YOUR SNAPSHOT OF THE LETTINGS AND PROPERTY MARKET FOR ALL OF OCTOBER, FOCUSSED ON LONDON AND THE REST OF THE UK!
– Goodlord’s most recent Rental Index shows that whilst voids stayed the same through September, rents are up 8% ear on year on average. Greater London has increased 6% month-on-month.
– Knight Frank predicts the rental growth this year and next in London to be stronger than expected with the issues around the supply and demand imbalance taking longer to correct itself.
– Research by Confused.com reveals that parents and pet owners pay up to £460 a month more for their rent and bills. Parents pay on average £286 more with pet owners paying on average £236 more.
– Savills latest prime lettings index for Q3 shows rental prices grew between Q2 and Q3 by 0.6% and compared to last year, they are up 4.7%.
– Research by Knight Frank shows an increase in lettings instructions for properties in London valued at over £1,000 per week. This figure is 45% higher in September than it was at the start of last year and Knight Frank believe this is evidence that the supply and demand imbalance is correcting itself.
– Government data assessed by the FCA and confused.com shows the privately rented market in the UK has grown by 88% in the last 10 years. As of 2022, 15.29% of homes in England were privately rented, with London being top of the cities and towns with 20.81%.
– Foxtons reports more properties are coming to market with a 10% increase of supply compared to the same period last year. However, despite more availability, prices remain 10% higher year on year with little to no change since May this year.
– The Simply Business Landlord Report warns that thousands of Landlords are planning to sell some or all of their properties in the next 12 months, due to challenging market conditions.
– The renters reform bill is now at the Committee Stage after undergoing it’s Second Reading and passed without a vote. The bill is likely to change before it comes in to effect and last week we were advised that the Section 21 would only be abolished when improvements are made to the way courts handle possession hearings.