The latest data shows that while rents continue to climb, growth is starting to slow down.
According to Nicky Stevenson, managing director of lettings agency brand Fine & Country, renter affordability is increasingly stretched with many tenants having to be more flexible when it comes to location, with many extending their search to beyond their desired city.
“Despite rental prices climbing for the last 13 consecutive quarters, according to Rightmove the pace of asking rent growth is slowing and has softened for three quarters in a row” says Stevenson.
“Average prime market rents continue to grow in all regions of England and Wales, with the average prime market rent at £3,798, up 15 per cent year-on-year. Although supply remains an issue, there are signs of improvement, with the number of available properties to rent six per cent higher than last year, although 46 per cent below 2019 levels.
“The lack of stock is being felt countrywide, with TwentyCi reporting that all regions aside from Inner London have less than 1.5 months of available stock. Although interest rates below four per cent are now available for Buy To Let landlords, increased regulations remain concerning for landlords.”
Stevenson notes that renter affordability is becoming increasingly strained, as growth in private rental prices continues and inflation remains stubbornly high.
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There will always be those who can afford these rents… and given a lack of properties to rent and more tenants, we don’t have to bother with the places staying empty. I do feel very sad for tenants right now… but we ALL know where the issue sits 🫤
People with residential mortgages are struggling also. Eg me for one!
And buyers are expected to outbid others instead of paying a fixed price which is what is usually ( but no longer always) available to renters.
Buyers with increasing interest mortgage payments (often trebling currently) are in a much bigger trap than most renters who can escape unaffordable accommodation more easily than owners.
I posted last week that my best 4 bed HMO flat very near Glasgow University was expected to get £2600 per month (up from £2100 set in 2018) judging from the demand to view it at that rent.
One group who weren't given an early opportunity to view have come forward to differentiate themselves by offering £3000 per month, sight unseen, provided I put in brand new mattresses. I'm very happy to agree to this.
Given that no one has any problem with sellers accepting the highest bid, I really don't see why I shouldn't reward this group with the initiative to offer a great rent off their own bat.
I think this a win win for all concerned and for those who can't afford the new market rents, blame the SNP and their little Green helpers for reducing the supply and improve their affordability by taking up some of the many part time jobs still going unfilled despite an apparent cost of living crisis.
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