UK rents ‘to rise by 20 per cent over five years’
House prices in the UK are forecast to rise by 18 per cent over the next five years with rents expected to increase by a fifth over the same period.
Help-to-rent schemes
“Worryingly our figures show that as a result of a combination of economic pressures, more and more vulnerable tenants are being pushed out of the private rented sector. However, if government were to put in place additional support measures through the introduction of help-to-rent schemes, the door to the rental market may once again be opened for Britain’s most vulnerable.”Responding to the report, a spokesman for the Department for Communities and Local Government said, “This government is determined to make sure that we have a private rented sector that better meets the needs of both tenants and landlords.“That’s why our housing white paper makes clear how we’ll build more homes for rent and make sure renting is affordable for ordinary working families.“We’re also banning letting fees, driving the worst landlords out of the market and promoting longer tenancies on new rental properties.”Related news:
- UK house price growth slowest in nearly four years
- Mixed response to plans to fix 'broken' housing market
- North-South house price gap 'could narrow in 2017'
Tenant demand continues to grow
The report, based on responses from RICS members, said that tenant demand had continued to grow – with the exception of the London rental market – with 15 per cent more respondents to the survey noting an increase, rather than a fall.On house sales, RICS members reported that both transactions and buyer enquiries remained flat in February. The latter had moved into positive territory last September, but seemed to have gradually lost steam. However, a quarter of respondents reported seeing a property price rise in February.The strongest price growth was seen in the North West of England while, in London, prices fell for the fourth consecutive month, despite an increase in transactions after a year of negative-to-flat growth.As for the future, the majority of surveyors across the UK expressed confidence that transactions would increase over the next 12 months.For related news and features, visit our Residential property section.Access hundreds of global services and suppliers in our Online Directory Get access to our free Global Mobility Toolkit©2024 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.