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Average rent changes were mixed across the UK in September, rising in some regions and falling in others. At the same time, the period for which properties were void, was less positive, rising in most areas in the UK. Despite those mixed moves, overall, it still appears that the UK’s rental market remains well supported with high levels of demand.
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While much is often made of unscrupulous landlords in the UK’s still growing Private Rental Sector, research based on official data shows that thanks to investment from buy-to-let landlords, the standard of rental properties in the PRS has actually improved dramatically over the past ten years. Indeed, thanks to refurbishment by PRS landlords, which costs an average of £12,000 per property, the proportion of rental homes classed as non-decent has almost halved in a decade.
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With so much uncertainty remaining across the UK, it might be difficult to know where to go next with your property investment plans. However, even though Brexit and politics are far from certain right now, a new development in Bracknell suggests the town that is already very much part of the UK's tech corridor, still has some value for residential property and BTL investors.
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A recent report has highlighted the UK’s still ongoing housing crisis as it shows that over 600,000 families in England are living in overcrowded conditions. A severe shortage of housing, particularly social housing, means that there are 96,000 more children who are living in an overcrowded home today, than there were a decade ago.
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A Private Rental Sector landlord has been banned from the sector and ordered to pay back housing benefit paid to him by Telford and Wrekin council, after he was found not fit and proper to receive an HMO (house of multiple occupation) license. This is the first time a landlord has been banned from the PRS sector since new rules were introduced and is a landmark case.
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Two separate reports highlight that while London's property market is still subdued at best, the rental market remains healthy and rents area rising. However, even though rents are rising after being 'too low for too long' according to one report, another confirms what many of us already know; London rents remain unaffordable for over half of the population and will cost over half of a tenant's monthly earnings to afford.
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