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The normal buy to let news and links follow below, but first off this week, an important note for those of you involved - or looking to get involved with Sale and Rent Back (SARB).
You need to be aware that SARB will soon be regulated by the FSA.
To get yourself up to speed on the requirements, you need to check the Rent Back Charter FSA Authorisation and Support Service. Some of the readers of this newsletter have been instrumental in setting this up and it is the best/only source of reliable information on the subject for now.
At the website, you can register for FSA Fitness Healthcheck workshops as well as get some details about what to expect and who is involved.
Now the news....
Latest News
Despite some signs of recovery -- house prices rose by 1.2% in May, the second rise in three months, according to Nationwide -- globalarbtrader, a contributor to the Motley Fool forum, thinks any bounce in the market will be short lived. His views are backed up by some interesting statistical data which gives them some weight.
This rather bleak article from Property Wire supports the main thrust of his argument too.
As does the fact that mortgage lending was 2% down in May and a whopping 58% down on this time last year.
Which is not all that surprising seeing as "up to 80% of mortgages approved by Halifax Bank of Scotland prior to the credit crunch were accepted without any proof of income", according to a former senior employee.
A new VAT ruling by the EU on a Czech cleaner's bill (of all things) means that buy-to-let landlords will soon have to face new VAT laws.
But on the bright side, homeowners are 25% better off this year compared to 2008, due to low interest rates which have slashed mortgage costs.
This seems to be backed up by a Bank of England trends report which reveals that, despite the significant fall in the base rate of interest, there has been no significant rise in the amount homeowners are paying off their mortgages each month.
And if you haven't fixed your mortgage rate and are in a position to do so, Citywire says do it now.
In other news, Taylor Wimpey's order book is up 73% on the begnning of the year to just under £1bn.
Now that 57% of local authorities are seeing more people in need of social housing, the Local Government Association, which represents more than 350 councils in England, has launched a major new housing campaign to give councils the freedom to build scores of new affordable homes and regenerate neighbourhoods across the country.
New high speed train brings Canterbury into easy commuting range of London.
If you're tired of investing in a depressed property market, and looking for capital growth in a booming property market - look no further than Sudan. With a bit of luck they might send Sarah Beeney over there.
Useful Links
The Estate Agents Public Register provides details of estate agents who are currently banned from engaging in estate agency work or who have received a formal warning under the Estate Agents Act 1979.
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