Average rental property receives three times more enquiries from prospective tenants than in 2019
Private home rents in Great Britain have increased to their highest point on record after shortages in supply and mortgage rate rises combined to push the cost up by 10% over the past 12 months.
The average rent for new properties being put on the market now stands at a record £1,278 per calendar month outside London in the July to September period, according to Rightmove.
Continue reading...RICS report says rise in repossessions will add to supply while soaring interest rates price buyers out of market
Homeowners will struggle to make mortgage repayments and repossessions will rise next year as soaring interest rates and falling prices mark the end of the UK’s 13-year housing market boom, according to a sobering report from the Royal Institution of Chartered Surveyors (RICS).
The number of inquiries from potential homebuyers fell for a fifth month in a row in September, while sales fell to the lowest level since May 2020 when the housing market all but ground to a halt during the early stages of the coronavirus pandemic, it said.
Continue reading...Mortgage market meltdown has left many amateur landlords facing a stark choice: to raise rents or sell up
Britain’s amateur landlords have benefited from years of runaway house price inflation, while intense competition among tenants has sent rents soaring. Now, thanks to the meltdown in the mortgage market triggered by last week’s disastrous mini-budget, many face a financial cliff edge.
Figures shared with the Guardian show that the number of new buy-to-let mortgage deals available has plummeted by 55% in less than a week as lenders frantically pulled products and in many cases increased prices.
Continue reading...A decade ago it was the UK’s fastest growing city, but hit by cuts and buy-to-let, support for Nigel Farage’s party is high
On Thursday, voters in Peterborough will take part in one of the most intriguing parliamentary byelections in recent memory. The constituency saw a knife-edge duel between Labour and the Conservatives at the 2017 general election and at last month’s European poll, 38% of voters in the city backed the Brexit party. A first seat in the House of Commons for Nigel Farage’s party is a distinct possibility. If that happens, it will send tremors through middle England, of which Peterborough is typical in many ways, not just geographically.
Economically, Peterborough performs averagely amid struggles with productivity. Wages are stagnant and it has been reshaped by migration, with foreigners arriving to work in the surrounding farmlands and distribution depots, contributing to a decade as the UK’s fastest growing city between 2001 and 2011.
Continue reading...