{"id":6108,"date":"2022-05-27T11:43:56","date_gmt":"2022-05-27T10:43:56","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/05\/27\/residential-property-marketing-review-may-2022\/"},"modified":"2022-07-05T13:35:47","modified_gmt":"2022-07-05T12:35:47","slug":"residential-property-review-may-2022","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/05\/27\/residential-property-review-may-2022\/","title":{"rendered":"Residential Property Review – May 2022"},"content":{"rendered":"
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Three key Queen\u2019s Speech commitments<\/strong><\/p>\n<\/div>\n\n

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Housing featured prominently in the Queen\u2019s Speech on 10\nMay, with social housing, rental reform and leasehold reform all part of the\ngovernment\u2019s priorities in the coming twelve months.<\/strong><\/p>\n<\/div>\n\n

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Of the 38 legislative announcements, there were three\nsignificant ones relating to housing: the Social Housing Regulation Bill, the\nRenters\u2019 Reform Bill and the Leasehold Reform (Ground Rent) Act.<\/p>\n<\/div>\n\n

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First, the Social Housing Regulation Bill promises to give\ntenants more rights with regards to the quality and safety of their homes. Five\nyears after the Grenfell Tower tragedy, the proposed legislation will give more\npower to the regulator to inspect homes, order emergency repairs, issue\nlimitless fines and intervene in badly managed organisations.<\/p>\n<\/div>\n\n

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Standing in for his mother, Prince Charles affirmed the\ngovernment\u2019s commitment to \u201cimprove the regulation of social housing,\nstrengthen the rights of tenants and ensure better quality safer homes.\u201d<\/em><\/p>\n<\/div>\n\n

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Second, the Renters\u2019 Reform Bill promises to abolish Section\n21 evictions and strengthen landlords\u2019 rights of possession. A Section 21\nnotice, commonly known as a \u2018no-fault eviction\u2019, gives tenants just two months\nto move out \u2013 without the landlord having to give any reason for the eviction.<\/p>\n<\/div>\n\n

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The Bill is expected to include widespread reforms to the\nprivate rented sector, including a national register of landlords. For now,\nhowever, details remain scarce; the government is expected to produce a White\nPaper later this year.<\/p>\n<\/div>\n\n

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Third, the Leasehold Reform (Ground Rent) Act 2022 is the\nmost advanced proposal, with the legislation set to come into force on 30 June\n2022. <\/p>\n<\/div>\n\n

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The Act will end ground rents for new, qualifying long\nresidential leasehold properties in England and Wales by limiting the lease to\nno more than \u2018one peppercorn per year\u2019<\/em>. It will also ban freeholders\nfrom charging administration fees for collecting this peppercorn rent.<\/p>\n<\/div>\n\n

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Housing market still resilient in face of inflation\nworries<\/strong><\/p>\n<\/div>\n\n

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Affordability concerns are not yet holding back activity\nin the residential market, the latest figures show, even if the rising cost of\nliving could forewarn leaner times ahead.<\/strong><\/p>\n<\/div>\n\n

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Total transactions in March reached 111,000, 12% above\n2017-19 levels for the month, according to Savills. Meanwhile, sales agreed\nremained 18% higher than pre-pandemic levels in April, according to TwentyCi,\nwhich should translate into strong sales for the next few months.<\/p>\n<\/div>\n\n

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Alongside this persistent demand, there are some signs of\nincreased supply. The number of homes on the market has increased in each of\nthe first three months of 2022. This re-balancing of supply and demand could\ntake some heat out of the market, experts suggest.<\/p>\n<\/div>\n\n

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Moreover, inflationary pressures are adding to affordability concerns, with lenders now expecting lower availability of mortgages in Q2 2022, according to a Bank of England (BoE) survey. Indeed, the BoE\u2019s own decision to raise Bank Rate to 1.0%, the fourth such rise in six months, could further erode mortgage affordability. <\/p>\n<\/div>\n\n

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It is important to take professional advice before making any\ndecision relating to your personal finances. Information within this document\nis based on our current understanding and can be subject to change without\nnotice and the accuracy and completeness of the information cannot be\nguaranteed. It does not provide individual tailored investment advice and is\nfor guidance only. Some rules may vary in different parts of the UK. We cannot\nassume legal liability for any errors or omissions it might contain. Levels and\nbases of, and reliefs from, taxation are those currently applying or proposed\nand are subject to change; their value depends on the individual circumstances\nof the investor. No part of this document may be reproduced in any manner\nwithout prior permission.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Three key Queen\u2019s Speech commitments Housing featured prominently in the Queen\u2019s Speech on 10 May, with social housing, rental reform and leasehold reform all part of the government\u2019s priorities in the coming twelve months. Of the 38 legislative announcements, there were three significant ones relating to housing: the Social Housing Regulation Bill, the Renters\u2019 Reform […]<\/p>\n","protected":false},"author":12,"featured_media":6112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,37],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6108"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=6108"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6108\/revisions"}],"predecessor-version":[{"id":6647,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6108\/revisions\/6647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/6112"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=6108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=6108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=6108"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=6108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}