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  • Property Yields

    HomeLet Index: rents on rise ahead of Fee Ban



    HomeLet's Rental Index figures for April 2019 have been released and suggest that rents continue to rise modestly ahead of the introduction of the Tenant Fee Ban on the 1st June 2019.

    The headlines from this month’s report are:

    • The average rent in the UK is now £936, up by 2.0% on the same time last year
    • When London is excluded, the average rent in the UK is now £775, this is up by 1.8% on last year
    • Average rents in London are now £1,617, up by 1.8% on last year
    • The region with the largest year-on-year increase is the South East, showing a 3.2% increase between March 2018 and March 2019
    • Of the 12 regions monitored by HomeLet, all showed an annual increase in rental values except the North East, which showed a decrease of 1.1%

    As the UK’s largest tenant referencing firm, HomeLet reference over 500,000 tenants every year. The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.

    The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.

    VIEW THE FULL HOMELET RENTAL INDEX

    What are rents doing in your local area - up, stagnant, or down?!

    SEE ALSO  -         What are the best yields being achieved?

    UP NEXT -             1st evidence that Tenant Fee Ban = rent rise?

    DON'T MISS -        Rents rise as Landlords exit the sector

    NOW WATCH:

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    Just two weeks after the ban came into force, a north London lettings agent has started telling its landlords to raise all future rents by £20 a month to offset the new costs they face. And it is unlikely to be alone in proposing such a measure.

    It emerged this week that award-winning London letting agent Simon Clarke has been writing to its landlords with the increased rent proposal. The company, which has been in business since 1991 and has offices in Finchley and Whetstone, is to start charging landlords £240 for credit and other checks – on top of its existing fees. Prior to the ban, it charged tenants £432 for the same service. An online tenant credit check can be done for about £20.

    The letter seen by Money states: “Assuming you would like us to continue to fully reference and credit check prospective new tenants as and when your property becomes available, we need to inform you that an additional admin charge of £200 plus VAT known as a ‘tenancy set-up fee’ will be levied … and in addition to the letting fee. This is to cover the cost of this essential referencing service moving forward and shall include the right to rent immigration checks.”

    Full/source article

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    Those extortionate credit check prices and the like are largely why this fee ban has had to be implemented in the first place.

    I have little sympathy for the plight of letting agents who chose to charge such large fees.

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    Rent prices have reached their highest on record according to ARLA Propertymark’s latest PRS report.

    The number of tenants experiencing rent rises increased to the highest figure on record in May, with almost half (45%) of agents witnessing landlords increasing them.

    During May the number of tenants negotiating rent reductions fell from 1.9% in April to 1.6%, which is the lowest figure since January 2016.

    Full/source article

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