Thursday, October 21, 2021

Want to rent? Join the race, it's a fast one!

Properties snapped up in minutes. Prices soaring. Gazumping rife. The rental market’s seldom been so hot - leaving many heartbroken.

Agents say properties are being snatched up in as little as 24 hours - in which time applicants are registered, vetted, shown the flat and have their paperwork processed - before tenants move in a few days later. Renters also complain of being gazumped by others offering more money at the last minute.

Record high tenant demand - and even London is improving

Tenant demand across the private rental sector is at a record high according to buy to let specialist the Paragon Bank.

A survey of 600 landlords conducted on its behalf, assessing the market in the third quarter of 2021, shows that 69 per cent have recorded increasing levels of demand, with some 36 per cent stating the increase was ‘significant’.

Wednesday, October 20, 2021

Falling stock drives London rents up by hundreds a month

The cost of renting in London has climbed by hundreds of pounds a month due to dwindling rental stock levels and could continue to do so if the issue is not resolved, according to the latest market analysis from lettings and estate agent, Benham and Reeves.

Benham and Reeves analysed both the change in available rental stock across the London market in the last year, as well as how this has impacted the cost of renting across the capital.

Rents rise across London as stock shortage takes its toll

New research by the Benham and Reeves agency has revealed how a lack of London rental properties has pushed up the cost of renting over the last year.

Director of Benham and Reeves, Marc von Grundherr, comments: “Restrictions imposed as a result of the pandemic saw demand for London rental properties evaporate almost overnight and many landlords were forced to dramatically reduce their rental income expectations simply to secure a tenant.

EPC ratings to become more important under Green reforms

The government has given more details of its bid to change the energy efficiency of existing and new homes to meet Net Zero targets.

In a 131 page document released by HM Treasury, the government says: “The overall ambition is to improve as many homes as possible to Energy Performance Certificate band C by 2035.”

This puts more emphasis on an EPC rating as a specific target than in most previous guidelines from government.