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P2P Lending Investment Returns Outstrip Many Market Competitors

Peer to Peer (P2P) lending may be one of the newest kids on the investment block but according to new research from AltFi, it is paying out handsome returns.

P2P lending arrived in the UK back in 2010 with the launch of Funding Circle. The idea was simple. In the wake of the financial crisis, banks were – and still are – paying abysmally low rates of interest to savers. P2P platforms allowed savers to collectively lend money to businesses and individuals, usually over relatively short periods of time. By cutting out the middleman (or to be more precise, banks and other traditional lenders), P2P lenders were able to offer competitive rates to borrowers and superior returns to investors.

The market has evolved over the years. AltFi – which provides specialist news for the alternative investment industry along with a range of analytics services – says the market is growing rapidly. For instance, in 2015, P2P lending platforms brokered around £1.1bn in loans. In the first half of 2018 alone, the figure was £3bn. Separate figures from the Peer to Peer Finance Association reveal that its members have, to date, originated loans to a value of £9bn.

As P2P lending platforms have proliferated, there has been a considerable amount of specialisation. Many are open to a broad spectrum of investors, ranging from private individuals on relatively modest incomes,  seeking a way to make their money work a bit harder to institutions, such as pension funds. Some platforms focus on wealthier investors or specialise in certain sectors, such as the property market.

Beating the Market

According to AltFi  Data’s  Lending Returns Index,  P2P platforms delivered a return of 18.92% to investors between June 2015 and June 2018. Based on an analysis of data from Funding Circle, Market Invoice, Rate Setter and Zopa, that figure has been calculated after factoring in losses and fees. The average return not only compares more than favourably to the average returns from bank savings accounts that typically offer 1.5% per annum or less (even after the Bank of England’s hike in rates) but also with the more rarified forms of investment favoured by professional investors.

AltFi cites the example of the M&G Optimal Income fund, which returned a premium of 12.6% to investors over the same period. Overall, the report says that P2P returns outperform many large investment funds and bond investment opportunities.

The target interest rates advertised by some of the leading  P2P platforms confirm that the returns from P2P offer attractive returns. For interest Funding Circle currently targets a return of 7-8% per year for its investors. Zopa targets 4.5% per annum for low-risk loans and 5.2% for those who are happy to live with a slightly riskier proposition.

A Lot of Variation

However, the returns enjoyed by investors do depend on the performance of the loans and as Uma Rajah, CEO of prime property focused platform lender CapitalRise observes,  returns vary from 2% to 12% per year, depending on the platform.

“The rate of return depends on a lot of factors – the level of risk, the creditworthiness of the borrower and the purpose of the loan. That’s why annual returns can vary so much from platform to platform.”  

A Safe Investment

But given that high returns are available, should the ordinary saver (aka ‘retail investor’  in the parlance of the financial services industry) be rushing to take money out of his or her easy-access savings account and put it instead into a P2P platform?

Investing via a P2P platform is a relatively simple process. The platforms in question are essentially online marketplaces that bring together prospective borrowers with investors who have cash they are prepared to lend in concert with others. For its part, the platform vets those who are applying for finance – assessing their creditworthiness –  and then presents a range of loan propositions to prospective lenders. Every platform works a little differently but in most cases, the loan opportunities will be rated in terms of the associated risks and an interest rate is set accordingly. Generally,  investors, have the ability to choose a particular loan opportunity but some platforms ask for funds to be pre-committed and the platform itself makes investment choices and funnels that cash to borrowers. In an ideal world, investors lending through a platform can choose a rate of return that aligns with their own appetite for risk.

More Regulation

Despite the success of P2P, there are still some question marks over its suitability for ordinary investors, as highlighted in July by the industry regulator, the Financial Conduct Authority (FCA). While the regulator has been broadly supportive of  ‘alternative finance’  it has expressed concerns that some platforms are not providing sufficiently accurate or transparent information about investment opportunities on offer. So under proposed new rules, all P2P platforms will have to be much more open when it comes to disclosing information on interest rates (real and expected),  default rates and the risks associated with each loan.

The FCA is also calling on platforms to tighten up their approach to marketing, saying that some lenders were being exposed to opportunities that fell outside their stated risk comfort zone. More controversially – at least within the industry – the regulator is also proposing that the marketing of some P2P products be restricted to ‘sophisticated investors’  – or to put it another way, individuals who tend to be wealthy and can demonstrate that they are financially literate.

It would be wrong to suggest that P2P investing is unacceptably risky – as the AltFi research indicates, the returns after losses remain high. But the reforms should provide an added safety net and have been broadly welcomed by the industry as a positive step. As David Bradley Ward, CEO of the P2P platform, Abirate put it:

“For the P2P lending industry to grow further, it needs to be effectively regulated. In short, this means there’s a fair playing field for lenders, borrowers and platforms. FCA regulation has cemented peer-to-peer lending as a mainstream financial service but to reach its full potential the industry must ensure best practice at a time when the FCA is seeking the adoption of good practice.”

Uma Rajah points out that there three different categories of lending – consumer, business and property – and each have their own risks associated.

“Loans to SMEs and consumers are usually unsecured,” she says. “What this means, in a nutshell, is that should the borrower be unable to repay the loan, investor capital is lost. Property loans, on the other hand, are secured against the properties themselves with a legal charge. The easiest way to understand this is to imagine that should the borrower be unable to repay, the lender (or lenders) could seize the property and force its sale in order to recoup their capital.”

P2P Lending is now part of the mainstream. The Altfi report suggests that it is delivering consistently high returns. But the opportunities and risks vary according to the platform and the nature of the loan.

Source: CashLady

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First-time buyer mortgage approvals hit 14-month high

The number of mortgages approved for first-time buyers has hit a record high, but it’s not such good news for home movers.

Data from banking trade body UK Finance shows there were 35,500 new first-time buyer mortgages completed during August, 2% more annually and the highest level since June 2017.

In contrast, the number of mortgage approvals for home movers fell 2.3% year-on-year to 38,000 in August, while buy-to-let lending continue to suffer, down 13% annually to 6,000.

The number of remortgages was also down annually by 0.3% to 37,100.

Jackie Bennett, director of mortgages at UK Finance, said: “Overall house purchase completions remain stable, driven largely by the number of first-time buyers which reached its highest monthly level since June 2017.

“Buy-to-let remortgaging saw relatively strong growth in August, due in part to the number of two-year fixed deals coming to an end. This suggests that while new purchases in the buy-to-let market continue to be impacted by recent tax and regulatory changes, many existing landlords remain committed to the market.

“However, the home-owner remortgaging market has softened slightly, reflecting the many borrowers who had already locked into attractive deals in the months preceding the Bank of England’s base rate rise.”

Commenting on the data, Shaun Church, director at mortgage broker Private Finance, said: “First-time buyers are feeling empowered by the current housing market.

“Easing house price growth, Stamp Duty exemptions, relaxation of lending criteria and near record low mortgage rates are all giving new buyers a much-needed boost on to the property ladder.

“Those in a position to do so have heeded advice to take advantage of favourable market conditions, with mortgage lending to first-time buyers in August reaching levels not seen in more than a year.

“But existing home owners could well feel paralysed. As political and economic uncertainty takes hold, many home-owners are choosing to bide their time and see what 2019 brings.

“This uncertainty – and a lack of incentives for homeowners to move – means the home mover market continues to remain flat. This gives all buyers less choice when it comes to finding a new home.”

Source: Property Industry Eye

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Sterling rises as wage growth hits nine-year high

The value of sterling rose against its peer currencies as the latest data from the Office for National Statistics (ONS) showed wage growth of 3.1 per cent for the three months to the end of August.

This is the highest level of wage growth since January 2009, up from 2.9 per cent in the previous quarter.

Inflation for the period was 2.5 per cent, so real wage growth, that is, wage growth after inflation was 0.6 per cent.

Sterling rose above £1.32 to the dollar in the immediate aftermath of the announcement as investors believe higher wage growth will lead to higher inflation and cause the Bank of England to raise interest rates.

The rise in wages was expected by the Bank, with its chief economist Andy Haldane saying last week he expected wages to rise persistently above inflation.

Joshua Mahony, market strategist at IG Group, said the rise in the value of sterling was a reflection the market was focusing on actual economic data rather than political speculation.

Edward Park, investment director at Brooks Macdonald, said: “Based on the current state of negotiations our base case is we see a deal agreed before the end of March and we assign around a 75 per cent probability to that.

“Should that occur we expect to see  sterling trade around 5/10 per cent higher but not reach its pre-Brexit level as regardless of the deal the new arrangement is very likely to have more frictions to trade than the status quo.”

Meanwhile the accompanying unemployment number was unchanged at 4 per cent.

The Bank of England define full employment in the economy as being at 4.5 per cent, a number they revised downwards in recent years to reflect the insecure and temporary nature of some jobs.

Source: FT Adviser

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Tighter regulation makes HMO investment an area for specialists

The Licensing of Houses in Multiple Occupation Order 2018 came into effect on 1 October, changing which residential properties will be categorised as houses in multiple occupation (HMO) for mandatory licensing purposes. From now on, properties occupied by five or more people, forming two or more separate households, will be classified as HMOs. The Residential Landlords Association estimates that this will affect 160,000 properties that didn’t require a licence before.

Many houses and some flats will now be required to have mains-powered fire alarms, fire check doors and fire escape areas that could result in considerable expenditure. Also, the penalty for not obtaining a licence can be a criminal conviction, a £30,000 fine as well as being required to refund rent received.

This long-awaited extension will offer greater clarity of minimum standards, including specified minimum room sizes deemed suitable in HMOs for occupation. Prior to this, many councils interpreted the definition for licencing differently.

The new rules allow a valuer, investor or lender to accurately establish if accommodation meets minimum standards. It should enhance the stock in this sector, which until now has included HMOs with substandard living accommodation.

Many in this sector have welcomed the minimum standards, including valuers and lenders, with the legislation further professionalising the market. With many councils unable to police HMOs due to limited resources, the roll of chartered surveyors and lenders inspecting and deeming properties fit for purpose and suitable security can’t be underestimated.

However, the cost burden for investors and property owners may increase, and where rooms are excluded from letting when minimum room requirements are not met, landlords’ rental income will fall. This could affect capital values and loan-to-value covenants of properties held as security for bank lending.

Some investors may withdraw from the market. This new order is likely to result in a reduction in the supply of HMO accommodation, creating upward pressure on rents at a time when there is a need to increase affordable accommodation.

The legislation is likely to further increase the specialist nature of HMO ownership, requiring a much more professional approach from landlords. The times of amateur investors buying HMO properties for possible high returns has passed. The need to understand and comply with the licensing requirements, as well planning legislation, means HMO ownership is now best suited to those with specialist knowledge of this sector.

Source: Property Week

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Co-living and micro-homes most popular solutions to housing crisis, new FMB research reveals

Building more co-living developments and micro-homes in urban areas top the list of people’s preferred solutions to the housing crisis according to new research by the Federation of Master Builders (FMB), while building on the greenbelt is the least favoured solution.

The FMB asked 2,000 home owners across the UK if there is a housing shortage and if so, how best to address this shortage. The key results are as follows:

• Two-thirds (66%) believe that there is a shortage of housing in the UK.

• When asked for views on the most appropriate solutions to the housing shortage, the most commonly cited were as follows:

1) Build more co-living developments (33%);
2) Build more micro-homes in urban areas (31%);
3) Build more granny flats (31%);
4) Extend permitted development rights (27%);
5) Encourage more multi-generational living (24%);
6) Excavate or convert more basements underneath existing properties (18%); and
7) Build on the greenbelt (17%).

Commenting on the research, Brian Berry, Chief Executive of the FMB, said: “Even the vast majority of those who are lucky enough to own their own home recognise that there’s a housing shortage. When asked about solutions to this problem, the most popular remedy was to construct more co-living developments, which are becoming more and more popular in major cities right across the globe. Building more micro-homes in urban areas was the second most commonly cited solution to the UK housing crisis. Both of these approaches would increase density in urban areas where demand is particularly high. The creation of more granny flats was the third most popular solution, which would see more elderly people moving out of their properties and living alongside children or grandchildren in self-contained home extensions. This would free up much-needed family homes, which are being under-used by older people living on their own. Perhaps unsurprisingly, home owners, who are clearly already on the property ladder, see building on the greenbelt as the least desirable option.”

Berry concluded: “While these solutions are food for thought, if we want to solve the housing crisis, we need to reduce barriers to small, local building firms. Recent research from the Federation of Master Builders shows that the lack of small sites and difficulties hiring skilled tradespeople are limiting the amount of homes these firms can build. Removing barriers to SME house builders matters as in the late 1980s, two-thirds of all new homes were built by small local house builders and this was a time when house building was in step with demand. Currently SME house builders build less than one quarter of all new homes and as this proportion has declined, so too has the capacity of our industry to deliver the homes we need. Reviving the fortunes of SME builders undoubtedly has a key role to play in delivering the Government’s target of 300,000 new homes a year in England alone, and is key to solving the housing crisis once and for all.”

Source: Politics Home

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Subdued asking prices provide opportunity for first-time buyers

Average asking prices in the UK rose by just 1% in October, the lowest monthly rate of growth at this time of year since 2010.

The average asking price now stands at £307,245, up from £304,061 in September, according to Rightmove.

The slowest sector was properties with two bedrooms or fewer, with a 0.1% monthly price fall as a result of less buy-to-let investor activity, giving first-time buyers an opportunity this autumn.

Mortgage approvals for new buy-to-let purchases were down by 14% compared to a year ago and down by 53% compared to three years ago as the more punitive tax regime has taken effect.

First-time buyers helped to fill some of the gap left by lower buy-to-let activity with their year-on-year mortgage approvals up by 1%

Miles Shipside, Rightmove director and housing market analyst, said: “With the government using the tax system to try and help first-time buyers while deterring out-of-favour landlords, prices in this sector have been subdued as intended. That gives aspiring first-time buyers an autumn opportunity to negotiate a favourable deal.”

Robert Lazarus, managing director of sales at Paramount Properties in North West London, said: “There’s a better opportunity for first-time buyers coming in to the market at the minute compared to a couple of years ago, especially if they’re looking for a one bed flat.

“Before the additional stamp duty on second homes came in we were selling 20% of these flats to landlords which was driving prices up, and now we’re selling less than 5% of them to landlords, giving first-time buyers the first pick of new stock that comes on.”

Source: Your Money

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Buy-to-let home purchase mortgages drop by 20 per cent

The latest UK Finance Mortgage Trends Update for August 2018 reveals that there was a significant drop in the number of new buy-to-let house purchase mortgages completed in August 2018. The data shows a 13 per cent drop in buy-to-let home purchase mortgages completed in August this year compared with August 2017. By value this was £0.8bn of lending in the month, 20 per cent down year-on-year.

Experts from Property Partner, the online property stock exchange, attribute the slowdown to the ongoing impact of tax changes as well as the recent interest rate rise. This is supported by the findings of a survey of more than 1,000 buy-to-let landlords, conducted on behalf of Property Partner, which finds that more than half (54%) of BTL landlords are selling some or all of their properties as a result of the changes.

The research also finds that the introduction of an extra 3% stamp duty on the purchase of additional homes and the reduction in mortgage interest tax relief, as well as the recent rate hike will hit the pockets of renters most:

  • 38% of BTL landlords would increase rent to compensate for interest rate rises
  • 37% of BTL landlords would increase rent to compensate for increased costs from buy-to-let changes

Other key findings:

  • 35,500 new first-time buyer mortgages were completed, some 2% more than in the same month a year earlier. The £6.1bn of new lending in the month was 5.2% more year-on-year.  The average first-time buyer is 30 and has a gross household income of £42,000.
  • 38,000 new homemover mortgages were completed, some 2.3% fewer than in the same month a year earlier. The £8.5bn of new lending in the month was the same year-on-year. The average homemover is 39 and has a gross household income of £57,000.
  • 37,100 new homeowner remortgages were completed, some 0.3% fewer than in the same month a year earlier. The £6.5bn of remortgaging in the month was the same year-on-year.
  • 13,800 new buy-to-let remortgages were ompleted, some 4.5% more than in the same month a year earlier. By value this was £2.2bn of lending in the month, 4.8% more year-on-year.

Mark Weedon, Head of Research at Property Partner, says: “The Government’s big shake-up of buy-to-let investing is evidently taking its toll on landlords, but the changes are hardly having the desired effect for renters.

“This data may show that existing landlords have not yet sold off their investments in swathes as they look to re-mortgage. However, our research suggests buy-to-let landlords are finding other routes to ensure their investments remain economic. 37% of buy to let landlords say they would increase rents on account of the buy-to-let crackdown. This will make it harder for those with dreams of home ownership to save for a deposit, as more spending will go towards their monthly rent. Ultimately, the Government must consider the impact of its policies, and urgently review the mechanics of the buy-to-let sector which is key to a strong and growing private rental sector. Penalising buy-to-let landlords can in turn penalise tenants.”

Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said: 

“Overall house purchase completions remain stable, driven largely by the number of first-time buyers which reached its highest monthly level since June 2017.

“Buy to Let remortgaging saw relatively strong growth in August, due in part to the number of two year fixed deals coming to an end. This suggests that while new purchases in the buy-to-let market continue to be impacted by recent tax and regulatory changes, many existing landlords remain committed to the market.

“However, the homeowner remortgaging market has softened slightly, reflecting the many borrowers who had already locked into attractive deals in the months preceding the Bank of England’s base rate rise.”

Source: London Loves Business

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London house prices: landlord exodus opens path for first-time buyers

An exodus of buy-to-let landlords in London is opening up a unique opportunity for first-time buyers, property website Rightmove has suggested.

House price movements in the capital are at their most subdued in eight years, with prices for one and two bedroom properties falling marginally over the past year.

This is the point where aspiring first-time buyers typically have competed with investors, but a 3% rise in stamp duty for buy-to-let and second home properties has put off many would-be landlords, clearing the way for new buyers, The Times reports.

Miles Shipside, a Rightmove housing market analyst, said: “Government policy has sought to reduce [buy-to-let investor] activity and so tilt the balance back towards first-time buyers.”

He added that “landlords are clearly buying far fewer properties and that leaves a gap in the market for first-time buyers”.

While landlords were hit with the 3% stamp duty surcharge from April 2016, first-time buyers were “effectively awarded stamp-duty-free status in November 2017”, said Shipside.

The fall in prices at the bottom of the market over the same period provides an opportunity for aspiring homeowners to “negotiate harder”, says Shipside.

The muted buy-to-let sector “is also dampening demand and stifling the usual autumnal hike in asking prices”, says Homes and Property.

The Rightmove Index has found the autumn selling season, which sees vendors launch properties that have been held back over the summer, has started with a whimper as asking prices in central London fell 1.1% to £625,000 this October compared to the same month last year.

Property analysts believe this slowdown is due to deepening political uncertainty in the build-up to the UK leaving the European Union next March and the gap between house prices and household incomes in the capital, with first-time buyers still struggling to save for a deposit.

North London estate agent and former Rics residential chairman Jeremy Leaf told Mortgage Strategy: “Buyers and sellers seem worried about the two ‘B’s – not only about the impact of a good, bad or indifferent Brexit deal but also the looming Budget at the end of the month.”

All eyes now turn to Philip Hammond, with the chancellor rumoured to be looking to encourage more landlords to sell to long-term tenants for a capital gains tax relief.

This could provide a win-win situation for both investors and first-time buyers, and further boost the number of one and two bedroom properties on the market.

Source: The Week

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Asking prices growing at slowest rate for over six years as investors sit on their hands

Asking prices are now growing at the slowest annual rate for over six years as buy-to-let investors become less active, Rightmove said today.

A second property website, Home, said that the market correction is “well underway”, while Hamptons International said landlords are buying fewer buy-to-let  properties and spending less when they do buy.

According to Hamptons, there were 64,260 buy-to-let purchases in the first half of this year, down 13% on the same period last year, and 31% down on the first half of 2015.

Landlords spent £12.1bn on buying rental properties, down 30% from the £17.3bn spent in 2015.

Separate Rightmove data out this morning shows new asking prices were up just 0.9% annually this month to £307,245, which is the lowest annual rate of growth since February 2012.

Price growth has also hit lows on a monthly basis, at 1%, the lowest rate for October since 2010.

The overall low rates of growth were attributed to asking price falls on smaller homes typically purchased by landlords and first-time buyers.

For two-bedroom or smaller properties, new asking prices fell 0.1% over the month to £190,587, with selling time rising  from 55 to 58 days.

Miles Shipside, housing market analyst for Rightmove, said: “Landlords are clearly buying far fewer properties and that leaves a gap in the market for first-time buyers.

“While landlords were hit with a 3% Stamp Duty surcharge on property purchases back in April 2016, in contrast most first-time buyers were effectively awarded Stamp Duty free status in November 2017.

“The fall in prices at the bottom of the market during what is a traditional busier time means that those keen to sell need to price accordingly, which gives an opportunity for those Stamp Duty free first-time buyers to negotiate harder.

“First-time buyer mortgage approvals are up, albeit by a marginal 1% year-on-year, showing that some first-time buyers are helping to fill the gap in the market left by less competition from investors.

“If the Chancellor’s Budget this month encourages more landlords to sell to long-term tenants via Capital Gains Tax relief, then landlords who are looking to sell and renters who aspire to become first-time buyers could work together for their mutual benefit.”

Meanwhile, Home has claimed price cutting is “the new normal”.

The property information website said 16% of properties currently for sale have had their prices reduced in the past 30 days, a percentage last seen in January 2009.

The total number of properties that had their asking prices reduced in September soared to levels last seen in September 2011 at 83,780 in the UK, Home said.

This put average asking prices at £309,366, up just 0.6% annually.

Overall supply of property for sale in the UK was up by 6% and the total stock for sale has increased by 10.7% year-on-year, while typical time on the market has increased by three days to 92 this month compared with October last year.

Doug Shephard, director of Home, said: “The market correction is now well underway. This month another key region, the east of England, joined the year-on-year negative club, and the south-west is applying for membership.

“Overall, annualised price growth for England and Wales looks set to hit zero by the end of the year and fall into the negative in early 2019.

“This is the hangover after one of the biggest property investment binges in UK history, fuelled, of course, by ultra-low interest rates. How long it will take to play out is unclear but we don’t expect the market to return to overall growth any time soon.”

Hamptons said that lack of new supply has led to rent rises in every region.

Source: Property Industry Eye

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Government announces crackdown on leaseholds for new-build houses

Almost all new-build houses will in future have to be sold as freehold, and ground rents will be capped at just £10 a year.

The Government made the announcement at midnight on Saturday, and a new consultation on the plans will be launched today by Communities Secretary James Brokenshire.

The announcement said that leaseholders currently pay on average over £300 ground rent a year, with some paying as much as £700.

There was no suggestion that the move will be retrospective, implying that some recent home owners could still find their properties difficult to sell.

Brokenshire said: “Unfair ground rents can turn a home owner’s dream into a nightmare by hitting them in the back pocket, and making their property harder to sell.

“That’s why I’m taking concrete action to protect home owners and end those unscrupulous leasehold practices that can cost tenants hundreds of pounds.

“While leasehold generally applies to flats with shared spaces, a number of developers have been increasingly selling houses on these terms – placing further financial burdens on those looking to buy a house of their own through unnecessary surcharges like ground rent.

“This can also mean that selling their home is more expensive and take longer than selling a freehold property.

“Under the Government’s proposals, which are subject to consultation, the majority of new houses will be sold as freehold, and future ground rents will be reduced to a nominal sum.

“The consultation will also seek views on what are the appropriate and fair exemptions, such as shared ownership properties and community-led housing to ensure consumers’ best interests are at the heart of the property market.”

Notably, the announcement made reference to the Tenant Fees Bill, saying that the new crackdown on leasehold practices “builds on action under way to make the property market fairer, including a crackdown on rogue landlords and ending unfair charges for tenants”.

The consultation will run for six weeks and estate agents are among those specifically invited to comment.

Yesterday evening, NAEA chief executive Mark Hayward said:  “Thousands of home owners across the country are facing escalating ground rents, charges for making alterations to their properties and unable to sell their home.

“Therefore, it’s only right that the Government looks to crackdown on unfair leasehold practices to stop even more people feeling trapped in homes they cannot afford to continue living in.

“Our recent Leasehold: A Life Sentence? report found almost half (45%) of leasehold house owners didn’t know they were only buying the lease until it was too late, two thirds (62%) feel they were mis-sold and the vast majority (94%) regret buying a leasehold.

“This shows that for too long, housebuilders and developers have not been transparent enough about what it actually means to buy a leasehold property.

“However, this announcement is only good news for those looking to buy a leasehold property in the future.

“With 4.2 million leasehold properties in England, many will remain stuck in their lease with no straight forward way out and the industry needs to help them.”

Source: Property Industry Eye