Measures aimed at fixing Britain’s “broken housing market” are being unveiled by ministers.
Communities Secretary Sajid Javid is saying the proposals will help people currently priced out of buying a home, and bring more stability to renters across England.
Fewer tenants are falling into serious rent arrears thanks to the improving employment market, according to letting agents Your Move and Reeds Rains.
In absolute terms, just 86,200 tenants across the UK are more than two months behind in their rent. This compares to 89,300 in the previous quarter. This represents a 4% fall and means that 3,100 households in homes to let have moved out of serious rent arrears since the end of 2015. Continue reading
The cost of renting a one-bedroom property in the UK has risen to swallow almost half of the average young worker’s take-home pay, according to figures, while those living in London are typically handing over 57% of their monthly wages.
The average cost of a new tenancy on a one-bedroom home hit £746 a month in May, taking up 48% of the take-home pay of a worker aged under 30, data from property firm Countrywide showed. Continue reading
The Housing and Planning Bill, which includes measures to tackle criminal landlords and letting agents, should also address the issue of problem tenants, according to the Association of Independent Inventory Clerks (AIIC).
Included in the Bill are proposals to ban and fine criminal landlords and letting agents, introduce rent repayment orders and establish a database of ‘blacklisted’ landlords and agents.
London will become a city of renters, with just 40pc owning their own home in 2025, according to new research from PwC and reported today in The Telegraph.
This is a reversal of the situation in 2000, when 60pc of Londoners owned a house, either outright or with a mortgage.
The average price of a home in Britain’s seaside towns has risen by a third over the past ten years, according to research by Halifax, which is leading many older people to rent by the sea when they retire, says Peter Girling, Chair of Girlings Retirement Rentals.
Halifax found that the average seaside property price is now £208,729 compared to £159, 522 in 2005, with the UK’s most expensive seaside town Salcombe in Devon with an average price of £672,874, followed by Sandbanks in Dorset with an average of £614,726. Continue reading
Commenting on research published by the Joseph Rowntree Foundation, the Chief Executive of national charity Citizens Advice has said that the “whirlwind” of changes has left increasing numbers of people unable to pay their housing costs.
Citizens Advice Chief Executive, Gillian Guy, said: Continue reading
Landlord support for Labour and the Liberal Democrat Party has halved since the 2010 General Election because of their interventionist policies for the private rented sector (PRS), according to the National Landlords Association (NLA).
Research from the NLA shows that landlord support for the Labour Party has fallen from 11 per cent in 2010, to just six per cent who say they intend to vote for Ed Miliband at the polls on May 7th. The NLA predicts a further slide in Labour support, as the research was conducted before the party manifestos were published and the Labour leader confirmed his intention to cap rent increases at the rate of inflation. Continue reading
New research suggests there will be an exodus of landlords from the Scottish Private Rental Sector (PRS) in light of the removal of no fault grounds for repossession and the spectre of rent controls in City hotspots.
The figures from lettings portal Citylets make for stark reading and have far reaching consequences for the sector which is already struggling to meet demand in some of its major cities. Continue reading
After a recent spurt of rent growth, landlords anticipate that rent rises will taper off over the next twelve months, according to a sentiment survey of more than 1,200 landlords conducted by Your Move and Reeds Rains.
On average UK landlords anticipate that rents will increase by 1.7% in the coming year, a sharp slowdown from the current rate of annual rent growth to a steadier trajectory. According to the latest Buy-to-Let Index from Your Move and Reeds Rains, average residential rents across the UK climbed 3.7% in the year to March 2015, the fastest pace for two years. Continue reading