Your snapshot of the lettings and property market for all of October, focussed on London and the rest of the UK!
- Prime London rental growth achieved 14% at the end of September, the highest growth recorded by Savills since 1979. The agency report the rental price rising by 3.3% across prime London which follows three consecutive quarters of growth. The lack of stock of Prime London properties remains low and shows no sign of easing, almost half of Savills’ London agents do no expect things to change over the next quarter.
- Rightmove reports average asking rents in London have risen to £2,343 pcm this quarter, putting the annual rate of rental growth in London at 16.1%, the highest rate of any region on record. This is due to the shortage of stock available and the high demand, which is up 20% compared with last year. The number of available properties to rent is down 9% on last year.
- Rishi Sunak becomes the youngest and first British-Asian Prime Minister with Michael Grove back as Secretary of State for Levelling-Up, Housing & Communities.
- Despite economic uncertainty, the housing market remains steady as transaction levels remain consistent. Stock is starting to increase, however, there is still a supply shortage across the UK with high demand for what is available.
- Foxtons have reported incredibly high demand for properties with an average 29 applicants for every listed property in September in London, with the south and the east having the most competition (37 applicants per property).
- Propertymark’s rental snapshot also shows that since February, demand for rentals has increased by 88%, the number of tenants looking for properties continues to climb, however the amount of available homes remains steady.
- Research by Superscript, a Landlord insurance provider, found that Landlords are forced to raise their rents to ensure they meet the re-mortgage criteria amid increasing interest rates.
- The DPS has revealed average UK rents have risen by more than 2% for the second consecutive quarter. London rents have increased by 4.24% in Q3 and the average rent in the capital have increased 11.95% in the past 12 months.