Renter’s Rights Bill becomes law as landlords call for six-month’s grace

The Renters’ Rights Bill has become law after receiving Royal Assent, introducing the most significant reforms to England’s rental market in decades.

The Act bans no-fault evictions, ends rental bidding, and brings the Decent Homes Standard to the private rented sector for the first time. It also establishes a landlord ombudsman and a national database to improve standards and accountability.

While the government says the reforms will “rebalance” the relationship between 11 million tenants and 2.3 million landlords, industry bodies are urging a six-month implementation period to avoid disruption and protect rental supply.

MPowered stops accepting mortgage applications as parent explores sale  

Fintech firm MQube, parent of MPowered Mortgages, is planning to sell its lending platform after a strategic review. The company will split its lending and technology arms to focus on expanding its AI-driven mortgage platform globally.

MPowered will stop accepting new applications after 5:30pm on 28 October, with existing customers still supported.

Chief executive Stuart Cheetham said the move will help both businesses reach their full potential.

Almost 82% of brokers are using ChatGPT and other AI tools

Nearly 82% of mortgage brokers have used ChatGPT or other AI tools in the past three months, according to research by Paradigm, though fewer than 30% use them in marketing.

While 87% of advisers want to learn more about AI, many lack confidence in key areas such as data governance and workforce readiness. Paradigm says it will expand training to help brokers use AI safely and effectively.

Director Richard Howes said brokers are keen to embrace AI, while OSB’s Richard Wilson warned that firms must remain alert to new risks and ensure data use is safe and trustworthy.

Housing market records first annual fall in new sales in two years: Zoopla

Uncertainty ahead of the November Budget has prompted a ‘wait and see’ attitude among home buyers, leading to the first annual fall in new sales agreed in two years, according to Zoopla.

Buyer demand is down 8% and sales agreed 3% year-on-year, with higher-value homes most affected amid speculation over tax changes. House price growth has slowed to 1.3%, with the average UK home worth £270,000.

Despite the slowdown, sales volumes remain strong, with a £100bn pipeline of transactions. Experts say the market is stable but urge the government to deliver clarity and long-term confidence in next month’s Budget.

HSBC and TSB to cut rates tomorrow, plus Co-op adds deals

HSBC and TSB will cut mortgage rates tomorrow, while the Co-operative Bank is reintroducing several purchase and remortgage deals.

TSB is reducing rates by up to 20bps across selected two-year fixed residential, shared ownership, and shared equity products, with smaller cuts to product transfer and additional borrowing ranges.

HSBC will lower prices across a wide range of residential and buy-to-let products, including first-time buyer, remortgage, and energy-efficient home deals, though it has not disclosed specific reductions.

The Co-op’s new range spans multiple loan-to-value tiers, as lenders respond to shifting market conditions following the Renters’ Rights Bill’s passage into law.

Brokers give backing to home sales revolution: HSBC

Nearly 90% of mortgage brokers back Project 28, an initiative aiming to cut average property transaction times from 109 days to 28, according to HSBC’s latest Broker Barometer.

Brokers highlighted up-front information, early conveyancer instruction, and secure data sharing as key to achieving this goal, with most believing it could be delivered within two years.

Despite market challenges, brokers remain upbeat — 67% view 2025 as a good year for the industry, and 65% expect business growth. HSBC’s Chris Pearson said broker support for Project 28 reflects the sector’s optimism and commitment to modernising the home-buying process.

Chancellor avoids probe after breaking rent licence rules 

Chancellor Rachel Reeves has avoided a formal investigation after admitting she broke the law by renting out her Dulwich home without the required selective licence.

Prime Minister Keir Starmer said an inquiry was “not necessary” following Reeves’ apology and her swift move to rectify the error. Reeves referred herself to the independent ethics adviser ahead of her 26 November Budget, saying the oversight occurred through letting agents.

Conservative leader Kemi Badenoch and Shadow Chancellor Mel Stride have called for a full probe, arguing her position is “untenable”. Renting without a licence in Southwark is a criminal offence carrying fines of up to £30,000.

Halifax Intermediaries and Bucks BS make rate changes

Halifax Intermediaries has adjusted its mortgage range, cutting rates by up to 0.13% on homemover and first-time buyer fixed products up to 85% LTV, while increasing 90% LTV rates by up to 0.10%.

Meanwhile, Buckinghamshire Building Society has reduced three of its credit revive and credit restore two-year fixed products by 0.20%, with rates now starting from 5.89% and a £999 fee, available for purchase or remortgage up to £750,000.

Santander cuts new business and PT rates, NatWest trims prices

Santander and NatWest have both announced mortgage rate cuts across several product ranges.

Santander has reduced residential and buy-to-let fixed rates by up to 0.36%, including a 3.96% three-year fix at 75% LTV for home movers and lower first-time buyer rates at 85% and 90% LTV. It has also introduced new large loan products starting at 3.73% and set a £25,000 minimum for remortgage fee options.

Meanwhile, NatWest has trimmed rates across its purchase, remortgage and first-time buyer ranges, with reductions of up to 18bps — including a 3.77% two-year fix at 60% LTV and a 4.17% five-year fix at 85% LTV.

Resi first charge and BTL mortgage complaints both rise by 27%: FoS

The Financial Ombudsman Service (FoS) reported a 27% rise in complaints about residential first charge and buy-to-let mortgages between July and September, with 1,170 and 186 cases respectively.

Overall complaints fell from 73,700 in the same period last year to 46,300 this year, partly due to fewer cases lodged by professional representatives.

FoS interim chief ombudsman James Dipple-Johnstone said the service is improving processes to ensure complaints are better evidenced and can be resolved quickly, restoring confidence in financial services.