BREAKING NEWS – top 5 stories 20/04/2021

Estate Agent Networking Breaking News

FIRST TIME BUYERS CAN BORROW 5.5 TIMES THEIR INCOME ON 10% DEPOSIT

Nationwide have unveiled a new mortgage that goes live on the 26th of April, which allows first time buyers to get a mortgage based a multiple of five and a half times their income, with only a 10% deposit.

This is in response to the ever-increasing average price for a new home, with five million on furlough – due to phase out in September and underlying unemployment looking uncertain, will this lending be seen as reckless if there is an adjustment in property prices in the near future.

GOVERNMENT BACKED MTA EMBRACING PETS – IS HIT WITH TENANT

Though parliament’s new Model Tenancy Agreement, allowing sociable pets to live in tenanted properties was not welcomed by landlords, a recent study suggests that over 60% of tenants like the idea.

Though it is not mandatory to utilise the government guideline agreement, many landlords may now change their thinking on the type of tenancies they grant, and if so will need to raise an objection to said pets within a month to stop tenants having them. Prior to January 2021, the default position had been no pets.

NTSELAT LOOK AGAIN AT TRANSPARENCY REGARDING THE SALE OF PROPERTY

The catchy named National Trading Standards Estate and Letting Agent Team, or NTSELAT have set up a questionnaire https://www.surveymonkey.co.uk/r/NTSELATIS as part of a search for what information should be given upfront when marketing a property.

Respondents have until the 17th of May to respond, at present there are prescribed matters that anyone undertaking real estate must adhere to, clearly the NTSELAT are looking to widen that brief.

Q1 COMPETIONS IN 2021 VASTLY UP AGAINST COMPLETIONS JAN TO MARCH 2020

From statistics just released, the amount of completions at HMRC were up by 20% in January, 38% in February, and 66% in March this year, compared with the same months in 2020, which was pre-covid as the sales would have been agreed, before the first wave of Covid hit the UK.

NUMBER OF SALES AGREED IN FIRST QUARTER IS 30% HIGHER THAN IN 2020

Defying logic and lockdown, figures released by TwentyCi support the case that the amount of sales agreed has risen by a massive 30%. With the stamp duty holiday due to end in June, (or at least a major tranche of it) will the tail end of 2021 turn into a more stagnant market, with a lot of the transactions all bunched in Q1 & Q2?

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

small house bird box
Breaking News

UK First Time Buyers better off than many other global nations

Is it really that bad being a first-time buyer? UK better off than many other global nations when it comes to affordability The latest market analysis from Yopa, the full-service estate agents, reveals that first-time buyers (FTBs) in the UK may be paying 63% more to get a foot on the property ladder than they…
Read More
new build homes colchester essex
Breaking News

Building Safety Regulator Reform

The Government has announced reforms to the Building Safety Regulator, including leadership, process and investment. The changes are hoped to deliver 1.5 million homes. The reforms pave the way for creation of a single construction safety regulator, as recommended by the Grenfell Tower enquiry. David Smith, property litigation partner at London law firm Spector Constant…
Read More
Breaking News

New anti-money laundering rules now in effect: what landlords need to know

New anti-money laundering (AML) rules came into effect this month, marking a significant change for landlords and the lettings industry as a whole. The new rules mean financial sanctions checks are now required for all lettings, regardless of how much rent is charged. Here, Steve Bond, managing director of residential lettings for Beresfords, explains what…
Read More
Breaking News

What landlords need to know about the upcoming Renters Rights Bill

The government’s long-awaited Renters Rights Bill is one of the most significant overhauls of the private rental sector in decades. While it has not yet received royal assent, the legislation is expected to come into effect late this year, or early in 2026. With the bill moving closer to becoming law, Steven Bond, managing director…
Read More
Breaking News

Mortgage approvals bounce back in May

The latest figures show that: – Mortgage approvals on house purchases for May sat at 63,032 up 3.9% from 60,656 in April. The monthly increase seen in May marks the end of four months of previous decline, with approval levels having fallen each month since January of this year. Approvals are also 2.5% higher than…
Read More
Breaking News

Money and Credit – May 2025

Key points: Net borrowing of mortgage debt by individuals increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to -£0.8 billion in April. Net mortgage approvals for house purchases increased by 2,400 to 63,000 in May. Approvals for remortgaging also increased by 6,200 to 41,500…
Read More