Category: Rental Market
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ONS Price Index of Private Rents (PIPR) – May 2024
Rents are still rising across the UK, but there are signs that the pace of increases is slowing down, giving landlords and potential investors plenty to think about. The latest figures show that the average rent across the UK went up by 8.7% in the year to May 2024. This means that if you were…
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Up To 50 Potential Renters Are Battling for Every Home in These Areas
New data reveals that in some UK rental hostpots, there are up to 50 people competing for every single property. Luton is the worst offender, with a whopping 49 people vying for each rental property. Reading, Sheffield, and Newcastle aren’t much better, with 48 people competing for every listing. These towns and cities are also in the…
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Rent Prices Fall in Some Cities, But It’s Not Everywhere… Yet
While the cost of renting has been rising for years, there are signs that is changing in some parts of the country. New data from Zoopla shows that rents actually fell in six major cities in the first three months of this year. Where did rents drop? These falls are modest, and the overall picture is still…
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A Tiny Drop in Rent Increases – Homelet
The latest figures from HomeLet show that rents only went up by a tiny 0.2% between April and May. That’s the smallest rise in over a year, with some regions even seeing rent decreases. The North East saw the biggest drop in rents (-1.6%), followed by the South West (-1.4%), London (-1.3%), and Yorkshire and Humberside…
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Slowing Rent Hikes: What’s Ahead for UK Rental Market in 2024?
The UK rental market is poised for a significant shift in 2024. After years of rapidly climbing rents, a new report from Zoopla forecasts a slowdown to just 5% growth this year. This change is largely attributed to evolving demand and affordability concerns, rather than an increase in housing supply, which remains a crucial issue…
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Renters Sticking Around – Tenants Stay Longer
While homeowners are on the move, private renters are settling in for the long haul, according to new data. It seems that the private rented sector (PRS) is becoming a more permanent fixture for many, with tenants staying put for longer than ever before. The data, from Zero Deposit, shows that homeowners are spending less…
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Rent Costs Reach Seven-Month High
As summer approaches, rental prices are heating up across England. According to the latest rental index from Goodlord, rents have hit their highest levels since October, continuing a trend that could see prices soar even further in the coming months. In the past month alone, from April to May, rents increased by 1%, raising the…
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Rent Struggle – A Quarter of UK Tenants Fork Out Half Their Salary on Rent
Recent data from Canopy, a service provider for tenants and landlords, indicates a worrying trend in the UK rental market. Over a quarter of tenants, precisely 27.3%, are now spending at least half of their net income on rent. This startling statistic underscores a broader issue: the average UK tenant allocates a whopping 38% of…
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UK Tenants Feel the Pinch as Rent Prices Rise
In the past year, UK tenants have faced a steep 9.1% hike in rent prices, with those in London and Scotland experiencing even sharper increases. This increase in rents underscores a growing trend across the nation, making housing affordability a pressing concern for many. Londoners and Scots are bearing the brunt of these rental increases.…
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UK Rental Market Faces Soaring Demand
The UK’s private rental sector is currently experiencing a significant surge in tenant demand, with an imbalance between the number of available properties and the number of prospective tenants. This data comes from a recent survey conducted by Paragon Bank, which highlights the intensifying competition in the rental market. The survey queried nearly 800 landlords,…