Latest news with #rent
CBC
13 hours ago
- Business
- CBC
John W. Doull, Bookseller in danger of closing
The bookstore has been an institution in Halifax since 1987. As Andrew Sampson reports, it could close permanently if the business is unable to raise enough money to catch up on rent by Friday.
Argaam
18 hours ago
- Business
- Argaam
Al Rajhi REIT inks new lease agreement, boosts rental income 55%
Al Rajhi REIT Fund announced the early termination of the lease contract with Alfaris International Schools ahead of the original June 30, 2026 expiry date, the fund manager Al Rajhi Capital stated, adding that a new lease agreement was signed with Al Rowad International Schools Co. The new lease, which starts on Aug. 1 and lasts for 30 years, has an annual rent of SAR 15.5 million, with a 5% increase every three years, the company said in a statement on Tadawul. The new lease boosts rent by 55% (compared to the terminated contract) and will positively impact Q3 2025 results, the statement added.
Argaam
18 hours ago
- Business
- Argaam
Derayah REIT says initial ruling orders Smart Tower tenant to pay SAR 36M
Derayah Financial Co., the fund manager of Derayah REIT Fund, said it received a notification from the fund's attorney, Naif Mohammed Al Salem Lawyers and Consultants, regarding a favorable preliminary court ruling by the First Large Claims Division of the General Court in Riyadh. The preliminary judgement requires the main tenant of the Smart Tower in Riyadh to pay SAR 36 million in overdue rent, the fund manager said in a statement to Tadawul. The ruling is not yet final and remains subject to appeal, the statement said. The fund manager is pursuing several legal actions to collect the full outstanding rent and terminate the lease. The initial ruling currently has no impact until the final judgment is rendered, the statement said.
Times
a day ago
- Business
- Times
Renters face higher monthly bills than mortgage holders
Renters have seen a greater increase in their monthly housing bills over the past three years than homeowners with mortgages. Average rents have increased by £221 to £1,283 per calendar month since 2022, while the average mortgage repayment rose by £218 to £1,154 per month, according to research from Zoopla, the property search website. A sharp rise in demand for rented homes in 2022 and 2023, while the stock of private rented homes has remained broadly static, outstripped rising mortgage rates over the same period. Higher rents are also linked to affordability constraints, which have prevented tenants from getting on the housing ladder and caused many to remain in the rental market for longer. This boosted already high demand in the wake of the pandemic, thanks to a strong labour market and higher levels of migration for work and study. Robust growth in average earnings over the past three years has supported the acceleration in average rents. However, private renters on lower incomes and those relying on state support have faced a greater squeeze on living costs from higher housing payments. The largest increase in rents has occurred outside London over the past three years. In Oldham, rents have risen by more than a third — 35 per cent — to £876 since 2022. Wigan also saw rents increase by 32 per cent to an average of £800 a month. More recently, rental price inflation for new lets has weakened from a high base and is at its lowest rate for four years. Slower wage growth, limiting rental affordability, and improvements in mortgage market conditions for first-time buyers have helped to reduce rent increases. This week, Hamptons, the estate agency, reduced its forecast for rent increases for this year from 4.5 per cent to 1 per cent, which would be the smallest annual increase since 2018. 'The quickest way to alleviate high rents is to grow the stock of homes for rent in both the social and private rented sectors,' said Richard Donnell, executive director at Zoopla. 'Growing housing supply is a key government target, and it's vital that the stock of rented homes is expanded across all tenures.' In March, Savills, the estate agency, said that households weathered a collective £19.8 billion rise in mortgage and rental payments last year, to £217.5 billion. This represented a record, £8.6 billion higher than the previous peak in 2016, when adjusted for inflation. The figures show that mortgage borrowers faced interest payments increasing to £49.2 billion last year from £39.2 billion in 2023 — a 25 per cent increase. With many landlords passing on the cost of these higher mortgage payments to tenants, renters experienced a 9 per cent rise in payments to £80.7 billion. Other costs included in the total figure included mortgage repayments, excluding interest, which rose by 2 per cent to £60.3 billion and social rent, which jumped by 8 per cent to £27.3 billion. Separately, Savills said in November last year that it expected rents to rise by nearly a fifth over the next five years. That would mean increases continuing to outpace wage growth, with economists at the estate agency forecasting a 15 per cent increase in average incomes over the next five years.
Yahoo
2 days ago
- Business
- Yahoo
Map shows the 'sky-high' cost of renting near you - and where it's getting worse
The monthly cost of renting a home in the UK is 21% higher than it was three years ago, according to online property platform Zoopla. Analysis by the company shows the average monthly rent this spring was £1,283 across the UK, marking a £221 increase from 2022. While the rate of rent increases has slowed this year, one housing market expert told Yahoo News that this "isn't necessarily positive" as "it owes a great deal to how unaffordable rents have become". She warned rental costs across the UK are now "sky high". Here, Yahoo News has put together a map showing the most expensive places to rent in the UK, and details how the cost of rent has risen over time. How much does rent cost? The average rent in the UK is now £1,344 a month, according to the Office for National Statistics figures, which is slightly higher than Zoopla's estimate. Sarah Coles, head of personal finance at Hargreaves Lansdown, told Yahoo News: "The averages disguise huge variations across the UK, which have put renters in some areas under particular pressure. "Those in the North East are wrestling with rises close to 10% over the past year, while those in London have seen smaller rises, but are paying an eye-watering £2,252 a month on average." As you might expect, London is the most expensive place in the country to rent, followed by £1,384 per month in the South East and £1,240 in the East of England. Despite suffering the highest annual rise, the North East is still the cheapest area of the UK to rent with a monthly average of £734, followed by £804 in Wales, and £822 in Yorkshire and the Humber. How much has rent gone up over time? Figures from the ONS show a steep increase in rent across England, rising from £1,124 per month in June 2022 to £1,399 in the same month this year. Scotland saw rent increase from £802 to £999 during the same period, compared to a jump from £631 to £804 in Wales. Figures for Northern Ireland were only available up to April this year, where average rent stood at £852, compared to £665 in April 2022. Coles said that while the cost of renting "varies dramatically" across the UK, "nobody has escaped the sky-high rent rises of recent years". While she notes the average rent rise fell to 6.7% in the 12 months to June, "runaway hikes of recent years have really added up". "The fact that rent rises have slowed isn't necessarily positive, because it owes a great deal to how unaffordable rents have become," she added. "The fact rents have been rocketing for four years – well ahead of wages – has pushed more renters out of the market. "Fewer are able to leave the family home, more are returning to it, and some are stretching to a house purchase to get out of the rental cycle." Which areas have seen the steepest increases? Figures from Zoolpa provide a more detailed picture of areas that have seen the most significant rent hikes over the past three years. Oldham in Greater Manchester is the worst affected, with a 35% increase between 2022 and 2025 bringing average monthly rent to £876 as of March this year. Falkirk, in Scotland's Central Lowlands, saw a 31% rise during this period, with average rent standing at £881 in March. What is the government doing about rental costs? The government's flagship Renters' Rights Bill passed is third reading in the House of Lords on Monday, bringing it one step closer to becoming law. The bill aims to provide greater security to tenants, including the abolishment of fixed-term tenancies; the end of controversial "no fault" Section 21 evictions; and a decent homes standard for private accommodation. While this will provide some relief to tenants - particularly those with more exploitative landlords - Coles said the "fundamental issue" of high rental costs is a "shortage of housing". "That's not a problem that can be solved overnight," she added. "Changes to planning rules and a commitment to building more homes will eventually help boost the properties available, which should make homes more affordable to both rent and buy." In her spring statement, chancellor Rachel Reeves acknowledged that the government will no longer be able to meet its manifesto pledge of building 1.5 million homes in England by the end of this parliament. The Office for Budget Responsibility forecasted 1.3 million new homes added to the UK's housing stock between 2025 and 2029, with around 170,000 resulting from Labour's changes to the National Planning Policy Framework. However, FullFact said it is unclear how many of these homes will be built in England, as the OBR does not provide a nation-by-nation breakdown of its forecasts. Beyond increasing supply, Tom Darling, director at the Renters' Reform Coalition, has called on the government to bring in a cap on rent increases "so rent can't rise faster than inflation or wage growth". "A rent cap would give renters real security in their homes, allowing us to plan for the future and put down roots in an area, reduce homelessness and poverty, and mean people have more money to spend in their communities instead of lining their landlords' pockets." Read more UK property bodies form build to rent alliance: 'Planning reform is not enough' (CityAM) Voices: Could Angela Rayner's squeeze on landlords hurt the very people it's supposed to help? (The Independent) Buying more expensive than renting for first time in 13 years (The Telegraph)
