rent rises
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Rental market
Surging demand and exiting landlords make renting pricier than mortgages
The latest data from Zoopla reveals rents have risen by as much as 35% in some areas of the UK over the last three years.
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Rental market
50,000 more rental properties needed urgently, says Rightmove
Rightmove’s latest data shows that the number of rental properties available to tenants is 11% higher than at this time last year, though still 26% below 2019.
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Latest property news
‘Two out of three landlords set to raise rents in 2023’
Two out of three landlords say they will be driven to raise rents by 10% and nearly half say the job’s harder than this time last year, according to research.
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Latest property news
55% of letting agents say tenants are facing higher rents since fees ban
Industry association blames the fees ban squarely on a record number of member agents reporting tenants facing higher rents during June.
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Latest property news
Landlords planning rent rises BEFORE tenants fees bill kicks in
ARLA’s prediction that landlords will implement rent rises rather than pay the government-imposed additional costs of running their rental properties is already turning out to be true, it has been claimed. As the Tenant Fees Bill makes its way through parliament agent MakeUrMove reckons renters will pay an extra £23 a month ahead of the new law kicking in next year as 40% of landlords are forced to raise rents. The landlords affected are mainly those with a single property and who are running the tenancy on tight margins, the agent says. Additional costs As well as landlords soon being expected to pay the additional costs of referencing, inventory checks and contract renewals, many are planning to increase rents to cover the recent extra income tax and Stamp Duty burdens forced on them by the government. These rises will impact some two million tenants this year, it is claimed. But the impact will be heaviest in London, where half of the landlords MakeUrMove canvassed said they were planning to increase their rents. But it’s not much better outside the capital. The research also shows that, for example, in the North East 46% of tenants will see rent rises this year,…
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Latest property news
80% of agents say rents will rise after fees ban
Eight out of ten letting agents expect the tenant fees ban to be passed on as increased rents while reduced supply and increased demand will also contribute to upward pressure on rents, says the Association of Residential Letting Agents (ARLA). It canvassed 917 of its members over the past two weeks and found that 53% also expected to see increased competition for rental property during 2017 and 63% said there would be a drop in the number of privately rented properties available within the market. “I manage around a dozen properties for one of my clients and I spoke to her recently about the tenant fees ban,” says Brighton letting agent David Burt. “She made it clear to me that she wasn’t going to pay extra for the referencing or any of the other costs associated with acquiring tenants for her properties that tenants normally pay, so I’m going to have to consider putting up the rent so that my percentage management fee rises instead. Otherwise I’ll be working harder for less money.” ARLA says the recent increase in Stamp Duty for landlords and the reductions in personal tax and capital gains tax allowances are pushing up costs for landlords before…
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Resources
Brexit uncertainty fails to halt rent rises
Population growth and limited supply continue to underpin the private rental sector, but rents rose at a slower pace during the first half of the year than in 2015, the HomeLet Rental Index reveals.
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Housing Market
Stamp duty hikes will push up rents, says IFS
Fewer new homes will be built and rents will rise as a consequence of the hike in stamp duty on buy-to-let unveiled in last week’s Spending Review, the Institute for Fiscal Studies (IFS) has predicted. The Chancellor George Osborne announced that a 3 per cent rise in stamp duty for buyers of second homes and buy-to-let landlords will come into play from April 2016, almost trebling the purchase tax on a typical £275,000 buy-to-let home from £3,750 to £10,800. Osborne believes that the new surcharge on stamp duty for landlords and those acquiring second homes will raise £1billion for Treasury by 2021. The tax change will almost certainly result in an inevitable rush of people trying to secure buy-to-let properties before April’s deadline, which could push up home prices in the short-term. But should the buy-to-let market slow thereafter, as many analysts anticipate, it may enable more first-time buyers, squeezed out by investor-driven purchasers, to buy property, but not if there is a major reduction in the construction of new homes. Stuart Adams, a Senior Research Economist at the IFS, projects that the tax increase could deter property developers, with less reason to invest, slowing down the building of new…
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