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Borrowers face another painful interest rate hike next week after a Bank of England official said more action was likely to be needed to defeat inflation.

That will take interest rates from 4.5% to 4.75%.

Because of this, Santander has become the latest bank to pull its entire range of mortgage deals for new customers, as rising interest rates continue to wreak havoc on the housing market. Both Santander and HSBC were forced to suspend rates on new residential and buy-to-let offers after it was flooded with applications from borrowers desperate to refinance.

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The final chapter in the sorry tale of Purplebricks has come to light after the company announced it is selling the firm's assets and business to Strike for £1, pending approval by its shareholders.

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This week, the government introduced its Renters' Reform Bill to parliament, which lays out more details of its plans for the new legislation.

How Long Will it Take For the Bill To Be Passed and Become Law?

In short, no one knows as it depends on how long it takes to be passed through parliament. It is a large piece of legislation so could take some time to go through the full parliamentary process.

Why is the Renters' Reform Bill Being Introduced?

Though the majority of tenants enjoy living in safe rentals that provide them with a secure home, this bill aims to protect tenants who currently live in unfit homes.

It will also aim to standardise rental conditions , to ensure that tenants all have access to safe homes, that meet certain conditions.  

How Could the Renters' Reform Bill Help Tenants?

Currently, Section 21 evictions result in tenants needing to find a new home, often at short notice, which can mean high moving costs and unnecessary upheaval.

The Decent Homes Standard will now be enforced in the private rental market, which means that homes must meet certain health and safety standards, with facilities kept in a good, useable condition.

The bill will also make it easier for tenants to challenge things like unjustified rent increases and obtain refunds for poor quality living accommodation.

These reforms are designed to ease the cost-of-living pressures families are facing and improve conditions for the entire rental sector.

How Could the Renters' Reform Bill Affect Landlords?

The majority of landlords are responsible and provide safe and secure accommodation for their tenants.

However, for those that do not, increased penalties will be put in place and councils will have more powers to challenge landlords who do not meet their obligations.

There will also be measures in place to protect landlords and the bill will make it easier for landlords to claim back their property under certain circumstances. For example, when a landlord finds themselves with a tenant who's engaged in anti-social behaviour.

A New Ombudsman and Property Website For the Rental Market

The Private Renters' Ombudsman will also be introduced as part of the new bill, which will aim to settle disputes between landlords and renters quickly and at a low cost.

A new website will also be accessible by landlords, tenants and local councils. This will help all parties understand their rights and responsibilities.

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As expected, the Bank of England has raised interest rates by 0.25% to 4.5%. This will have further consequences to home-owners as lenders anticipated the rise by increasing their rates.

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The Bank of England is expected to put up interest rates on Thursday to their highest level for 15 years in a bid to bring down inflation.

  1. SKIPTON BUILDING SOCIETY LAUNCHES 100% MORTGAGE TO HELP RENTERS
  2. SELLERS FLOODING BACK TO THE MARKET
  3. BANK OF ENGLAND RAISES INTEREST RATES AGAIN
  4. HOW DOES THE SPRING BUDGET AFFECT HOUSEHOLD BUDGETS

Why Sell Your Home With Fox Estate Agents?

  • Fox Estate Agents have won multiple awards based on extremely high standards of Customer Service.
  • Chris Fox FNAEA has over forty years experience and is backed by a highly experienced, dedicated team.
  • You will have a personal Sales Progressor overseeing your transaction.
  • Fox Estate Agents is an NAEA Propertymark member firm and are also members of The Property Ombudsman Scheme.
  • Our Terms of Business are, No Sale, No Fee and we are here to assist you seven days a week.

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  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

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