Big changes for private rented sector, leasehold, property ads, as UK pr...

Big changes for the private rented sector, leaseholds and property adverts, as UK prices continue to rise

In this episode of UK Property Talk:

UK property prices still rising despite global economic slowdown.

Rightmove, the online property listing portal, confirms its compliance with new listing guidelines to include more information on each property.

Rightmove portal details for properties will include:-

·        Cost of any service charge and ground rent.

·        Details of any shared ownership arrangement.

·        Sale price - no longer “POA”.

·        Other changes that affect sales and lettings, including council tax bands.

·        Any information missing from a listing will be highlighted and potential buyers will be redirected to the agent.

·        Rightmove has also introduced new ‘tool tips’ and a glossary of terms.

Other Updates

·        New Rules on unfair Leases and Ground rents

·        Boris announces plans to sell off Housing Association properties.

·        Lifelong mortgages.

UK government’s ‘levelling up’ measures will involve letting agents directly include a national landlord register, a 'decent homes standard' and abolishing Section 21.

By 2030, more renters will have a secure path to ownership with the number of first-time buyers increasing in all areas; and the government’s ambition is for the number of non-decent rented homes to have fallen by 50%, with the biggest improvements in the lowest-performing areas.

UK House Prices Continue To Rise Despite Global Economic Slowdown

House prices hit a new high in June despite the rising cost of living in the UK would slow demand.

Average house price reached £294,845 in June after rising by 1.8% - the steepest monthly increase since 2007.

Halifax sighted a “lack of available homes” for sale was lifting prices as well as a shift towards people buying larger, detached homes, which rose by over 13% in the last year.

But it expects price growth will slow, as interest rates rise and soaring prices hits people’s pocket harder this year.

Petrol remains high and average household energy bills are set to exceed £3000 this year – a rise of nearly 300%!

Interest rates will rise again says Bank of England Chief Economist, as inflation is expected to reach 11% this year.

The Bank of England warned of more interest rate rises as it vows to bring inflation back down to 2% - roughly 5 times lower than present level.

Boris Johnson ousted as leader by his own party, but does it matter to you?

After Chancellor Rishi Sunak walked out of his job this week, his replacement Nadhim Zahawi has said he and Prime Minister Boris Johnson want to "rebuild the economy" and get soaring inflation under control.

We could see a new approach, as Mr Zahawi said "nothing is off the table" in terms of cutting taxes and boosting economic growth.

Auction Property Bargains From Open House South Herts

2 Bed House - £36,000

4 Bed Buy-to-Let Rented House £59,000

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