0:02 AM, 19th November 2024, About A year ago 2
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The UK’s rental market has a stark regional divide, with London experiencing significant declines in rent prices, while Wales and Yorkshire continue to see double-digit growth.
According to the latest data from Home.co.uk, annualised national growth for asking rents is a modest 1.1% – largely dragged down by London’s falling prices.
In contrast, Wales and Yorkshire have seen impressive year-on-year increases of 15.2% and 14.4%, respectively.
Greater London, meanwhile, has witnessed a worsening year-on-year decline of 3.9%.
The City of London has seen the most significant drop in asking rents among all London boroughs, with an annualised fall of 15.6%.
While UK asking rent growth is keeping pace with inflation, this national average masks significant regional disparities.
In the sales market, the annualised adjusted average asking price growth across England and Wales is now 2%.
This is a significant improvement from the -1.6% annualised growth recorded in November 2023.
Despite a seasonal decline of 0.3% since last month, the property market continues to show signs of renewed vitality.
Property turnover is higher than in most of the past decade, and typical time on the market remains significantly lower than pre-pandemic levels.
The high volume of property moving through the market has led to a significant decrease in unsold stock, even with a substantial uptick in new instructions.
The North West region saw the highest increase in new instructions, up 21%.
While most regions in England and Wales experienced seasonal price dips, Scotland and the North West saw price increases.
London’s house prices, the data shows, remained unchanged.
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Member Since March 2022 - Comments: 350
12:23 PM, 19th November 2024, About A year ago
PRS properties are a dwindling resource so rental prices are rising. It seems that rents in London have finally maxed out. Renters cannot afford the asking rent, so landlords have to reduce rents if they want to continue renting.
Other areas have not maxed out yet and asking rents are still rising. Eventually the same thing will happen and landlords outside London will be faced with the same choice.
If the level of rent obtainable is not financially sustainable for the landlord then their only choice would seem to be to sell up and leave the PRS.
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Member Since October 2013 - Comments: 1588 - Articles: 3
13:00 PM, 19th November 2024, About A year ago
I have just given notice of a 9% increase for the 3rd year in a row, for my remaining BTL in Yorkshire.
It was way below the market rent, and my mortgage had gone through the roof. I explained my predicament to my tenant and she didn’t say a word. She knows she’s on a good rent and will pay more elsewhere.
It’s now close to the market rent, and I had hoped my mortgage would be on the way down. But with this inflationary budget, I worry my mortgage will actually start increasing again, and S21 before the RRB becomes law will be my only option.