The Home property website has identified locations where rents have risen by up to 38 per cent in the past 12 months.
It says key areas of London are now seeing a 54 per cent drop in the number of properties available to rent compared with November 2020. “The boroughs of Kensington and Chelsea, Camden and Tower Hamlets lead the charge with annualised hikes of up to 38 per cent, more than compensating for last year’s declines during lockdown” says Home.
Across England as a whole it says stock is 46 per cent lower than a year ago , and has prompted significant rent increases - although nowhere on the scale of parts of London.
For example, the south west of England has seen hikes averaging 10.5 per cent while in Greater London the figure is 10.2 per cent over the year; across the UK as a whole the average increase is 6.5 per cent since November 2020, and that’s even taking into account falls in typical rents in both Scotland and Wales.
Looking at the UK as a whole, Home says: “Our forecast is that prices and rents will continue to rise overall due to the vast amount of recent credit expansion. A significant loosening of supply in the near term appears unlikely, and any sort of significant mortgage rate hikes look impossible given the indebtedness of government and the private sector alike.”
Home also says that there is little likelihood of rental properties being repossessed in any number and then coming to the market for future buy to let investors, even as a result of an additional £2.2 billion being pumped into the court system to help clear backlogs built up during Covid.
“What is essentially a technological revamp, will take at least three or more years to implement so don’t expect a flood of repossessed properties hitting the market any time soon” says the website in its latest monthly report.
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Market forces will prevail and Shelter, Generation Rant etc. are largely to blame.
When the SNP banned Scottish landlords and tenants from agreeing a mutually acceptable fixed term tenancy in December 2017, market rents for the best properties went up by about 30% and other properties have begun to catch up.
The same fate awaits English tenants if the PRS "reforms" ever go ahead.
I rather like the idea that rents go up, as I can make even more money.
So please, please keep going as you are you people in Generation Rent, and Shelter
I love it when you make me even richer.
Many thanks. Long may you last.
Private landlords in Scotland all love Nicola - but we don't want to embarrass her by letting her know!
There is a shortage and a long wait for a new car / van at present which has made the price of secondhand cars and vans increase, supply and demand, no different in the property rental market, so rents rise, and will continue to do so, don't blame the landlord, blame the government
Andrew
I blame Shelter, Generation Rant etc more than the Government which has been conned by these and other rabble rousing lefties.
Bpris Johnsons wife is hard left and she has an enormous pull on him.
Interesting play on words there Edwin. Or is it just me ...
Does anyone seriously believe that shelter generation rent or the politicians and don't forget NRLA believe that their actions has resulted in higher rents and a reduction in the PRS?
No it will still be the landlord's to blame!
Grumpy Doug, Well obviously she will use her feminine charms as necessary, and I note she seems to have a female friend who shared Xmas with them. No doubt this will increase the pull on him. Serious point is that you dont need Shelter et al when Carrie is around, and I would describe Theresa May (who Carrie used to work for ) as aTrotskyist. The point is we seem to have a communist conservative government. Every criticism levelled at Johnson before the election seems to be spot on.
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