As signs emerged in February and March 2020 that the coronavirus pandemic was going to cause much financial hardship, the government put a number of rules in place to protect the population
As the UK government's coronavirus vaccination process continues to impress, the wider effects of the pandemic remain. Among those adverse effects is a drop in household incomes which is limiting many renters plans to exit the lettings market and buy their own home.
While the coronavirus pandemic has affected many areas of people's lives, often not in a positive way, one development that has been embraced by many of us in the UK is the increased use of online shopping and services options. This has escalated the rate at which mainly online retailers are growing and also, the rate at which some bricks and mortar retailers are losing business. Amid this development and the continued lack of residential homes in the right areas across the UK, the government has launched an unexpected consultation on the conversion of retail units into residential homes in England.
Homelessness in the UK is something that doesn't often make headline news. That's despite an increase in the number of households who have become homeless during the pandemic. Following recent figures showing an increase in the number of homeless households in the UK in the three months to the end of June, the Government has announced £15 million of new funding to support homelessness through the Protect Programme.
As the country-wide eviction ban is now at an end and the UK's letting market continues getting 'back to normal', London's mayor Sadiq Khan is calling for a rent freeze to support tenants who continue to struggle amid the coronavirus pandemic. Residential rent levels in the capital have proved a popular topic for the mayor during his tenure, including his interest in rent controls across the city. However, while the idea of a rent freeze might appeal to some tenants, it could work to discourage Buy-to-Let (BTL) landlords and property investors from expanding their portfolios or even retaining their existing properties in the capital.
As the UK's lettings market continues to bustle after lockdown, data shows that just over one third of tenants moving into a new home are choosing to upsize and leave cities behind. Willingness to spend more on rent for an extra bedroom and more space has risen. Tenants opt for houses over flats where possible.