Latest news with #WilliamReeve
Yahoo
06-08-2025
- Business
- Yahoo
New renters in London pay record-breaking £2,201
New tenants have never paid so much rent in England, with the average cost in July hitting a record-breaking £1,496, according to figures from Goodlord. This new peak surpasses the previous record set in July 2024, when the average was £1,470. In Greater London, the average rent on a new tenancy surged 4% to £2,201, the highest anywhere in England. July is traditionally one of the busiest months for the rental market, with demand driven up by student lets changing hands, graduates moving to new cities, and families looking to secure a home before the new school term. July's average cost of £1,496 marks a new rental record, the highest average recorded since the Goodlord Rental Index began in January 2019. Month-on-month rents rose by 18.3% compared with June. On a regional basis, the cost of rent in the North West jumped by 42%, while South West residents saw 34% increases in average rents and those in the North East faced a rise of 27%. Read more: UK's cheapest supermarket revealed Overall, renters in England who secured new properties in July are paying £231 per month – or £2,772 a year – more than renters who secured a new tenancy in June. The demand surge has been further amplified by the post-pandemic market recovery, which has led to more tenants seeking new properties during the summer months as COVID-19 restrictions ease. Goodlord chief executive, William Reeve, said: 'Throughout the year the data has been pointing to two clear trends: firstly, that we were likely to see new rental records set over the summer and secondly; that the year-on-year pace of price increases overall is starting to slow.' 'This month's figures show both predictions coming to pass. Across six years of operating the Index, we've never recorded a higher monthly rental average.' 'Likewise, every month of 2025 has brought a softening of year-on-year rent inflation. So whilst the market continues to operate under intense pressure, the late autumn could bring something more predictable in terms of rents and voids.' Read more: Should parents help their kids with student loans or a mortgage deposit? The void period, the time a property remains vacant between tenancies, has also seen a significant drop in July, as demand continues to outpace supply. The average void period shrank by 40%, from 20 days in June to just 12 days in July. This represents a marked improvement from last year, when voids averaged 11 days in July. In the North West, where rental prices surged by 42%, voids dropped by an astonishing 77%, from 22 days to just five. The North East saw similar trends, with voids decreasing by 65%, from 20 days to just 7. Meanwhile, Greater London had a more modest decline, with voids down from 16 to 14 days. The Goodlord Index tracks contracted tenancy prices rather than advertised rates, is based on thousands of rental contracts processed monthly by Goodlord on behalf of more than 3,500 letting agents.
Yahoo
04-06-2025
- Business
- Yahoo
Rents to surge £900 to pay for Labour reforms
Are you a landlord planning to raise rents because of the reforms? Get in touch money@ Labour's rent reforms will add almost £900 a year to the average tenancy, a report has warned. Nearly half of Britain's buy-to-let landlords (44pc) plan to increase rents in response to the controversial Renters' Rights Bill, according to research by housing lender Landbay. The landmark legislation, due to kick in this autumn, will limit landlords to just one rent increase per year capped at the 'market rate' – the price that would be achieved if the property was newly advertised to let. Landbay said property owners were planning to increase rent by an average of 6pc, which would add £74 to the average monthly rent, or £888 a year. The survey also found that the majority of landlords (89pc) intended to raise rents in the next 12 months. More than a third (40pc) planned to increase rents by 3pc or more over the next 12 months, while over one in 10 (11pc) said they did not intend to put up rents at all. The Renters' Rights Bill will introduce new protections and rights for the 11 million private tenants in England by reforming the current system of renting. An end to fixed-term tenancies, longer notice periods, and restrictions on rent increases will give tenants more rights and landlords less control over how they manage their property and buy-to-let business. The bill is currently being scrutinised in the House of Lords. The Government aims for the reforms to receive Royal Assent by summer 2025, with implementation expected between October and December this year. The National Residential Landlords Association (NRLA) argued that the bill could force landlords out of the sector and push up rents if it is passed in its current form. Chris Norris, of the NRLA, said the 6pc rent increase figure was consistent with the NRLA's estimates that the Renters' Rights Bill would trigger rent rises of 3pc to 4pc above inflation. He added: '[The bill] is likely to affect tenants directly in many more ways than landlords. 'You have the prospect of tenancies becoming more risky, harder to end – and you have to wait longer to claw back arrears. 'Landlords will be pricing in that risk when setting rents.' A recent survey by Pegasus Insight showed that 37pc of landlords planned to sell a property in the next 12 months while just 6pc said they intended to buy. Rents in England rose by 1pc in May to £1,226, the highest level since October 2024, according to letting agent software firm Goodlord's rental index. William Reeve, Goodlord's chief executive, said: 'Although the pace of year-on-year increases is starting to slow… ongoing supply issues coupled with landlord jitters ahead of the Renters' Rights Bill means that rents remain on track to rise for the foreseeable future.' The Government was approached for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
