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15% rental rate rise predicted by 2023

The rental market in the UK has seen its fair share of changes over the last two years and it is now looking like those changes are starting to have an impact.

The Royal Institution of Chartered Surveyors (RICS) recently conducted a survey which provided some interesting forecasts for the Private Rented Sector.

It appears that the supply of homes available for rent has taken a fall and has done consistently for the past 2 years. Changes to tax law for landlords and an increase in stamp duty for buy-to-let purchases has made potential new landlords more hesitant to jump into the market.

RICS found that across the last 3 months 22% of respondents to the survey saw a drop in new landlords. This combined with the growing demand for rental homes due to affordability issues has led to forecasts of a 2% rise in rental rates over the course of the next year.

This increase is expected to be felt in all regions of the UK, with East Anglia and the South-West of England highlighted to see the largest growth.

Long-term, this is predicted to continue also, with the pressures of the UK property market predicted to drive rents up by 15% over the next 5 years.

A separate report from tenant referencing company HomeLet, stated that rents had risen by 1% in the 12 months to July, currently standing at an average of £777 per month, with London seeing a 3.3% rise to £1,615 in the same period.

Chief Economist at RICS – Simon Rubinsohn – commented on the findings of their survey, stating “The impact of recent and ongoing tax changes is clearly having a material impact on the buy-to-let sector as intended.

“The risk, as we have highlighted previously, is that a reduced pipeline of supply will gradually feed through into higher rents in the absence of either a significant uplift in the Build to Rent programme or government-funded social housing.

“At the present time, there is little evidence that either is likely to make up the shortfall.”

Fife Properties Lettings Director, Richard Cook commented, “Fife Properties have been lobbying the UK Government with the SNP and Scottish Association of Landlords since the new tax changes for Landlords were announced in 2016 but the UK Government is just burying it’s head in the sand. These tax changes are making it worse for tenants as we see more Landlords exiting the market and more tenants entering thus creating more demand and pushing up rents. This will not stop as it’s one on one economics of supply and demand. The Government should be embracing Landlords for helping them solve the housing crisis not penalising them.”

Top Tips For Viewing A Property Like A Pro

When it comes to buying property, it is important to keep in mind that it could potentially be the home you live in for the rest of your life. With this in mind, it is essential that when you view potential properties, you take the time to be thorough and get all the information you can.

To help make sure you don’t miss a thing and make the right choice when you do eventually make an offer, we’ve compiled the following list of tips to view a property like a pro.

Don’t rush
We all feel a bit strange viewing someone else’s home, but as we said earlier, you could be living in this property for decades so don’t rush through this process! It’s vital that you spend close to 30 minutes exploring the property, asking questions and just getting a good sense of how the property feels. If you just wander from room to room, taking a quick look and then moving on, you won’t get a good feel for the property. Taking that little extra time will mean you are well-informed when you come to make a formal offer for the property.

Think about how much space there actually is
When it comes to property space is one thing you can never have enough of. Whether you’re looking to fit in that Queen-size bed or you need somewhere to store all of the precious knickknacks that you have collected over the years, space is incredibly valuable. Pay attention to the way the current owner has laid out the furniture, as it will provide you with some insight into how to best make use of the property’s available space. It’s also an excellent opportunity to think about how much room your items take up and whether there is any scope for a little pre-move declutter.

Take a walk through the area
When you’re buying a property you’re not just investing in that building, you’re also investing in the neighbourhood itself. If you’re first-time buyers and looking to build a life in this new home, you have to ask whether the area is suitable for your family’s needs. Are there plenty of shops close by? How do the local schools perform? It’s best to wander around the area for a short while in order to see how it all feels, after all, if you’re going to be here for some time, you need to feel comfortable.

Once you’ve taken a good look, take another and maybe another
As we stated at the beginning, when it comes to buying property it’s best done the right way, but even when you do everything right, it’s always best to check things twice. No matter how thorough you intend to be there is always the possibility that you missed a couple of things the first time around. Most would advise visiting a property 2-3 times and at different times of the day – if possible – to see if you feel the same way each time. Buying a home can be very exciting, so it is worth visiting the property a few times.

Don’t forget that your agent is there to help you! Make sure you ask them questions about the property’s history and the local area, as they will be more than happy to assist you with your decision.

Fife Properties Managing Director, Jim Parker commented, “We always encourage and help buyers get as much information and facts as possible to help them make an informed decision after all for most of us this will be a home for many years to come.”

Revealed: The Best Day Of The Week For Moving Home

When it comes to moving home, there are plenty of things you can do to make sure things run as smooth as possible, but at the end of the day, moving home will always be a challenging process.

Some have described it as one of the most stressful tasks you will ever take on and although most of us would just prefer to get started and hope to get it over with as soon as possible, new research suggests that some days are better than others.

Which days do people prefer?

Compare My Move conducted a study in which they analysed 66,500 house moves throughout the UK to find out people’s preferences for when they feel is best to move home.

The research found that the most popular time to move home is during the summer and on a Friday, suggesting that most people are looking to take care of the whole process in one weekend.

In terms of expense, it was found that moving home on a Thursday is the most expensive day to do so if you’re hiring a removal van and the opposite is true if you move on a Sunday.

These findings are true throughout the majority of the UK, except for Wales, where the most ideal day is a Wednesday and the least popular day is surprisingly a Saturday.

Movers avoid Sundays!

What may come as no surprise to a lot of people is that the least popular day of the week in the UK, in general, is Sunday, which is understandable with many of the local shops and amenities operating for a shorter number of hours or closed altogether.

August is the most active month of the year for moving, most likely due to families wanting to wrap everything up during the school holidays, but this does vary to other warmer months such as July and September, depending on which region you’re looking at.

Co-founder of Compare My Move – Dave Sayce – commented on the findings of their research. He said “Our research shows that Friday still reigns supreme for movers across Britain, with a huge 30% of movers choosing this day. With one day off work netting you three days to get settled in with the help of the weekend, it’s clear why Friday is such a favourite. If you want to nab a Friday move at a decent rate, make sure you book at least three months ahead of time, and always compare removal quotes.

“If you’re looking for a budget move, our data shows that the cheapest rates are on the most unpopular moving days of Sunday and Tuesday. Only 5% of our users opted for a Sunday move, and with businesses and banks winding down on the day of rest and Monday morning looming, it’s easy to see why”.

Fife Properties Managing Director, Jim Parker commented, “The research backs up what most people already know and if you are flexible on moving days then it is clear that you might want to take advantage of the cheapest days”.

Five Tips to Help Boost Your Rental Income

Being a landlord is by no means an easy undertaking. Competition for exemplary tenants is fierce, maintenance can be costly and time consuming and your legal obligations can at times feel like a web of confusing, ever changing jargon. But if you can get it right, and investing in a rental property can be one of the most lucrative and satisfying investments you can make.

Continue reading Five Tips to Help Boost Your Rental Income

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