YOUR SNAPSHOT OF THE LETTINGS AND PROPERTY MARKET FOR ALL OF DECEMBER, FOCUSSED ON LONDON AND THE REST OF THE UK!
- Research from Paragon Bank has found that percentage of middle-aged renters in increasing. Households with a main tenant who is between the ages of 45 – 46 has risen by 70% in 10 years due to more tenants struggling to save for a deposit.
- Further research by Paragon Bank sheds light on the issues in supply and demand, with small-scale landlords more likely to be exiting the market than larger portfolio ones and most buy-to-let mortgages being driven by remortgage activity.
- Rental platform Ocasa reports that 17% of rental homes are Let Agreed within 2 weeks of being listed, with this figure increasing to 20% in London.
- Goodlord’s latest rental index shows rents decreasing over the past month with voids increasing, however, rents are still up 11% compared to 2021. Average void periods have increased by 2 days from 18 to 20 from October to November.
- Felicity Buchan, the current Housing Minister has admitted that the private rented market has decreased by £260,000 in the last 4 years.
- Zoopla reports demand for lets has increased average rents by £117 per calendar month since last year. This is accelerated by available properties being down 4% annually and down 38% in the last 5 years. Zoopla have also released information that rents are increasing the fastest in London up 7% (£273 pcm on average).
- According to Rightmove, demand for rented properties is up 23% in 12 months with asking rents on new listings up 1/3 in the past 3 years.
- Knight Frank says the rate of growth for prime rents is slowing in London, the rate of rents increasing across 10 global cities was down 1.7% compared to last year with demand still high.
- The Bank of England have rose interest rates by a further 0.5%, now sitting at 3.5%, Inflation fell 0.4% from October to November. The Bank has warned of further rises.
- Foxtons Lettings Market Index shows outer London, and particularly south and west London have shown higher levels of tenant demand than the rest of the capital.
- The English Housing Survey 2021/22 from the Department of Levelling up, Communities and Housing shows home ownership has fallen (currently 35%) and the number of people privately renting has risen (now 19%).