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Housing rents up across the whole of the UK, latest index data shows
Residential rental prices increased in every region of the UK in the three months to May taking the average rent to £935 a month or £738 excluding London. The latest HomeLet rental index shows that the pace of growth in London has picked up again after a period of slower growth, with average rents agreed on new tenancies in May 2015 exceeding £1,500 per month for the first time. With rents now 10.7% higher than the same time last year, it is only the third time that rents have risen across the country since the index began, once in October 2014 and once in December 2010. The South West of England saw the largest increases, with average rent prices 13.6% higher than a year ago while Scotland saw growth of 9.6%, the South East of England 9.4% and Greater London 9.2%. In Greater London, the average rent now stands at £1,472 for the three months to May 2015, however, when looking solely at new tenancies agreed in the month of May, the average rent has exceeded £1,500 for the first time in the history of the Index. The average rent on new tenancies signed during May 2015 was £1,506 per month. ‘Rental values are now increasing year on year across the country, with no exception. After a short period of London rents rising more slowly, when it seemed the rest of the UK may catch up or even exceed the capital in the speed at which rent prices were increasing, we now see the rate of price rises in London returning towards double digit growth, while the rest of the UK continues to rise steadily,’ said Martin Totty, chief executive officer of Barbon Insurance Group, the parent company of HomeLet. ‘With the whole of the UK experiencing increases in rent prices agreed on new tenancies, it is possible this is an early indicator of a post-election private rental market where both landlords and tenants might expect rent prices to keep rising as demand continues to grow,’ he added. Continue reading
Monaco real estate sales market reaches new records, latest analysis shows
Monaco’s residential real estate market experienced a record year in 2014 and a weak euro is seen as offering buyer opportunities, according to the latest property analysis report. The number of residential sales exceeded their 2007 peak for the first time in 2014, with a combined value of €2.4 billion and according to the report from international real estate firm Savills prices are stable and Monaco remains one of the world’s most expensive property markets. In total, 555 residential properties traded in the resale market in 2014, putting the number of deals 21% above 2007 levels, however, in US dollar terms the Principality has slipped to second place behind Hong Kong, due to a weak euro. The very upper tiers of the market have been the most liquid, and as a consequence transactions in euro terms reached new records. Some €2 billion of property traded in the resale market in 2014, compared to the previous peak of €1.1 billion in 2008, an increase of 91%. While total sales volumes by both number and value have reached new highs, average prices have remained static. ‘This, set against a weak euro has made Monaco property look cheaper to some foreign buyer groups, particularly those with US dollars,’ the report says. For example, a €2 million property cost US dollar buyers $2.16 million in April 2015, compared to $2.77 million in April 2014, a reduction of 22% in a year. The same €2 million property to a British sterling buyer cost £1.44 million in April 2015, compared to £1.65 million a year prior, a reduction of 12%. Investors have been active in the €1 million to €10 million bracket, seeking easy to manage properties to feed into the rental market. Monaco benefits from a range of end users, and second home purchasers and those seeking primary residences in the super prime segment have been active too. The report points out that Monaco is unusual in that almost all of its residential stock could be considered ‘prime’. The ‘mainstream’ housing stock, in which many of its workers live is found in bordering French towns. Given Monaco’s restricted space, 95% of its housing stock is in the form of apartments, with villas making up the balance and the Principality has a large rental sector, much of it institutionally owned and let to Monégasque residents. In the ultra-prime sales market British, Russian, and Middle Eastern buyers have been especially active in the last year. Monaco’s ultra-prime residential markets are focused in Monte Carlo, around the famous Place du Casino. The most desirable area is Carre D’Or, followed by neighbouring Fontvieille, which also offers a variety of commercial uses. Sought after buildings can be found throughout the Principality, with the majority of new ultra-prime schemes developed in outer districts due to limited land availability in the ultra prime core. The report concludes that the unique offering of Monaco’s global appeal and its extremely limited land supply will all combine to keep… Continue reading
Majority of UK tenants face higher rents at end of tenancy agreement, it is claimed
Almost two thirds, 60%, of UK tenants have seen their rent increase on their current property at the end of each tenancy agreement, new research has found. And many are forced to pay additional fees, averaging over £100, to letting agents to renew their contracts, according to a study by mortgage and loans provider Ocean Finance. Landlords increase rent by an average £84 a month, or £1,008 a year, at the end of each tenancy agreement, the figures show. On top of that, 13% of renters are also hit by charges from letting agents of £117 on average for renewing their tenancies. The study shows that over half of tenants stay in the same house for five years or more, which could see them paying almost £600 in letting agents’ fees to continue renting their home. According to the figures from the Office of National Statistics, prices on private rentals increased by 2.1% in the year to March 2015, driven by the buoyant market in London and the South East. ‘The buy to let market is booming at the moment, driven partly by the London market, although there are strong hotspots across the country,’ said Gareth Shilton, Ocean’s spokesperson. ‘As demand for rented properties continues to outstrip supply, and many people struggle to get on to the housing ladder, landlords are in a strong position to continue to increase rents each time a tenancy agreement ends,’ he pointed out. ‘On top of rental increases, tenants are facing rip-off fees from letting agents, not just to take new tenancy agreements, but also to roll-on an existing tenancy for another six or 12 months,’ he added. Continue reading
