rent increases
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Rental market
Feared spike in rents ahead of Renters’ Rights Act ‘did not happen’
Siân Hemming-Metcalfe, of Inventory Base, says there is no evidence of rent hikes before the Act came in.
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Regulation & Law
New rent rise rules to tie up landlords and agents for months
Reapit is worried that the new rules on rent increases will see tenants, landlords and agents tied up in a Tribunal system ill-equipped to deal with a rise in case work.
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Latest property news
Tenant ‘fair rent’ tribunal cases backfire with big rises
Renters often end up with even larger rent increases after a tribunal hearing than the landlord wanted, the i newspaper discovers.
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Latest property news
Rent rises are beginning to run out of steam, says leading index
HomeLet's latest index reveals that monthly rent increases have slowed to just 0.1% in May, but the UK average remains at an all time-high.
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Latest property news
Demand for rentals grows as number of prospective tenants continues to rise
Demand from prospective new tenants rose for the second month in a row, according to new figures released by ARLA Propertymark.
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Latest property news
Rents rise 3.2% year-on-year
Rents rose by 3.2 per cent to an average £926 per month in February compared to the same time last year, the latest figures show. The Countrywide monthly Lettings Index for February has identified a fall in tenants’ negotiating power, with the average home in the UK let for 99.9 per cent of the asking rent, the highest such value since 2007, just before the global economic downturn. This figure is highest in London where the average let was agreed at 100.9 per cent of the asking price while it was lowest in Wales at 98.7 per cent. With demand continuing to heavily outstrip the supply of private rental homes, one in five of those renting in the capital pay more than asked for to secure a property of their choice. This equates to £94 a month over and above the asking rent against a UK average of £44 which, over the course of a typical 17-month tenancy, works out to be an additional £1,578 in rent for the average Londoner. Rental price growth in London has unsurprisingly outstripped all other parts of the country since 2007, with rents 34 per cent above their pre-recession record compared to12 per cent…
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Housing Market
Rents rising at quickest pace since 2011
Rents across England and Wales increased by 3.4 per cent in December taking the average to £794 a month, according to latest buy-to-let index from Your Move and Reeds Rains. On an annual basis, rents increased in eight out of 10 regions led by the East of England with a rise of 7.8 per cent, London was up 6.3 per cent, and the East Midlands up 4.7 per cent. Rents dropped by 1 per cent in Wales and by 2.6 per cent in the South East. The figures also reveal that Yorkshire & Humber and West Midlands both saw rents reach a record high in December. The rent increases recorded in 2015 came about despite a month-on-month fall in the latest market rents, dropping 0.6 per cent between November and December. Average rents are now £22 per month below September’s all-time record high of £816pcm, reflecting a softening in tenant demand in the run-up to Christmas. A breakdown of the data reveals that six out of 10 regions monitored saw rents decline on a monthly basis, led by London, with rents down 1.6 per cent. By contrast, Wales saw a 1.8 per cent increase in rents. They also rose by…
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Housing Market
Britain’s biggest landlord increases rents 33%
One of the UK’s largest and most controversial private landlords is reportedly increasing rents across his 900 buy-to-let properties in Kent by up to 33 per cent. Fergus Wilson (left) told the press that when he let a three-bedroom mid-terrace home in Maidstone, Kent, last weekend, he managed to increase the rent from £900 a month to £1,200, thanks to a high demand from tenants, fuelled largely by an influx of eastern European migrants. He will now be seeking similar rent hikes across his residential property portfolio. He commented, “I will not be asking them to leave but will serve them with a Section 13 Notice to increase the rent so that they have the opportunity to move to another landlord should they wish. That is if they can find a house of the same quality and a price they can afford. By the time they have paid out fees etc, some will take the view there is not much in it.” Wilson said that he was increasing rents to ensure that his property empire remains profitable in light of the recent tax relief changes announced by Chancellor George Osborne, who has made it his goal to create what he…
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Housing Market
One in three letting agents report rent increases
A higher number of letting agents witnessed rents increase between May and June, newly released figures from the Association of Residential Letting Agents (ARLA) has shown. According to the data, 36 per cent of letting agents that are members of ARLA reported that rents rose month-on-month – the highest number since tracking began. Letting agents in the East Midlands saw the highest number of gains, with 48 per cent of ARLA agents reporting a rise. In contrast, just 17 per cent of agents in Wales saw a hike in the monthly rent. The report suggested that rents are being forced higher by an ongoing supply-demand imbalance, particularly in London where it states that “worryingly” there were only 118 rental properties managed in June, compared to 134 in May – a fall of 12 per cent. “It is worrying to see so many agents reporting an increase in the cost of rent over the last six months, especially considering so many people rent as a way to bridge the gap whilst they save to get onto the property ladder,” said David Cox (left), Managing Director, ARLA. He added, “Findings like this continue to prove that the housing crisis isn’t going to…
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