Mortgage interest rates have been a hot topic in recent months and a major worry for home owners, buyer and Buy-to-Let landlords alike with Bank of England raising base rates to 3% on November 3rd 2022. The rate has steadily increased from an all time low of just 0.1% during the Covid pandemic.
With increases in the Bank of England base rates and turmoil in the UK financial markets, we saw many mortgage products removed and interest rates hikes for new and remaining products.
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Landlords Looking to Sell
Turbulence, extra regulation, higher interest rates, changes to tax rules and other aspects are having a major impact on the Private Rental Sector.
As available rental stock drops and rents increase, it has been claimed that over 25% of landlords or buy to let property owners are looking to sell in the near future. This claim comes from research carried out by cherryplc.co.uk. It also shows that a larger percentage of buy to let landlords will increase rets over the coming months.
Hint at Cash Help for Tenants
With many people struggling with the cost-of-living crisis, Michael Gove has hinted there may be some help on the way, stating there may be 'targeted support' for families and others who are struggling. While there was little more detail when discussing the situation on the Sunday With Laura Kuensberg programme, there was the hint of 'some' help and that there were a range of options being considered.
Buy To Let Stamp Duty Exemption
The government has been urged on many occasions to scrap the stamp duty surcharge for landlords currently standing at 3%.
During 2022 we have seen a large fall in the number of available rental properties compared to previous years and more people looking per property than ever before. This has meant rent prices have increased substantially over recent months.
Rental Adverts Down, Rents Up
Rental prices in the UK have soared over the last few months alongside a drop in advertised rental properties.
Although we are in the midst of a cost of living crisis, property rents have increased throughout the UK. In September 2022, available rentals were a third down and this has helped fuel significant increases in rental costs.