Rents surge £100 in 8 years

The Rentindex reveals that rent increases have continued on their steady seasonally adjusted course over the last 8 years.

Following their rise of over 5% over the last 12 months they are now £100 above their level at the start of 2008 when the Rentindex was first established.

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Latest rent check stats

Allsops latest rent check give an interesting insight into the rents landlords are charging.  Key stats:

• 28% of landlords questioned anticipate rental growth over the next 6 months
• 5% of landlords have lowered their rent over the last 12 months
• 85% of landlords achieved their rental asking price (down 3% since the spring)
• The most expensive rents for a 2 bed flat are found in London zones 1-2 for Q2 - Q3 2014 was £1480 down £25 on the year
• The average length of a tenancy is 2 years 6 months

 For more details on the rent check follow the link

 Rentindex - for the latest real time rents

Rents rise to record high

The average rent in England and Wales now stands at a record of over £650 according to the Rentindex.  This is a rise of almost 7% over the last 6 months (this includes seasonal factors).  Over the year the rents now stand at 2.7% the level at this time last year which is a full 1.5% above the current inflation level of 1.2%.

The total value of rents was £44.8bn in the year to June – up 5.5 per cent on a year ago and equivalent to nearly half the UK’s total annual household expenditure on food.

A word of caution we are now entering a seasonal period of rent deflation as landlords fight to get a tenant in to their rental property rather than going for top dollar preferring instead to avoid the void. 

This historically continues until the spring when landlords recover their nerve.

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Rents still rising - just

Rents are rising....but only just according to the latest data from the Rentindex. The real time rent tracking website shows that the average monthly rent for private landlords now stands at £628.50.
This represents a rise of 2.7% over the last 3 months. However, this is barely up at all over the last 12 months. Rents are now just 0.6% up over the year, certainly not enough to keep track with current levels of inflation.

We have spoken before about the great rent increase myth.

More landlords and more rental property could mean downward pressure on real rents, even with the rise of generation rent.

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Rent growth slows

We have been warning landlords that the largely reported myth of spiralling rents would soon be exposed. Away from the Westminster Bubble and the billionaires living in Knightsbridge the rest of us in 'main street' UK know that rents have not been if a Landlord was lucky keeping track with inflation but no more.  Property Hawk's Rentindex reveals that rents are flat in monetary terms year on year even if there has been the expected seasonal adjustment that occurs during the Spring & Summer letting market.  Government figures on rents provided by the ONS show that rents are only up 1% over the year.

FT reveals rents reverse

The latest rent figures featured in the FT reveal the reality that rent rises across England and Wales have slowed to their lowest annual rate in over 4 years.  The data provided by LSL Property Services also showed that rents in March were only 0.9 per cent higher than a year ago.  This is the slowest growth rate since January 2010. The figures from LSL show that the average rent now stands at £741 per month. On a monthly basis, rents actually fell by 0.2 per cent between February and March.

Property Hawk View

It will be interesting to see if any of the Labour Politicians are listening to the facts that rents across the UK are flat or falling (in real terms) before they continue on their crusade to bash landlords for exorbitant rental increase or will they just put it down to an inconvenient truth!

Landlord insurance - protect your rents - rent guarantee insurance

Rents on the up

The seasonal slump in rents over Christmas is well and truly over according to the Rentindex.

Rents are up 0.6% over the last month at £632.5.  This is just a 'sniff' away from the all time high of £638 recorded back in October.  Surely, it's only a matter of time before the £640 pcm level is breached for the first time.  My bet is June this year.

Rents are now up from £575 first recorded back in January 2008 an increase of exactly 10% on the 2008 figures.

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