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Buy-To-Let lenders to face tougher checks

UK mortgage lenders are now expected to restrict lending to buy-to-let borrowers following the Mortgage Works’ decision to limit the amount landlord investors can borrow.

The Mortgage Works, the buy-to-let division of Nationwide, announced late last week that it will, from 11 May, require landlords to receive significantly more rental income relative to the costs of their mortgage than is currently the case.

The Mortgage Works has tightened its rental cover requirement – the amount a landlord is required take in rent compared to the cost of the mortgage repayments – from 125% to 145%.

The change means that Nationwide will no longer lend to landlords with a 20% deposit, and will only lend to those with a minimum of 25%, provided the new rental cover criteria are met.

The changes are in response to the Bank of England's announcement in March that mortgage lenders would face more stringent regulations when calculating mortgages for buy-to-let landlords.

Many experts now forecast that property investors will require a minimum 40% deposit when acquiring property as a consequence of these tougher rules.

David Whittaker, managing director at broker Mortgages for Business, said that he was not surprised to see that lenders are starting to increase their income cover ratios for individual borrowers.

He commented: “As one of the biggest mainstream buy-to-let providers, The Mortgage Works is taking the lead and demonstrating to the market and the regulators that it truly understands the forthcoming tax relief changes. It will be interesting to see how other providers react.

“I anticipate a few will be making similar preparation, some will wait until the outcomes of CP11/16 [Recovery and Resolution Plans] are known and others will bury their heads in the sand. ICRs [interest coverage ratio] on products for limited companies will remain generally the same as they are now because these borrowing vehicles will not be subject to the new tax relief restrictions. Indeed, it will be the lenders with products in this category who will be the likely winners out of this in the long term.”

Some experts believe that in low-yield areas like London, landlords with less than 40% deposits will struggle to borrow in future.

Andrew Montlake, of broker Coreco, said: “In London where yields are down to 2% or 3% you’re only going to be able to get a 60% mortgage from now on. Landlords are going to have to put more cash in.

“It's likely that these costs will be passed onto tenants, so the cost of renting will go up, too.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!



Property auction dates for May 2016

Here are details of the property auctions taking place in May. 


03/05/2016                                        

Clive Emson Kent & South East London  Clive Emson Conference Centre, Kent County Show Ground, Maidstone, ME14 3JF                11:00

Fisher German Bromsgrove        Bromsgrove Golf Centre, Stratford Road, Bromsgrove, B60 1LD  18:00

Fisher German Worcester            Bromsgrove Golf Centre, Stratford Road, Bromsgrove, B60 1LD  18:00

Jones Peckover                Holt Lodge Inn, Wrexham Road, Holt, Wrexham, LL13 9SW           19:00


04/05/2016                                        

Clive Emson Sussex & Surrey      Hilton Brighton Metropole, 106-121 Kings Road, Brighton, BN1 2FU          11:00

McHugh & Co    The Montcalm Hotel, 34-40 Great Cumberland Place, London, W1H 7TW               12:00

NWA Property  The Restaurant, Lancaster Auction Mart, Wyresdale Road, Lancaster, LA1 3JQ     TBA

Regional Property Auctioneers  Doncaster Rugby Club, Armthorpe Road, Doncaster, DN2 5QB    14:00

Stephen & Co    Commodore Hotel, 1-2 Beach Road, Weston-super-Mare, BS22 9UZ        19:00


05/05/2016                                        

Boultons              John Smiths Stadium, Stadium Way, Huddersfield, HD1 6PG        19:00

Clarke & Simpson            Ufford Park Hotel, Ufford Park, Melton, Woodbridge, IP12 1QW               18:30

Clive Emson       Hampshire & Isle of Wight           The Ageas Bowl, Botley Road, West End, Southampton, SO30 3XH                11:00

Cobb Amos         Luctonians R F C, Mortimer Park, Kingsland, Leominster, HR6 9SB              18:00

Graham Penny (Nottingham)     The Nottingham Belfry Hotel, Mellors Way, Nottingham Business Park, Nottingham, NG8 6PY         11:30

Great North Property Auction - iam-sold              Ramside Hall Hotel, Carrville, Durham, DH1 1TD  19:00

Network Auctions           Grosvenor House Hotel, 90 Park Lane, London, W1K 7TN                14:00

05/05/2016                                         Paul Fosh Auctions          The Park Inn Hotel (Formerly The Moat House), Circle Way East, Llanedeyrn, Cardiff, CF23 9XF     17:00

SDL Bigwood      Aston Villa Football Club, Trinity Road, Birmingham, B6 6HE          11:00

Wilsons (Scotland)           Dalry Auction Complex, 6, Kilwinning Road, Dalry, KA24 4LG                19:00


06/05/2016 

Auction House Symonds & Sampson       Digby Hall, Hound Street, Sherborne, DT9 3AA                14:00

Clive Emson West Country           St. Mellion International Resort, St. Mellion, Saltash, PL12 6SD        11:00


09/05/2016                                        

Butters John Bee             The Best Western, Moat House Hotel, Festival Way, Stoke-on-Trent, ST1 5BQ  18:30

Clive Emson Essex, North & East London               Chelmsford City Racecourse, Great Leighs, Chelmsford, CM3 1QP   11:00

Cundalls Malton               Trudston Village Hall, Rudston, Driffield, YO25 4UH           18:30

Lambert Smith Hampton (National)         Millennium Hotel London Mayfair, Grosvenor Square, London, W1K 2HP           11:00

Savills (London - National)            The London Marriot Hotel, Grosvenor Square, London, W1K 6JP         09:00

Whittaker & Biggs - Biddulph      The Swan Hotel, 2 St. Edward Street, Leek, ST13 5DS                19:30

Whittaker & Biggs - Congleton   The Swan Hotel, 2 St. Edward Street, Leek, ST13 5DS       TBA


10/05/2016                                     

BRG Gibson        Stormont Hotel, 587 Upper Newtownards Road, Belfast, BT4 3LP                19:30

John Earle & Son              Henley Golf & Country Club, Birmingham Road, Henley-in-Arden, B95 5QA               18:30

North West Property Auction - iam-sold                Etihad Stadium, Rowsley Street, Manchester, M11 3FF    TBA


11/05/2016                                        

Andrew Morris           Green Dragon Hotel, Broad Street, Hereford, HR4 9AB   14:30

Fisher German Denton Clark       The Swan Hotel, 50 High Street, Tarporley, CW6 0AG                19:00

Goldings                      The Atrium, Wherstead Park, Ipswich, IP9 2BJ    14:15

Hobbs Parker     Amos Hall, Monument Way, Orbital Park, Ashford, TN24 0HB      14:30

Moore Allen & Innocent               Norcote Sale Rooms, Burford Road, Norcote, Cirencester, GL7 5RH               TBA

Pennycuick Collins           Birmingham City FC, St. Andrews Stadium, Bordesley, Birmingham, B9 4NH 11:00

The County Property Auction     Doubletree by Hilton, Brayford Wharf North, Lincoln, LN1 1YW       19:00


12/05/2016                                        

Auction House HEB         Doubletree by Hilton Hotel Nottingham, Nuthall Road, Nottingham, NG8 6AZ              14:30

Auction House Leicestershire     Readings, 48, Granby Street, LE1 1DH     18:00

Barnett Ross      Radisson Blu Portman Hotel, 22 Portman Square, London, W1H 7BG                12:00

Feather Smailes & Scales              The Pavilions of Harrogate, Great Yorkshire Showground, Railway Road off Wetherby Road, Harrogate, HG2 8PW 15:00

Fox & Sons (Southampton)         The Botley Park Golf & Country Club, Winchester Road, Boorley Green, Southampton, SO32 2UA              13:00

John Francis       The Liberty Stadium, Landore, Swansea, SA1 2FA              15:00

Main & Main      Village Hotel & Leisure Club, Cheadle Road, Cheadle, SK8 1HW   18:30

North West Property Auction - iam-sold                Etihad Stadium, Rowsley Street, Manchester, M11 3FF    TBA

Strakers               The Corn Exchange, Market Place, Devizes, SN10 1HS     19:00

Wilsons (Northern Ireland)          Portadown Auction Complex, Seagoe Industrial Estate, Portadown, BT63 5QE    19:30


13/05/2016                                        

John Francis       The Ivy Bush Royal, Spilman Street, Carmarthen, SA31 1LG           15:00

Meller Braggins   Cottons Hotel, Manchester Road, Knutsford, WA16 0SU                15:00


14/05/2016                                        

Smith & Partners              Epperstone Village Hall, Gonalston Lane, Epperstone, NG14 6AY                12:00

Allsop Commercial           The Berkeley, Wilton Place, Knightbridge, SW1X 7RL        10:00


16/05/2016                                        

Bagshaws Bakewell         The Agricultural Business Centre, Agricultural Way, Bakewell, DE45 1AH        15:00

Kivells Exeter     Stockmans Restaurant, Matford Park Road, Marsh Barton Trading Estate, Matford Business Park, Exeter, EX2 8FD                13:00


17/05/2016                                        

Auction House Manchester         Manchester City Football Club Ltd, Etihad Stadium, Rowsley Street, Manchester, M11 3FF     14:00

Barnard Marcus                Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA                TBA

Bury & Hilton     Westwood Golf Club, Newcastle Road, Leek, ST13 7AA  TBA

Hawkesford       Warwick Arms Hotel, High Street, Warwick, CV34 4AT     18:00

Kivells Liskeard  Lord Eliot Hotel, Castle Street, Liskeard, PL14 3AU             19:00

McCartneys        Gwernyfed Rugby Club, Trefecca Road, Talgarth, LD3 0PL              TBA

Richard Turner & Son     Black Bull Inn, Old Langho Road, Old Langho, Blackburn, BB6 8AW                TBA

Seel & Co             The Park Inn Hotel (Formerly The Moat House), Circle Way East, Llanedeyrn, Cardiff, CF23 9XF     17:00


18/05/2016                                        

Auction House Scotland                200 SVS, 200 St. Vincent Street, Glasgow, G2 5RQ             TBA

Auction House South East Wales               Parc Golf Club, Church Lane, Coedkernew, NP10 8TU        17:00

Auction House West Yorkshire   Leeds United Football Club, Elland Road, Leeds, LS11 0ES                12:30

Durrants              The Auction Rooms, Peddars Lane, Beccles, NR34 9UH   17:00

East Midland Property Auction - iam-sold             The Bentley Hotel & Leisure Club, Newark Road, South Hykeham, Lincoln, LN6 9NH               TBA

Romans                Green Park Conference Centre, 100 Longwater Avenue, Reading, RG2 6GP                13:30

Shonki Brothers (Narborough Road)       Leicester City Football Club, Filbert Way, Leicester, LE2 7FL  17:30

Wood's Auctioneers       Jolly Farmer, 8 Market Street, Newton Abbot, TQ12 2RB                14:00


19/05/2016                                        

Acuitus               Millennium Hotel London Mayfair, Grosvenor Square, London, W1K 2HP              TBA

Auction House Lancashire            Preston North End Football Club, Sir Tom Finney Way, Preston, PR1 6RU             14:00

Harrison Coward              County Auction Rooms, County Square, Ulverston, LA12 7AL                15:30

Miller Metcalfe         Wanderers Suite, Macron Stadium, Burden Way, Horwich, BL6 6JW                14:00

Newland Rennie Wilkins Caldicot              Business Suite, Bisley Stand, Rodney Parade, Rugby Ground, Newport, NP19 0UU     19:00

Newland Rennie Wilkins Chepstow         Beaufort Hotel, Beaufort Square, Chepstow, NP16 5EP         19:00

Savills (Nottingham)       Nottingham Racecourse, Colwick Road, Nottingham, NG2 4BE    TBA

SVA Property Auctions Ltd           The Trades Hall, 85 Glassford Street, Glasgow, G1 1UH                14:00


20/05/2016                                        

Chanin & Thomas             Crowcombe Church House, Crowcombe, Taunton, TA4 4AE                15:00

Phillips Smith & Dunn Barnstaple              Barnstaple Hotel, Braunton Road, Barnstaple, EX31 1LE         TBA

Phillips Smith & Dunn Bideford                 Barnstaple Hotel, Braunton Road, Barnstaple, EX31 1LE  TBA

Phillips Smith & Dunn Braunton   Barnstaple Hotel, Braunton Road, Barnstaple, EX31 1LE  TBA

Tayler & Fletcher Bourton            Hyde Barn, Fosse Manor Hotel, Fosseway, Stow on the Wold, Cheltenham, GL54 1JX      TBA

Tayler & Fletcher Chipping Norton           Hyde Barn, Fosse Manor Hotel, Fosseway, Stow on the Wold, Cheltenham, GL54 1JX              TBA

Webbers             The Landmark Theatre, The Promenade, Ilfracombe, EX34 9BZ   14:30


21/05/2016                                        

Bagshaws Ashbourne    Green Man & Blacks Head Royal Hotel, 10, St. John Street, Ashbourne, DE6 1GH      TBA

Bagshaws Leek              Westwood Golf Club, Newcastle Road, Leek, ST13 7AA  TBA


23/05/2016                                        

Athawes Son & Co           Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA                TBA

Strettons             Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA                11:00


24/05/2016                                        

Auction House Bristol & Somerset North               Gloucestershire County Cricket Club, Nevil Road, Bristol, BS7 9EJ      19:00

Cooper & Tanner Auctions           The Standerwick Centre, Frome Market, Standerwick, Frome, BA11 2QB             19:00

Cooper & Tanner Glastonbury   Wells Golf Club, Blackheath Lane, East Horrington, Wells, BA5 3DS               19:00

Eddisons Manchester    Premier Inn Old Trafford, Waters Reach, Manchester, M17 1WS                TBA

Leonards             Raich Carter Suite, KC Stadium, Walton Street, Hull, HU3 6JR        TBA

Mark Jenkinson & Son   Sheffield United F C, Bramall Lane, Cherry Street, Sheffield, S2 4SU                14:00


25/05/2016                                        

Auction House Copelands            Chesterfield Football Club, 1866 Sheffield Road, Chesterfield, S41 8NZ     19:00

Auction House East Anglia            Holiday Inn, London Road, Ipswich, IP2 0UA        18:30

Auction House Pearsons               The Hilton Hotel at The Ageas Bowl, Botley Road, Southampton, SO30 3XH              11:00

Auction House South Yorkshire    Copthorne Hotel, Bramall Lane, Sheffield, S2 4SU                12:30

Bagshaws Uttoxeter           Uttoxeter Racecourse, Wood Lane, Uttoxeter, ST14 8BD               TBA

Dedman Gray                     Holiday Inn Hotel, London Southend Airport, Southend-on-Sea, SS2 6XG                TBA

Hunters Property Auctions          York Racecourse, Knavesmire Road, York, YO23 1EX                18:00

Pughs                        Feathers Hotel, 25 High Street, Ledbury, HR8 1DS             TBA

Seldons Estate Agents      Royal Hotel, Barnstaple Street, Bideford, EX39 4AE           TBA

Sunderlands & Thompsons          Left Bank , 29 Bridge Street, Hereford, HR4 9DG                TBA

Wright Marshall Whitchurch        Bucks Head Hotel, Long Lane Road, Telford, TF6 6HA       TBA


26/05/2016                                        

Allsop Residential            Cumberland Hotel, Great Cumberland Place, London, W1H 7DL TBA

Auction House East Anglia            Dunston Hall Hotel, Ipswich Road, Dunston, Norwich, NR14 8PQ        11:00

Auction House North Wales        Bangor FC, The Book People Stadium, Holyhead Road, Nantporth, LL57 2HQ      17:30

Auction House Sussex   Clarendon Villas Church, 21-23 Clarendon Villas, Hove, BN3 3RE                14:30

Cottons                Aston Villa Football Club, Trinity Road, Birmingham, B6 6HE          11:00

Eddisons Leeds     Leeds United Football Club, Elland Road, Leeds, LS11 0ES              TBA

Gascoigne Halman Altrincham    Cottons Hotel, Manchester Road, Knutsford, WA16 0SU                TBA

Gascoigne Halman Knutsford     Cottons Hotel, Manchester Road, Knutsford, WA16 0SU                TBA

Gascoigne Halman Stockton Heath          Cottons Hotel, Manchester Road, Knutsford, WA16 0SU        TBA

Sutton Kersh Auctions   The Marriot Hotel, 1 Queen Square, Liverpool, L1 1RH    TBA

Wilsons (Scotland)           Dalry Auction Complex, 6, Kilwinning Road, Dalry, KA24 4LG         TBA

Wright Marshall Tarporley            Swan Hotel, 50 High Street, Tarporley, CW6 0AG               TBA


27/05/2016                                       

Auction House East Anglia            Dukes Head Hotel, 5-6 Tuesday Market Place, Kings Lynn, PE30 1JS               12:00


31/05/2016                                        

Auction House North East            Ramside Hall Hotel, Carrville, Durham, DH1 1TD  TBA

Sharpes                Pennington Midland Hotel, Cheapside, Bradford, BD1 4HU           18:00

The Agents Property Auction     Newcastle Marriott Hotel, High Gosforth Park, Newcastle upon Tyne, NE3 5HN      19:00


Article courtesy of Property Investor Today | Sign up for Property Investor Today newsletter | Get this news on YOUR site!



Rents set to increase as landlords exit the market

Tenants will bear the cost of recent buy-to-let tax hikes for landlords as they will almost inevitably result in a fall in homes on the rental market that in turn will push up rental prices, say letting agents. 

Two thirds (65%) of landlords surveyed by the Association of Residential Letting Agents (ARLA) said that they will not be acquiring any more properties for buy-to-let following the recent surcharge on stamp duty and the cap on tax relief for buy-to-let mortgages, which in turn will cause a decrease in the supply of rental properties.

Tenants are widely expected to be worst hit by the changes as rents increase due to the reduction of properties available to let on the market, with the latest data from ARLA revealing that rent costs rose in March for a third (32%) of tenants.

What’s more, three in five (61%) of ARLA agents now believe that rents will rise further as a result of the changes.

ARLA’s latest Private Rental Sector report shows that the supply of rental housing stock on letting agents’ books fell in March to the lowest level since the start of last year.

Demand also dropped in March; ARLA agents had 33 prospective tenants registered per branch on average, down 11% from 37 in February.

Nevertheless, demand continues to heavily outweigh supply, which in turn is placing upward pressure on rental values.

The housing crisis is most acute in London where the average number of properties managed per branch was just 122 in March, against a UK average of 169.

Not only do ARLA agents forecast that rent costs will increase further, but they also believe that rental homes may also face a decline in quality over time, as landlords struggle to keep up with maintenance costs alongside the higher stamp duty charge.

Cox (below) added: “Whilst landlords adjust to the increase in costs we can expect to see one of three outcomes prevailing in the buy to let market: landlords absorbing the cost and taking the hit; landlords withdrawing from the market causing supply to fall; or landlords regaining those costs through hiking rents. Next month we can start to assess the damage.”


Article courtesy of Property Investor Today | Sign up for Property Investor Today newsletter | Get this news on YOUR site!



What is the future of buy-to-let?

Representatives and stakeholders from various leading property industry bodies, including the National Landlords Association, British Property Federation, Department for Communities and Local Government, the Council of Mortgage Lenders and Chapman Taylor, will meet later today (Friday 29 April) to discuss and outline policies designed to improve the buy-to-let sector.

A new stamp duty land tax surcharge aimed at private landlords, adding a hefty 3% to the up-front tax bill facing those buying investment homes, the scrapping of the wear and tear allowance, the introduction of Right to Rent checks and the reduction in tax relief for landlords from 2017, are among the various policy changes imposed on the buy-to-let sector recently and are issues that will undoubtedly be discussed today.

Carolyn Uphill (pictured), chairman of the NLA, said: “The private rented sector has grown considerably in recent decades, having gone from housing only one in 13 households in the early 1990s to more than one fifth of the population today.

“However, the expansion of the sector has not always been welcomed and calls for tighter regulation have become increasingly common.

“With government policy apparently moving towards discouraging investment in buy-to-let, the sector as we know it is likely to undergo many more changes in the coming years.

“The NLA hopes that this roundtable discussion will prompt a comprehensive and thoroughgoing programme of work to improve and aid better planning in private renting for the mutual benefit of everyone involved.”

A new study suggests that the private rented sector, which already plays a critical role within the housing system, looks set to grow over the next few years because we are becoming a nation of renters.


Article courtesy of Property Investor Today | Sign up for Property Investor Today newsletter | Get this news on YOUR site!



Property auction dates for May 2016

Here are details of the property auctions taking place in May. 


03/05/2016                                        

Clive Emson Kent & South East London  Clive Emson Conference Centre, Kent County Show Ground, Maidstone, ME14 3JF                11:00

Fisher German Bromsgrove        Bromsgrove Golf Centre, Stratford Road, Bromsgrove, B60 1LD  18:00

Fisher German Worcester            Bromsgrove Golf Centre, Stratford Road, Bromsgrove, B60 1LD  18:00

Jones Peckover                Holt Lodge Inn, Wrexham Road, Holt, Wrexham, LL13 9SW           19:00


04/05/2016                                        

Clive Emson Sussex & Surrey      Hilton Brighton Metropole, 106-121 Kings Road, Brighton, BN1 2FU          11:00

McHugh & Co    The Montcalm Hotel, 34-40 Great Cumberland Place, London, W1H 7TW               12:00

NWA Property  The Restaurant, Lancaster Auction Mart, Wyresdale Road, Lancaster, LA1 3JQ     TBA

Regional Property Auctioneers  Doncaster Rugby Club, Armthorpe Road, Doncaster, DN2 5QB    14:00

Stephen & Co    Commodore Hotel, 1-2 Beach Road, Weston-super-Mare, BS22 9UZ        19:00


05/05/2016                                        

Boultons              John Smiths Stadium, Stadium Way, Huddersfield, HD1 6PG        19:00

Clarke & Simpson            Ufford Park Hotel, Ufford Park, Melton, Woodbridge, IP12 1QW               18:30

Clive Emson       Hampshire & Isle of Wight           The Ageas Bowl, Botley Road, West End, Southampton, SO30 3XH                11:00

Cobb Amos         Luctonians R F C, Mortimer Park, Kingsland, Leominster, HR6 9SB              18:00

Graham Penny (Nottingham)     The Nottingham Belfry Hotel, Mellors Way, Nottingham Business Park, Nottingham, NG8 6PY         11:30

Great North Property Auction - iam-sold              Ramside Hall Hotel, Carrville, Durham, DH1 1TD  19:00

Network Auctions           Grosvenor House Hotel, 90 Park Lane, London, W1K 7TN                14:00

05/05/2016                                         Paul Fosh Auctions          The Park Inn Hotel (Formerly The Moat House), Circle Way East, Llanedeyrn, Cardiff, CF23 9XF     17:00

SDL Bigwood      Aston Villa Football Club, Trinity Road, Birmingham, B6 6HE          11:00

Wilsons (Scotland)           Dalry Auction Complex, 6, Kilwinning Road, Dalry, KA24 4LG                19:00


06/05/2016 

Auction House Symonds & Sampson       Digby Hall, Hound Street, Sherborne, DT9 3AA                14:00

Clive Emson West Country           St. Mellion International Resort, St. Mellion, Saltash, PL12 6SD        11:00


09/05/2016                                        

Butters John Bee             The Best Western, Moat House Hotel, Festival Way, Stoke-on-Trent, ST1 5BQ  18:30

Clive Emson Essex, North & East London               Chelmsford City Racecourse, Great Leighs, Chelmsford, CM3 1QP   11:00

Cundalls Malton               Trudston Village Hall, Rudston, Driffield, YO25 4UH           18:30

Lambert Smith Hampton (National)         Millennium Hotel London Mayfair, Grosvenor Square, London, W1K 2HP           11:00

Savills (London - National)            The London Marriot Hotel, Grosvenor Square, London, W1K 6JP         09:00

Whittaker & Biggs - Biddulph      The Swan Hotel, 2 St. Edward Street, Leek, ST13 5DS                19:30

Whittaker & Biggs - Congleton   The Swan Hotel, 2 St. Edward Street, Leek, ST13 5DS       TBA


10/05/2016                                     

BRG Gibson        Stormont Hotel, 587 Upper Newtownards Road, Belfast, BT4 3LP                19:30

John Earle & Son              Henley Golf & Country Club, Birmingham Road, Henley-in-Arden, B95 5QA               18:30

North West Property Auction - iam-sold                Etihad Stadium, Rowsley Street, Manchester, M11 3FF    TBA


11/05/2016                                        

Andrew Morris           Green Dragon Hotel, Broad Street, Hereford, HR4 9AB   14:30

Fisher German Denton Clark       The Swan Hotel, 50 High Street, Tarporley, CW6 0AG                19:00

Goldings                      The Atrium, Wherstead Park, Ipswich, IP9 2BJ    14:15

Hobbs Parker     Amos Hall, Monument Way, Orbital Park, Ashford, TN24 0HB      14:30

Moore Allen & Innocent               Norcote Sale Rooms, Burford Road, Norcote, Cirencester, GL7 5RH               TBA

Pennycuick Collins           Birmingham City FC, St. Andrews Stadium, Bordesley, Birmingham, B9 4NH 11:00

The County Property Auction     Doubletree by Hilton, Brayford Wharf North, Lincoln, LN1 1YW       19:00


12/05/2016                                        

Auction House HEB         Doubletree by Hilton Hotel Nottingham, Nuthall Road, Nottingham, NG8 6AZ              14:30

Auction House Leicestershire     Readings, 48, Granby Street, LE1 1DH     18:00

Barnett Ross      Radisson Blu Portman Hotel, 22 Portman Square, London, W1H 7BG                12:00

Feather Smailes & Scales              The Pavilions of Harrogate, Great Yorkshire Showground, Railway Road off Wetherby Road, Harrogate, HG2 8PW 15:00

Fox & Sons (Southampton)         The Botley Park Golf & Country Club, Winchester Road, Boorley Green, Southampton, SO32 2UA              13:00

John Francis       The Liberty Stadium, Landore, Swansea, SA1 2FA              15:00

Main & Main      Village Hotel & Leisure Club, Cheadle Road, Cheadle, SK8 1HW   18:30

North West Property Auction - iam-sold                Etihad Stadium, Rowsley Street, Manchester, M11 3FF    TBA

Strakers               The Corn Exchange, Market Place, Devizes, SN10 1HS     19:00

Wilsons (Northern Ireland)          Portadown Auction Complex, Seagoe Industrial Estate, Portadown, BT63 5QE    19:30


13/05/2016                                        

John Francis       The Ivy Bush Royal, Spilman Street, Carmarthen, SA31 1LG           15:00

Meller Braggins   Cottons Hotel, Manchester Road, Knutsford, WA16 0SU                15:00


14/05/2016                                        

Smith & Partners              Epperstone Village Hall, Gonalston Lane, Epperstone, NG14 6AY                12:00

Allsop Commercial           The Berkeley, Wilton Place, Knightbridge, SW1X 7RL        10:00


16/05/2016                                        

Bagshaws Bakewell         The Agricultural Business Centre, Agricultural Way, Bakewell, DE45 1AH        15:00

Kivells Exeter     Stockmans Restaurant, Matford Park Road, Marsh Barton Trading Estate, Matford Business Park, Exeter, EX2 8FD                13:00


17/05/2016                                        

Auction House Manchester         Manchester City Football Club Ltd, Etihad Stadium, Rowsley Street, Manchester, M11 3FF     14:00

Barnard Marcus                Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA                TBA

Bury & Hilton     Westwood Golf Club, Newcastle Road, Leek, ST13 7AA  TBA

Hawkesford       Warwick Arms Hotel, High Street, Warwick, CV34 4AT     18:00

Kivells Liskeard  Lord Eliot Hotel, Castle Street, Liskeard, PL14 3AU             19:00

McCartneys        Gwernyfed Rugby Club, Trefecca Road, Talgarth, LD3 0PL              TBA

Richard Turner & Son     Black Bull Inn, Old Langho Road, Old Langho, Blackburn, BB6 8AW                TBA

Seel & Co             The Park Inn Hotel (Formerly The Moat House), Circle Way East, Llanedeyrn, Cardiff, CF23 9XF     17:00


18/05/2016                                        

Auction House Scotland                200 SVS, 200 St. Vincent Street, Glasgow, G2 5RQ             TBA

Auction House South East Wales               Parc Golf Club, Church Lane, Coedkernew, NP10 8TU        17:00

Auction House West Yorkshire   Leeds United Football Club, Elland Road, Leeds, LS11 0ES                12:30

Durrants              The Auction Rooms, Peddars Lane, Beccles, NR34 9UH   17:00

East Midland Property Auction - iam-sold             The Bentley Hotel & Leisure Club, Newark Road, South Hykeham, Lincoln, LN6 9NH               TBA

Romans                Green Park Conference Centre, 100 Longwater Avenue, Reading, RG2 6GP                13:30

Shonki Brothers (Narborough Road)       Leicester City Football Club, Filbert Way, Leicester, LE2 7FL  17:30

Wood's Auctioneers       Jolly Farmer, 8 Market Street, Newton Abbot, TQ12 2RB                14:00


19/05/2016                                        

Acuitus               Millennium Hotel London Mayfair, Grosvenor Square, London, W1K 2HP              TBA

Auction House Lancashire            Preston North End Football Club, Sir Tom Finney Way, Preston, PR1 6RU             14:00

Harrison Coward              County Auction Rooms, County Square, Ulverston, LA12 7AL                15:30

Miller Metcalfe         Wanderers Suite, Macron Stadium, Burden Way, Horwich, BL6 6JW                14:00

Newland Rennie Wilkins Caldicot              Business Suite, Bisley Stand, Rodney Parade, Rugby Ground, Newport, NP19 0UU     19:00

Newland Rennie Wilkins Chepstow         Beaufort Hotel, Beaufort Square, Chepstow, NP16 5EP         19:00

Savills (Nottingham)       Nottingham Racecourse, Colwick Road, Nottingham, NG2 4BE    TBA

SVA Property Auctions Ltd           The Trades Hall, 85 Glassford Street, Glasgow, G1 1UH                14:00


20/05/2016                                        

Chanin & Thomas             Crowcombe Church House, Crowcombe, Taunton, TA4 4AE                15:00

Phillips Smith & Dunn Barnstaple              Barnstaple Hotel, Braunton Road, Barnstaple, EX31 1LE         TBA

Phillips Smith & Dunn Bideford                 Barnstaple Hotel, Braunton Road, Barnstaple, EX31 1LE  TBA

Phillips Smith & Dunn Braunton   Barnstaple Hotel, Braunton Road, Barnstaple, EX31 1LE  TBA

Tayler & Fletcher Bourton            Hyde Barn, Fosse Manor Hotel, Fosseway, Stow on the Wold, Cheltenham, GL54 1JX      TBA

Tayler & Fletcher Chipping Norton           Hyde Barn, Fosse Manor Hotel, Fosseway, Stow on the Wold, Cheltenham, GL54 1JX              TBA

Webbers             The Landmark Theatre, The Promenade, Ilfracombe, EX34 9BZ   14:30


21/05/2016                                        

Bagshaws Ashbourne    Green Man & Blacks Head Royal Hotel, 10, St. John Street, Ashbourne, DE6 1GH      TBA

Bagshaws Leek              Westwood Golf Club, Newcastle Road, Leek, ST13 7AA  TBA


23/05/2016                                        

Athawes Son & Co           Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA                TBA

Strettons             Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA                11:00


24/05/2016                                        

Auction House Bristol & Somerset North               Gloucestershire County Cricket Club, Nevil Road, Bristol, BS7 9EJ      19:00

Cooper & Tanner Auctions           The Standerwick Centre, Frome Market, Standerwick, Frome, BA11 2QB             19:00

Cooper & Tanner Glastonbury   Wells Golf Club, Blackheath Lane, East Horrington, Wells, BA5 3DS               19:00

Eddisons Manchester    Premier Inn Old Trafford, Waters Reach, Manchester, M17 1WS                TBA

Leonards             Raich Carter Suite, KC Stadium, Walton Street, Hull, HU3 6JR        TBA

Mark Jenkinson & Son   Sheffield United F C, Bramall Lane, Cherry Street, Sheffield, S2 4SU                14:00


25/05/2016                                        

Auction House Copelands            Chesterfield Football Club, 1866 Sheffield Road, Chesterfield, S41 8NZ     19:00

Auction House East Anglia            Holiday Inn, London Road, Ipswich, IP2 0UA        18:30

Auction House Pearsons               The Hilton Hotel at The Ageas Bowl, Botley Road, Southampton, SO30 3XH              11:00

Auction House South Yorkshire    Copthorne Hotel, Bramall Lane, Sheffield, S2 4SU                12:30

Bagshaws Uttoxeter           Uttoxeter Racecourse, Wood Lane, Uttoxeter, ST14 8BD               TBA

Dedman Gray                     Holiday Inn Hotel, London Southend Airport, Southend-on-Sea, SS2 6XG                TBA

Hunters Property Auctions          York Racecourse, Knavesmire Road, York, YO23 1EX                18:00

Pughs                        Feathers Hotel, 25 High Street, Ledbury, HR8 1DS             TBA

Seldons Estate Agents      Royal Hotel, Barnstaple Street, Bideford, EX39 4AE           TBA

Sunderlands & Thompsons          Left Bank , 29 Bridge Street, Hereford, HR4 9DG                TBA

Wright Marshall Whitchurch        Bucks Head Hotel, Long Lane Road, Telford, TF6 6HA       TBA


26/05/2016                                        

Allsop Residential            Cumberland Hotel, Great Cumberland Place, London, W1H 7DL TBA

Auction House East Anglia            Dunston Hall Hotel, Ipswich Road, Dunston, Norwich, NR14 8PQ        11:00

Auction House North Wales        Bangor FC, The Book People Stadium, Holyhead Road, Nantporth, LL57 2HQ      17:30

Auction House Sussex   Clarendon Villas Church, 21-23 Clarendon Villas, Hove, BN3 3RE                14:30

Cottons                Aston Villa Football Club, Trinity Road, Birmingham, B6 6HE          11:00

Eddisons Leeds     Leeds United Football Club, Elland Road, Leeds, LS11 0ES              TBA

Gascoigne Halman Altrincham    Cottons Hotel, Manchester Road, Knutsford, WA16 0SU                TBA

Gascoigne Halman Knutsford     Cottons Hotel, Manchester Road, Knutsford, WA16 0SU                TBA

Gascoigne Halman Stockton Heath          Cottons Hotel, Manchester Road, Knutsford, WA16 0SU        TBA

Sutton Kersh Auctions   The Marriot Hotel, 1 Queen Square, Liverpool, L1 1RH    TBA

Wilsons (Scotland)           Dalry Auction Complex, 6, Kilwinning Road, Dalry, KA24 4LG         TBA

Wright Marshall Tarporley            Swan Hotel, 50 High Street, Tarporley, CW6 0AG               TBA


27/05/2016                                       

Auction House East Anglia            Dukes Head Hotel, 5-6 Tuesday Market Place, Kings Lynn, PE30 1JS               12:00


31/05/2016                                        

Auction House North East            Ramside Hall Hotel, Carrville, Durham, DH1 1TD  TBA

Sharpes                Pennington Midland Hotel, Cheapside, Bradford, BD1 4HU           18:00

The Agents Property Auction     Newcastle Marriott Hotel, High Gosforth Park, Newcastle upon Tyne, NE3 5HN      19:00


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Dutch house prices set to grow by 5% in 2016

House prices in the Netherlands look set to rise by around 5% this year, as the number of homes coming on to the market remains low in relation to demand.

The recovery in the Dutch housing market gathered pace during the first quarter of this year, with a rise in the number of sales helping to fuel higher property prices.

But an increasing number of estate agents report that there is a growing shortage of properties for sale, which suggests that home prices could rise further.

The hike in property values mean that there are now significantly fewer homes in the Netherlands that are in negative equity, according to US credit ratings company Moody’s, as quoted by the Financieele Dagblad.

It is estimated that a quarter of all homes in Holland will remain in negative equity by the end of this year, compared with one in three in 2015, Moody’s said.

The organisation forecasts house prices in the Netherlands will rise 5% this year.

In March, the national statistics office CBS said Dutch property prices had increased for the 22nd straight month as the market continues to recover from its six-year slump.

Property prices in Holland have risen by around 8% from the low point of June 2013 but are still below their August 2008 peak. However, there are growing concerns that the Amsterdam property market is overheating


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Who will fix Londonís housing crisis?

With less than two weeks to go until the London mayoral election takes place on 5 May, housing remains a key issue with all the leading candidates for mayor of London placing housing at the heart of their campaign.

Only last week, the main candidates clashed over the issue during a debate hosted by BBC London, with Labour mayoral candidate Sadiq Khan claiming that affordable housing is “a million miles away” from what the Conservative party is proposing.

The Conservative candidate Zac Goldsmith dismissed Khan’s views as “nonsense”, but he did acknowledge that there is a housing crisis in the capital and that the “only long-term solution is to increase supply”.

London property prices have soared

It is estimated that at least 50,000 new homes are needed in the capital each year to meet demand, and yet the latest figures show that just 18,000 homes were delivered under Mayor Boris Johnson’s leadership last year.

The widening supply-demand imbalance in the capital, fuelled in part by missed key targets on building affordable housing, has led to a surge in property prices since Boris Johnson (below) became mayor in 2008.

The latest data from the Office of National Statistics show that the average price of a residential property in London has increased from £337,000 in February 2008 to £524,000.

This 55.5% increase compares against a 30.9% rise in the rest of the UK, showing how property price rises in the capital have outstripped other parts of the country.

Housing is a major concern

A new survey of 2,062 adults carried out by ComRes has found that housing is the primary issue for Londoners ahead of the London mayoral election.

It represents a shift from the 2012 election, when Londoners placed housing fourth in order of importance, after jobs, crime and transport.

Adam Ludlow, senior consultant at ComRes, said: “While this poll could not be compared directly to the one carried out four years ago, the relative shift in the priority given to housing would seem to suggest people see it as more important now.”

So what are the main London mayoral candidates’ positions on housing?

Sadiq Khan (Labour)

Labour Mayoral hopeful Sadiq Khan has vowed to deliver 80,000 new homes in the capital each year, 50% of which will be affordable, by freeing up more brownfield land for housebuilding. He also wants to form a ‘new homes’ division in City Hall, set up a not-for-profit letting agency, aim to restrict rent rises, and invest more in the London Affordable Homes Programme.

Zac Goldsmith (Conservative)

The Conservative candidate has also pledged to focus on releasing publicly-owned brownfield land for the construction of more residential properties, with a view to delivering 50,000 new homes a year in London by 2020, financed in part by a new pan-London investment fund for overseas investors. He also wants to bring thousands of vacant homes back into use, get tough on rogue landlords, and introduce longer term tenancies.

Caroline Pidgeon (Liberal Democrats)

Caroline Pidgeon wants to boost new housing supply in the capital, including significantly more council homes at affordable rent levels. She also wants all private landlords in the capital to be registered, introduce a ‘right to buy’ for tenants if the landlord decides to sell, abolish letting agency fees for tenants and promote three- to five-year tenancies.

Sian Berry (Green Party)

Sian Berry is demanding that the mayor of London be given greater rent controls, as part of efforts to help private renters in the capital. She also believes that there should be a voluntary landlord registration in place, as well as a new Renters’ Union, financed by City Hall, designed to provide tenants with greater support and advice.

Peter Whittle (UKIP)

Aside from lobby for “sensible migration” levels to help restrict demand for housing, Peter Whittle has pledged to boost housebuilding levels. He believes that a comprehensive registry of all London’s brownfield sites is crucial to boosting the supply of land for the construction of new homes. Whittle has also proposed taxing buy-to-let landlords at a higher rate if they leave their homes empty and offering long-term residents in London priority when it comes to social housing.

Did you know?

Residential property prices have increased twice as fast under a Conservative government since 1970, at an average of 19% compared to Labour’s 10% per annum, Nationwide House Price Index data shows.

Home prices appreciated the most under Tony Blair’s tenure, up 211.3%, followed by that of Margaret Thatcher, with prices up 187.9& during her time at Number 10.

However, on an annualised basis, prices performed most strongly under Edward Heath when growth averaged 32.8%, although high inflation rates contributed to strong growth recorded during his premiership.


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We are becoming a nation of renters

The decline in the rate of homeownership seen over the past decade in this country looks set to continue as a consequence of the housing shortage which is pushing house prices out of reach.

With salaries failing to keep up with rising property prices, fewer people are destined to become homeowners and as a result demand for accommodation in the private rented sector will continue to grow; an attractive proposition for many buy-to-let investors.

The think tank Resolution Foundation point out that while the average price of a home in the UK has shot up to £291,504, based on data from the Office for National Statistics, it estimates that the average wage, at £24,300, is now just around 3% higher than it was when the credit crunch hit in 2007/2008.

Figures provided by the Resolution Foundation also show that low and middle income households are now spending 26% of their salaries on housing, compared to 18% back in 1995, making it even harder for those in rented accommodation to save enough money for a deposit to buy a property.

While much of generation X (1965-1981) and baby-boomers (1946-1964) have been fortunate enough to buy their own home, the think tank believes that many people born between 1982 and 2004 will simply be forced to rent for longer.

One-third of homeowners are now aged 64-plus, up from a quarter in 2000. In contrast, 16-34 year olds account for just 10% of property owners, down from 19% in 1998.

In London, where property prices are highest, the PwC estimates that 40% of people living in the city will own property by 2025, down from 60% in 2000. It is here that the Resolution Foundation forecasts that people will find it hardest to buy property.

The think tank says that where more than half of under-35s on low to middle incomes owned their own place in 2000, today it is just a quarter. It is likely to be approaching 10% by 2025, and more like 5% in London.

Fewer people saving

A separate report by Halifax, released earlier this month, stated that fewer young people are saving towards a deposit as high property prices and low wages deter them from even attempting to get a foot on the housing ladder.

The proportion of people aged between 20 and 45 putting money aside to buy a house has dropped from 57% in 2015 to just 43% this year, according to the mortgage provider's latest Generation Rent report.

If this pattern continues then it suggests that over the long-term, homeownership levels in the UK will continue to fall.

Craig McKinlay, mortgages director at Halifax, said: “While there has been an increase in first-time buyers in the last 12 months, at the same time there is also a growing group of young people who believe they won't be able to get a mortgage.

“The difference between the reality and their perception needs to be addressed urgently if we are to prevent people from giving up on getting on the housing ladder.”

The report obtained information from over 40,000 20 to 45-year-olds and 4,000 parents with children aged between 20 and 45.

Commenting on the report, Roger Harding of housing and homelessness charity Shelter, said: "For the first time in decades, young people today are facing worse prospects than their parents because successive governments have ducked the question of how to fix the housing shortage.

"House prices have now shot up to ten times the average wage, leaving ‘generation rent’ left with two alternatives - either carry on living with mum and dad, or pay out dead money to landlords."


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What is the future of buy-to-let?

Representatives and stakeholders from various leading property industry bodies, including the National Landlords Association, British Property Federation, Department for Communities and Local Government, the Council of Mortgage Lenders and Chapman Taylor, will meet later today (Friday 29 April) to discuss and outline policies designed to improve the buy-to-let sector.

A new stamp duty land tax surcharge aimed at private landlords, adding a hefty 3% to the up-front tax bill facing those buying investment homes, the scrapping of the wear and tear allowance, the introduction of Right to Rent checks and the reduction in tax relief for landlords from 2017, are among the various policy changes imposed on the buy-to-let sector recently and are issues that will undoubtedly be discussed today.

Carolyn Uphill (pictured), chairman of the NLA, said: “The private rented sector has grown considerably in recent decades, having gone from housing only one in 13 households in the early 1990s to more than one fifth of the population today.

“However, the expansion of the sector has not always been welcomed and calls for tighter regulation have become increasingly common.

“With government policy apparently moving towards discouraging investment in buy-to-let, the sector as we know it is likely to undergo many more changes in the coming years.

“The NLA hopes that this roundtable discussion will prompt a comprehensive and thoroughgoing programme of work to improve and aid better planning in private renting for the mutual benefit of everyone involved.”

A new study suggests that the private rented sector, which already plays a critical role within the housing system, looks set to grow over the next few years because we are becoming a nation of renters.


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Supply of rental stock falls

The supply of rental housing stock on letting agents’ books fell in March, to the lowest level since the start of last year, according to the Association of Residential Letting Agents (ARLA) March Private Rental Sector (PRS) report.
 
Demand also dropped in March; ARLA agents had 33 prospective tenants registered per branch on average, down 11% from 37 in February. This stands below the figure recorded in March last year – when agents registered 36 on average.
 
Supply has also fallen year on year. In March 2015, the average number of properties managed per branch was 192, which is down 12% this year with just 169 rental properties managed per branch – the lowest level since records began in January 2015.
 
It’s a brighter picture in Scotland, where agents had on average 273 properties on their books, and Yorkshire and Humberside, where 207 properties were recorded on average per branch. In London however, agents had just 122 properties on their books per branch.

In March, two thirds (65%) of ARLA agents predicted that current and prospective BTL landlords will walk away from the market following the April stamp duty changes, causing a decrease in the supply of rental properties. Rent costs rose in March for a third of tenants (32%), and three in five (61%) ARLA members fear they will increase further as a result of the changes – a growing sentiment since last month, when 57% of agents agreed on this. 
 
ARLA managing director David Cox said: “We don’t expect falling supply to stop here – the recent stamp duty changes are very likely to cause supply to decrease even further, as landlords withdraw from the market.

“Not only do our agents predict that rent costs will increase further, but rental homes may also face a decline in quality over time, as landlords struggle to keep up with maintenance costs alongside the higher stamp duty charge. Whilst landlords adjust to the increase in costs we can expect to see one of three outcomes prevailing in the buy to let market: landlords absorbing the cost and taking the hit; landlords withdrawing from the market causing supply to fall; or landlords regaining those costs through hiking rents. Next month we can start to assess the damage.”


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