YOUR SNAPSHOT OF THE LETTINGS AND PROPERTY MARKET FOR ALL OF JULY, FOCUSSED ON LONDON AND THE REST OF THE UK!
- There’s a 3.3% increase in rent across the country since May according to Goodlord’s latest Rental Price Index, with the highest prices in Greater London. Void period’s have also dropped 3 days (an average of 15%).
- A survey on Landlord’s from Landbay contests there will be a mass exodus of Landlord’s from the market with 41% planning to buy more properties in the next 12 months.
- However, research undertaken by the London School of Economics and Savills found that in London, there has been exactly a 41% reduction in the number of properties available for private rent. They believe this to be down to Landlord’s leaving the sector, Local Housing Allowance being frozen and the challenges faced by low income households.
- Research also from Savills showed Prime London’s rental growth continuing to drive up rents with smaller properties being more attractive to tenants.
- London based agent JLL reports 51% of their deals in the last quarter are renewals, tenants are opting to renew their agreement than face the sparse market.
- Rents in the prime lettings market have risen 11% year on year as we approach the busy seasons says Fine & Country.
- Propertymark is concerned about the supply and demand imbalance as they report an annual rise in registered tenants of 22% but a 19% drop in available properties. The lack of available properties will put an increasing pressure on rents.
- The number of Section 21 (No Fault Eviction Notices) is up 15.8% in the last 3 months according to Dutton Gregory solicitors. This comes after the release of the White Paper Renters Reform Bill notice which plans to abolish the eviction notice to give tenants more security. The legal firm suspects that Landlord’s are serving more now with the intention of selling their property.
- An announcement by the ONS (Office for National Statistics) reports rents for the nation have increased 5.1% in the first half of the year, with London rising 5.3% (the highest rise since 2012).
- Rightmove reports rents outside London have hit a new record this quarter, achieving £1,231 pcm. Inside London, rents are almost one third higher (28%) than they were before the pandemic, up £300 per month.
- Analysis of 30 property tribunals by the i newspaper, found tenants who challenge rent increases at tribunals, are often facing even bigger rises than those they’re challenging.
- Figures released by the government explain the demand in rented property, with potential buyers unable to make the move to home ownership as their income falls short of affordability thresholds. In London, the average property is 13.9 times the average income.
- Tenants aged 18-34 are more likely to sublet their property, reveals a study by Direct Line. 1 in 4 younger tenants admit to renting out a room or their whole property without prior consent of the Landlord or Agent.