Here’s your rental market update Here’s your rental market update

Here’s your rental market update

  The UK rental market is thriving and has a lot going on.

No. 4425 from our magazine|2 min read| Published in Magazine on 13 March 2024 by our Marketing Team

The good news is that it seems to be calming. This promises a better future for tenants and landlords. However, a good agent will help you find what you are looking for, whether you are investing or looking for a nice home to live in.

Lowering buy-to-let mortgage rates for landlords is good news for tenants
Lower mortgage rates are helping to reduce costs for landlords, which are often passed on to tenants, reducing the financial pressure for both. Average rents increased by 8.3% last year; in the previous two years, this figure was in double digits.* It’s important to remember that average figures mentioned in the news include more expensive regions. You can find affordable homes to invest in and to rent with the right agent.

The impact of lower-deposit mortgages
Lower government-backed deposit schemes are giving first-time buyers a leg up on the property ladder. This is reducing pressure on the rental market by increasing the supply of homes as renters become homeowners. Landlords needn’t worry, as the supply of tenants far outweighs the supply of housing. This move by the government may also help to increase the value of property portfolios.

What do reforms mean for the market?
The government has been planning to reform the Renters Bill for some time. Improving rights for landlords and tenants with the abolishment of Section 21, some landlords have feared the proposed reforms. However, with the strengthening of Section 8, landlords have nothing to fear. And the government has announced that the court system needs to be reformed first, delaying its implementation until late this year or next year.

The general election is on the horizon
New elections bring new promises that are not always delivered. The Renters Reform Bill could be an example. That said, politicians will be trying to appeal to landlords and tenants, and if this eventually leads to simpler legislation for both parties, this is a good thing. New legislation to improve EPC ratings from E to C by 2028 has been scrapped. However, many landlords have already invested in EPC improvements, which is good news for tenants.

Listen to your agent, not the news
Your agent will be able to find a property that suits your needs and budget. If you are on the move now or waiting for the right opportunity to appear in your inbox, the more you communicate with your agent, the better. With a fully managed service, you have very little to do except enjoy the benefits because property maintenance, rent collection, and the latest compliance checks will be taken care of for landlords and tenants.

Renting or investing? Get in touch today

 

Zoopla*
 

This article was originally published by BriefYourMarket and is reproduced here with their permission.

For more company news and insights from Pygott & Crone, click here

Members of the Relocation Agent Network

Part of a network of agents

We work with other trusted estate agents across the nation

Latest news

All you need to know about protecting your deposit
Magazine | 12 April 2024

All you need to know about protecting your deposit

When renting a property, you are required to pay an upfront deposit.

Good news for first time buyers this summer
Magazine | 12 April 2024

Good news for first time buyers this summer

As the summer season begins to unfold, there is a beautiful breeze of good news in the Scottish property market, particularly for first-time buyers.

How can I calculate how much home equity I have?
Magazine | 12 April 2024

How can I calculate how much home equity I have?

With many homeowners making the most of the equity they have in their homes to move to a better property, having good levels of equity in your home gives you more options.

How can you accelerate your mortgage?
Magazine | 12 April 2024

How can you accelerate your mortgage?

When diving deep into the world of property, it can sometimes feel hard to resurface.

Chat live

Chat live with a member of staff

Please provide your name and email address to continue.