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PRS Rental Price Growth Stalls

PRS Rental Price Growth Stalls

UK PRS Rental Price Growth Stalls

It was widely expected that UK private rented sector (PRS) rental prices would increase during the course of 2015, due to the lack of available rental properties on the market and continued strong demand from prospective tenants.

However, research by HomeLet found that the pace of rent rises had begun to slow in the three months prior to August 2015. Average PRS rental prices being charged to new tenants were only 1.6% higher than they were at the start of the year compared to the 2.2% rise that had been observed during the three months to August 2015.

PRS rents remain considerably higher than they were when figures are viewed on an annual basis, with average rental prices reaching £992 (GBP) in the three months to August, 10.5% higher than August 2014. 

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PRS Rental Prices Keep Going Up

PRS Rental Prices Keep Going Up

PRS Rents Increase 2.5% In The Past Year

According to the Office for National Statistics (ONS) latest Index of Private Housing Rental Prices, tenants in the UK’s private rental sector (PRS) have seen rents increase by an average of 2.5% in the 12 months up to June 2015,.

Private rental prices increased across the whole of the British isles with rents increasing by:

  • 5% in England
  • 1% in Scotland
  • 8% in Wales

PRS rents increased across all English regions during the year with rental prices increasing by 3.8% in London, while the overall Consumer Price Index (CPI) inflation stood at 0% over the same period.

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UK Private Sector Rent Still Rising

UK Private Sector Rent Still Rising, Albeit Slowly

Private Sector Rents Rise By 1% Over Last 12 Months

New data published by the Office for National Statistics (ONS) suggest that private sector rents are rising below the level of average earnings for first time in many years, bringing some good news for tenants.

According to the ONS, in the 12 months to September 2014, private rental sector rental prices increased by:

  • 1% in England
  • 4% in Scotland
  • 2% in Wales

The ONS say that the UK’s underlying annual earnings growth increased by 1.2% in the year to August, up from 0.5% recorded in April 2014.

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UK Property Rental Prices Reach New Record High

UK Property Rental Prices Reach New Record High

UK Property Rental Prices Reach New Record High

Latest figures show that the new national average property rental price being advertised has reached a whopping £1,006 (GBP) per calendar month (pcm).

This is the first time ever that the national average property rental price has broken the 4 figure ceiling barrier in the UK.

The increase in the national average property rental price has been attributed to continued growth of the London and South East property markets.

Property rental prices being advertised in central London have reached £2,300 (GBP) per month, the highest recorded rental average apart from during the Olympic’s in the summer of 2012.

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UK Index of Private Housing Rental Prices

UK Index of Private Housing Rental Prices

Experimental Statistical Data Released For January To March 2014 For Rental Prices Paid By Tenants In UK Private Rental Sector

The office for National Statistics (ONS) have released experimental statistical data covering the change in rental prices paid by tenants in the UK’s private rental sector (PRS).

Private rental prices paid by tenants in the UK increased 1.0% in the 12 months to March 2014, unchanged from a 1.0% increase in the 12 months to February 2014.

  • In the 12 months to March 2014  rental prices in the private rental sector increased by:
    • 1.0% in England
    • 1.3% in Scotland
    • 0.6% in Wales
  • Rental prices increased in all UK regions over the year to March 2014, with rental prices increasing by the most in London reaching 1.4%

The Index of Private Housing Rental Prices (IPHRP) measures the change in price of renting property in the UK’s private rented sector and is published as a series of price indices covering UK regions.

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Published UK Property Data For 2014 Suggests A Record Start To The Year

Published UK Property Data For 2014 Suggests A Record Start To The Year

Published UK Property Data For 2014 Suggests
A Record Start To The Year 

Confirmation that the UK’s residential property market has returned to health is the first data from Rightmove covering 2014 which suggests that the year ahead looks good for property!

The Rightmove House Price Index (HPI) of 2014 shows that property asking prices increased by 1% in January.

Property prices are traditionally subdued in the first month of the year, prices increased just 0.2% in January 2013 and have usually fallen by an average of 0.2% in the month of January over the last decade.

The number of properties coming to market and activity is also up as both estate agents and property vendors look to cash in on the increased confidence in the UK property market.

Year on year property asking prices are up 6.3%, the highest annual rate of increase since November 2007, before the onset of the UK’s credit crunch. 

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House Prices Officially Rising Across The UK

House Prices Officially Rising Across The UK

UK House Prices Rising Faster Than Inflation

The Office for National Statistics (ONS) has recorded year-on-year house price increases across the UK with property values increasing by:

  • 5.6% in England
  • 5.4% in Wales
  • 2.5% in Scotland
  • 3.3% in Northern Ireland

The increase in house prices and activity in the UK property market has been credited to an increase in first-time buyers (FTB) purchasing residential property using the Government’s Help-To-Buy scheme.

The ONS have revealed that annual house price growth outpaced the cost of living in November 2013, even after removing property market activity in London and the South East of England from the calculations, property prices were up by an average of 3.1%, compared with a 2.1% rate of inflation.

Property price increases in the UK are generally driven by market activity and price increases in London and its surrounding areas, although other regions have started to show accelerating property price increases.

Property prices in London were up by 11.6% in November 2013, compared with a year earlier, and property prices have also increased strongly across the whole of the UK according to official figures

Regional Property Price Increases

  • London: up 11.6%
  • South East: up 4.5%
  • West Midlands: up 4.4%
  • North East: up 4.2%
  • East: up 4.1%
  • Yorkshire and the Humber: up 3.2%
  • South West: up 3.1%
  • East Midlands: up 2%
  • North West: up 0.6%                           Source: ONS annual change, Nov 2013

UK regions are becoming far more buoyant and less reliant on activity in the London property market and the majority of buyers are having to look further afield than central locations to find affordable properties, creating a halo effect on property prices.

The annual increase in UK property prices in November follows on from the 5.5% rise observed in October 2013 and although the annual comparison did not show any acceleration, property prices were higher than the previous month increasing by 0.5% in November compared with October, with an average residential property valued at £248,000 (GBP).

The ONS house price index is based on mortgage completions, and is considered to be more comprehensive than House Price Indices (HPI) produced by mortgage lenders such as the Halifax and Nationwide whose figures are based on their own mortgage data.

 

Where Will Property Investors Get The Best Return From In 5 Years Time?

Where Will Property Investors Get The Best Return From In 5 Years Time?

Where Will Property Investors Get The Best Return From In 5 Years Time?

Savills have released their UK property price predictions for the next 5 years identifying what they think are the best UK regions to purchase properties in based on expected Capital Gains.

Residential properties in the South East region are predicted to increase in value by as much as 31.9%, whilst the East of England could see property prices rise by 30.4%.

In the South West region of the UK, Savills expect property prices to jump by 29.4% with increases in property values not increasing by as much in more Northern parts of the UK.

According to the 5 year forecast, East-Midlands property prices could increase by as much as 24.6%, however, London property prices are only expected to rise by 24.4%.

West-Midlands property prices are also expected to increase by up to 23.4% according to the forecast, but property prices in Wales are only predicted to increase by 21%

The city of York in the Yorkshire & Humber region could expect property price rises around 20.5% according to Savills and over the Pennines in the North West, property prices are estimated to increase by 19.3% in next 5 years, as is also the case in Scotland.

North East property price predictions are the worst of the company’s forecast only expected to grow by 17.6% over the next 5 years.

The property price predictions do not appear to take into account the effect of the Help-To-Buy scheme on the UK property market, nor do they allow for the prospect of another property price bubble or even another huge property crash.

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Good news for landlords

Good news for landlords

There is a lot of Good News For Landlords Around As PRS rents Increase, Tenancies Last Longer And Demand Remains Strong

Good news for landlords as monthly PRS rents have increased by 1.1% year on year to average £845 (GBP) per calendar month (pcm). Scotland has witnessed the greatest rental price increase at 6.7% compared with the first quarter of 2013.

There has also been an increase in the number of older private rented sector tenants according to the latest quarterly index published by Countrywide lettings agency, who noted a 6% annual growth in the number of tenants over the age of 50 renting property in the UK private rented sector (PRS). The lettings agency also report that there has been a 7% annual decline in the number of tenants aged under 25 in the second quarter of 2013.

Buy-To-Let yields are strengthening across the UK, with the average yields being recorded in 3 regions:

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UK Residential Property Prices Are Still Increasing

UK Residential Property Prices Are Still Increasing

UK residential property prices increased by between 0.3% and 0.6% in June depending on which house price index is viewed

Figures released by Nationwide and Halifax have some disparity; however, both report that residential property prices are increasing. 

Nationwide report that UK residential property is valued 1.9% higher than a year ago with the typical UK home worth £168,941 (GBP). 

Halifax report that UK residential property is 3.7% higher than in the same three months of 2012.

The data from Nationwide shows that the southern regions of England, especially London, continued to record stronger rates of property price growth and London also tops the table of property price growth in the second quarter index.

Overall the price of a typical residential property is up 1.4% compared with the same quarter in 2012.

10 of the 13 UK regions saw annual property price rises in the second quarter of 2013, however, Northern Ireland is still the worst performing region with property prices down 2.1% in the second quarter of the year.

London property prices increased by 5.2% compared with the second quarter of last year and the city has seen the greatest recovery in property prices of any region with prices now 5% above their 2007 peak at £318,214 (GBP).

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