More people will rent than buy their home in 15 years as attitudes to letting change, says Grainger, Britain’s biggest private landlord.
Uncertainty over mortgages and jobs is steering people towards renting and, by 2026, 54% of Britons will rent, according to a survey by the company. Continue reading Britain Set to Become a Nation of Home Renters
Tenants are snapping up buy to let homes within hours in some areas – although the average is 12.7 days, according to letting agent Countrywide.
Although homes are disappearing fast, the national agent reckons more homes are coming to the market to maintain supply. Continue reading Tenants Grab Buy to Let Homes in Record Time
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.
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
Buy to let up as housing market is subdued
The Bank of England’s Agents’ summary of business conditions June findings have further emphasized the sluggish activity in the housing market, but buy to let continues to thrive.
The smaller properties, usually expected to be bought by first time buyers, have been picked up by buy to let investors capitalising on the market of renters. Continue reading BoE find buy to let still on the up