Rental markets – what’s happening now?
With record average rent rises do renters face more surges as the cost of living crisis continues to hit households? Experts say the situation is being exacerbated by rising mortgage rates, which are turning the rental market into a pressure cooker. The number of advertised rental properties in the UK has fallen markedly in the past three years, pushing up prices. And the upwards pressure on rents is being exacerbated by rising demand. The most competitive area for rentals is the west central area of London. This is where listings receive 86.5 inquiries on average, up from 16.1 in September 2019.
House prices have started falling
Nationwide, the country’s biggest building society, said the average UK house price fell 0.9% in October from September. Also, Halifax reported a 0.4% monthly dip in values and annual house price growth has slowed sharply. The Royal Institution of Chartered Surveyors reported that house prices stalled last month after more than two years of growth. The latest Office for National Statistics data show annual house price rises easing to 13.6% in August, from 16% in July.
what’s happening in Scotland?
Last month, the Scottish government announced a rent freeze and an eviction ban until April 2023 to help people through the crisis. Cullum called on the Westminster government to take similar action in the rest of the UK: “The government has shown that they can take emergency measures during the pandemic. The cost of living crisis is also a massive threat to people’s wellbeing, so therefore they should take emergency measures now to freeze people’s rent.”
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