Weekly Property News Round Up – 03.06.23

Hello,

I hope you have had a lovely week. At Track Capital, we are eagerly awaiting the brand-new launch of a collection of prime residences in popular UK cities such as Liverpool and Manchester.

If you would like to be the first to register your interest in our freshest stock the moment we receive it, please reply to this article today.

Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.

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Property News This Week

• Majority of Homeowners Blame Government for Housing Crisis – According to a recent survey, only 20% of homeowners believe the government is addressing the housing crisis adequately. Many respondents indicated dissatisfaction with governmental measures, stressing that insufficient affordable housing and soaring property prices contribute to the worsening situation. Critics argue for more robust policies, urging officials to promote affordable housing initiatives and reconsider current zoning laws as the housing crisis becomes increasingly concerning.
• Affordability Issues May Prevent Tenants from Using New Rights – A recent survey suggests that tenants may be hesitant to utilise new rental rights designed to protect them, fearing potential negative repercussions such as eviction. Despite legislative changes aimed at securing tenant rights, many renters still feel vulnerable and fear landlord retaliation. The survey highlights the need for tenant education regarding these new rights, along with the reassurance that invoking these protections will not lead to undesirable consequences.
• Should Mortgage Interest Relief Be Reinstated? – A call for the reinstatement of mortgage interest relief in the UK has been made, with assertions that even HMRC would benefit. Supporters argue that this would encourage more investment in rental properties, boosting the rental market, and potentially increasing tax revenue over time. The relief, abolished in 2020, allowed landlords to offset mortgage interest against rental income before calculating tax. Critics believe its removal has discouraged investment in the rental sector, contributing to the housing shortage.
• Where Are The Top 10 Hotspots Along the Elizabeth Line? – A report by Rightmove highlights the top ten rental hotspots along the Elizabeth Line in London, indicating a growing demand for rentals in these areas. Increased connectivity and reduced commuting times due to the new rail line are attracting renters, driving up rental prices. Areas like Stratford, Romford, and Ilford are experiencing significant interest. The study suggests that the Elizabeth Line is having a transformative impact on London’s property market, with demand expected to increase further upon its completion.