Tag Archives: Rent Prices

The UK’s house prices stall – but rents rise Buy to Let News, House Prices, Landlord News, Latest Articles, Lettings & Management, Property Investment News, Rent Prices

The UK’s average house price increased by 9.5% over the year to September, down from 13.1% in August, data from the Office for National Statistics (ONS) reveals.

The latest house price index shows the annual percentage change slowed because house prices rose sharply in September 2021, which coincided with changes to Stamp Duty Land Tax.

However, house prices remained unchanged between August and September 2022, which has also had an impact on September’s fall in prices.

The average UK house price was £295,000 in September, which is £26,000 higher than this time last year, and unchanged since August.

Average house prices increased over the year to £314,000 (9.6%) in England, to £224,000 in Wales (12.9%), to £192,000 in Scotland (7.3%) and £176,000 in Northern Ireland (10.7%).

Data on the UK’s private rental prices

The ONS has also published data on the UK’s private rental prices which show that rents in the year to October rose by 3.8%, up from 3.7% in the 12 months to September.

Annual private rent prices increased by 3.7% in England, 3.2% in Wales and 4.2% in Scotland.

The East Midlands saw the highest annual percentage change in private rental prices (4.8%), while London saw the lowest (3.0%).

The data from ONS also shows that UK rental prices have increased by 15.6% since January 2015.

The latest ONS house price index

Commenting on the latest ONS house price index, Nathan Emerson, Propertymark’s chief executive, said: “Things are changing, and our members are seeing a steady shift back towards a buyers’ market with the biggest proportion of sales now being agreed at asking price or below.

“Demand is continuing to outpace supply and despite buyers negotiating harder with higher borrowing rates to consider, realistically priced homes are still selling.”

On the index of private housing rental prices, Mr Emerson added: “The solution to rising rents is simple: give tenants more choice.

“The private rented sector needs more landlords and the best way to achieve that is to recognise them as the important housing providers they are.”

He added: “Rising buy-to-let mortgage costs are wiping out returns that have already taken a hit as a result of a mounting tax and regulatory burden.

“Proposals to make it difficult to get a property back if a tenancy goes wrong are proving to be the final straw.

“We think a fairer tax regime would make it an attractive investment again.”

Lettings market is unseasonably busy

Gareth Atkins, the managing director of lettings at Foxtons, said: “The lettings market is unseasonably busy.

“So far, we aren’t seeing the typical slowdown we’d expect around the holiday season.

“The remarkable lack of stock may be to blame, at 30% lower year to date than in 2021.”

He added: “Not only are landlords dealing with rising buy-to-let mortgage rates, but renters also who would have become first-time buyers are more likely to remain in the rental market.”

‘Rents are rising at a time when incomes are being squeezed’

Avinav Nigam, co-founder of residential investment platform IMMO, which plans to spend £1bn retrofitting more than 3,000 homes for rent in the UK, said: “Each rental index shows a different level of growth, but the underlying story is clear: rents are rising at a time when incomes are being squeezed.

“While house prices are taking up all the headlines, we are facing a very real affordability crisis in the private rented sector, as people are struggling to make ends meet.

“A weakening for-sale market will only add further pressure on rental housing and renters, as buyers put off their plans and opt for rented accommodation instead, increasing competition for properties in a supply-starved rental market.

“With the government’s policies hurting landlords it’s driving many buy-to-let investors out, we’re facing a perfect storm of rising rental demand and falling supply leading to high rental price growth.

“The big question is who fills the gap left by private landlords? Given the current climate, it won’t be first-time buyers snapping up these homes.”


UK split into “London” and “the rest” rent divide Buy to Let News, Latest Articles, Property Market News

The great rental divide is splitting the UK as tenants in London pay double the amount for a comparable property elsewhere.

New research shows two distinct rental markets – the capital and the rest. According to property analysts Hometrack. Continue reading UK split into “London” and “the rest” rent divide


Londoners earning less than £52,000 can’t afford to rent Buy to Let News, Cautionary Tales, Latest Articles, Lettings & Management, Property Market News

Renters in London need to earn around £52,000 to let a buy to let home, according to figures from homeless charity Shelter.

The charity reckons 65% of non-home-owning Londoners have given up hope of buying a property in the neighbourhood where they live. Continue reading Londoners earning less than £52,000 can’t afford to rent


London rents hit almost double the rest of the UK Buy to Let News, Latest Articles, Property Market News

Buy to let landlords are picking up almost double the average monthly rent in London compared to property investors in the rest of the UK.

Average monthly rents in the capital are £1,212 a month, according to landlord mortgage firm BM Solutions.
That’s 69% more than the UK average of £716 and 41% higher than the second-placed South East (£858).
Wales (£474 per month) has the lowest average monthly rent, followed by the North and Yorkshire and the Humber (both £488 per month). Continue reading London rents hit almost double the rest of the UK


Buy to let rents are still rising, say letting agents Buy to Let News, Latest Articles

Rents are still rising – but at a much slower rate than a year ago, according to a study from one of the UK’s largest letting agents.

Average rents in England and Wales nudged up 0.01% to £712 a month in January – the first time rents have risen in January and the first monthly rise for three months, says LSL Property Services.

The firm, which runs letting agents Your Move and Reeds Rains, says rent inflation for 2011 was 4% or a £30 rise over the year. Continue reading Buy to let rents are still rising, say letting agents


Ignore those property price pundits who crave free publicity Latest Articles

Christmas is not only the time to be merry, but it’s also the time when the dreaded pundits come out with their property price predictions for the next year in a bid to garner column inches and web space for free publicity.

Piles of press releases predicting this, that and the other for next year are already flooding out. Continue reading Ignore those property price pundits who crave free publicity


Landlords are Buy to Let Paupers Despite Record Rents Buy to Let News, Latest Articles, Property Investment News

Buy to let investments do not make landlords money even though tenants are paying record rents, according to a new study.

Financial experts reckon rents are languishing below pre-credit crisis levels when tax and inflation are taken in to account. Continue reading Landlords are Buy to Let Paupers Despite Record Rents


Buy to Let Rents Hit a New Record High Buy to Let News, HMO's & Student Lets, Latest Articles, Lettings & Management

Buy to let rents are still going up – with tenants paying an average new high of £718 a month.

The cost of renting a private home has surged by 4.3% in the past year, leaving tenants having to find around an extra £1 a day more than they were paying in September 2010.

Rents are growing faster in the South East and East Midlands than other regions. Continue reading Buy to Let Rents Hit a New Record High


Average Rent Down For Second Month in a Row Latest Articles, Property Market News

Red arrow going downwards
The latest Homelet index found average rent prices dropped last month, only the second time it’s dropped in successive months this year.

Across the country prices fluctuated, some regions saw big price drops while the regions where prices rose only did so slightly, accounting for the drop. East Anglia saw the biggest drop, dropping back under the £700 mark to £659. Continue reading Average Rent Down For Second Month in a Row


Homelet Find Rents Are Still Rising Latest Articles, Lettings & Management

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“Homelet’s latest rental index show rents are up again”

Average rents across the UK continue to rise, according to Homelet’s latest rental index for August.

London went up a further 4% to £1,202, reaching a new record as the UK on the whole reached £791.

While month by month prices fluctuated up and down across the country, the annual change has been an increase except for the North East. London is now 12.23% more expensive rent-wise than this time last year and, compared to the rest of the country, rent prices in London are 53% more expensive. Continue reading Homelet Find Rents Are Still Rising


Buy to Let Rents Up for the Sixth Month in a Row Buy to Let News, Latest Articles, Property Investment News

Graph of stack of houses with arrow going up it

"Buy to Let Rents Still on the Up"

Buy to let rents are still rising and are unlikely to stop any time soon despite hitting a record high after increasing for the sixth month in a row.

The average private rented home in England and Wales costs a tenant £705 a month – according to LSL Property Services, the UK’s biggest letting agent that owns brands Your Move and Reeds Rains.

Rents are now just under £30 a month higher than 12 months ago, with yields at 5.2% compared with 4.8% a year ago. Continue reading Buy to Let Rents Up for the Sixth Month in a Row


Rents are Still Rising According to Homelet Buy to Let News, Latest Articles, Property Market News

HomeLet logo

Homelet's latest rental index show rents are still up

Rents are still trickling up, according to Homelet’s latest Rental Index for July as the average rent rose to £767 up from £750. The whole of the UK saw rents rise, with the exception of Scotland and the North West of England, with the South West seeing a rise of nearly 5% from £734 to £770.

Although the average salary has risen, the month previous saw a drop while rents continued to rise.

London again saw a hike in rent prices, rising to an average of £1,154 a month. This has further pushed distance between the comparison to the rest of the UK; London now stands at 50.5% higher than the rest of the country.

HomeLet’s Managing Director John Boyle believes times are tough for London renters- “It seems tenants in Greater London are feeling the pinch more than anywhere else in the country; not only have their average salaries dropped from £37,287 to £36,659 over the past month – but rents have also grown a further 3.5% higher than June – now standing at £1,154.

“Even when compared to the figures from July 2010, a healthy 9% rise in salaries from £34,087 is overshadowed by a crippling 11.6% increase in monthly rental costs over the same period.”

Homelet also found that retired renters are becoming more common, and there was a 16% increase in 66-70 year-old renters selling-to-rent. Younger renters are down though, Homelet found a decrease of 7% on last July’s figures.


London rents soar to double the UK average Latest Articles, Property Market News

magnifying glass on a graph

London rents are miles higher than anywhere else

London landlords are picking up rents that are double the average for the rest of the country.

The capital is streets ahead of the rest in terms of rental costs – with average rents of £1,372 per month compared with an average £688 elsewhere. Continue reading London rents soar to double the UK average


Landlords Still enjoying Increasing Rent Prices Latest Articles

HomeLet logo

Homelet’s latest rental index show rents are still up

The latest HomeLet Rental index has shown that landlords in Greater London are charging 50% more than the rest of the country.

The month on month index has also found an increase in younger renters, the opposite to last month. No age range saw an increase in renters except those under the age of 25. Nationally, the renter average age of renters has also continued to drop. Continue reading Landlords Still enjoying Increasing Rent Prices


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