Truss cost of living measures will impact lettings ma...

* Angels Media and Letting Agent Today are deeply saddened by the passing of HM Queen Elizabeth II *

The new Liz Truss-led government’s response to the cost of living crisis may be crucial in determining affordability in the rental market, a leading agent says.

Nicky Stevenson, managing director of Fine & Country UK, says: “The rental market remains highly competitive and fast-moving. According to RICS, rental values continue to rise across all regions of the UK and are predicted to climb further over the coming months as supply constraints remain a significant issue.

“The average rent in England and Wales is now £1,078. At £3,553, the average premium rent is up 16 per cent year-on-year, fuelled by prime rent rises in the capital. The impact of the cost-of-living crisis on ability to pay rent is the biggest concern for renters over the next year, closely followed by landlords increasing rent.”

Stevenson says she is not surprised that ‘bills included’ has become the most popular keyword term for renters searching for a new home on Rightmove, with ‘pets’ in second place and ‘furnished’ in third.

“Research has found that an energy-efficient property with an EPC rated A or B, would encourage one in four renters to rent for longer, and that a utilities package tops the list of services renters use or would be interested in buying from their letting agent.

"Affordability, however, remains the key consideration for renters; access to outside space and pets allowed are the only attributes which over 10 per cent of renters would be willing to pay more for” she concludes.