Landlords: new investments in rental homes would accommodate high demand

The UK average rent is £1,226, whereas in London it’s £2,122

Over the course of the last 12 months, rental demand has eased somewhat. Having said that, there is still an average of 15 candidates per every home for rent. This is more than double the average of six people, which was the number before the pandemic hit. Over the last year supply has grown by almost a fifth, but there are still a third fewer homes for rent compared to before the pandemic, and this is due to low levels of new investment in rented homes.

There has been an unmistakable annual rate of growth in rents, and average earnings are narrowing overall. Unaffordability is still an issue, and it’s an issue driven largely by a lack of supply in the rental market. Although the majority of landlords have remained firm in their place amidst a fluctuating market, there has been a lack of new investment in rental homes resulting in a lack of supply to meet the still-high demand of renters.

Rent rates continue to grow quicker than average salaries. However, compared to 12 months ago the gap is much narrower. Rental demand is still currently rising head and shoulders above available supply, maintaining upward pressures on rents, but rental growth has certainly slowed in certain areas of the country.

Since 2016, the number of privately leased residences has remained constant, contributing to the three-year increase in rent. One of the future government`s major housing initiatives should be to increase the availability of affordable and private rental properties. A more balanced housing market and economic growth depend on a robust private rental sector.

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First-time buyers are promised mortgage guarantee by a Labour government

Labour, if elected, promises to ensure low-deposit mortgages are available for first-time buyers

Sir Keir Starmer, the leader of the Labour Party, has said that he wants to revive the mortgage guarantee scheme, adding that he wants to "turn the dream of owning a home into a reality.” The government’s plan is to act as guarantor for part of a property loan, ultimately encouraging mortgage lenders to offer low-deposit deals. Starmer claims the scheme will help more than 80,000 young people mount the housing ladder over the course of the next five years.

Labour says that making the mortgage guarantee scheme permanent will mean young people facing challenging circumstances will no longer be ‘locked out’ of homeownership, otherwise referred to by Labour as ‘Freedom to Buy.’

The current programme enables lenders to buy a guarantee on a portion of mortgages, meaning that in the event that a bank chooses to seize a home, the government may pick up some of the costs. The Treasury created the plan to "increase the appetite of mortgage lenders for high loan-to-value lending,", resulting in buyers making lower deposits.

Borrowers will still be required to pass credit checks to show they can afford mortgage repayments, not just save funds for a deposit. Mortgage providers may only lend to those with a sufficient regular income, irrespective of any government guarantee.

These plans by the Labour Party were announced last Thursday evening, and the party also said that they aim to "reintroduce housing targets", fast-track planning permissions on brownfield land, and prioritise "grey belt" building, all of which could ultimately create 1.5 million more homes.

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June 2024 Local family educational events near Rugby

Education is the kindly of a flame, not the filling of a vessel, so open your senses to some education events taking place in your local area in the coming weeks

Education is everything, especially to a young life, and it’s one of the few things in life that we cannot have too much of. More education the better, so why not add to your children’s positive development and attend such events in your local area in the coming weeks? We’ve found what we think are the best local family education-related events taking place in your local area in the not-too-distant future.

Toddler Trundle Ryton Pools
From Eventbrite:
Join us for Toddler Trundle Wednesdays to make mud pies, jump in puddles, climb trees, cook on fires, explore the park and more! It all makes for a great, fun-packed session not just for your little one but for you too.
Date and time:
Wed, 12 Jun 2024 10:00 - 11:00 BST
Location:
Ryton Rd Bubbenhall Coventry CV8 3BH
https://www.eventbrite.co.uk/e/5-week-saver-12-19-26th-jun-3-10th-jul-toddler-trundle-ryton-pools-tickets-823822012817?aff=ebdssbdestsearch

Designated Safeguarding Lead Refresher
From Eventbrite:
Building on our experience & success of delivering training for DSLs over a number of years, we are delighted to offer a hugely interactive day which will not only refresh DSLs’ knowledge but also stimulate their thinking and inspire them to grow & develop the culture of safeguarding children in their settings.
Date and time:
Tue, 18 Jun 2024 09:00 - 16:00 BST
Location:
Bulkington Village Community & Conference Centre, School Road Bulkington CV12 9JB
https://www.eventbrite.co.uk/e/designated-safeguarding-lead-refresher-9am-4pm-on-18th-june-2024-tickets-548023512077?aff=ebdssbdestsearch

#property #family #education #rugby ...