24th
Jun 2022
All UK regions’ rents have significantly increased year on year claims a property website.
According to the website the mix-adjusted average rise across the UK is a massive 18.8 per cent and coupled with landlords leaving the sector due to tax and legislative changes, private rented housing supply is rapidly decreasing properties’ availability to rent have fallen by 24 per cent compared to the same time last year.
Greater London’s rents have risen skywards because of supply and demand market forces causing annualised rental growth of 27.6 per cent.
Across the capital’s ‘region’ the mix-adjusted average monthly rent is now 25 per cent higher than in June 2019 before the pandemic started.
New record rental increases across Central London continue to soar as up by 51 per cent and the biggest increase in rental growth since a year ago are in Lambeth rising by 44 per cent and Hackney with a 43 per cent increase.
Demand for buying homes is remaining high with major increases in the North East and London.
As housing stock levels are well below historic standards which of course rapidly ‘fuels’ higher prices across all areas but in spite of this numbers of new instructions from homeowners hoping to take advantage of record prices, has only risen slightly in June.
A statement on the property website says that the Bank of England’s attempted actions to curb the inflation crisis has failed: “Even by their own preferred measure (the Consumer Price Index), inflation is now 4.5 times their target rate and climbing. Of course, the unprecedentedly large and widening spread between mortgage interest rates and inflation specifically incentivises highly leveraged property purchases” says the site.
News Archive »