one investment property, claiming that the government does not want to subsidise the wealthy.
