Rents Rising By 11%

[cressida]

By Colletta Smith & Nicky Hudson & Ben King

Cost of living correspondent and reporters

 

The number of homes available to rent in the UK has fallen by a third over the past 18 months.

The sharp drop in the number of listings has helped drive up rents for new tenants by 11%.

Lettings agencies typically have 10 rentals compared to over 16 before September 2021, figures shared with the BBC by property website Zoopla show.

This has left people like Ruth searching for months without luck. "It seems completely hopeless", she said.

The total number of rental properties in the UK hasn't actually fallen. In fact, it has barely moved since 2016.

But people like Ruth are finding it difficult because they're competing with far more other people in their search for a home, so there are fewer properties on the market at any one time.

 

https://www.dailymail.co.uk/property/article-11867277/Tenants-leave-city-centres-rents-rise-11-says-Rightmove.html

Edited April 13, 2023 by cressida

[Axe]

It is not a surprise rents have increased by a big margin when interest rates have gone up.  The bigger issue is rents will not go down when interest rates fall which is likely to happen soon. 

[cressida]

The government is due to introduce a new Renters' Reform Bill in England before the summer, which it says will redress the balance in the market and provide more security for tenants. Housing rules are different in each of the devolved nations, Scotland currently has tighter controls on landlords than the rest of the UK.

[El Cid]

With RPI inflation now over 13% and it was over 14% in October, 11% is quite reasonable.

Isn't food inflation around 15%?

[RJRB]

The housing market is in a complete mess.

Council Housing stock sold off and not adequately replaced.

No security for tenants who have to rely on the private rental market.

No reasonable relationship between earnings and starter homes costs making mortgages unaffordable for many.

Successive governments have failed to maintain a necessary level of builds.

[Anna B]

1 hour ago, cressida said:

The government is due to introduce a new Renters' Reform Bill in England before the summer, which it says will redress the balance in the market and provide more security for tenants. Housing rules are different in each of the devolved nations, Scotland currently has tighter controls on landlords than the rest of the UK.

I'm not holding my breath. What the Tories say they'll do always has to be taken with a pinch of salt.

What they say, and what they do are often miles apart. We are in this mess directly as a consequence of 13 years of Tory rule.

 

They have had ample opportunities to do something about the problems we face, preferably before they escalated to the sorry state we're in now.

But no. They prefer to look after their own... 

Edited April 13, 2023 by Anna B

[Padders]

7 minutes ago, Anna B said:

I'm not holding my breath. What the Tories say they'll do always has to be taken with a pinch of salt.

What they say, and what they do are often miles apart. We are in this mess directly as a consequence of 13 years of Tory rule.

 

They have had ample opportunities to do something about the problems we face, preferably before they escalated to the sorry state we're in now.

But no. They prefer to look after their own... 

Anna, 

After 13 years of Tory rule every aspect of our lives has deteriorated, everything...

Standard of living is at an all time low, the poor have got poorer, every service is in crisis...

Bills have gone through the roof.

And yet, there are still people who defend them?

I can't understand it, I really can't..

 

[cressida]

Well there was this,   

How much did the Covid pandemic cost UK government?

 

 First, he has extended the virus-related rescue support to households, businesses and public services by a further £44.3 billion, taking its total cost to £344 billion.

Edited April 13, 2023 by cressida

[bassett one]

this goverment are now charging the highest taxes ever,why so they can have a big give away by may 24 to woo voters be aware 

[geared]

22 hours ago, cressida said:

The government is due to introduce a new Renters' Reform Bill in England before the summer, which it says will redress the balance in the market and provide more security for tenants. Housing rules are different in each of the devolved nations, Scotland currently has tighter controls on landlords than the rest of the UK.

The bill will do little to nothing on the problem of sky high rents.  There's simply too many people fighting over too few properties.

 

They Tories have been fiddling with the market and essentially made it un-profitable unless you've got a very large number of properties.  Squeezing the small time landlords out of the market.

 

Surprise surprise, when all those places came off the market the rent prices shot up.  What a nice little present to the affluent Tory donors with extensive property portfolios.

Edited April 14, 2023 by geared