March Round-up!

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

  • Knight Frank reports that instructions for lettings in London was down 21% for the second fortnight of the year, continuing the rise of rents with the average rent growing 18% in the year to February inside prime central London and 15.6% in prime outer London.
  • Data from the latest Rental Index by Goodlord found void periods dropped in February by 26%, being the lowest it has since September 2022 (17 days).
  • The Guild of Property Professionals has urged staff to take precautions when working alone and to ensure there is a ‘Lone Working Policy’ in place, following the recent Channel 5 documentary on Stephanie Slater.
  • A study is being undertaken by The Competition and Markets Authority on how letting agents operate with a focus on the experience from the tenant’s perspective. The study aims to identify consumer protection issues and examine the relationships between all parties involved in the renting process.
  • The average rent in the UK has increased this month by 0.3% according to HomeLet’s Rental Index. The national average is up from £1,172 to £1,175.
  • Rents are predicted to continue to rise with the continued supply and demand issue, alongside Landlords coming out of their fixed mortgage rates and needing to cover the cost of higher payments.
  • Foxton’s boss, Guy Gittens has spoken to BBC Radio 4, expressing that tenants are being forced out the capital due to the lack of stock and sky rocketing rents. But it isn’t just London, with 42% of renters in 10 major UK cities looking to move outside the city to secure a home and more often than not, get more for their money.
  • The MD of Fine & Country, Nicky Stevenson predicts that the activity in the lettings market will increase in the coming weeks as we head into spring. Nicky highlights that some in the industry ae projecting an increase of 6% by the end of 2023 and a 20% increase by the end of 2027.
  • Data from the Office for National Statistics (ONS) shows that in 12 months, average rents have rose 4.7%, with the highest annual percentage being in the East Midlands, and the lowest in the West Midlands. London’s average increase over the 12 month was 4.6% which is the highest annual increase in 10 years.
  • The Bank of England has raised the base rate to 4.35%, up 0.25. This is the highest the base rate has been in 15 years.
  • Figures release from London based agency, Foxtons shows a rise of 5% in February, up from the previous month with number of new properties on the market being down 5%Foxtons’ figures for Central London showed rents being 23% higher annually.
  • A week after the government’s delay of the How to Rent guide, publication is expected today. When released, it can be found on their website, here: https://www.gov.uk/government/publications/how-to-rent