New data from Connells-owned brand Hamptons shows that the average cost of a new let in Britain rose to £1,115 pcm, up 9.1 per cent from its 2021 low in March last year.
But the agency cautions that while this represents a rise in rental growth after six months of cooling, it is expected to slow again in the coming months given how quickly rents picked up pace from April onwards last year.
Rents in Inner London saw the strongest growth as they continued their recovery.
Even so, at an average of £2,571 pcm, up 21.3 per cent year-on-year, the average home in Inner London still costs £99 or 3.7 per cent less than it did in March 2019.
Outside London, the South West recorded the strongest rental growth, at 14.9 per cent.
Aneisha Beveridge, Head of Research at Hamptons, says: “A lack of rental homes is one of the reasons why rents have been rising at such pace over the last year. March set a new record for rental growth as rents bounced back from 2021 lockdown lows last March.
“But as new buy-to-let purchases begin to feed into the lettings market over the coming months, we expect to see rental growth cool, particularly as the cost of living crisis weighs on affordability too.”
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“A lack of rental homes is one of the reasons why rents have been rising at such pace over the last year."
Why on earth would there be a lack of rental homes???? Hmmm, let me see....
1. S24 (disallowing of finance costs)
2. Additional 3% SDLT on property purchase
3. Premium of 8% CGT when selling property
4. Banning of letting agent fees
5. Halving of lettings relief
6. Banning of ‘No DSS’ wording in adverts
7. Promised banning of S21 notice
8. Growing trend of councils charging hefty licence fees per property
9. Changes to HMO regs including minimum room sizes
10. Right to rent checks (now shown to be discriminatory and there is no guidance on how to deal with EU immigrants)
11. Benefit tenants migrated to UC causing lengthy delays in rent payments and often substantial arrears
12. Unable to get housing benefit paid direct unless history of bad money management
13. Scrapping of Wear & Tear allowance
14. Introduction of EPC minimum requirements (even on HMOs) which can be difficult to meet with older properties
15. Unfit for human habitation legislation
16. CO detectors must be fitted
17. 100%+ council tax on properties being refurbished between tenancies. Not even the 25% single person discount
18. Substantial increases in court costs for use of S8, thus making S21 more popular
19. Membership of compulsory redress scheme for agents (and most likely for landlords soon)
20. Limit on amount of deposit we’re allowed to take
21. Rogue landlord database
22. Proposed 3 year minimum tenancies though not sure what the value of this would be with the abolition of S21 (which has promised to be abolished)
23. Some councils now charging council tax on HMO rooms
24. 6 month notice periods
25. Eviction moratorium, extended moratorium, Christmas moratorium
26. EICR legislation that only applies to the PRS, apparently social tenants don’t need to be safe. Upto £30k fine if checks not done.
27. Proposed MEES to be made C (up from E)
28. Proposed legislation to force landlords to accept pets
29. Having to consult with non-paying tenants in regard to giving them breathing space
30. Form N5B (S21) has gone from around 3 pages to nearly 30.
31. In Wales the minimum notice period is now 6 months and can only be served at the 6 month point of a tenancy, meaning a minimum 12 month tenancy unless contract is breached. The tenant only has to give 28 days notice.
32. Again in Wales, it is proposed that Council Tax is to be replaced with a land value tax payable by the property owner
33. Rent controls are being touted as a solution to the rises in rents caused by all the above.
34. In addition the Shadow Chancellor has promised further landlord taxation if Labour come to power.
Have I left anything out??
the rise in popularity of air b'n'b I would have added
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