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UK Rental Prices Have Not Grown As Much As The Media Hype Suggests

UK Rental Prices Have Not Grown As Much As The Media Hype Suggests

UK Rental Price Growth Has Slowed Down
Everywhere Except London

The hype suggesting spiralling rental prices in the UK’s private rental sector (PRS) are out of control, has been previously used by tenants and even some agents to brow beat private sector landlords into lowering the expected monthly rental prices has been exposed as a myth by the Office for National Statistics (ONS).

Apart from the ridiculous rental situation in London, where rental prices for single dwellings are getting beyond affordable, landlords across the rest of the UK are lucky if property rental prices just about keep pace with inflation.

Private rental sector rental prices are flat in monetary terms when viewed year on year even if there has been some seasonal adjustment for the Spring & Summer lettings market.

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Housing Minister Wants Crackdown On Rogue Landlords

Housing Minister Wants Crackdown On Rogue Landlords

Government Want New Measures To Tackle Rogue Landlords

Government housing minister, Kris Hopkins, has stressed the need for a fairer, more flexible private rented sector, and wants to raise standards of all rental property conditions and he intends to root out rogue landlords.

The housing minister wants PRS landlords and their tenants to offer their views on what else the Government can do to tackle the problems in the UK’s private rented sector, and what action needs to be taken to further boost the growth of the sector.

In particular, Mr Hopkins wants tenant and landlord views on a variety of new initiatives and safety measures including:

  • Tackling retaliatory evictions where a minority of PRS landlords evict tenants for requesting repairs to the property
  • Requiring landlords to repay rent where they have rented out a property that proves to have serious defects or hazards to tenants health, or where landlords have evicted a tenant illegally
  • Making landlords responsible for improving safety measures in rental properties, such as fitting hard wired smoke and carbon monoxide alarms and periodic electrical safety checks

The UK Government has already introduced an array of new guidelines, including providing local authorities with over £6.5 Million (GBP) to root out and prosecute rogue landlords in their areas.

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UK Rental Market Remains Healthy Despite PRS Rent Falls

UK Rental Market Remains Healthy Despite PRS Rent Falls

UK Rental Market Remains Healthy Despite PRS Rent Falls

Rental price increases in many UK regions have slowed according to the latest data gathered by the latest Buy-To-Let Index conducted by LSL Property Services group.

The data showed that UK PRS rents increased by 1.5% in the 12 months to December 2013, less than half the 3.2% growth observed in 2012 and on the whole, UK PRS rents fell by 1% in December 2013, (around £8), reducing the average private rental sector rent to £745 (GBP) per calendar month.

The largest drop in PRS rental prices was observed in the South East, with rents down 2% since November 2013, rents also fell 1.9% in both London and Wales.

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UK PRS Landlords Expect Tenant Demand To Increase

UK PRS Landlords Expect Tenant Demand To Increase

UK PRS Landlords Confident About Continued

Strong Tenant Demand

As we reported yesterday (UK Property Boom ContinuesSpotlight – 7th January 2014), the private rented sector boom looks set to continue throughout 2014 and a recent survey conducted by LSL Property Services, has discovered that six in ten UK private rented sector landlords agree.

The LSL survey of 2,195 private rental sector landlords found:

  • 58% of UK PRS landlords are confident that tenant demand will continue to increase over the next twelve months
  • 41% of UK PRS landlords reported growth in tenant demand in past six months
  • 16% of UK PRS landlords expanded rental property portfolios during 2013
  • 18% of UK PRS landlords expect to expand their rental property portfolios in 2014
  • 10% of UK PRS landlords expect tenant demand to fall
  • 6% of UK PRS landlords experienced a drop in tenant demand
  • 77% of UK PRS landlords believe now is a good time to buy or sell rental property
  • 71% of landlords cited attractive property prices
  • 50% of UK PRS landlords highlighted better capital returns on offer compared to other types of investments
  • 47% of landlords said that strong tenant demand was a key investment driver

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