Latest news with #AlexBloxham
The Guardian
28-01-2025
- Business
- The Guardian
Average private rents in Great Britain fall for first time since 2019
Average private rents in Great Britain have fallen for the first time since before the pandemic, with an improvement in the supply of properties helping to cool a 'ferociously hot' rental market. After several years of seemingly relentless rises, with fresh records being hit every three months, the typical advertised rent outside London slipped back in the final three months of 2024 to £1,341 a month – the first decline since 2019. The figures from the property website Rightmove represent a sliver of good news for tenants, many of whom have had to grapple with sizeable increases to their housing costs during the cost of living crisis. The new average monthly figure, outside London, equates to a drop of £3 compared with the previous quarter, and typical rents are 4.7% higher than a year earlier. Nevertheless, Rightmove claimed this fall was 'a key milestone' after a succession of inflation-busting increases, with annual rent growth peaking at 12% in 2022. But there was no respite for those renting in the capital: average rents in London continued to rise, reaching a record £2,695 a month, which may be linked to an increase in the number of landlords choosing to sell up and leave the sector. Rents have risen in recent years as the pandemic, and its fallout, triggered surge in the number of people wanting to relocate for work or lifestyle reasons, leading to more intense competition for a place to live in many areas. However, this trend may finally be easing off. John Baybut, the managing director at Berkeley Shaw Real Estate in Liverpool, said: 'We've seen a levelling-off in demand from tenants due to many factors, including the end of the post-pandemic surge for new rental requirements, and some demand heading to the sales market.' Rightmove said one of the drivers of slowing rental growth had been the gradual improvement in the supply of properties. The number of available homes for rent was 13% higher than at the same time last year, while at the same time, the number of prospective tenants contacting letting agents about a move was 16% lower. Alex Bloxham, a partner and head of residential lettings at Bidwells, said: 'We're seeing a cooling of what has been a ferociously hot rental market over the last year, where tenants have endured intense competition and consistent rental inflation.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Rightmove said there was still evidence that some landlords were choosing to sell up. On average, 15% of homes for sale on its site had previously been available to rent in 2024 – up from 13% in 2023. London was the most affected, with nearly one in four (24%) homes for sale having previously been available to rent, compared with one in five (20%) in 2023.
Yahoo
28-01-2025
- Business
- Yahoo
Rightmove: 'First drop' in house rent prices outside London since before the COVID pandemic
The average asking price to rent a home outside London has fallen for the first time since before the COVID pandemic, according to a property website. Rightmove credited improved levels of rental properties for the welcome shift, but declared that advertised private rents in the capital continued to tick up, for a 13th consecutive quarter, between October to December. It reported an average sum of £2,695 per calendar month (pcm) for London, though that was only 0.1% higher than the previous quarter. The rest of Britain had an average newly advertised rent of £1,341 pcm - down 0.2%. The trend for the country as a whole is of a price slowdown following years of unprecedented growth that has resulted in successive monthly highs. Rents are currently 4.7% up on a year earlier, the slowest rate of growth since 2021. The property website said a rising supply of rental homes to choose from was improving the balance of supply and demand, although there were typically still 10 applications being made for every rental property. It also suggested that many tenants had shifted their focus towards the sales market due to continued steep competition for rentals and as borrowing costs were now down from cost of living crisis peaks. Rightmove's property expert Colleen Babcock said: "While new tenants are still paying more than they were at this time last year, the pace of growth continues to slow. "However, though this is the big picture of market activity, agents on the ground still tell us that the market is very hot, and some areas have improved more than others when it comes to the supply and demand balance." The northeast of England was said to have seen the biggest boost to supply, with Wales the smallest. Alex Bloxham, a partner and head of residential lettings at the consultancy Bidwells, said: "These figures suggest landlords are continuing to invest in their buy-to-let portfolios, while more tenants are choosing to stay put, likely due to continued macroeconomic uncertainty and the up-front costs involved in relocating." The debt charity StepChange reacted to the figures by saying that they were unlikely to bring any immediate relief to millions of families grappling with higher bills. Its recent polling suggested that 22% of people renting privately were always worried about money, with rents just one elevated cost to bear as many other bills such as those for food and energy show little sign of easing. Water and council tax costs are also due to rise sharply from April. Read more from Sky News:Ryanair profits nearly 10 times higherHobbycraft owner circles WH Smith The charity's Richard Lane added: "We're pleased to see the Renters Rights Bill progressing through parliament, which will end section 21 'no fault' evictions - a long overdue piece of legislation. "However, we've long called for strengthened protections for private renters facing financial hardship. "Our research shows that a significant proportion of private renters are having to rely on credit just to cover their rent, which is unsustainable and will only trap people in a cycle of problem debt. "If you are struggling with rent arrears or any other type of debt, free and impartial advice is available from charities like StepChange."
Sky News
28-01-2025
- Business
- Sky News
Rightmove: 'First drop' in house rent prices outside London since before the COVID pandemic
The average asking price to rent a home outside London has fallen for the first time since before the COVID pandemic, according to a property website. Rightmove credited improved levels of rental properties for the welcome shift, but declared that advertised private rents in the capital continued to tick up, for a 13th consecutive quarter, between October to December. It reported an average sum of £2,695 per calendar month (pcm) for London, though that was only 0.1% higher than the previous quarter. The rest of Britain had an average newly advertised rent of £1,341 pcm - down 0.2%. The trend for the country as a whole is of a price slowdown following years of unprecedented growth that has resulted in successive monthly highs. Rents are currently 4.7% up on a year earlier, the slowest rate of growth since 2021. The property website said a rising supply of rental homes to choose from was improving the balance of supply and demand, although there were typically still 10 applications being made for every rental property. It also suggested that many tenants had shifted their focus towards the sales market due to continued steep competition for rentals and as borrowing costs were now down from cost of living crisis peaks. 3:11 Rightmove's property expert Colleen Babcock said: "While new tenants are still paying more than they were at this time last year, the pace of growth continues to slow. "However, though this is the big picture of market activity, agents on the ground still tell us that the market is very hot, and some areas have improved more than others when it comes to the supply and demand balance." The northeast of England was said to have seen the biggest boost to supply, with Wales the smallest. Alex Bloxham, a partner and head of residential lettings at the consultancy Bidwells, said: "These figures suggest landlords are continuing to invest in their buy-to-let portfolios, while more tenants are choosing to stay put, likely due to continued macroeconomic uncertainty and the up-front costs involved in relocating." The debt charity StepChange reacted to the figures by saying that they were unlikely to bring any immediate relief to millions of families grappling with higher bills. 2:31 Its recent polling suggested that 22% of people renting privately were always worried about money, with rents just one elevated cost to bear as many other bills such as those for food and energy show little sign of easing. Water and council tax costs are also due to rise sharply from April. The charity's Richard Lane added: "We're pleased to see the Renters Rights Bill progressing through parliament, which will end section 21 'no fault' evictions - a long overdue piece of legislation. "However, we've long called for strengthened protections for private renters facing financial hardship. "Our research shows that a significant proportion of private renters are having to rely on credit just to cover their rent, which is unsustainable and will only trap people in a cycle of problem debt. "If you are struggling with rent arrears or any other type of debt, free and impartial advice is available from charities like StepChange."
