Friday News #0116 – Boom: New Figures Show Rental Market Rising 8.5% A Year

  • by Alasdair Walker
  • News
  • 1

Hindsight. It’s something investors try not to focus on too much – you can’t always get it right. You might have said no at a certain time, been sceptical when it might have seemed too good to be true or sat on the fence and perhaps procrastinated for too long… We’re increasingly being contacted by those who are frustrated that they ‘missed the boat’ several years ago in certain locations and want to ensure they don’t make the same mistake again.

Recognising the opportunity that currently presents itself in areas that offer low entry price points, high yields and strong potential for capital growth, investors are wisely securing properties to ensure they don’t have any regrets further down the line. 

If you’d like to explore the opportunities currently on offer please do get in touch.

Here’s what we’ve seen in the news this week:

North West England leads housing boom with prices up 15%: House prices have risen sharply across the UK, driven by an increase of more than 15% in the year to May in the North West of England. Official figures show property prices also rose at a rapid rate in Scotland, Wales and the North East of England. The Office for National Statistics (ONS) said the average UK home cost £255,000 in May. That was £23,000 more than the typical value a year earlier. The 10% rise was the fastest rate for 14 years. Read more. 

Boom: New Figures Show Rental Market Rising 8.5% A Year: Across Great Britain the pace of rental growth continued to climb in June, with rents rising 8.5 per cent year-on-year. The data comes from Connells-owned agency Hamptons. The firm says four of the 10 fastest months for rental growth over the last decade have been since the onset of the pandemic. Read more.

UK House Prices to Stabilise in H2 2021? The average price of a home in the UK rose 10 per cent between May 2020 and May 2021, according to the latest data from the Office for National Statistics (ONS). The figures, released yesterday, showed a slightly increase from the period between April 2020 and April 2021, when house prices went up 9.6 per cent. According to the ONS, the average home in the UK increased 0.9 per cent in May 2021 to reach £255,000. This is £1,000 below the high of March 2021. Read more.

How has the UK property market fared since Brexit? In May 2016, just weeks before the EU referendum vote, the serving Chancellor George Osborne warned that UK house prices could tumble by up to 18 per cent  if the country voted in favour of Brexit. His comments were indicative of the political and economic discourse that dominated the build-up to the referendum. Extreme, polarised views painted either very bright or very bleaks pictures for different segments of the economy, depending on the potential outcome. Of course, as has become painstaking clear since the vote, it was impossible for anyone on 23 June 2016 to know exactly what they were voting for. The terms of any Brexit deal were unknown, and would remain so until December 2020.

Now, five years on from that momentous referendum, it is an opportune moment to reflect on how the property market has fared in the intervening period. Read the full report.

 

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