Your snapshot of the lettings and property market for all of November, focussed on London and the rest of the UK!
- The online property portal Boomin went into liquidation after failing to secure adequate funding
- Research from Alliance Fund, a real estate fund, suggests that the slowdown of sales could lead to a rental boom based on research from the 2008 financial crisis and analysis of the market over the last two decades.
- Bank of England have raised interest rates from 2.25% – 3%
- Reports from Goodlord show that nationally rents are starting to fall as of October, however on an annual basis they are still up 10% on average
- Data from Chestertons suggest the London market is beginning to stabilise as around 35% more rental properties are on the market compared to this time last year.
- However, HomeLet’s most recent rental figure shows the market remaining strong, Average rents in London saw a rise of 2.3%
- Agents are warned of the rise in fraud and fake ID documents, recommending diligent training for staff to eradicate the risk of human error
- Rightmove’s new qualification for estate and letting agents has been approved by The Office of Qualifications and Examinations Regulation (Ofqual). The course is free, and interest can be registered here: https://hub.rightmove.co.uk/cela-register-your-interest
- Stock levels are increasing, in October there were more properties available compared to a year prior, however, London was the only region where there stock levels were lower than 12 months ago
- Data from Propertymark shows the demand for rental properties is still strong with 13 prospective tenants lining up for every rental property