Two Interesting Developments in the UK Housing Market

July 13, 2020
Share this Post: 

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.

July 13, 2020
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Supercasa Tiles Background Portugal
New Challenger Supercasa.pt Launches in Portugal

Portuguese home hunters now have a new property portal to help them on their journey with the launch of Supercasa.pt....

Read More
Proptech Group Results Generic
PropTech Group Shows Impressive Growth in Q1 Figures

The ASX-listed property technology group The PropTech Group has released figures for Q1 of its FY22 operations. Headline figures from...

Read More
Bien Ici Paris
Bien’ici Debuts New Elixir Property Platform

French property portal Bien’ici has launched a technology platform focused on sales of new property projects. Elixir aims to provide...

Read More
Funda
Dutch Portal Funda Acquires Commercial Player RealNext

Dutch commercial property platform RealNext has been acquired by NVM in a move that will see its assets incorporated into...

Read More

Popular News