YOUR SNAPSHOT OF THE LETTINGS AND PROPERTY MARKET FOR ALL OF NOVEMBER, FOCUSSED ON LONDON AND THE REST OF THE UK!
– Goodlord’s Rental Index shows rents dipped 11% in October as the lettings market saw the cooling off of the summer demand, following three months of rapidly increasing rents across England. However, rents are still 7% higher than they were in October 2022. Voids have increased by 4 days on average across the country.
– For the second time in a row, the Bank of England has decided to keep the interest rate at 5.25%.
– A survey by the Deposit Protection Service (DPS) reveals whilst three-quarters of Landlords plan to stay in the privately rented sector for the next few years, they have either increased their rents over the past 12 months or plan to do so in the near future to combat rising interest rates.
– King Charles has confirmed the Renters (Reform) Bill and leasehold measures proposed by the Conservative government will continue to go ahead, however, the banning of Section 21 notices will only come into effect when the court system is improved to handle such change.
– The Ministry of Justice reveals that despite an attempt to recruit judges and rectify issues with the court system, repossessions for properties take on average 29 weeks, with it taking 11 weeks just to secure a court hearing. Courts are taking over half a year to process evictions.