June Round-up!

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

  • Goodlord’s latest rental index shows rents rising across England by 1%, which is the fifth consecutive month that prices have risen, with prices at their highest since September 2022. Goodlord also found that void periods have remained the same, with London having the lowest of 12 days.
  • Delays in evictions that require bailiffs are being reported due to a lack of Personal Protection Equipment.
  • Reports from RICS show the continued supply and demand imbalance with more tenants and fewer landlords in May, with more landlords selling up due to legislation changes and increasing interest rates.
  • The average weekly rent in London has based £600 and increased 13% year on year according to analysis from Foxtons. They have also reported an increase in available stock on the market, with new listings increasing 22%.
  • The Intermediary Mortgage Lenders Association warns that rents are set to continue rising as fixed-rate buy to let mortgage deals end. IMLA reports interest payments increasing by 75.7%, Landlord will be looking to have the increased cost covered by a higher rent or removing the cost and selling their property.
  • Some of the County Courts in London (Central, Croydon, Brentford, and Wandsworth) have temporarily suspended bailiff evictions due to a lack of personal protective equipment, the alternative is that Landlords can seek possession at the High Court through a High Court Enforcement Officer.
  • The Bank of England base rate has risen by half a percent to 5%. This is the 13th time the base rate has risen since the start of last year.
  • Chesterton’s warn that tenants are in for a busy summer as they receive 40% more enquiries in May compared to the previous month.
  • Research by Zoopla reveals the average UK tenant spends 28.3% of their pay (40% in London), before tax, solely on their rent. This is higher than any other point over the last 10 years as rents have been growing fast than wages for the past 24 months.
  • The latest Rental Index from Goodlord showed rents rising for the sixth consecutive month across England by 3.3% with voids dropping by an average of 15% (3 days).