x
By using this website, you agree to our use of cookies to enhance your experience.
Graham Awards

TODAY'S OTHER NEWS

Revealed - where rents have risen 33 per cent in a year…

The latest edition of a housing market measure has suggested that one borough of London has seen rent rises of 33 per cent in the past 12 months.

Home says rents across Greater London continue to rise, up 19.6 per cent year-on-year. Scarcity remains a persistent problem although supply is now slowly rising from a record low.

The current new growth leaders in asking rents are the London boroughs of Ealing and Kensington and Chelsea, up 33 and 31 per cent respectively. 

Advertisement

Most of Home’s latest market snapshot is devoted to the sales side, and says confidence is returning with doomsters predicting a crash being proven wrong once again. 

“The fact is that home prices adapted quickly to rising borrowing costs and that haircut has reinvigorated demand. Confidence has returned and the fact that fixed-rate mortgages are available at below the current Bank of England base rate shows that a rate cut is already expected” comments Home director Doug Shephard.

He says asking prices in March rose in Scotland, Wales and all English regions except Greater London where prices slipped 0.3 per cent.  The total sales stock count for England and Wales increased during March by 15,844 to reach 388,482, although the total remains well below the 10-year average of 420,297. 

The ‘Typical Time on Market’ for unsold property in England and Wales - a key measure in the analysis of the market by Home - plummeted by 18 days during March to make the median 77 days and indicating, it says, a dramatic uptick in market momentum. 

Shephard continues: “Typical Time on Market shows that homes are moving through the sales market at a fairly vigorous pace once again and supply of new instructions is surprisingly sober and restrained given the amount of doom and gloom promulgated by the mainstream. 

“A further fact is that mortgage rates remain low by historic standards. Moreover, the stability of the UK banks is tied fundamentally to a healthy property market.  So, it’s business as usual? Yes. Confidence has returned.” 

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

Tags:

  • icon

    Government must be pleased with their Housing Policy’s which are working well on all fronts.

    (1) Driving up Rents.

    (2) Driving out Landlords.

    (3) Creating Homeless.

    What more could they ask for with Section 24, Section 21, Selective licensing, Fees, Penalties, Unfair Compliance’s, Re-Payment Orders etc,
    Very Successful indeed they really know how to muck it up, Congratulations.

  • icon

    Exactly Michael, Landlords have already been subject to everything you say - and the Government wants to go much further, ensuring that no landlords remain.

  • icon

    Timber, bricks, cement prices have also increased by similar amounts, I used to buy weed killer 20 lts for £80, same weed killer now £350 for 20 lts, that's over a 2 yr period ! inflation at 10.1% ? who are they trying to kid ?

  • icon

    Mr Townsend, yep inflation is ridiculous, and ones savings are being trashed. Try buying fertilizer for your garden, not available or acid to clean your drains , etc etc.

    icon

    One Shot Drain Cleaner, a tenner from Mr Plastic in Norwich, amazing stuff !

     
icon

Please login to comment

MovePal MovePal MovePal
sign up