The year 2020 will go down in history as the year of coronavirus, lockdowns and staying at home. However, recently published data shows that 2020 was also a record-breaking year for landlord and tenant activity.
As the subject of the regulation of short property let activity on sites such as Airbnb remains a hot topic, Edinburgh will be one of the first UK cities to introduce rules for the sector. This will include identifying areas of the city where short lets will be permitted, to help manage the supply of longer-term residential lets and short holiday lets in the popular Scottish capital.
Halifax’s house price index has found that the average house price now stands at £249, 870, a 7.3% rise on last year, and the strongest growth since June 2016. Across the last three months, Britain’s biggest mortgage lender approved more mortgage applications from both first time buyers and homemovers than anytime since 2008.
The Government has published its outline for improving energy efficiency in the UK's stock of private rental sector (PRS) homes as part of a commitment to improve the energy performance certificate (EPC) rating to Band C by 2030. However, the expectations for new rental properties to have a Band C EPC by 2025 and all properties to have the same by 2028 - excluding exemptions - has been described as unachievable by ARLA Propertymark.
New research suggests that despite an increase in activity following the spring lockdown, the UK’s rental market hasn't recovered as well as the sales market. As such, expectations are that average rents will decline by 1% in both 2020 and 2021. However, while that might be a disappointing outlook for some, separate data shows that many first-time buyers (FTBs) are now planning to remain in rental accommodation for longer amid coronavirus-related uncertainty, which is a positive for the lettings industry.