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On 11 September 2024, the new Labour Government introduced the Renters' Rights Bill, a landmark piece of legislation impacting the UK property sector. Aimed at offering tenants greater security and protection, the Bill brings significant changes to the private rental market. While these reforms enhance tenant rights, they also raise concerns for landlords. This guide highlights the key changes and their potential implications for landlords.
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Leasehold Reforms Become Law
The UK government has enacted major leasehold reforms to empower homeowners and improve transparency. These changes are designed to make buying freeholds and extending leases more straightforward and affordable.
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The real estate market is exhibiting signs of stability as the year comes to a close, with average new seller asking prices dropping by 1.9% this month to £355,177. While it's common for prices to decrease in December due to seasonal factors, this year's drop is larger than the previous 20-year average of 1.5%, signalling increased competitiveness among sellers. Despite initial concerns, the 2023 market demonstrated more resilience than anticipated, transitioning from a frenzy to a more normal state. New seller average asking prices ended the year just 1.1% below the previous year, showcasing the market's ability to weather challenges.
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In a surprising turn of events, the UK mortgage market is experiencing a seismic shift as lenders, both major players and smaller institutions, engage in a fierce battle to reduce interest rates. Triggered by a substantial improvement in inflation data, this development has opened up exciting opportunities for borrowers, with a surge in lenders offering fixed-rate mortgages below 5.0 percent.
