There have been a couple of pieces of news in the UK housing market which may have an effect on property portal listings in the next few months. Firstly, a disabled single mother who ended up homeless after a letting agent rejected her on the grounds that she received government rent support has won her discrimination case against the agency. Although the case does not technically constitute a legal precedent, rental property listings on portals in the UK which contain a variant of the common ‘no DSS’, which exclude those on rent support and are very common, may soon see a decline in the face of legal action.
Another significant development in the UK housing sector this week has been the re-introduction of 90% mortgages offered by prominent mortgage company Nationwide. After the UK Chancellor gave a tax holiday to house buyers last week, Nationwide has decided to further aid first-time buyers by offering its largest percentage mortgage product to those trying to save enough to get on the property ladder. Unusually, the mortgage lender’s move has been endorsed by Rightmove whose Commercial Director Miles Shipside came out in support of the new product.
“The ability for lenders to offer lower deposit mortgages to first-time buyers is critical to helping the market recover more quickly. The stamp duty holiday is of limited benefit to those first-time buyers who are already exempt from it in many parts of the country, and so Nationwide’s return to 90 per cent loan-to-value is likely to help significantly more for those trying to get their first step on the ladder.”
Again, this shift in the housing market may well have an effect on property portals in the country as potential buyers, who now realise the may have enough savings for a deposit, flock online to take advantage of both the stamp duty holiday. With property portals already seeing record traffic in June, we may be seeing the records broken again very soon.