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Surge in demand for rental properties

There has been a sharp rise in demand for rental accommodation, according to the latest report from haart.

Data from the letting agency shows that the number of tenants entering the market across England and Wales increased by 23% in March, and is up by 1.8% on the year.

But despite a rise in demand, haart report that average rents dropped by 0.7%. The average rent now sits at £1,326 across the England and Wales.

Demand for property in London has risen by 16% on the month, and by 11.2% on the year, helping to push rents up by an average of 0.4%.

With tenant demand growing, the number of landlords registering to buy has risen by 21.9% on the month, although it is worth pointing out that demand has fallen by 8% on the year.

In London, the number of landlords looking to add to their portfolio increased by 18.4% on the month, but is down 23.6% on the year.

The data also reveals that the volume of buy-to-let sales have increased 4.5% on the month in London and are up by 3.5% across England and Wales. This is down 4.2% on the year in London and by 12.2% on the year across England and Wales.

Paul Smith, CEO of haart, commented: “Despite a barrage of restrictions and additional costs as a result of government policy, many are recognising the value that can still be found in buy-to-let property, especially in comparison to the overvalued and faltering stock market.

“Although conditions are much tougher, demand from tenants is growing and if you are willing to look slightly further afield there are still yields of around 7% to be gained.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!


Tenants want their landlords to be more eco-conscious

Investing in buy-to-let property can be a great way to make money. But before parting with your cash, an investment strategy needs to be developed. Where should you invest? What sort of yields are you looking for? What ‘green modifications’, yes, ‘green modifications’, may need to be made to the home?

The way a residential building is constructed, insulated, heated, ventilated and the type of fuel used, all contribute to its carbon emissions, and can now seriously impact on the cost of running the property which is a crucially important factor to private renters, according to new research from Your Move.

The study found that 42% of tenants consider the environmental impact of a building important when making a rental decision.

Half of all tenants in London believe that property owners should give consideration to the environmental impact of their property and undertake measures to ensure that it is environmentally friendly.

Martyn Alderton, national lettings director at Your Move and Reeds Rains, said: “Whether it’s to reduce their energy consumption, save money or make a positive impact on the environment, it’s good to see that tenants consider the ‘greenness’ of a building an important factor in their rental decision.”

The survey also highlighted a correlation between the amount of rent paid and the importance of a building’s green credentials.

On average, those who pay more rent per month are also more likely to consider a building’s environmental credentials important, with 63% of correspondents who pay between £1,351-£1,600 per month expressing this view, compared to only 37% of those paying £350 or less.

Along with the building’s environmental impact, green spaces were also an important consideration for many tenants, with almost a third - 32% - of tenants surveyed saying they were interested in a communal garden and 30% were willing to pay more for a vegetable allotment.

Alderton added: “As we continue to build more and more homes for our growing population, it’s vital that we do whatever we can to create a more sustainable future for our planet and use our resources as carefully as possible.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!


Supply decline pushes Scottish rental prices up

The number of rental homes on the market in Scotland dropped in the first quarter of the year, while demand from people looking for property to rent increased, according to the latest Citylets report.

The Scottish property portal reports that average rents in Scotland ended Q1 2018 at an average of £780 per month, up 1.6% compared with the corresponding period last year.

“Supply in Scotland’s largest cities is pushing rental prices steadily upwards,” said Thomas Ashdown, managing director of Citylets. “Whilst the rate of annual growth has slowed in both Edinburgh and Glasgow, they have been rising every quarter for the last seven years in Glasgow and eight in Edinburgh.”

Ashdown believes that 2018 will be a telling year with tax changes and the increasing popularity of short term holiday sites likely to put further pressure on supply.

Edinburgh

Supply of rental property, in terms of the number of properties available to rent, has been steadily reducing since its peak in 2013. Nowhere has this been more keenly felt than in Edinburgh where annual rents have been increasing, as measured quarterly, for eight full years. However, whilst the five-year average rise of 6% will be concerning for tenants, the 10 year view of 4.2% is broadly in line with the CPI+1+N proposals for rent caps in any designated rent pressure zone. In other words, the current form of rent cap would offer the highest going rate in the open market in any of Scotland’s cities on the long term view. Rents in Edinburgh are currently at an all time high of £1,062 on average, up 3.8% on last year.


 

Glasgow

Rents in Glasgow have also been increasing steadily, not as sharply as in Edinburgh but for nearly the same amount of time- 28 consecutive quarters, seven years. Q1 2018 records a 1.2% year-on-year rise to £749 on average, overtaking Aberdeen, but growth has slowed remaining in the 1-2% range down from both the five-year average of 4.4% and the 10-year average of 3.2%. The average property in Glasgow takes one month to rent, up one day on Q1 2017. 


 

Aberdeen

Rents in Aberdeen fell below national average for the first time this quarter however this is not likely to unduly unnerve investors as the trend towards levelling off continues. The average rental property in Aberdeen costs £736 per month, down 4.2% Y-O-Y. The average property in the granite city takes almost two months to let at 58 days. 


Dundee/West Lothian/South Lanarkshire/Renfrewshire

Dundee also returned to positive growth in Q1 2018, up 0.7% Y-O-Y. The average property in Dundee rents at £614 per month and takes 46 days to let. Rents in West Lothian also posted sharp annual growth, up 4.6% Y-O-Y.


Commenting on the Scottish Market, Adrian Sangster of Aberdein Considine, said: “We believe we are seeing the first signs of a slowdown in the BTL market as tax changes from both Holyrood and Westminster begin to bite. The LBTT surcharge of 3%, which was designed to help first-time buyers by discouraging the competition of second home purchasers, does not appear to be having the desired effect. Recent research shows house purchase prices actually increased in 26 out of the 32 local authority areas. So whilst prices continue to increase it appears the supply of rented properties is falling.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!