Month: September 2024

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Understanding Common House Prices in the UK

Understanding Common House Prices in the UK

Factors Influencing House Prices in the UK

Before delving into specific prices, it’s important to understand the key factors that influence house prices across the UK:

  • Location: The old adage “location, location, location” holds true. Properties in London and the South East typically command higher prices than those in other parts of the UK. Proximity to good schools, transport links, and local amenities also play a significant role in determining prices.
  • Property Type: Detached houses, semi-detached houses, terraced houses, and flats all have different price points. Detached houses are generally the most expensive, while flats are often more affordable, particularly in urban areas.
  • Condition of the Property: Newly built homes or those recently renovated tend to be more expensive than older, less well-maintained properties. The energy efficiency of a home can also impact its price, especially with rising energy costs.
  • Economic Factors: Interest rates, inflation, and the broader economic environment influence house prices. When the economy is strong, house prices tend to rise as demand increases. Conversely, economic downturns can lead to stagnation or even a drop in prices.
  • Supply and Demand: The housing market is highly sensitive to changes in supply and demand. In areas where there is a shortage of properties, prices can rise sharply. Conversely, in areas with a surplus of homes, prices may remain static or fall.

Average House Prices in the UK

As of the latest data, the average house price in the UK is approximately £290,000. However, this figure masks significant regional variations. Below is a breakdown of average prices in different parts of the UK:

  • London: London remains the most expensive place to buy a property in the UK. The average house price in London is around £530,000. However, prices vary significantly across the capital. For example, in more affordable areas like Barking and Dagenham, average prices are around £340,000, while in more affluent areas like Kensington and Chelsea, they can exceed £1.3 million. Homesearch Properties offers specialised services for those looking to navigate this complex market, helping buyers find properties that match their budget and lifestyle.
  • South East England: The South East, which includes counties like Surrey, Hampshire, and Kent, is the second most expensive region after London, with average prices around £370,000. Commuter towns such as Guildford, Reading, and Sevenoaks command particularly high prices due to their proximity to London.
  • East of England: This region, encompassing areas like Cambridge, Essex, and Norfolk, has seen significant price growth in recent years, with average house prices now around £340,000. Cambridge, with its thriving tech industry and prestigious university, is one of the most expensive cities in the region.
  • South West England: Known for its picturesque landscapes and coastal towns, the South West has an average house price of around £320,000. Areas like Bath, Bristol, and the Cotswolds are particularly sought after, with prices often exceeding the regional average.
  • Midlands: The East Midlands and West Midlands offer more affordable options, with average house prices around £240,000. Cities like Birmingham, Nottingham, and Leicester have seen price growth due to regeneration projects and improved transport links, making them attractive options for both buyers and investors.
  • North of England: The North East, North West, and Yorkshire and the Humber regions offer some of the most affordable housing in the UK. Average prices in these areas range from £160,000 to £220,000. Cities like Manchester and Leeds have experienced significant price increases due to strong economic growth, while areas like Sunderland and Hull remain more affordable.
  • Scotland: The average house price in Scotland is around £190,000. Edinburgh and Glasgow are the most expensive cities, with prices in Edinburgh averaging £330,000. Rural areas and smaller towns generally offer more affordable options.
  • Wales: Wales offers relatively affordable housing, with average prices around £220,000. Cardiff, the capital, has the highest prices in the region, averaging around £280,000, while more rural areas offer much lower prices.
  • Northern Ireland: Northern Ireland has the lowest average house prices in the UK, around £170,000. Belfast, the capital, has the highest prices in the region, with averages around £230,000.

Price Trends and Market Outlook

The UK housing market has experienced significant fluctuations in recent years, influenced by factors such as Brexit, the COVID-19 pandemic, and changes in government policy. However, the market has shown resilience, with prices continuing to rise in many areas.

  • Post-Pandemic Recovery: Following the initial shock of the COVID-19 pandemic, the housing market rebounded strongly, driven by pent-up demand, low-interest rates, and government incentives like the Stamp Duty holiday. While the rate of price growth has slowed in 2024, many regions continue to see modest increases.
  • London’s Cooling Market: London has seen slower price growth compared to other regions, with some areas even experiencing slight declines. This is partly due to the high cost of living and changes in buyer preferences, with more people seeking larger homes with outdoor space, often outside of the capital. However, prime central London properties continue to attract high-net-worth buyers, particularly from overseas. Homesearch Properties  London is well-positioned to assist buyers navigating this complex market, offering tailored services to find properties that meet specific needs and budgets.
  • Regional Growth: Regions such as the North West, Midlands, and South West have seen some of the highest price growth in recent years. This trend is expected to continue, driven by economic development, infrastructure projects, and the increasing desirability of cities like Manchester, Birmingham, and Bristol.
  • Affordability Challenges: Despite the overall price growth, affordability remains a significant challenge, particularly for first-time buyers. High prices, coupled with the need for substantial deposits and the ongoing cost-of-living crisis, have made it increasingly difficult for many to get onto the property ladder. However, government schemes like Help to Buy and Shared Ownership continue to provide some assistance.

The Role of Homesearch Properties

In such a complex and competitive market, having expert guidance is invaluable. Homesearch and Homesearch Properties offer a range of services designed to help buyers and sellers navigate the UK housing market with confidence.

  • Property Search: Whether you’re looking for a family home, an investment property, or your first step onto the property ladder, Homesearch provides comprehensive property search services. By leveraging their extensive network and market knowledge, they can help you find the perfect property at the right price.
  • Market Analysis: Understanding market trends is crucial for making informed decisions. Homesearch offers detailed market analysis, providing insights into price trends, regional variations, and future market predictions. This information can help you make strategic decisions, whether you’re buying, selling, or investing.
  • Tailored Services: Homesearch Properties offers tailored services for those looking to buy or sell in the capital. From sourcing prime properties in sought-after areas to negotiating the best deals, their expertise in the Homesearch London market is unparalleled.
  • Investment Advice: For those looking to invest in the UK property market, Homesearch offers specialised advice. They can help you identify high-growth areas, understand rental yields, and navigate the complexities of buy-to-let investments.
  • Personalised Support: Every client has unique needs and circumstances. Homesearch offers personalised support, ensuring that you receive the advice and assistance that is right for you. Whether you’re a first-time buyer or an experienced investor, their team is there to guide you every step of the way.

 Making the Right Move in the UK Housing Market

The UK housing market offers a wealth of opportunities, but navigating it requires careful consideration and expert guidance. With average house prices varying significantly across regions and property types, understanding the market is key to making informed decisions.

Whether you’re drawn to the vibrant and fast-paced market of London or the more affordable and rapidly growing regions like the North West and Midlands,  Homesearch Properties are there to help you every step of the way. Their deep market knowledge, personalised services, and commitment to client satisfaction make them invaluable partners in your property journey.

As you embark on this journey, remember that the right property is out there, waiting to be found. With the expertise of Homesearch at your side, you’ll be well-equipped to find a home that meets your needs, fits your budget, and secures your future. Whether you’re buying, selling, or investing, making the right move in the UK housing market starts with understanding your options and having the right team to guide you.

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The 12 key provisions in the new Renters’ Rights Bill

Renters Rights Bill

This blog post analyses the 12 key provisions in the Labour government’s proposed new law for the private rented sector, the Renters’ Rights Bill, published on 11 September 2024.

Even though Labour have a large majority and are committed to enhancing renters’ rights as soon as possible, this is still just a draft Bill. It may well change in the House of Lords, if not the House of Commons.

There will also be new regulations, for instance, for the Decent Homes Standard, Awaab’s Law, the Database, Ombudsman, and guidance, eg for the implied right for tenants to have pets.

PS. As a general disclaimer, the Bill is 226 pages long, and it’s not an easy read. I’ve done my best to interpret its provisions, but please don’t rely on this blog post, or on anything on my website for that matter. It’s no substitute for legal advice from a practising, specialist solicitor. If you’d like me to refer you to a specialist solicitor, please send me a message by using my contact form.

The 12 key provisions in the Renters’ Rights Bill at a glance

Original Post from theindependentlandlord.com

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How Much Can I Borrow for a Mortgage in the UK?

How Much Can I Borrow for a Mortgage in the UK?

When you’re looking to buy a home in the UK, one of the most important questions you will face is: How much can I borrow for a mortgage? Understanding how much you can afford is essential to make the right decision about your future home and to narrow down your property search. The amount you can borrow depends on several factors, including your income, outgoings, credit history, and the lender’s specific criteria.

In this guide, we’ll break down the key elements that determine your mortgage borrowing power, give you tips on how to improve your chances of getting the best mortgage deal, and explain how working with a trusted mortgage broker or homesearch professional can simplify the process.

Looking for personalised advice on how much you can borrow? Speak to the experts at Homesearch Properties and start your journey toward finding your perfect home today.

How Much Can I Borrow for a Mortgage in the UK?

1. Understanding Mortgage Affordability

Before diving into the mortgage market, it’s essential to understand how lenders determine how much you can borrow. The key element here is affordability—which is the amount you can comfortably repay each month based on your income and financial commitments.

Most UK lenders use a combination of income multiples and affordability checks when deciding how much they are willing to lend. Typically, lenders offer between 4 to 4.5 times your annual income. For example, if you earn £50,000 a year, you may be able to borrow between £200,000 and £225,000, depending on the lender’s policy and other factors like your outgoings and credit score.

Want to know exactly how much you can borrow for a mortgage? Use our mortgage calculator at Homesearch Properties to get a tailored estimate based on your financial situation.

2. Income and Salary Multiples

Income is a significant factor in determining how much you can borrow for a mortgage. Most lenders base their calculations on a multiple of your income. As mentioned earlier, most lenders will offer around 4 to 4.5 times your annual salary. However, some lenders may be more flexible and offer up to 5 or even 6 times your salary, but these offers typically come with stricter conditions or higher interest rates.

Single vs. Joint Applications

If you’re applying for a mortgage with a partner, the lender will assess both incomes together. In a joint application, you may be able to borrow a larger amount based on the combined salary of both applicants. However, both applicants will also undergo affordability checks to ensure they can meet the repayments.

For example:

  • Single applicant earning £40,000 a year could potentially borrow between £160,000 and £180,000.
  • Joint applicants earning £60,000 and £40,000 could borrow between £400,000 and £450,000.

3. Affordability Checks and Financial Commitments

In addition to using income multiples, lenders also carry out affordability checks. This ensures you can afford the mortgage repayments based on your current financial situation. These checks take into account:

  • Monthly outgoings: Lenders will review your regular monthly expenses, including utility bills, childcare costs, loan repayments, credit card debts, and more.
  • Other debts: If you have existing loans, car finance agreements, or significant credit card debt, it will reduce the amount you’re able to borrow, as it impacts how much disposable income you have.
  • Future interest rate changes: Lenders may stress-test your affordability by simulating potential interest rate increases. This is to ensure you can continue to make repayments even if your mortgage rate rises in the future.

Because of these comprehensive checks, it’s crucial to have a clear understanding of your financial situation before applying for a mortgage.

Need help with understanding your affordability? Contact Homesearch Properties for expert advice and personalised mortgage guidance.

4. Deposit Requirements

In the UK, the size of your deposit also plays a significant role in determining how much you can borrow. Most lenders require a deposit of at least 5% of the property’s value, although larger deposits are more favourable. The more you can put down upfront, the more competitive your mortgage deal will be. This is because a larger deposit reduces the lender’s risk, and they are more likely to offer you a lower interest rate.

For example:

  • If you’re purchasing a property worth £300,000, you’ll need at least £15,000 (5%) as a deposit.
  • If you can provide a 10% deposit (£30,000) or more, you may secure a better mortgage rate and increase the likelihood of being approved for the loan.

A larger deposit also means you’ll borrow less overall, making your monthly repayments more manageable and potentially allowing you to borrow more within your affordability limits.

5. Credit History and Its Impact

Your credit history is another crucial factor that determines how much you can borrow for a mortgage. Lenders will review your credit score to assess how well you’ve managed your finances in the past. If you have a strong credit history with no missed payments or defaults, you’re likely to be seen as a low-risk borrower, which could increase the amount you can borrow.

If your credit score is lower, lenders may offer you a mortgage, but the amount may be lower than if you had excellent credit. Additionally, you may be charged a higher interest rate, which increases the overall cost of the mortgage. It’s always a good idea to check your credit score before applying for a mortgage and take steps to improve it if necessary.

How to Improve Your Credit Score:

  • Make sure all bills and debts are paid on time.
  • Keep credit card balances low relative to their limits.
  • Avoid making multiple credit applications in a short period.
  • Ensure your name is on the electoral roll.

Looking for tailored mortgage advice? Let Homesearch Properties guide you through the mortgage process to help you secure the best deal based on your financial history.

6. Government Schemes and Help for First-Time Buyers

The UK government offers various schemes to help first-time buyers get on the property ladder. These can help increase the amount you can borrow or make homeownership more affordable by providing support with your deposit.

Help to Buy: Equity Loan

With the Help to Buy scheme, first-time buyers can borrow up to 20% (40% in London) of the cost of a new-build home. You only need a 5% deposit, and the equity loan is interest-free for the first five years. This allows you to secure a larger mortgage with a smaller deposit, though the scheme is limited to new-build properties up to a certain price.

Shared Ownership

The Shared Ownership scheme allows you to buy a portion of a property (between 25% and 75%) and pay rent on the remaining portion. This can be a more affordable way to get onto the property ladder, as you only need a mortgage for the share you’re buying, making it easier to meet affordability criteria.

Discover more about government schemes and how they can help you buy a home. Visit the Homesearch Properties London website for guidance and support.

7. Mortgage Types: Fixed vs Variable Rates

When considering how much you can borrow for a mortgage, you’ll also need to choose between different types of mortgage products. The type of mortgage you choose will affect your monthly payments and overall affordability.

Fixed-Rate Mortgages

With a fixed-rate mortgage, your interest rate and monthly repayments remain the same for a set period, usually between two and five years. This provides stability and makes it easier to budget, as you won’t have to worry about interest rates changing during the fixed period.

Variable-Rate Mortgages

A variable-rate mortgage has an interest rate that can change over time, depending on broader economic conditions. While initial rates may be lower, there’s a risk that your payments could increase if interest rates rise. This option offers less certainty than a fixed-rate mortgage but can be more flexible.

Looking for expert mortgage advice? Contact Homesearch Properties to compare mortgage types and find the best product for your needs.

8. Using a Mortgage Broker or Homesearch Professional

Navigating the mortgage market can be complex, with different lenders offering varying amounts based on their criteria. A mortgage broker or a homesearch professional can help simplify the process by providing access to a wide range of lenders, including some that you may not find on the high street. They can also provide personalised advice and guide you through every step of the mortgage application process.

A good mortgage broker will help you understand how much you can borrow, explain your options, and ensure you’re getting the best possible deal based on your financial circumstances.

Ready to take the next step in your home buying journey? Let Homesearch Properties connect you with trusted mortgage advisors to help you secure the best mortgage deal. For those conducting a rental home search in London, Redbridge offers a balance of affordability and convenience.

Plan Your Mortgage Wisely

When it comes to answering the question, “How much can I borrow for a mortgage?” it depends on several factors such as income, affordability, deposit size, credit history, and the type of mortgage you choose. By understanding these factors and seeking expert advice from a trusted homesearch professional or mortgage broker, you can maximise your borrowing power and secure the home of your dreams.

Remember to plan ahead, budget carefully, and make sure you fully understand your financial situation.

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Different Places : Cheapest Area to Rent in London?

Different Places - Cheapest Area to Rent in London

London, one of the world’s most vibrant and diverse cities, is also notorious for its high cost of living, particularly when it comes to renting. For many, finding affordable property to rent in London can seem like a daunting task. However, with careful research and the use of effective home search sites, it is possible to discover pockets of affordability within the capital. This article explores some of the cheapest areas to rent in London, providing insight into where you might find the best value for your money.

Different Places : Cheapest Area to Rent in London?

1. Why Renting in London Can Be Expensive

Before delving into the most affordable areas, it’s essential to understand why renting in London is so expensive. London’s property market is influenced by several factors:

Demand and Supply: London’s status as a global financial hub attracts people from all over the world, creating a high demand for rental properties. However, supply often struggles to keep up with this demand, driving up prices.

Location and Connectivity: Areas closer to the city centre or with excellent transport links command higher rental prices due to their convenience and accessibility.

Amenities and Lifestyle: Locations with desirable amenities, such as parks, shops, restaurants, and cultural attractions, tend to be more expensive.

Despite these challenges, there are still areas within London where rental prices are more reasonable, especially if you are open to living slightly further from the city centre.

2. Barking and Dagenham

Barking and Dagenham is consistently one of the most affordable boroughs in London for renters. Situated in East London, this area offers a blend of residential, industrial, and green spaces, making it an attractive option for those looking to save on rent.

Rental Prices: The average rental price in Barking and Dagenham is significantly lower than the London average. One-bedroom flats can often be found for less than £1,000 per month, while larger properties are also more affordable compared to other London boroughs.

Transport Links: Barking and Dagenham are well-connected to central London via the District Line, Hammersmith & City Line, and National Rail services, making it a viable option for commuters.

Local Amenities: The area boasts good local amenities, including parks, shopping centres, and community facilities. The presence of green spaces like Barking Park and the proximity to the River Thames add to the area’s appeal.

For those conducting a rental home search in London, Barking and Dagenham should certainly be on the radar.

3. Croydon

Croydon, located in South London, is another area where rental prices are relatively low. It’s a large borough with a mix of urban and suburban areas, offering a variety of property types from modern apartments to traditional houses.

Rental Prices: In Croydon, you can find one-bedroom flats for around £1,100 per month, with larger homes available at competitive rates compared to other parts of London.

Transport Links: Croydon is a major transport hub with excellent connections to central London and beyond. The area is served by fast trains to London Bridge and Victoria, as well as a tram network that connects to other parts of South London.

Local Amenities: Croydon has undergone significant regeneration in recent years, improving its retail, dining, and entertainment options. The Whitgift Centre and Boxpark Croydon are popular destinations for shopping and socialising.

Croydon’s combination of affordability and convenience makes it a popular choice for those using home search sites to find a property to rent in London.

4. Bexley

Bexley, situated in South East London, offers some of the most affordable rental options within Greater London. This suburban borough is ideal for families and professionals looking for a quieter lifestyle while still being within reach of the city.

Rental Prices: Bexley is known for its reasonable rental prices, with one-bedroom flats available for around £950 to £1,100 per month. Larger properties, including houses with gardens, are also more affordable here compared to central London.

Transport Links: Although Bexley is further out from central London, it has good transport links, particularly with National Rail services connecting to London Bridge, Cannon Street, and Charing Cross.

Local Amenities: Bexley offers a range of amenities including parks, good schools, and shopping facilities. The borough is also close to the Kent countryside, providing a rural escape for residents.

For renters prioritising space and affordability, Bexley is worth considering during your rental home search in London.

5. Sutton

Sutton, located in South West London, is another area where rental prices are lower than the London average. Known for its suburban feel and excellent schools, Sutton is particularly attractive to families.

Rental Prices: Rental prices in Sutton are among the lowest in London, with one-bedroom flats often available for around £1,000 to £1,200 per month. The area also offers a good selection of houses at reasonable rates.

Transport Links: Sutton has good transport links to central London, with regular train services to Victoria and London Bridge. The borough also benefits from easy access to the M25 and Gatwick Airport.

Local Amenities: Sutton boasts a range of amenities, including shopping centres, parks, and leisure facilities. The area is also known for its strong community feel and high-performing schools, making it an appealing choice for families.

Sutton’s affordability and family-friendly environment make it a strong contender for those searching for a property to rent in London.

6. Havering

Havering, located in East London, is another borough offering relatively low rental prices. This area combines suburban living with the convenience of being well-connected to central London.

Rental Prices: Havering offers some of the most affordable rental prices in London, with one-bedroom flats typically available for around £950 to £1,100 per month. Larger properties, including family homes, are also reasonably priced.

Transport Links: Havering benefits from good transport links, particularly with the Elizabeth Line (Crossrail) providing fast access to central London and beyond. The area is also well-served by bus routes and National Rail services.

Local Amenities: Havering offers a variety of amenities, including shopping centres, parks, and schools. The borough is also home to several historic sites and green spaces, adding to its appeal as a residential area.

For those looking for affordable rent in a well-connected area, Havering is a strong option to consider during your rental home search.

7. Hillingdon

Hillingdon, located in West London, is one of the capital’s larger boroughs and offers a range of affordable rental properties. The area is popular with those seeking more space and a suburban lifestyle.

Rental Prices: Rental prices in Hillingdon are relatively low, with one-bedroom flats available for around £1,100 to £1,300 per month. The area also offers a variety of larger properties, including houses with gardens, at competitive rates.

Transport Links: Hillingdon has good transport links, particularly with the Uxbridge branch of the Metropolitan Line and the Piccadilly Line providing access to central London. The area is also close to Heathrow Airport and the M25.

Local Amenities: Hillingdon offers a wide range of amenities, including shopping centres, parks, and schools. The borough is also home to several large green spaces, making it an attractive option for those who enjoy outdoor activities.

Hillingdon’s combination of affordability and convenience makes it a popular choice for renters using home search sites to find a property to rent in London.

8. Redbridge

Redbridge, located in North East London, is another area where rental prices are lower than the London average. The borough is known for its green spaces, good schools, and diverse community.

Rental Prices: In Redbridge, you can find one-bedroom flats for around £1,000 to £1,200 per month, making it one of the more affordable areas in London. Larger properties, including family homes, are also competitively priced.

Transport Links: Redbridge is well-connected to central London via the Central Line, which provides fast access to the city. The area is also served by the Elizabeth Line, enhancing its appeal for commuters.

Local Amenities: Redbridge offers a range of amenities, including parks, shopping centres, and cultural attractions. The area is also known for its excellent schools, making it a popular choice for families.

For those conducting a rental home search in London, Redbridge offers a balance of affordability and convenience.

9. Newham

Newham, located in East London, has become increasingly popular in recent years due to its relatively affordable rental prices and ongoing regeneration projects.

Rental Prices: Rental prices in Newham are generally lower than the London average, with one-bedroom flats available for around £1,100 to £1,300 per month. The area also offers a variety of larger properties at competitive rates.

Transport Links: Newham is well-connected to central London and beyond via the Jubilee Line, District Line, Hammersmith & City Line, and the DLR. The area is also served by the Elizabeth Line, providing fast connections to key locations across the city.

Local Amenities: Newham has seen significant investment in recent years, particularly in areas like Stratford, which has become a major shopping and entertainment hub. The borough also offers a range of parks, schools, and cultural attractions.

Newham’s affordability and ongoing development make it a strong option for those searching for a property to rent in London.

10. Enfield

Enfield, located in North London, is another area where rental prices are relatively low. The borough offers a mix of suburban and urban living, with good transport links to central London.

Rental Prices: Enfield offers some of the most affordable rental prices in North London, with one-bedroom flats typically available for around £1,100 to £1,300 per month. Larger properties are also reasonably priced compared to other parts of the capital.

Transport Links: Enfield is well-connected to central London via National Rail services, with trains to Liverpool Street and Moorgate. The area is also close to the M25, making it convenient for those who need to travel outside London.

Local Amenities: Enfield offers a range of amenities, including shopping centres, parks, and schools. The borough is also home to several historic sites and green spaces, adding to its appeal as a residential area.

For those looking for affordable rent in a well-connected area, Enfield is a strong option to consider during your rental home search.

Conclusion

While London is known for its high rental prices, there are still areas where you can find affordable properties. Barking and Dagenham, Croydon, Bexley, Sutton, Havering, Hillingdon, Redbridge, Newham, and Enfield all offer lower-than-average rental prices, making them ideal locations for those looking to rent in the capital.

Using effective home search sites can help you identify the best deals and navigate the rental market with confidence. By considering these affordable areas and understanding the factors that influence rental prices, you can make an informed decision during your rental home search in London. Whether you’re a young professional, a family, or someone looking to downsize, there’s likely a rental option that meets your needs and budget in these more affordable parts of the city.

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Private landlords leaving the rental market, new research shows

renting

Private landlords look to be leaving the rental market at a record pace, but will this prove to be a problem or an opportunity for private tenants?

Private landlords look to be leaving the rental market at a record pace, according to research from the property website Rightmove.

It says rising costs, taxes and legislation are making it more attractive for some landlords to sell up.

But will this prove to be a problem or an opportunity for private tenants?

Landlords leaving

Rightmove says it’s the UK’s biggest property portal, and it’s been combing through homes currently listed on its website.

It’s found that 18% of properties that are now for sale were previously offered for rent.

That 18% share is the highest that Rightmove has seen since it started measuring the number back in 2010 – when the share was just 8%.

And the trend is even more pronounced in London – where 29% of homes for sale were once down as places to rent.

Landlords say this shows a “worsening crisis” in private renting. The National Residential Landlords Association today warned that every rental home that is sold “exacerbates the imbalance between supply and demand.”

And that imbalance has become dramatic in recent years. Rightmove reports that in August there were an average of 19 enquiries for every rental property. That’s better than a year ago, when it was 28! But pre-Covid, it was just 9.

Landlords claim a raft of changes are encouraging landlords to sell up: rising interest rates have pushed up their mortgage payments and there’s speculation they could have to pay more capital gains tax in the future (giving them an incentive to sell their properties now).

Original post from channel4.com