December Round-up!

YOUR SNAPSHOT OF THE LETTINGS AND PROPERTY MARKET FOR ALL OF DECEMBER, FOCUSSED ON LONDON AND THE REST OF THE UK!

– Data from the Office of National Statistics (ONS) shows that whilst London is still the least affordable, it has seen the biggest improvement in affordability over the past 5 years. From 2017 – 2022, tenants renting in London spend 26% of their wages on their rent. However, data from HomeLet suggests now, it is believed that tenants in the Capital can expect to pay 39.3% of their wages in rent.
– Research by NRLA reveals that the demand for privately rented properties has tripled in the past 4 years, with 71% of Landlords reporting increased tenant demand at the end of 2023, which is a record high. Demand for properties has grown from 22% to 65% during the period of 2019 – 2023. 
– The latest data from HomeLet shows that the average rent increase across England to have increased 8.85% compared to last year. The average rent in London is £2,174 pcm, and the average across the UK is £1,279 pcm.
– Research by Zero Deposit which analysed the monthly rents of available stock on the market across UK cities, whilst London is the most expensive city in the UK, 21% of all stock on the market has an asking rent of below the average.
– Average rents for new tenancies in November are now 7.3% higher year-on-year. Data from Goodlord shows that in November, compared to the same month in 2022, rents have increased on average across the UK from £1,087 pcm to £1,166 pcm. 
– 76% of Landlords have increased their rent over the past year as revealed in a survey from Landbay. The reasons for this are increased mortgage rates as well as property maintenance, repairs and upgraded work to improve EPC rating. 
– Zoopla Chief, Richard Donnell blames migration for the UK rent crisis. The Office for National Statistics’ latest migration figures show that more people arrived in the UK than departed, but it is not just migrants. According to ONS, 263,000 international students came to the UK in the first half of the year, mainly from India and China, for which, there is not enough purpose built accommodation. 
– The Bank of England has held the base rate again at 5.25%.
– Research by Goodlord revealed a rise in guarantor requests for renters on high salaries, the rise started in 2020 due to uncertainty caused by the pandemic, but has remained high into 2023. 
– The National Residential Landlords Association (NRLA) expects rents to rise over the next 12 months as two-thirds of Landlords have their mortgage rates come to an end and the Bank of England base rate remains at its 15 year high of 5.25%.
– Market analysis by lettings agency, Hamptons reveals that London has seen the strongest rental growth, with average rents rising 11.8% since November last year. Now reaching £2,425, rents in London have outstripped the rest of the UK.