Corona Fallout: Renters admit they’re less likely to own a home now

By Graham Norwood

Source: https://brookebot.com/carolinaup
statepmre/files/2017/09/01.jpg

Research by insurance firm Aviva suggests private tenants are now more pessimistic about being able to buy their own home.

In December, six months ago, the firm found that 68 per cent of non homeowners hoped to buy a property in future: now that figures is just 52 per cent. 

In line with this, the number of under-25s hoping to get on the property ladder in the next five years has decreased from 35 per cent in December to 27 per cent today. 

The number of households - renting and owning - looking to trade up to a bigger property has also fallen from 10 to eight per cent, suggesting the current housing market is causing people to put plans on hold.

The Aviva study also reveals that lockdown has accelerated the way people use online services and video technology. 

Prior to the Covid-19 outbreak, 30 per cent of UK residents aged 55+ used video calls. This has now risen to 38 per cent of this age group.

The number of internet-enabled devices per UK household has increased from 10.3 in December to 11.6 now.

An Aviva spokesman says: “As the lockdown begins to ease, its legacy is likely to continue as new behaviours become the norm. 

If people make significant changes at home - whether this means buying new technology, making substantial property improvements, or even changing one’s living arrangements – it’s important that people keep their home insurer informed so they have the appropriate cover in place.”

https://www.lettingagenttoday.co.uk/breaking-news/2020/5/corona-fallout-renters-admit-theyre-less-likely-to-own-a-home-now

Property market is bouncing back

BY 
RYAN BEMBRIDGE

Source: https://www.widgetfinancial.com/images/headers/
Mortgage_Specialists_Web_Banner_782x318.jpg

The Property website www.localsurveyorsdirect.co.uk has seen a sharp increase in activity in the UK housing market in the past fortnight following the slump due to the lockdown.

Since lockdown restrictions were implemented in the UK in March 2020, more than 450,000 people were unable to progress their plans to move house.

JJ Heath-Caldwell, managing director of the business, said: “After a very buoyant start to the year, in mid-March to mid-April the number of enquiries quickly dropped by 80% with the lowest activity recorded on the 14 April.

“Since then, the activity has been steadily rising and is now around 57% down (instead of 80% down). This is still low but we are seeing steady progress in response to some of the government’s initiatives to get the property market moving again.

“Across our sites, we have seen a strong increase in activity, which is promising after everything was closed during the lockdown period.

“My expectation is that the number of enquiries will continue to rise as we go through this year. We won’t see the levels that we saw back in January and February, but things are definitely looking up.”

https://www.propertywire.com/news/property-market-is-bouncing-back/

UK mortgage payment holiday extended by three months

Treasury also extends ban on home repossessions to 31 October amid Covid-19 crisis

Source: https://blogger.googleusercontent.com/img/proxy/AVvXsEgsBYY7qmiX8iSsVySp8HKPb_ry7apCMsCP1cp496yuv4Juqsu5ONO_ucBuAZTkVYL9HClNCRDmXxqFGFLSuCuww-xQjzbg9Dytw7CUZibN9H4VJ-bNAkLk60U1EjEk9r-vbSfaEWK6mHZJ5f1s4mhBftgY5R3zlFDu06vbzY8P1FEgb9T-hrzG9I4WdnsfHofiqbPE8hnuay44B9PGgh0rx-c=

The government has extended its mortgage payment holiday scheme by three months.

More than 1.8 million homeowners have taken a three-month mortgage holiday since the scheme was announced in March to help borrowers in financial difficulty because of the coronavirus crisis, according to Treasury figures. It was due to expire at the end of June but has now been extended by a further three months, while the deadline for applying for an extension has been shifted to 31 October.

“We’re doing everything we can to help people with their finances at this difficult time and that includes making sure people get the support they need with their mortgages,” said John Glen, the economic secretary to the Treasury. “That’s why we’re working with the banks and lenders to extend payment holidays if people need them.”

The government said that while homeowners who had taken a mortgage holiday should restart marking payments if they could, it was extending the scheme to help those still struggling with the impact of the coronavirus.

“Everyone’s circumstances will be different, so when homeowners can pay some or all of their mortgage, they should work with their lender on a plan,” Glen said. “But if they are still struggling, I want them to know that help is there.”

https://www.theguardian.com/money/2020/may/22/uk-mortgage-payment-holiday-extended-by-three-months-covid-19

Government urged to ‘help people meet their rent payments’

By: Marc Da Silva

The government last week announced that homeowners struggling to pay their mortgage due to coronavirus will be able to extend their mortgage payment holiday for a further three months, or reduce payments, but more needs to be done to help people living in private rented accomodation. 

Source: https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fdam%2Fimageserve%2F1173883979%2F960x0.jpg%3Ffit%3Dscale

While the mortgage payment holiday extension has been welcomed by many experts, the industry is still waiting to hear if any fresh proposals will be put forward to help private renters facing financial difficulty due to the coronavirus pandemic. 

Joanna Elson, chief executive of the Money Advice Trust,  a charity which runs the National Debtline advice service, said: “People in private rented accommodation are among the most exposed to financial difficulty in the wake of the outbreak, and the government should listen to calls to help people meet their rent payments by increasing the Local Housing Allowance rate to cover 50% of average market rents.” 

Many landlords have been flexible with their tenants, discussing managing rental payments, and helping them find sources of financial support and advice. 

According to a survey of more than 4,500 private landlords by the National Residential Landlords Association (NRLA), 90% of landlords who had received a request for support from a tenant had responded positively. 

This has included offering tenants a rent reduction or deferral, a rent free period, early release from a tenancy or a refund on service charges included in rents for homes of multiple occupation.

Ben Beadle, chief executive of the NRLA, commented: “The vast majority of landlords are doing everything possible to support tenants through difficult times.” 

https://www.landlordtoday.co.uk/breaking-news/2020/5/government-urged-to-help-people-meet-their-rent-payments