HomeLet
-
Uncategorised
Rent growth slows
Rents on new tenancies remained flat or dropped marginally over the three months to November in 10 out of the 12 UK regions compared to the three months to October, according to research from HomeLet. The latest index data shows that the average UK rent, excluding London, on a tenancy signed during the three months to November was £743 a month, down 0.7 per cent on the previous three month period. In Greater London the average rent was £1,544, down 1 per cent. Only two regions saw rents rise over the three months to November. In Yorkshire and Humberside, rents on new tenancies rose by 0.8 per cent to £626 a month, while in the East Midlands rents were 1.2 per cent up at £635 a month. The study by Homelet also revealed that 91 per cent of landlords do not plan to increase rents in the next six months, while over the next 12 months, just around a third of landlords are planning to increase the amount they charge on their homes. “The research reveals the vast majority of landlords enjoy strong relationships with their tenants and are keen to keep them,” said Martin Totty, Barbon Insurance Group’s Chief…
Read More » -
Uncategorised
Rental prices continue to rise at slower pace
Private rental values continued to rise across the UK in October, albeit at a slower pace, led by gains in Scotland, the latest HomeLet rental index reveals. It was the second consecutive month that annual rent price increases slowed below double figures, following on from six successive months of annual rent price increases of 10 per cent plus. The annual rate of growth in rental values for the UK, excluding London, has continued to slow since the July peak of 8.1 per cent, hitting an average of £749pcm in October – up 3.5 per cent compared with corresponding period last year The widening supply-demand imbalance in the market is continuing to place upward pressure on rents, with nine of the 12 UK regions seeing rent prices rise on an annual basis in October, led by growth in Scotland at 9 per cent. In contrast, rents fell by 4.9 per cent in the North West, were 2.2 per cent lower in Northern Ireland and dropped by 1.2 per cent in East Anglia. Average rents for new tenancies in London were 7.5 per cent higher than the same period last year, with the average rental value in the capital reaching £1,560pcm, which…
Read More » -
Housing Market
Rents rise further
Rents in the residential property market continued to increase in February as tenants across the UK paid an average of £81 more per month than a year ago, the latest figures released by HomeLet show. The average UK rent in February reached £899 a month, up £10 compared to January, and £81 higher, or 9.9 per cent, than the corresponding month in 2014. But while rental prices rose across many parts of the UK, led by gains the North East and the South West, the research shows that they actually dropped by 2.5 per cent month-on-month in London where the housing market is cooling, adding to the narrowing gap between rents in the capital and the rest of the UK. “2014 saw the London rental market outstrip the rest of the UK in terms of rent price growth but what we are seeing so far in 2015 is the private rental market becoming much more broad-based with the strongest rent price growth occurring outside of the capital,” said Martin Totty, Chief Executive of Barbon Insurance Group, of which HomeLet is a part. Despite the market slowdown, tenants in London still paid the most expensive rent at £1,390, up 5.1 per…
Read More »
