News

Rental bidding wars set to be banned

Lettings agents could be forced to stop fostering bidding wars among tenants, according to reports. The move is rumoured to be included in the Renters' Rights Bill, which is due to be introduced in Parliament this week. Reports in The... more

London council U-turns over 'onerous conditions' for new licensing scheme

Lambeth Council has ignored landlord protests to launch its new selective licencing scheme but backtracked on many onerous conditions. Landlords now need a licence to legally let any property to a single-family household or no more than two unrelated sharers in the  Knights Hill, Streatham Common... more

First-time buyers get funding boost from major bank

Lloyds Banking Group has announced an injection of £2bn to help prospective homeowners secure mortgage funding. An improved loan-to-income multiple will allow eligible first-time buyers to borrow up to 5.5 times their annual household income.

Eligibility criteria apply

What letting agents need to know about deposit alternative tenancies

Deposit-alternative tenancies offer letting agents a way to reduce tenants' upfront costs while still protecting landlords against rent arrears and property damage. In the UK, the typical deposit is equivalent to five weeks' rent. As of July 2024, with the... more

Housebuilder says UK consumer confidence has returned amid cheaper mortgage rates

The housebuilder Bellway said consumer confidence in the UK had returned, with cheaper mortgage rates fuelling demand from buyers, as it exceeded its housebuilding targets for the past year. The company completed 7,654 homes... more

Tax is changing for holiday lets

HMRC is changing the rules for furnished holiday lets (FHLs) and will abolish specific tax treatment and separate reporting requirements, bringing them into line with other property businesses. What will be different? Currently, properties classed as FHLs qualify for exemption from finance cost... more

UK property market buoyed by interest rate cut

Home-buying activity in the UK is expected to surge this autumn, according to analysts, after the Bank of England’s first base rate cut since 2020 injected optimism into the property market. The central bank on Thursday reduced interest rates by a quarter of a percentage point to 5 per cent, in... more