Upfront cost of renting a property outside London rises by up to 24%

A scarcity of rental properties has pushed up the initial cost of securing a home by as much as 24% in some parts of the country – despite the tenant fees ban. According to rental deposit replacement scheme Ome, while the cap seems to have had the desired effect, with the initial cost of renting […] ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Upfront cost of renting a property outside London rises by up to 24% | LandlordZONE.

Upfront cost of renting a property outside London rises by up to 24%

A scarcity of rental properties has pushed up the initial cost of securing a home by as much as 24% in some parts of the country – despite the tenant fees ban.

According to rental deposit replacement scheme Ome, while the cap seems to have had the desired effect, with the initial cost of renting in England down 2% year-on-year, some areas have bucked the trend.

Corby (pictured) has seen the cost of securing a rental deposit rise by 24% since this time last year, while Exeter and Charnwood have also seen a jump of 23%. 

Oxford, Newcastle-under-Lyme, South and West Oxfordshire, Chiltern, Liverpool, Doncaster, Rushcliffe, Haringey and Bristol have also seen a double-digit increase.  

Ome looked at the current initial cost of securing a rental home since the tenant fee ban was introduced last June – based on one month’s rent plus a deposit of five weeks’ rent – and found that tenants are now paying £1,897 upfront; £843 for their first month’s rent, plus a deposit of £1,054 at five weeks’ rent.

While in London, tenants are paying 5% less compared to last year, those in the South West are facing costs up 4%.

Kingston upon Hull is the cheapest place to secure a rental property with an initial outlay of £986, while York is the best place for tenant affordability, as costs have dropped by 18%.

Co-founder Matthew Hooker says: “There’s no doubt that the tenant fee ban has had an impact on the affordability of renting. However, while some have seen the cost of securing a rental property drop, tenants in many parts of the national rental market have still seen sharp increases.

“This increase will have been driven mainly by a reduction of rental accommodation to meet demand as many buy-to-let landlords reconsider their investments due to a string of Government changes to the sector.”

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Upfront cost of renting a property outside London rises by up to 24% | LandlordZONE.

Source : Landlord Zone More   

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BREAKING: Leicester lockdown does not prevent home moves, ministry confirms

The government has confirmed that the health protection regulations published this afternoon to regulate the Leicester lockdown do not prevent people moving home. A senior civil servant from the Ministry of Housing, Communities and Local Government has written to property industry leaders to reassure them that the Health Protection (Coronavirus, Restrictions) (Leicester) Regulations 2020 make […] ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - BREAKING: Leicester lockdown does not prevent home moves, ministry confirms | LandlordZONE.

BREAKING: Leicester lockdown does not prevent home moves, ministry confirms

The government has confirmed that the health protection regulations published this afternoon to regulate the Leicester lockdown do not prevent people moving home.

A senior civil servant from the Ministry of Housing, Communities and Local Government has written to property industry leaders to reassure them that the Health Protection (Coronavirus, Restrictions) (Leicester) Regulations 2020 make it clear that “there will be no additional restrictions placed on moving home”.

For example, while gatherings of two or more people are now banned in Leicester as they were nationally at one point during the lockdown, people moving home are exempt.

“People in Leicester will still be allowed to leave home to move and also to leave home to facilitate a house move,” the statement says.

It goes on to confirm that both agents and landlords will be able to continue to support people when they move home as long as they take all the necessary precautions to prevent the spread of infection.

The guidance from MHCLG is important because, as well as giving guidance to home movers, landlords and agents in the city, it suggests that future ‘flare up’ lockdowns regulations will also continue to allow homes moves.

Housing minister Christopher Pincher recently revealed why housing is being given special treatment, saying the industry as a whole employed 2.3 million people from carpenters to those who put up To Rent boards outside properties and everything in between.


©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - BREAKING: Leicester lockdown does not prevent home moves, ministry confirms | LandlordZONE.

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