Weekly Property News
Gregg Williams
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Labour plans property-related reforms as general election blueprint revealed.
In a recently drafted policy handbook, the Labour Party has revealed the blueprint from which their next general election manifesto is likely to be built upon.
The draft blueprint of Labour’s 2024 manifesto is the party’s most comprehensive policy programme yet and was published on LabourList, the independent news provider focusing on the party’s activities.
The handbook features policies designed to benefit# homeowners and renters alike, although they will not do much for buy-to-let landlords, including those already thinking about exiting the private rented sector.
Included in the blueprint are targets to increase housebuilding and homeownership, with the latter set at a rate of 70%.
To help support those looking to get a foot on the housing ladder, Labour will look to set up a new comprehensive mortgage guarantee scheme to better support first-time buyers. This will see the government act as guarantors for those who can afford mortgage payments but are unable to save for a large deposit.
In addition, as revealed last week, there are plans to give first-time buyers first refusal on new developments in their area, while also ‘redistributing demand’ for homes away from those who speculate on house prices.
A new Labour government would also seek to build more new build homes, including significantly more affordable housing.
Leasehold is also targeted, with a pledge to bring the present system to an end through reforms.
Support for the private rented sector is also mentioned in the handbook, including a ‘fundamental reform’ of the sector, offering tenants greater security via a new renters’ charter. This would include longer-term tenancies as standard, an end to Section 21 evictions, and introducing a national register of landlords.
There is also mention of a legally binding Decent Homes Standard 2, which would apply to all privately rented homes over the next decade.
Building Society opens applications for unique rental scheme.
The Cambridge Building Society has opened applications for its unique Rent to Home scheme.
Last month it announced that it had invested in a further two properties - in addition to an existing three - which it would be letting out through its rent-return housing scheme.
The Rent to Home scheme was initially launched in 2019 and remains a one-of-a-kind initiative that gives local first-time buyers 70 per cent of their rent back after three years to use as a deposit to buy a property, which conventional renting might otherwise prevent them saving for.?
The Cambridge’s first properties were flats it already owned – two above its Great Shelford branch, and a third flat above the Cottenham branch - which were let out in 2019 and 2020.?Now two-family houses have been added to the portfolio.
The recently constructed modern end of terrace homes have open-plan interiors and low maintenance gardens, aimed at benefitting families who might otherwise struggle to rent and save for a deposit at the same time.
Society spokeswoman Carole Charter says: “I’m delighted that we’ve been able to grow our portfolio of rental properties by investing in these two family-sized homes to expand our unique scheme. Saving for a deposit of thousands of pounds is a challenge and it’s our commitment as an independent mutual to make it easier for people to take that first step on the property ladder.
“It’s been fantastic to watch our previous renters get the keys to their own homes because of their ‘Rent to Home’ success and now that exciting prospect is waiting to happen for our next lucky applicants.”
The winners will be able to live in the houses for up to three years after which - and contingent upon them securing a Cambridge mortgage on their first property - The Cambridge will return up to 70 per cent of the rent to use as a deposit.?
The 70 per cent is estimated to be ￡32,000 to ￡36,000 based on the market rents of ￡1,300 and ￡1,450 for the two properties.?
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Portal launches ‘passport’ service for renters on the move
OnTheMarket has completed a new integration with Canopy which it claims will provide valuable pre-qualified leads to letting agents.
The latest integration of Canopy to the site follows on from the launch of the portal’s innovative MyPlace consumer dashboard in February.
When filling out a lead form for rental properties listed on the portal by agents signed up to Canopy, consumers are now prompted to create a RentPassport.?
This allows them to share important information with agents such as income, credit history and rent payments to qualify them as a serious applicant. If the tenant ticks the option to create their RentPassport their details will be shared with Canopy who will be in touch via email to complete the process.?
The tenant will be given the option to share their RentPassport with the letting agent, further qualifying the lead.?
Users can also use the get ‘Rent Ready’ feature on their MyPlace dashboard when enquiring about properties of interest.?
To become Rent Ready via their MyPlace dashboard, users will be prompted to create a Canopy account and complete a RentPassport.?
Agents can also access a link via OnTheMarket Expert to be directed to Canopy HQ where they will be able to open RentPassports that have been shared by tenants.
OTM chief Jason Tebb comments: “As part of our aim to engage serious property seekers and connect them with our agents, the evolution of our relationship with Canopy will allow us to connect the most rent ready applicants with our letting agents.?
“Giving movers the opportunity to add this extra layer of pre-qualification to their enquiries will help our agents identify their strongest leads, while also helping our consumers get best prepared to secure their next rental property.?
“We remain committed to differentiating our offering with fresh solutions for agents and we are proud to be enhancing the moving process for our renters.”
And Canopy chief executive Chris Hutchinson adds: “Through our partnership with OnTheMarket to date, we’ve been able to solve key pain points for both agents and renters.?
“Expanding on that success and acknowledging the challenges that exist in this current rental market, our partnership is uniquely placed to launch a true pre-qualification offering that enables agents to focus their time on their strongest leads and allows renters to see how they look to the property industry, empowering them to put their best foot forward.?
“Our focus is on creating propositions that benefit all sides of the rental market and this is a clear example of that ambition.”
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