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Seven out of 12 UK regions see rental growth, but not London
After a period of rent price rises in London outstripping the rest of the UK, the disparity between the growth rate of the London and nationwide rental markets is beginning to narrow, the latest index shows. The average rent in the UK is now £899, compared to £889 at the end of January 2015, and £873 in December 2014, according to the HomeLet rental index. It also shows that average rent prices in London have remained static in the three months to February 2015, versus the wider picture of predominantly rising prices. Indeed, seven out of 12 regions in the UK have seen rent prices rise in the three months to February 2015, with the North East and South West of England leading the way at 3.1% and 2.5% price growth respectively. There was also growth in East Anglia, the North West of England, Northern Ireland, the South East of England and Yorkshire and Humber while rental prices have not increased in Greater London and the West Midlands, and have fallen in Wales, the East Midlands and Scotland. Looking solely at new tenancies commencing in the month of February 2015, prices have increased in the month since January 2015 in several regions, with Northern Ireland rising 7.2%, the North East of England 6.2%, the South West of England 4.5% and East Anglia 3.7%. In contrast, rents agreed on new tenancies in London in February 2015 have fallen by 2.5% compared to the previous month. Scotland, the East Midlands and Wales have also seen prices agreed on new tenancies fall in February 2015 compared to January 2015. ‘Last year saw the London rental market outstrip the rest of the UK in terms of rent price growth but what we are seeing so far in 2015 is the private rental market becoming much more broad based with the strongest rent price growth occurring outside of the capital. Other regions of the UK such as the South West of England and East Anglia are maintaining the rises achieved in 2014 and continuing to grow,’ said Martin Totty, chief executive officer of Barbon Insurance Group, parent company of HomeLet. ‘The rent price growth seen in London during much of 2014 now appears to be slowing. However a recent survey we conducted with London letting agents has shown that demand for private rental property remains high and still outstrips supply, with 80% of agents saying there are more tenants than properties available,’ he added. Continue reading
Property price growth in some rural areas catching up with cities
Property price growth in the English countryside is almost neck and neck with price rises in cities, according to the latest research. Overall home values in towns and cities across the UK have increased by 5.7% over the last year, but rural England has seen 5.1% annual property price growth in countryside areas over the same period. The research from Zoopla also shows that the average value of a rural home in England now stands at £264,338, some £51,737 or 24% higher than the typical urban property outside of London. Rural homes in the East of England have seen the biggest uplift in value over the past year, with prices up 6.5% or £17,098. This is closely followed by country properties in the South East, which have climbed in value by 6% or £22,157 in the last 12 months, meaning that home buyers in the region can expect to pay £66,100 more to live in a rural part of the South East, as opposed to a bustling town or city. The premium buyers pay to live in a rural location is highest in the West Midlands, with countryside properties costing £73,982 more than homes in a town or city while Gerrards Cross in Buckinghamshire is the most expensive rural area in England, with average homes currently worth £817,376, up from £773,726 a year ago. City properties ads in the East of England and South East experienced the strongest annual growth of 7.5% and 6.7% respectively, outpacing rises in London. But the most expensive urban location across the country is Kensington and Chelsea, with the typical pied-a-terre in W8 now valued at £2,654,512. ‘Urban areas had a head start in the housing recovery with demand propped up predominantly by employment opportunities. This drove price growth in these economic hubs and left countryside markets by the wayside,’ said Lawrence Hall of Zoopla. ‘Over the past year house price growth has spread and rural retreats which are commutable to the amenities and jobs of urban centres have become highly sought after. But they come with a significant premium to have the best of both worlds, with the extra outdoor space and seclusion that rural living gives you. Those looking for the good life in the country might want to escape the rat race sooner rather than later,’ he added. Continue reading
Taylor Scott International Opens Mombasa Office
Taylor Scott International (TSI) is proud to announce that its second office in Kenya will be fully operating as of March the 1st 2015 in the Kenyan port city of Mombasa. The new TSI office is located in City Mall … Continue reading
