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& some rents falling
"This slowing rate of increase reflects modest decreases in average rents in many areas of the country, which may suggest we are reaching overall affordability thresholds, according to the index report."
I have found that I have had a rise in rents from property I have marketed in the past 6 months
but the very same properties had not increased in rent in the past 5 years
I dont think there will be huge rent rises to cover the extra cost of s24
Learn Change and Adapt ?????
Replacing LHA tenants with non LHA tenants might achieve a decent rise in some cases, but generally rents must be linked to tenants' incomes.
Wages aren't going up much, LHA is frozen, so there isn't a lot to spare for more rent in many cases
Sure, tenants will dig a bit deeper & pay a bit more of their money on rent if they have to, but that can only go so high and, that report suggests, maybe that point is, in aggregate, quite close
It also backs up the theory that a lot of LLs don't know about the effect of S24 on their finances yet: those that do must already be on with rent rises to counter it if they can surely?
I know how important LHA rates in the north are
it sets a benach mark
I still think we have a very good chance of Rent Control
If the Govt wants to do a u turn on S24 they may then use the oppertunity
But I agree with the report Rents are not going to rise if Tenants cant to pay them
If LHA is so important (& some argue it isn't , then it is pretty much rent control by another name already isn't it?
LHA rates frozen, benefits cap reductions imminent... rent rises low (especially at the low end)
switching from LHA tenants to others is a way for some LLs to receive more rent for the same property
how many tenants there are that will willingly pay more for a property that has previously been let at LHA rates remains to be seen - will there be enough to 'bail out' all LLs?
If Rent Control came in it would have a huge effect on the SE of England
One way or the other it surely would
The policy could end up being in favour of tenants, in favour of LLs or neutral.
I doubt rent controls will come in, if they do I would expect them to be limited to how much rents can be increased during a tenancy. The real rent control is affordability, if rents increase above that affordable people will move to cheaper areas, move back home or increase number of people sharing a property.
Demand for privately-rented flats and houses has fallen to a two-year low, while the supply of properties to rent has risen in fresh evidence of a slowdown in the property market.
The Association of Residential Letting Agents said there were just 26 prospective tenants registered per branch in December, down from 32 the month before and the lowest figure recorded since records began in January 2015.
Meanwhile renters have more properties to choose from. ARLA said the number of properties on the books of the typical letting agency branch rose from 185 to 188 on the month.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
we have such a lot of conflicting news on BTL
one min rents are falling the next there rocketing
who do we believe
Annual rental price inflation on new tenancies rose for the second successive month in March but is still lagging behind general inflation, new figures reveal.
The latest Homelet Rental Index shows that new rents in the UK rose by an average of 1.1% during March on a yearly basis to £904, while new London tenants were paying 1.2% more at £1,546.
The monthly increase was also 1.1% nationally and 1.7% in London.Source article
In other rental yields news .... The east of England has overtaken the south-east as the most expensive region to rent outside of London.
The Your Move Buy to Let Index for March in England and Wales showed rents in east England rose 1.4% on a monthly basis in March and 7.4% annually to £883.
The north-east remained the cheapest place to rent at £525 a month on average, while overall average rents in England and Wales were £800 in March.
Overall, average Scottish rent was 3.8% higher than a year ago at £565 a month.Source article Related discussion:Are rents increasing or falling?