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I've just been quoted 1.89% fixed for 5 years on my PPR so I can't see IR's sky-rocketing any time soon.
1.89% is less than inflation!
Don't forget were still in the EU right now and banks, as private businesses, are competing for customers in a challenging environment hence the rate contraction. In the face of 4% inflation, quoted by numerous non political economists, that won't be possible. This would likely affect the wider market as opposed to those with fixed rates at the moment.
Institutional investor Viventi Capital Management has announced plans to invest £100m in the UK’s Built to Rent sector.
The company says that it is aiming to take advantage of what it sees as an acute shortage of good quality homes to rent in this country. Full/source article
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Brexit isn’t a major concern when it comes to property investment, according to new research from SevenCapital.
The survey of high-net-worth individuals (HNWIs) – those earning more than £100,000 per annum – found that 85% of investors are continuing to invest in the UK property market, despite Brexit.Full/source article
Three things move the property market, supply, demand and affordability.
New data released by the Residential Landlords Association has revealed that Ministers have failed to publish any guidance for landlords about how the Right to Rent scheme will operate after Brexit.
As a result of this government failure, many landlords are voicing concerns that EU citizens may face problems getting rented accommodation once we leave the EU.
Under the Right to Rent scheme, landlords are responsible for checking the immigration status of their tenants with the prospect of prosecution if they know or have “reasonable cause to believe” that the property they are letting is occupied by someone who does not have a right to rent in the UK.
With two thirds of all EU nationals in the country living in private rented housing, the Residential Landlords Association is worried that landlords have received no specific guidance about their status, other than sweeping statements by Ministers.
Last month, a High Court Judge ruled that the right to rent scheme breached the European Convention on Human Rights on the basis that it led to inadvertent discrimination against non-UK nationals with the right to rent.
The RLA’s most recent research suggests that around a fifth of landlords are less likely to rent to nationals from the EU or the European Economic Area as a result of the Right to Rent, a figure the RLA warns could increase post-Brexit.
David Smith, Policy Director for the Residential Landlords Association, said: “Landlords are not border police and cannot be expected to know who does and who does not have the right to live here.
The Government needs to publish clear and practical guidance for landlords about the implications of Brexit on who they can and cannot rent to. If they do not, more landlords will become increasingly fearful about renting to non-UK nationals with the potential of facing prosecution. The result will be they will avoid renting to anyone who is not a UK national making life difficult for EU nationals.”Source
New addition:Crashing out of EU good for property market?