YOUR SNAPSHOT OF THE LETTINGS AND PROPERTY MARKET FOR ALL OF SEPTEMBER, FOCUSSED ON LONDON AND THE REST OF THE UK!
– Goodlord reports average rents increasing 10% year on year. The average rent for Greater London in August was £2,145, an increase of 8% in one month.
– Homelet’s most recent rental index also shows that for those renting in the private sector, rents are at a record high.
– Research by Paragon Bank shows that the strongest level of tenant demand in Britain is in Outer London and the East Midlands. The weakest region was the North East.
– Zero Deposit Schemes are being investigated by the Competition and Markets Authority in relation to the Tenant Fee Ban and whether renters fully understand the concept compared to traditional deposit schemes.
– Hamptons forecasts that rents will increase by an average of 25% in the next 3 years due to increase mortgage rates and continued imbalance in supply-demand.
– Homelet reports that the UK average rental price has reached £1,261 (up 1.4% from July), with increases in every region across the country. In London, prices have increased by 1.7%, up to £2,145.
– Zoopla’s Rental Market Report reveals that rents are at their highest level in the last 10 years, 28.4% of take-home pay is used to pay for rent.
– A new How to Rent guide is expected on 2nd October and will be available on the gov.uk website.
– The latest figures from Hamptons suggests that the cost of renting has increased by 12% in the past year with London seeing the highest rent increases of up to 17% on average.
– The Bank of England has decided to not raise the interest rate for the first time since 2021, this comes after 14 consecutive increases. The base rate will remain at 5.25%.
– Rishi Sunak has U-turned on upcoming eco policies and confirmed that Landlords will no longer need to meet the improved EPC ratings, where properties must be brought up to an energy rating of a C or above in order to be let.
– SpareRoom suggests that the capital is no longer affordable for graduates with average room only rents exceeding £1,013, whilst graduates only have a take home pay after tax of £1,932.