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The property market has seen house prices rise by 0.3% during February according to new figures from Halifax over the course of the month. The market has gone from strength-to-strength over the past 3 months, showing annual house price inflation rising to 2.3%, the highest it has been in the past 19 months following the decisive general election which quashed the effects of the uncertainty of Brexit.

These figures were obtained following data that showed a whopping 70,880 mortgage approvals for house purchases in January, the highest it has been for the past 4 years!

Read the full article from the Negotiator by clicking here.

 

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The private rental sector is seeing a predicted increase in rents following the government’s crackdown on the market through legislation such as the tenant fee ban that came into force on June 2019.

Due to uncertainty in the market following this onslaught, the sector has seen the number of landlords and rental properties fall by 4%, while the demand for housing increased by 8%.

This sudden fall in supply and rise in demand has affected London most but has seen further increases in Norwich which has had an increase higher than the national average of 2.6% annually.

Leading industry experts expect to see this trend continue as the government further tightens its focus on the private rental sector and continue to bring in new legislation.

Please see the link below to the full article from The Negotiator.

https://thenegotiator.co.uk/rents-rising-zoopla-landlords/

The government has begun pushing forward for landlords and lettings agents to carry out Electrical Inspections on all rented properties as of 1st June 2020 following new legislation coming into play.

The government has stated that all new tenancies as of this date will be required to carry out the electrical inspection prior to the tenancy beginning and must be carried out every 5 years from that point, whereas existing tenancies have until 1st April 2021 until they are required to carry these out.

Landlords and agents who do not abide by this new legislation could be facing up to £30,000 in fines once it comes into full effect.

Please see the link below to the full article from The Negotiator.

https://thenegotiator.co.uk/compulsory-electrical-checks-start-april/

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