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UK Rental Growth Rate Trends Slow Down
二月 20, 2024
UK Rental Growth Rate Trends Slow Down 倫敦
By   Internet
  • 城市報
  • UK housing market
  • new rental market
  • rental growth rates
  • rental trends
Abstract: According to the latest research from Hamptons, the year-on-year growth rate of rental costs in the UK's new rental market has decreased to single digits, at 8.3%. This marks the first time it has dropped to single digits since the peak of rental increases reached 12.0% in August last year.

In January of this year, 59% of landlords in the UK raised rents for new tenants upon moving in, a decrease from the peak of 81% in January 2022 and 79% in January 2023, indicating that rent increases are no longer inevitable.


Aneisha Beveridge, Research Director at Hamptons, pointed out, "Last summer seemed to be the peak of rental growth. Since then, fewer and fewer landlords are increasing rents. Now, rent rises each month tend to be double-digit rather than triple-digit."


Over the past two years, sharp increases in mortgage rates have triggered record-breaking rental growth for two consecutive years. Landlords, canceling fixed-term leases, passed on these higher costs to tenants by raising rents.


UK Rental Growth Rate Trends Slow Down

RYAN BEMBRIDGE


Despite more than two years since the Bank of England's first interest rate hike, rising rents coupled with widespread inflation have increasingly pressured tenants' financial situations and limited their ability to pay higher rents.


However, in 2024, the pressure of rising rents seems to be easing, especially with the decrease in mortgage interest rates. But greater pressure on landlords suggests that rental growth will continue.


Additionally, declining returns and additional time and financial costs due to rental reforms have reduced the number of new landlords. This could result in this year's rental growth rate remaining in line with the inflation rate.


According to research from Hamptons, rental growth rates have slowed down in 8 out of 11 regions in the UK, with London being the primary reason. London's annual rental growth rate decreased by more than half from August to January, dropping from 17.1% to 8.1%. This means that London's rental growth rate is the slowest in the past two years.


However, for many tenants, even with the slowdown in rental growth rates, rent remains a significant part of their financial budgets. The inevitable trend of rental increases has led to increased living costs for many tenants, adding to their financial pressures.

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UK Rental Growth Rate Trends Slow Down
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