Rents up again

westernpromise

• Private rental prices paid by tenants in the UK rose by 1.3% in the 12 months to July 2019, unchanged since May 2019.
  
• In England, private rental prices grew by 1.4%, Wales experienced growth of 1.0%, while in Scotland private rental prices increased by 0.9% in the 12 months to July 2019.
  
• London private rental prices rose by 0.9% in the 12 months to July 2019, unchanged since May 2019.

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/indexofprivatehousingrentalprices/july2019

PasturesNew

Sad. Wealthier people can easily out-bid people who want to buy a little home to live in ...... then the LL rents it to them at sky high rates.

RelievedSheff

Our mortgage isn't at the best rate due to some previous adverse credit but it is still a damn sight cheaper than the exact same house over the road was put up for rent at a few weeks after we moved into ours.

It is daft. What they are paying in rent over the Road would cover our mortgage and most (80%) of the mortgage we were paying on our previous property!

Koldweather1

Yeah, though on the plus side that 1.3% increase is quite considerably less than the wage growth over the last 12 months (and is also less than inflation)

I do feel sorry for people who need to rent though, the cost of renting a house similar to mine is about £300 more than the mortgage. I know there is the argument of upkeep and other things, but ultimately the cost of that is going to reduce drastically in the future. For long term renters that is always going to be a drain for the rest of the their working lives and maybe beyond.

MovingForwards

Mine is going up by about 4.3%

Seriously hoping I can buy a place soon!

edgex

Wonder if the BTL tax relief changes are having any impact;
either on rents (is it forcing those with mortgages to try & raise rents)
those with mortgages trying to sell up (so the properties end up with owner occupiers, or landlords with no mortgage or via a business)


There is also the EPC requirements for new tenancies.

coffeehound

Mine (in Yorks) actually went down this FY. First time that's happened . .

chucknorris

PasturesNew wrote: »

Sad. Wealthier people can easily out-bid people who want to buy a little home to live in ...... then the LL rents it to them at sky high rates.

Not necessarily, we tend to let about 5-10% below the market rent, the advantage to us is that we have a choice of tenants, so a better chance of getting a good one. An easier life is much better than additional profit.