Industry News
Letting agents are receiving 25 tenant enquiries for every rental home
P
roperty portal Rightmove are reporting that in the past two years, average rental prices have kept rising, and more
people are looking to rent homes than there have been properties available. In fact, the number of tenants looking to move now, compared to 2019, has increased by more than 40%, while the number of available homes to rent has dropped by 35%. As a result, letting agents are now receiving
an average of 25 email and phone enquiries from prospective tenants for every home available to rent. Tis has risen from eight enquiries per property in 2019, and five more than in May of this year. Rightmove’s Tim Bannister said: “Record rents
and far more tenants looking to move than there are homes available means it will still feel very difficult for many tenants navigating the market. But there are signs that things are slowly improving.” “Te number of new rental properties
coming to the market is now at its highest level since the end of last year. While it is likely that there is some way to go before this filters through to rental prices, if the improving trend between supply and demand continues, we could start to see the pace of yearly rent rises slow more significantly than it has been.” As mortgage rates rose from the end of 2022 and
early 2023, some landlords decided to sell rather than continue letting out properties. Te shortage of available rental properties to meet the levels of tenant demand is one of the main reasons why rental prices keep rising. Outside of London, average advertised rent for new properties hit another new national record
of £1,278 per calendar month (pcm). Tis is 10% higher than this time last year. Average rents in London have also risen to a new record of £2,627 pcm, up 12.1% compared to a year ago. In such a busy rental market, Tim Bannister
advised renters to be in a position to act quickly to give themselves the best chance of getting the home they want. His top tips include: 1. Move fast to set up a viewing – Set up instant property alerts, and even make yourself known to local estate agents, to make sure you’re one of the first to know about a newly listed property;
2. Lay out your non-negotiables – Tis includes your maximum budget, how many rooms you need, and how long you intend on staying
Fuel poverty hit one in four in social housing last winter
One in four households living in social housing was forced to go without heating at times last winter because they could not afford to heat their homes, raising concerns about the risks to people’s health. Te number of households living in temperatures
below 18°C for periods last winter climbed by 240,000 compared with the winter before. Tis can lead to higher NHS admissions, while colder homes are also at a greater risk of mould growth. Te data was collected from smart thermostats
fitted in about 20,000 households by the energy analytics firm Switchee. Its main purpose was to identify properties in need of energy efficiency work, but it also revealed higher numbers of tenants living in colder homes. It showed that 23.5% did not heat their homes for a period of at least one week last winter, compared
with 17.4% the year before. Te National Energy Action, a fuel poverty
charity, said many more people may be forced to go without heating this winter aſter cut backs on the support payments made available. “Tis new data paints a chilling picture of what
happened last winter and what’s happening again now in millions of homes across the whole of the UK,” said Adam Scorer, the chief executive of National Energy Action. “People in all tenures are using less but still
paying more. Millions are underheating their homes to the point it could be dangerous to their health or even fatal.” Te findings emerged aſter experts warned
that low-income tenants in the private rented sector will face higher energy bills as a result of
18 | HMMDecember/January 2024 |
www.housingmmonline.co.uk
at the property. Tis will help keep the focus solely on properties that are right for you;
3. Be flexible where you can – Being open to different move-in dates is tricky, but it can be an attractive addition to a tenant application;
4. Be as organised as possible – Have your finances and documentation ready, so you can move through the tenancy application process smoothly and quickly; and
5. Widen your search, if you can – Home- hunters are increasingly looking outside of traditional hotspots when looking for their next property. Expanding your search could open up more options to find available properties, and you could potentially find cheaper homes, too.
the Government’s decision to scrap plans to force landlords to upgrade their properties to make them more energy-efficient. Rishi Sunak last month dropped a requirement
for landlords to meet stricter energy efficiency standards alongside plans to scrap or delay of a range of green measures which he said imposed a direct cost on consumers. Scorer said: “Beyond the money needed to afford
heating, we are also seeing people not able to cook a hot meal, nor not using hot water for washing. Tere are people who can’t afford to refrigerate their food or medicines, and some people are relying on candles for light.” “Others who are prioritising their heating
and other energy use are falling further into energy debt, which is now at record levels. Energy bills remain hundreds of pounds a year higher than at the start of the energy crisis and are likely to rise again in January. Sadly, it seems inevitable the situation will get far worse this winter.”
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