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Rents On The Rise

Rents On The Rise

Rents On The Rise

Rents are in the rise across the country but more so in central Londons prime property market. The value of rents are on the increase in central London this is due to the declining supply in Londons property market according to the latest research.

Since the recent tax changes, landlords have either sold or trying to sell their investments, due to the fall in supply this has put pressure on rental prices thus pushing them upwards. 
In September last year, we saw a decline of 3% on rental values, compared to September this year we have now seen an increase of 0.9%.

The supply of rental properties on the market has fallen this is either due to the fact landlords have sold or are listing their properties for sale.

according to Rightmove statistics, there were 17% fewer rental listings across prime central London in the 12 months to July compared to the previous 12 months. While across the outer areas of prime London saw a drop of 14%.

The Rightmove report also indicates that the percentage of actual rental listings in central London in relation to sales also trended downwards last year and the first half of this year. Landlords are removing their rental listing and trying to sell their houses instead.

“The trend took an upward spiral during the middle of 2018, this was indicating that landlords were struggling to sell their properties and were relisting them for rent, this, in turn, this has relieved pressure on rental prices” Chris Dezeeuw Head of Property rentals at Home House Buyers.

Chris also mentioned, ” The demand for new rental properties is at a 12 year high and is set to keep the pressure on the price of new rental properties hitting the market, these will inevitably push prices further up”.

There have also been positive signs in the commercial properties lettings market across central London, there has been a take-up of new office space which has been higher than it has been for several years. Over the last year, the increase has been over 14 million square feet of space which is up by 13% from a year ago.

Wages have exceeded expectations and have seen unprecedented growth which has shown in the consumer price index since last February. This has been accompanied by low interest rates, exceptional low unemployment and a recent boost to the GDP, it just shows how great the economy in the UK is doing, its gone from doom and gloom to a positive outlook.

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