Latest news with #ColleenBabcock
Yahoo
3 days ago
- Business
- Yahoo
Average rent surges to £2,712 in London and £1,365 across UK
The cost of rent in London has climbed for a 15th consecutive quarter to hit a record high of £2,712 per month, while tenants across the rest of the UK are paying on average £1,365. The data from property site Rightmove (RMV.L) showed that new tenants are now paying an average of £417 more in monthly rent compared to 2020. This is a 44% increase in rents, well above the 36% rise in average earnings over the same period. Rightmove's property expert Colleen Babcock said: 'Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants." "Supply and demand is slowly rebalancing towards more normal levels, though we still have a way to go before we reach pre-2020 levels of available homes for tenants. The good news is that the latest industry snapshot suggests more investors are taking out buy-to-let loans compared with last year, which should help to bring even more homes to the rental market.' Read more: How to get the best currency exchange deal for your holiday money Commuter belt towns and traditionally lower-rent northern regions saw the steepest increases. Ascot in Berkshire saw the largest annual jump, with average rents climbing 21% from £1,863 to £2,259 year-on-year. Farnham in Surrey followed closely with a 19% increase, amid strong demand in affluent areas within commuting distance of London. Northern towns such as Rochdale and Stockport in Greater Manchester saw rents rise by 17% and 15% respectively, pushed by a combination of low base prices and growing demand from remote workers seeking affordability. Glasgow, Scotland's largest city, also registered a 12% rise to £1,219 per month. Several towns in the North West, including Birkenhead and Prenton on the Wirral, recorded rent increases of 11%, amid a wider trend of price pressures moving beyond traditional hotspots. Watford, Andover, and Kidderminster each saw double-digit increases. Average advertised rents for new properties in London rose by 0.5% this quarter to £2,712 per calendar month, a 15th consecutive record for rents in the capital. The number of available rental homes has risen by 15% compared to last year, with the North East seeing the largest jump (33%). Despite this, the number of available properties remains 29% below pre-pandemic levels. At the same time, tenant demand has dropped by 10% year-on-year, leading to a reduction in competition for rental properties. The average number of enquiries per typical rental property now stands at 11, down from 16 last year, but still higher than the 7 enquiries per property in 2019. As supply increases and tenant demand softens, homes are taking longer to let. The average time for a rental property to be marked as 'let agreed' has risen to 25 days, up from 21 days last year and 18 days in the height of the pandemic market in 2022. Moreover, nearly one-quarter (24%) of rental homes have seen a reduction in price during their marketing, the highest proportion since 2017. Read more: 9 air-conditioned homes to help you beat the heat Alex Caddy, manager at Clarkes Estate and Letting Agency, pointed at a marked shift in the rental market in 2025. He said: "After several years of sharp rent inflation post-pandemic, tenants hit a ceiling by late 2024, leading to widespread price slowdowns. Competitively priced, well-presented properties continue to attract strong interest, while some landlords have exited the market due to rising regulatory and financial pressures. However, many of these properties have now re-entered the rental sector, contributing to higher supply levels." Caddy also highlighted an emerging challenge in the student rental sector, where a cut in university intake for 2025 has left many houses in multiple occupation (HMOs) unlet for the September term. Andrew Ralph, managing director of Lettings at Leaders Romans Group, said: "We're seeing a shift in the rental market this quarter. Stock levels are up, and demand remains strong but more measured. Pricing correctly from the outset is key, and being quick to adjust prices in response to market conditions is vital to avoid void periods." He added: "Tenant affordability is a key focus, and matching the right tenants to the right homes is becoming more important than ever. Despite some landlords exiting, the volume remains consistent, and we're seeing a new generation of professional, tech-savvy investors entering the market." Read more: The big tax change set to push vulnerable people out of work Best cash-saving deals paying up to 7.5% Mortgage rate war heats up with Barclays dropping to 3.75%Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Average rent surges to £2,712 in London and £1,365 across UK
The cost of rent in London has climbed for a 15th consecutive quarter to hit a record high of £2,712 per month, while tenants across the rest of the UK are paying on average £1,365. The data from property site Rightmove (RMV.L) showed that new tenants are now paying an average of £417 more in monthly rent compared to 2020. This is a 44% increase in rents, well above the 36% rise in average earnings over the same period. Rightmove's property expert Colleen Babcock said: 'Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants." "Supply and demand is slowly rebalancing towards more normal levels, though we still have a way to go before we reach pre-2020 levels of available homes for tenants. The good news is that the latest industry snapshot suggests more investors are taking out buy-to-let loans compared with last year, which should help to bring even more homes to the rental market.' Read more: How to get the best currency exchange deal for your holiday money Commuter belt towns and traditionally lower-rent northern regions saw the steepest increases. Ascot in Berkshire saw the largest annual jump, with average rents climbing 21% from £1,863 to £2,259 year-on-year. Farnham in Surrey followed closely with a 19% increase, amid strong demand in affluent areas within commuting distance of London. Northern towns such as Rochdale and Stockport in Greater Manchester saw rents rise by 17% and 15% respectively, pushed by a combination of low base prices and growing demand from remote workers seeking affordability. Glasgow, Scotland's largest city, also registered a 12% rise to £1,219 per month. Several towns in the North West, including Birkenhead and Prenton on the Wirral, recorded rent increases of 11%, amid a wider trend of price pressures moving beyond traditional hotspots. Watford, Andover, and Kidderminster each saw double-digit increases. Average advertised rents for new properties in London rose by 0.5% this quarter to £2,712 per calendar month, a 15th consecutive record for rents in the capital. The number of available rental homes has risen by 15% compared to last year, with the North East seeing the largest jump (33%). Despite this, the number of available properties remains 29% below pre-pandemic levels. At the same time, tenant demand has dropped by 10% year-on-year, leading to a reduction in competition for rental properties. The average number of enquiries per typical rental property now stands at 11, down from 16 last year, but still higher than the 7 enquiries per property in 2019. As supply increases and tenant demand softens, homes are taking longer to let. The average time for a rental property to be marked as 'let agreed' has risen to 25 days, up from 21 days last year and 18 days in the height of the pandemic market in 2022. Moreover, nearly one-quarter (24%) of rental homes have seen a reduction in price during their marketing, the highest proportion since 2017. Read more: 9 air-conditioned homes to help you beat the heat Alex Caddy, manager at Clarkes Estate and Letting Agency, pointed at a marked shift in the rental market in 2025. He said: "After several years of sharp rent inflation post-pandemic, tenants hit a ceiling by late 2024, leading to widespread price slowdowns. Competitively priced, well-presented properties continue to attract strong interest, while some landlords have exited the market due to rising regulatory and financial pressures. However, many of these properties have now re-entered the rental sector, contributing to higher supply levels." Caddy also highlighted an emerging challenge in the student rental sector, where a cut in university intake for 2025 has left many houses in multiple occupation (HMOs) unlet for the September term. Andrew Ralph, managing director of Lettings at Leaders Romans Group, said: "We're seeing a shift in the rental market this quarter. Stock levels are up, and demand remains strong but more measured. Pricing correctly from the outset is key, and being quick to adjust prices in response to market conditions is vital to avoid void periods." He added: "Tenant affordability is a key focus, and matching the right tenants to the right homes is becoming more important than ever. Despite some landlords exiting, the volume remains consistent, and we're seeing a new generation of professional, tech-savvy investors entering the market." Read more: The big tax change set to push vulnerable people out of work Best cash-saving deals paying up to 7.5% Mortgage rate war heats up with Barclays dropping to 3.75%Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
21-07-2025
- Business
- Time of India
Asking prices of properties in UK fall in July: Rightmove
LONDON : Asking prices for newly advertised British houses and apartments recorded their biggest July fall in more than 20 years this month, property site Rightmove said on Monday. Prices for property put on sale during Rightmove's July period - which runs from June 8 to July 12 - were 1.2% lower than for property marketed a month earlier, the biggest June to July drop since the series began in late 2001. Compared with a year ago, asking prices were 0.1% higher. "With the number of available homes still at a decade-high level, summer sellers are pricing even more competitively to attract buyer interest," Rightmove said. British property sales surged earlier this year but then fell sharply after the end of a temporary tax break on many purchases in April. "Discerning buyers can quickly spot when a home looks over-priced compared to the many others that may be available in their area," Rightmove property expert Colleen Babcock said. While sales volumes are still running at around 5% above 2024 levels, Rightmove said it was cutting its forecast for price rises over 2025 as a whole to 2% from 4% due to the high level of competition between sellers. Overall, Rightmove expects 1.15 million property sales in 2025. Prices fell most in inner London, which saw a 2.1% monthly drop, while the biggest rise was in northeast England where there was a 1.2% rise. Earlier this month Nationwide Building Society, Britain's second-biggest mortgage lender, said its house price index dropped by 0.8% in June, the biggest seasonally adjusted monthly fall since November 2022. Official data, which is based on completed purchases, showed that house prices in May were 3.9% higher than a year earlier, down sharply from annual growth of 7.0% in March. Rightmove said smaller price rises, combined with strong pay growth and lower mortgage rates, were making property purchases more affordable. Typical mortgage rates for a two-year fixed period have dropped to 4.53% from 5.34% over the past year, while average wages rose 5.0% in the year to May.
Yahoo
21-07-2025
- Business
- Yahoo
Average UK house asking price drops by almost £5,000
The average price of a UK property coming to the market in July dropped by 1.2% to £373,709 in the largest monthly price drop at this time of year recorded in over 20 years of data, as new sellers lower their price expectations, according to Rightmove (RMV.L). According to the property site, this month's price drop of £4,531 comes as sellers lower expectations to catch buyers' attention amid a high supply of homes for sale. London, the country's largest regional market, leads the charge in price reductions with an overall drop of 1.5%, driven largely by Inner London, where prices fell by 2.1%. This market shift comes as sellers in the capital react to external factors, including changes to stamp duty and tax rules, while also trying to compete for the growing pool of potential buyers. Despite the price reductions, buyers are still active, with the number of sales agreed up 5% compared to this time last year. Furthermore, inquiries from potential buyers are 6% higher than in 2023, indicating continued demand. At the same time, affordability is improving for many buyers, helped by lower mortgage rates and rising wages. 'We're seeing an interesting dynamic between pricing and activity levels right now. The healthy and improving level of property sales being agreed shows us that there are motivated buyers out there who are willing to finalise a deal for the right property. What's most important to remember in this market is that the price is key to selling," Colleen Babcock, property expert at Rightmove (RMV.L), said. Read more: UK savers lost nearly £3,000 to inflation over past 5 years "The decade-high level of buyer choice means that discerning buyers can quickly spot when a home looks over-priced compared to the many others that may be available in their area. It appears that more new sellers are conscious of this and are responding to this high-supply market with stand-out pricing to entice buyers and get their home sold," she added. The national drop of 1.2% in July is the largest price fall recorded at this time of year in over two decades of Rightmove (RMV.L) data, as high level of housing supply and the summer holiday season have made the market more competitive. Rightmove said sellers have been forced to become more agile in their pricing strategies, given the oversupply of homes available for sale. 'It's been a promising first half of the year for activity levels, particularly when you consider that some will have brought their plans forward to try to avoid added stamp duty from April," Babcock said. "Even after the stamp duty deadline, we're seeing more sales being agreed and more new potential buyers entering the market than at the same time last year. Still, the knock-on effect of high buyer choice is slower price growth, so we're revising down our prediction of how much the asking price of a home will increase over the whole of the year," she added. Rightmove's (RMV.L) revised property price forecast for 2025 now suggests that prices will rise by just 2% instead of the earlier forecast of 4%. The high supply of homes on the market continues to cap significant price growth, but the positive momentum in buyer activity means that prices are still expected to edge up modestly. Read more: Sea-view homes in Britain cost over £88,000 more on average Mortgage affordability is also improving. Rightmove's (RMV.L) mortgage tracker showed that the average two-year fixed mortgage rate has fallen to 4.53%, compared with 5.34% this time last year. This drop, combined with average wage growth of over 5%, means that many buyers are saving around £150 per month on a typical mortgage, creating more room for purchasing power. Looking forward, Rightmove (RMV.L) is maintaining its forecast of 1.15 million property transactions in 2025, as the current market remains active. If the Bank of England cuts rates twice more this year, as is expected, this could further encourage buyer demand and push affordability in the right direction. 'Looking ahead to the second half of 2025, there will still very likely be the usual quieter seasonal periods around the summer holidays and Christmas, but we expect market activity to continue to be resilient. Crucially, buyer affordability is heading in the right direction, and another two bank rate cuts before 2026 would be a big boost to this,' said in to access your portfolio
Zawya
21-07-2025
- Business
- Zawya
Rightmove reports record fall in July UK property prices
LONDON: Asking prices for newly advertised British houses and apartments recorded their biggest July fall in more than 20 years this month, property site Rightmove said on Monday. Prices for property put on sale during Rightmove's July period - which runs from June 8 to July 12 - were 1.2% lower than for property marketed a month earlier, the biggest June to July drop since the series began in late 2001. Compared with a year ago, asking prices were 0.1% higher. "With the number of available homes still at a decade-high level, summer sellers are pricing even more competitively to attract buyer interest," Rightmove said. British property sales surged earlier this year but then fell sharply after the end of a temporary tax break on many purchases in April. "Discerning buyers can quickly spot when a home looks over-priced compared to the many others that may be available in their area," Rightmove property expert Colleen Babcock said. While sales volumes are still running at around 5% above 2024 levels, Rightmove said it was cutting its forecast for price rises over 2025 as a whole to 2% from 4% due to the high level of competition between sellers. Overall, Rightmove expects 1.15 million property sales in 2025. Prices fell most in inner London, which saw a 2.1% monthly drop, while the biggest rise was in northeast England where there was a 1.2% rise. Earlier this month Nationwide Building Society, Britain's second-biggest mortgage lender, said its house price index dropped by 0.8% in June, the biggest seasonally adjusted monthly fall since November 2022. Official data, which is based on completed purchases, showed that house prices in May were 3.9% higher than a year earlier, down sharply from annual growth of 7.0% in March. Rightmove said smaller price rises, combined with strong pay growth and lower mortgage rates, were making property purchases more affordable. Typical mortgage rates for a two-year fixed period have dropped to 4.53% from 5.34% over the past year, while average wages rose 5.0% in the year to May. (Reporting by David Milliken; editing by Suban Abdulla)
