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With so much conflicting data and reporting of it, it's hard to know what to believe.The HomeLet data has been interpreted differently by two separate media outlets.Property Industry Eye have used the headline that rents have declined.Whereas Letting Agent Today has used the headline that rents are rising, possibly due to Section 24.And this is what the latest Rightmove data shows:So, what is happening in your area as far as rents are concerned?If rents are declining, are you being more diligent in trying to reduce your operating costs?SEE ALSO - Income from each propertyUP NEXT - Tax changes killing net yieldsDON'T MISS - Cost of running a rental property over a yearNOW WATCH:
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**
More granular detail from the HomeLet index:
Commenting on the research, HomeLet’s Chief Executive Officer, Martin Totty said: “While it is perhaps too early to conclude, this data signals the re-emergence of an upward trend in rents. It wouldn't be surprising if landlords, seeing their own current and anticipated cost increases, seek to pass these costs on to tenants to preserve the returns from capital they have invested in residential property assets.”
“Landlords are facing a deluge of higher costs from new regulation, taxation changes on buy-to-let mortgages and the prospect of a near-term rise in interest rates. There’s also the added uncertainty over the fall-out from the government's intention to ban letting agents from charging up-front fees to tenants.”
Martin Totty added: “In a sector where demand for rental properties generally outstrips supply, most informed commentators suggest higher externally imposed costs on landlords will inevitably translate into higher rents to tenants. This may prove to be the start of that upward movement, especially if tenants are left competing for fewer rental properties because some landlords decide the returns from property investment are being eroded by factors beyond their control.”Read the latest Press Release: UK Rents continue to rise in September
I remember back in the mid-2000's when one journalist wrote one week "House prices are falling!". The very next week the headline was "House prices are rising!".With property being such a hot topic we are sure to see more eye-ball grabbing headlines.Best to keep feet firmly on ground and take it all with a pinch of salt combined with our own experience of our own area.Prices can differ on a macro level from street to street let alone city to city, so average house prices and micro-movement analysis do not really deliver any reliable data imho.With long term investment horizons of 10 to 20 years, most landlords can look to smooth out the roller-coaster.
"Looking after landlords for less"
Knight Frank says average rents are to rise by 14 per cent between the start of next year and the end of 2022.The agency, in its annual forecasts of housing market performances over the next five years, says this increase in mainstream residential rents will come on top of a 1.2 per cent rise that it anticipates will have occurred in 2017.Full/source article
I'd love to Know where some of these "Facts" come from - where I am in the NE Rents haven't risen for 10 Years !! Rent Controls - BRING iT ON !!
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The average rent rose by 0.07% in January, marking what is expected to be the start of a year of sustained rent price growth for the UK.
The average UK rent price now stands at a record £1,198 per month – up by 0.66% on January 2017. While rents in the capital (£1,876) remain around 2.5 times higher than the rest of the UK (£760), January’s average for London is still £16 a month shy of the £1,893 record set in May 2016.Full/source article
Some rents increasing, others decreasing