Category: Rental Market
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UK Rent Prices Soar Further
According to the HomeLet Rental Index, October saw monthly rent prices surge across nearly every region in the UK, setting new records. Here’s what those numbers look like: These statistics underscore the accelerating pace at which the rental market is evolving. The Real Impact on Renters The surging rent prices are outpacing wage increases for…
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Cooling Rental Market in October
October brought with it a noticeable dip in rental prices, according to the latest Goodlord Rental Index. Specifically, rents dropped by 11%, settling at an average of £1,190. This decline comes on the heels of three consecutive months where prices were climbing at a swift pace all across England. While this decrease might seem alarming,…
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Supply of Rental Properties Remains Low
According to Propertymark, the average number of properties available to rent per member branch in September 2023 has remained consistent with August 2023 figures, resting at 11 properties. This might seem like a stable market on the surface. However, diving deeper, we find that these supply levels have barely fluctuated over the past year. But…
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Rental Demand Still Rising, Supply Stagnant
New data from Propertymark’s Housing Insight report indicates that the number of people seeking rental properties is skyrocketing, but the supply of available rentals isn’t keeping up. A substantial 52% of letting agents have reported a month-on-month increase in rents, underscoring the demand pressure. In a nutshell: Despite some fluctuations in recent months, the core…
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Areas with the Heftiest Rental Deposits Across England and Wales
Finding a rental property that suits your needs is just part of the journey; the financial aspect, especially the initial deposit, often poses a significant hurdle for many tenants. A recent study reveals how this challenge is not uniform across England and Wales, with some postcodes demanding considerably heftier deposits than others. The Growing Cost…
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Unprecedented Rise in Room Rents
As of the third quarter of 2023, rents across the UK have soared to levels never seen before. This trend isn’t just occurring in traditionally expensive areas; even regions once considered more affordable are experiencing sharp rent increases. Data from SpareRoom, a leading flatshare site, shows a staggering 16% year-on-year rise from 2022, setting the…
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ONS Rental Price Index, September 2023
The ONS today released its Index of Private Housing Rental Prices for September 2023. According to the Index —an experimental price index that monitors the prices paid for renting property from private landlords in the UK—there has been a significant gain in private rental prices, especially in the year preceding September 2023. A Peak in…
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Renters Squeezed: ONS Reports a Surge in Housing Affordability Issues
The Office for National Statistics (ONS) has shown an increasing number of individuals are finding it tough to keep up with their rent or mortgage payments. The ONS’s latest bulletin on ‘Public opinions and social trends’ shows a stark reality — 40% of adults who are either renting or paying a mortgage find these payments…
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Rent Increases Across Regions
According to data released by HomeLet, a tenant referencing and insurance provider, the average UK rent has climbed to £1,276. This isn’t just a random spike; it’s an 8.9% climb from what it was a year ago in September 2022, and a 1.38% increase from just August this year. HomeLet’s chief executive, Andy Halstead, has…
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Tenants Offering to Overpay by 30% as Rental Demand Surges
With the surge in property demand in recent times, we’ve seen some remarkable shifts in the rental market. Potential tenants are offering considerably more than the advertised rent, some up to a whopping 30%. This development is a clear response to the increased demand for rental properties, which has overtaken supply. This growing trend comes…