Sam Mitchell Rightmove
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Latest property news
Stamp Duty deadline for landlords creates glut in property rental market
A glut of homes created by last year’s landlord rush to buy before the extra ‘second home’ Stamp Duty kicked in has slowed down the rental market significantly, it has been claimed. In the UK letting agents are taking 10% longer to find tenants, and 20% longer in London, says Rightmove, as the number of properties available to rent on the portal increased by 12%. Rental market growth halves This has halved the rental growth figure for the first quarter of 2017 compared to the same period last year, down from 3.9% to 1.8% across the UK, Rightmove says. And outside London, the average rental price dropped for the first time since 2014, down by 0.4% on the previous quarter, while in London they increased by 1.5% compared using the same comparison. “The supply boost following last year’s buy-to-let frenzy in the first few months of the year has continued through to 2017, introducing more competition in the market for letting agents trying to secure suitable tenants for their landlords’ properties,” says Rightmove’s Head of Lettings Sam Mitchell (pictured, left). Sam, who before joining Rightmove was for a short period CEO of Sotheby’s International Realty and before that worked at Your Move…
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Housing Market
London rents are falling down says Rightmove
There’s a change in tempo across the private rented sector, says Rightmove, as rents rise in almost every area outside London. Rightmove’s quarterly index shows a new pattern, as London rents have peaked because the tenants simply cannot afford it. The Negotiator received a ‘phone call today from one frustrated home-seeker asking for advice on where she could get a ‘room’ in a shared flat in London for less than £1000 per month. Now, Rightmove’s index shows the facts behind the commentary saying that “Inner London rents fell by 5.2% while there was a smaller drop of 2.5% in Outer London.” All regions except London recorded a rise in asking rents in 2016, with prices up annually by 3.0%, just slightly lower than 2015’s rise of 3.7%. Northern regions led the way as the year ended, with Yorkshire and the Humber up 4.5% and the North West up 4.4%, overtaking the East of England that had been the best performing region until Q4. In London, more available rental stock throughout the year led to a 4.4% annual drop in prices across the capital. Buy-to-let concerns Rightmove’s Head of Lettings Sam Mitchell said, “This year will be one of caution for buy-to-let investors…
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