YOUR SNAPSHOT OF THE LETTINGS AND PROPERTY MARKET FOR ALL OF JANUARY, FOCUSSED ON LONDON AND THE REST OF THE UK!
- According to research by Zero Deposit, only 24% of Landlords across England and Wales intend to increase rents in 2024. 68%plan to maintain the current level of rent, and 8% plan to reduce them.
- Analysis by Hamptons reveals London has seen the strongest growth in the past year, with the average rent increasing 11.8 compared to last year.
- Propertymark has commented on seasonal trends within the property sector, reporting that the supply and demand stayed relatively static but imbalanced with 9 applicants for each available properties. Rents continue to rise over the season, but a fall was reported in November. The trends observed by Propertymark are typical for the time of year and there is little difference compared to the past 3 years.
- Knight Frank reports that rental growth more than halved in London through 2023 but still isn’t close to their pre-pandemic long-term norms.
- The Rental Index from Goodlord shows that year on year, there was an average increase on rents of 9% across the UK in 2023. Whilst there were some month-on-month drops, as a whole, the market increased compared to 2022. The highest rents were recorded between July and September.
- The January Rental Index from Goodlord shows rents increasing by 7% compared to January last year, with void periods increasing from 20 days to 22, however, this is still shorter than last year’s 23 days.
- There was a decrease in rents across the UK from November to December (-0.9%) in all areas except the East Midlands (increased by 0.3%). HomeLet reports the biggest drop was in London, with a 2.2% decline.
- The Office of National Statistics (ONS) reports private rents in England rose by 6.1% in 2024, caused by low supply putting an upwards pressure on rents (Tom Bill, Knight Frank).
- Data provided by Foxtons shows a 24% month-on-month decrease of available stock in the lettings market in London, in December. According to Foxtons, the overall demand was 12% Lower in 2023 than the year prior, with a noticeable drop in July. The decrease in demand shows a move towards a more balanced market. September and October saw higher stock levels than previous years, which is expected to continue for the first half of 2024.
- The UK base rate remains at 5.25%, unchanged by the Bank of England.