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Scottish rents 1.6% higher than a year ago, latest data shows
Rents in Scotland have increased 1.6% compared to last April, marking a step up in annual rent growth after a period of cooler price rises, according to the latest index. This is the fastest year on year increase in rents for five months, according to the Scotland buy to let index from Your Move, one of Scotland’s largest lettings agent networks. Coming back from a winter dip, the pace of rent growth has increased solidly from a 1.3% annual rise in March 2015, and 1.1% in February. As of April 2015, the average residential rent across Scotland stands at a record £539 per month, matching the peak set in November 2014. While rent growth is quickening on an annual basis, in the month to April, average Scottish rents rose just 0.1%, the data also shows. ‘Scottish rents have peaked at a new apex, as lethargic supply of rental homes fails to match up to towering demand for homes to let. After rental prices plateaued over the winter months, we’re seeing annual rent rises start to ascend again,’ said Brian Moran, area lettings director at Your Move. ‘Affordability in the private rented sector now rests on new housing becoming available to let, and more choice for tenants, to keep rents competitive and rent rises in check. Solid rent rises offer clear encouragement for those contemplating buy to let investment, but fears of prohibitive rent controls and additional tenancy legislation in Scotland may be off putting, which could choke off new supply of rented homes, and drive up prices for tenants,’ he explained. Compared to last year, rents are now higher in three of five regions of Scotland. Rents in Glasgow and Clyde have experienced the greatest year on year increase, with typical rents up 5% since April 2014. The East saw the second biggest annual rise in rental prices at 1.7%, setting a new record for the area in April 2015, with the average monthly rent now £531. In the South of Scotland, rents have climbed a more modest 0.7% in the past 12 months. In two regions of Scotland, rents are now cheaper than they were a year previously. Edinburgh and the Lothians has witnessed the biggest fall in rent prices year on year, down 0.8% in the 12 months to April 2015. In the Highlands and Islands, rents are now 0.6% lower than in April 2014. On a monthly basis, rents have risen across three of five regions in Scotland. In Glasgow and Clyde, the average rent has climbed 0.8% in the past month, to £563. In both the East and the Highlands and Islands, rents have risen 0.3% since March. Rents in the South of Scotland have remained static month on month, staying at £498, the lowest average rent price across the whole of Scotland while Edinburgh and the Lothians is only region in Scotland to witness… Continue reading
US existing home sales fell in April, latest NAR data shows
Despite properties in the United States typically selling faster than at any time since July 2013, existing home sales slowed in April, the latest data shows. But sales remained above an annual sales pace of five million for the second straight month, according to the report from the National Association of Realtors. The data report also shows that median existing home prices for all housing types in April was $219,400, which is 8.9% above April 2014, the 38th consecutive month of year on year price gains and is the largest since January 2014 when it was 10.1%. All major regions except for the Midwest experienced sales declines in April with completed transactions that include single family homes, town homes, condominiums and co–ops, falling 3.3% to a seasonally adjusted annual rate of 5.04 million in April from an upwardly revised 5.21 million in March Despite the monthly decline, sales have increased year on year for seven consecutive months and are still 6.1% above a year ago and NAR chief economist Lawrence Yun said that sales April's setback was the result of lagging supply relative to demand and the upward pressure it's putting on prices. ‘However, the overall data and feedback we're hearing from realtors continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes,’ he added. A regional breakdown of the figures shows that in April existing home sales in the Northeast declined 3.1% but are 1.6%. The median price in the Northeast was $253,200, which is 3.6% higher than April 2014. In the Midwest, existing home sales increased 1.7% and are 13% above April 2014. The median price in the Midwest was $173,700, up 11.4% from a year ago. Existing home sales in the South declined 6.8% but are still 3.6% above April 2014. The median price in the South was $189,400, up 8.5% from a year ago. In the West existing home sales decreased 1.7% but are still 6.4% above a year ago. The median price in the West was $318,700, which is 10% above April 2014. Total housing inventory at the end of April increased 10% to 2.21 million existing homes available for sale, but is still 0.9% below a year ago while unsold inventory is at a 5.3 month supply at the current sales pace, up from 4.6 months in March. With demand far exceeding supply, properties sold in April faster, at 39 days, than at any time since July 2013 when it was 42 days and the second shortest time since it was 37 days in June 2013. Short sales were on the market the longest at a median of 180 days in April, while foreclosures sold in 50 days and non–distressed homes took 38 days. Some 46% of homes sold in April were on the market for less than a month. ‘Housing inventory declined… Continue reading
UK lettings agents and landlords surprised at proposal for mandatory licensing
The private rented sector in the UK said it is surprised about proposals to introduce a mandatory licensing system due to be in the Queen’s Speech later this week at the opening of the new parliament. Prime Minister David Cameron said in his speech on immigration last week that landlords throughout the country will be required to check the status of immigrants who rent their property following a pilot in the West Midlands. But, without giving details, he also said that a new mandatory licensing scheme will be introduced along with new rules allowing landlords to evict illegal immigrants more quickly. ‘We’ll also crack down on the unscrupulous landlords who cram houses full of illegal migrants, by introducing a new mandatory licensing regime. And, a bit like ending jobs when visas expire, we’ll consult on cancelling tenancies automatically at the same point,’ he said. Landlord and letting organisations are concerned and are waiting for details which are likely to be in the Queen’s Speech on Wednesday. ‘We are pleased to see the Government listened to our housing manifesto calls for greater regulation of the private rented sector. However, whilst this is a step in the right direction, it’s not the full solution to the problem of rogue agents plaguing the market,’ said David Cox, managing director of the Association of Residential Lettings Agents (ARLA). ‘We urge the Government to take this opportunity and impose more appropriate, over-arching regulation on the whole lettings industry. We look forward to hearing the full details of the plans in the Queen’s Speech,’ he added. The Residential Landlords Association said it has writing to immigration minister James Brokenshaw asking for an urgent meeting to discuss the proposals. ‘No form of universal licensing of rented property is proven to capture the most unscrupulous landlords. As so often, the devil will be in the detail,’ said RLA chairman Alan Ward. Continue reading
