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Graham Awards

TODAY'S OTHER NEWS

High annual rent rise despite monthly dip - and strong market in 2022

HomeLet says the average rent in the UK is now £1,059, down a tiny 0.2 per cent from a month ago.

However, the figure is still up by 8.7 per cent. When London is excluded the average rent in the UK is now £888, this is up by 8.2 per cent on last year. 

Average rents in London were £1,759, an increase of 9.7 per cent on last year.

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The biggest regional change over the past year is in Wales with a huge 12.9 per cent increase. 

Chris Turner, head of business development for Homelet and Let Alliance, says: “In normal market conditions, we might see spikes in rental values for desirable or emerging areas, but we’re still seeing a really high demand for all property in the lettings market; that’s now the case in most parts of the UK. 

“With fewer new properties coming up to rent when compared to pre-pandemic levels, we can expect the trends we see continuing throughout 2022. 

 

“There was no specific mention of lettings or the private rented sector in the Budget, which might come as a welcome relief to many landlords, especially given the raft of changes that have impacted them in the past few years. 

“The Chancellor announced a £65m support package for vulnerable renters, which will be welcome news for some. As the UK’s largest provider, we’ve dealt with an unprecedented rise in the volume of claims on Rent Protection insurance throughout the pandemic. 

“With factors like the ban on evictions, we’ve also seen a record increase in the number of deferrals and payment plans put in place, with an exceptional level of compassion from landlords and letting agents for the circumstances many tenants have faced. Whilst there’s a focus on the pandemic impacting tenants, it has also significantly impacted many landlords without protection, both financially and emotionally.” 

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    More would-be renters keep coming into the market & more LLs are beginning to cash in their chips and leave, squeezing the PRS. Rents are going to keep rising unless the Govt finds a way to increase the housing stock, either by building more or reversing the trend of LLs selling up.

    IMO EPC C will increase the number of LLs leaving hugely until renting privately will be restricted to only those with high incomes & perfect histories.

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    Constantly pushing up rents will ultimately lead to civil unrest. Young people need a life and hope for the future. You cannot just keep taking what you can get away with. The housing stock certainly needs to be increased. I agree on that. As to whether the homes belong to landlords or home owners makes no difference. People need homes.

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    I agree, but who is it that's causing rents to increase ? not landlords, it's the government, as I've said many times the end user always pays any increase in costs, when oil increases it's the car driver at the pumps that picks up the increased cost, no different is it ?

     
  • Theodor Cable

    Quite right Andrew. And how is it these people never seem to be able to understand the consequences of their mad cap ideas, and those who they are hurting?

    It sure ain't me (as a LL) when I get all those waccky new plans which make me even richer, so thank you very much Mr. and Mrs Counciler......Fine job. Keep it up for my sake please.

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