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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…
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Housing supply contracts
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “The reality is that people will not move unless they can find a property that they really want to buy.”
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Agreed – agents need transaction volumes to rise!
Designs on Property tracks and summarises the monthly property indices.
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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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Average UK rents surge
Rental prices rose further across nearly all regions of the UK, led by gains in the South West of England and Scotland, the latest findings from the HomeLet Rental Index show. Overall rent price increases are now running ahead of inflation and house price growth, with the Index showing that average UK rents are up 11.8 per cent year-on-year, with the median rent for new tenancies over the three months to July 2015 stood at £977 per month or £761 excluding Greater London. The most expensive rents are to be found in London, where the average rent on a new tenancy now stands at £1,538 per month, up 9.5 per cent year-on-year. However, three regions of the UK saw rent prices increase at a rate exceeding that of the capital in the three months to July 2015. In the South West of England rent prices on new tenancy agreements signed in the three months to July were 11.4 per cent higher than in the same period of last year, in Scotland they rose 11.2 per cent and in the South East of England there was growth of 10.3 per cent. Martin Totty, Chief Executive Officer of Barbon Insurance Group, parent…
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Rents rise across the UK
Rental prices are continuing to rise across all regions of the UK, the latest findings from the HomeLet Rental Index reveal. This is the second month in succession and only the fourth time in history of the Index – previously in October 2014 and once in December 2010 – that rent prices in every region of the UK have increased simultaneously. The HomeLet Rental Index figures for June 2015 show that rent prices across the majority of the UK are rising. The average rent price across the UK (excluding London) now stands at £747 per month for the three months to June 2015, an increase of 7.8 per cent against the same period last year, when the average UK rent, excluding London, was £692 per month. The highest rents continue to be recorded in the capital, where the average rent on a new tenancy now stands at a record high of £1,515 per month, up 10.1 per cent compared to a year ago. This rise is owed party to the fact that a growing number of tenants are moving into London, according to the report. Wakefield, Coventry, Brighton and Nottingham were also identified as ‘hotspots’ where tenants new to the…
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Rents rising nationwide
Rental prices are now increasing across all regions of the UK, new findings from the HomeLet Rental Index show. This is only the third time in the history of the Index –previously in October 2014 and once in December 2010 – that rent prices in every region of the UK have increased at the same time. The Index also reveals that the pace of growth in London has picked up again, after a period of slower growth, with average rents agreed on new tenancies in May 2015 exceeding £1,500 per month for the first time. Rents agreed on new tenancies across the UK in the three months to the end of May 2015 were 10.7 per cent higher than the same time last year, with the average now standing at £935 per month, or £738 excluding Greater London. The South West of England saw the largest increases, with average rent prices 13.6 per cent higher than a year ago. Scotland, (9.6 per cent), the South East of England (9.4 per cent) and Greater London (9.2 per cent) also advanced strongly. In Greater London, the average rent now stands at £1,472 for the three months to May 2015, however, when looking…
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Buzzing builders and buyers
REPORT HEADLINES Rightmove: “House prices close to all-time high – will ‘granlords’ drive them higher?” Home.co.uk: “Home prices take a spring leap.” NAEA: “A third of all house sales made to first time buyers.” RICS: “Steadier demand and tight supply push price expectations higher.” Halifax: “House prices in the three months to March were 2.6 per cent higher than in the previous three months.” Agency Express: “Confidence continues.” Land Registry: “The February data shows a monthly price increase of 0.5 per cent.” Kate says: “It’s great to see that we have a much healthier market in 2015. Although most places are still stuck with a shortage of homes, especially versus the number of agents fighting for business, we have a market that is moving, but not ‘too fast’ and not ‘too slow’ at the moment. And better still, it’s being driven mostly by first time buyers getting themselves on the ladder, relieving some of the pressure on rental stock (or mum and dad’s house!). The other good news is that it is driving more sales of new builds. I haven’t seen so many new build sites buzzing with activity as I travel up and down the country since the start…
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Housing stock at an all time low
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Too many agents are chasing too few properties… so who will survive the fall out?”
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Buy-to-let returns beat all other mainstream investments
Buy-to-let landlords have earned returns of up to 1,400 per cent since 1996, outstripping those returns from investment in shares, bonds and cash. The research by the Wriglesworth Consultancy, on behalf of Landbay, found that on average, £1,000 invested in a buy-to-let asset in the final quarter of 1996 was worth £14,987 by the end of last year. This was more than four times than the equivalent investment in commercial property, UK Government bonds or shares and seven times the return on cash. Despite a few downturns in the housing market over the past 18 years, including the slump following the financial crisis, overall strong levels of capital growth and soaring rental values have ensured that landlords have reaped the rewards. The analysis was based on a buy-to-let investor using the rental income to pay off their mortgage, clearing it after 13 years and cashing in during the final five. Many of those buy-to-let investors who have not sold their properties, but continue to hold on to their residential assets, may have found that the rental value of their property investments may have risen further in recent months. The latest HomeLet rental index shows that residential rents across the UK…
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