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UK rents are expected to rise faster than house prices over the next five years, bringing further misery to Britain’s growing army of renters, according to a survey.
The Royal Institution of Chartered Surveyors has predicted that rents will increase by just over 25% in the coming years, while property values are set to grow by less than 20%.https://www.theguardian.com/business/201...ics-survey
This article is a year old but will help to make s.24 less painful if true
Not really because then there will be the clarion calls for rent controls!!
Causing even more LL to sell up!!
The mortgaged PRS will just wither on the vine.
Only unencumbered LL will be able to afford letting cheaply.
That could mean 50% of the total mortgaged PRS disappearing!!
There appears to be no Govt back up plan to house people if the PRS halves in number which is highly likely if S24 continues and rent controls happen.
I honestly don't know whether the Govt wonks have worked out yet that you can't get a quart into a pint pot! !!
Where are all the 300000 immigrants going to live that flood in every year!?
I will be selling my flats to homeowners at full retail price.
I would only sell to a LL at full retail price.
So my properties will be lost to the PRS for decades.
How will my selling up assist my soon to be homeless tenants! ?
I am sure the Govt must see this
and Generation Rent will jump on this too with the Cry WE WANT RENT CONTROL OR CAPS
If Property prices rise as much as stated
we may also find S24b becoming a reality
Landlords cant win with this sort of article.
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
28% of PRS TENANTS CLAIM LHA - 1.5 million tenancies
LHA has been frozen for 6 yrs at then cheapest 30% of local market rents
For the other 72% of tenants hompay own rents from net wages - does anyone expect to see 5% pa gross wage increases - so as to fund higher rents?
Higher rents can only be had due to more people sharing eg HMOs - as that route means other bills are shared too
Brickonomics website has data on the small but significant increase in whole families sharing one rental property - as we had in to the 1970s
Overall for poorer households the trajectory is toward more sharing by whatever means.
rent controls will cause landlords to sell up and that will force rents even higher.
I assume things are going to get extremely desperate with cash payments to get around rent controls.
Agreed but as yet we have no Rent Control per se
Govts wrongly thought LHA caps would lower rents - but in practice it just eroded disposable income for claimants
Only a Govt hell bent on mass homelessness would hit PRS with more constraints - but joined up thinking is not part of a PPE course!