A recent report has highlighted the UK’s still ongoing housing crisis as it shows that over 600,000 families in England are living in overcrowded conditions. A severe shortage of housing, particularly social housing, means that there are 96,000 more children who are living in an overcrowded home today, than there were a decade ago.
Two separate reports highlight that while London's property market is still subdued at best, the rental market remains healthy and rents area rising. However, even though rents are rising after being 'too low for too long' according to one report, another confirms what many of us already know; London rents remain unaffordable for over half of the population and will cost over half of a tenant's monthly earnings to afford.
London Trading Standards recently reported it has issued over £1 million in fines to letting agents in the city, for breaking the law on lettings regulations. Soon after that report highlighting wrongdoing by some London lettings agents, the Association of Residential Letting Agents (ARLA Propertymark) advised tenants that if they suspect a letting agency of breaking the law, they should walk straight out.
It’s no secret that the number of tenants in the UK’s private rental sector have been growing for the past few years. However, what might be less obvious is that when we talk about tenants, we’re not just talking about one demographic and recent research has pointed this out by finding that there is set to be a rise in the number of older tenants seeking a rental home in UK and European cities over the next few years.
Labour’s shadow chancellor has suggested that a Right-to-Buy scheme could be introduced into the private rental sector (PRS). While few details have been mentioned and its not clear if it’s an official policy from the opposition party, if such a scheme were to become part of the PRS, then there are fears it could have a detrimental effect on PRS landlords and the availability of rental homes across the UK.
UK rents have risen yet again in July 2019, with a recent survey showing higher rents across the whole of the UK and in London, even as house prices in the English capital stagnate. The further increase in average UK rents comes as demand continues to outstrip supply, with landlords increasingly cautious over making new investment into the sector amid continued changes to the rules for landlords to help protect tenants.