rental market
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Latest property news
Right to Rent slammed
The vast majority of landlords have not received any information from the Government about the new Right to Rent scheme which was rolled out across England this week, new research shows. From Monday 1st February 2016 it became compulsory for all private landlords in England to check that new tenants have the right to be in the UK before renting out their property. Under the new rules, landlords, including those who sub-let or take in lodgers, who fail to check a potential tenant’s ‘Right to Rent’ will face penalties of up to £3,000 per tenant. But Right to Rent, which was introduced in the Immigration Act 2014 as part of the Government’s reforms ‘to build a fairer and more effective immigration system’, has been criticised after it was revealed that most landlords are still not prepared for the new legislation. “There has been an influx of new legislation relating to the rental market made in recent years and we know that UK landlords are struggling to keep on top of these changes. Despite knowing many of the basics, many find it difficult to navigate the minefield of changing renting rights and wrongs and this is particularly so for accidental landlords,”…
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Uncategorised
Rents rise at a slower pace
Rental prices continued to increase at double-figure rates on an annual basis, and are now 10.5 per cent higher than a year ago, led by gains in the South East of England and East Anglia, the latest findings from the HomeLet Rental Index show. The pace of rent rises slowed and in some regions retracted over the three months to August 2015, compared to the previous three-month period. Nevertheless, the average UK rent on new tenancies increased by 1.6 per cent in the three months to August 2015, compared to a rise of 2.2 per cent for the three months to July and June 2015. Overall rent price increases are still running ahead of inflation and house price growth, with the Index showing that average UK rents for new tenancies over the three months to August 2015 stood at £992 per month. The most expensive rents are to be found in London, where the average rent on a new tenancy reached £1,558 per month during the three months to August 2015, up from £1,538 per month in the three months to July 2015. On an annualised basis, only the North West of England reported lower rents for new tenancies in…
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Housing Market
This is Generation Rent
Almost half of UK renters believe that they will never be in a position to buy their own home and that may be because so much of their income is now going towards paying rent, research shows. According to an independent survey for construction and regeneration company Keepmoat, 44 per cent of renters in the UK believe they will never own their own property with not being able to afford a deposit the most common reason for not getting on the property ladder. Dave Sheridan, Chief Executive of Keepmoat, said, “It’s clear that the amount of money first-time buyers need to raise for a deposit continues to stop many from getting on the property ladder.” High rents in relation to earnings may have a lot to do with the fact that many people now feel unable to save enough money for a deposit to buy a property. Rents in England, for instance, now stand at 47 per cent tenants’ average take-home pay, data from the latest English Housing Survey shows. In contrast, those who have secured a mortgage face repayments equal to 23 per cent, on average, of their earnings after tax. The comprehensive report also revealed that once housing…
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Features
Manifestos, markets and mansions
Election fever is here. The countdown has begun. Jeremy Leaf reviews pre-manifesto statements to see what could happen on 7th May.
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Features
What’s next for the rental market in 2015?
Marc Da Silva gathers industry opinion on some of the trends that we can expect to see in the rentals market during the course of 2015.
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Features
How to evict a tenant
Paul Shamplina of Landlord Action explains how to put the boot on the right foot when evicting a tenant.
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Features
How do rental markets in Europe work?
Andrea Kirkby compares rental markets across Europe to give an insight into our own future.
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