Month: August 2017

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A quarter of all UK households will be private tenants within eight years, forecast

The average tenancy length in the UK is getting longer – and by 2025, 25% of all households will be living in the private rented sector.

Both findings are from LSL companies.

Your Move reported that in London – which has almost one-fifth of all rental properties in the UK – the average tenancy length is 20 months, but that in the south-east and across the commuter belt, tenancy lengths are much longer.

In Sevenoaks, Kent, for example, the average is now 44 months.

Your Move said that average rents in London stood at £1,277 a month in June and in the commuter belt at £780 a month.

The shortest tenancies in the UK were found in the south-west (15 months), where the average rent has fallen to £664 a month in June 2017 from £684 in June the year before.

In Wales, where the average rent as of June was £599, the typical renter stays in the same property for two years.

In Scotland, tenancy lengths hit 18 months, while tenants in Northern Ireland stay an average of 17 months.

Meanwhile, separate research from the Corporate Client Department of LSL is predicting that one-quarter of all UK households will be private tenants within eight years.

According to the latest English Housing Survey, the proportion for the year 2015/2016 was 20%, representing 4.5m households. The figure equates to a growth of 2.5m households since 2000.

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Where are the biggest house price climbers since the referendum?

Using recently released Land Registry data, let’s take a look at where across the nation has given homeowners the biggest Brexit blues (and where hasn’t).

On average, house prices across districts to have voted to leave are up 5.65% since June of last year to just 4.04% across the UK’s Remain districts.

Brexit House Price Drops

Although both camps have seen pockets of house price decline, of the 13 Remain districts to see a drop, prices have fallen by an average of -4.40% to just -1.94% on average across the 14 Leave districts to see a fall.

The areas where Remain homeowners will be feeling the biggest Brexit blues are the City of London (-20.31%), the Western Isles (-16.00%) and the City of Aberdeen (-9.95%), all seeing a much larger decline than the biggest drop of the Leave districts (Pendle -6.27%).

There has also been negative movement for the Remain districts of Greenwich (-3.10%), South Hams (-1.55%), Windsor and Maidenhead (-1.52%), Argyll and Bute (-1.38%), the London Boroughs of Newham (-1.32%) and Brent (-0.86%), Harrogate (-0.72%) and the boroughs of Hammersmith and Fulham (-0.32%), Barnet (-0.15%) and Merton (-0.04%).

The areas with a majority Leave vote that have since seen the average value of property fall are Pendle (-6.27%), Sunderland (-4.21%), Ribble Valley (-3.94%), Richmondshire (-2.54%), Middlesbrough (-2.29%), North Somerset (-2.04%), Hambleton (-1.66%), Cheshire West (-1.35%), Blaenau Gwent (-1.08%), Stockton-on-Tees (-0.97%), Neath Port Talbot (-0.55%), Torfaen (-1.14%), Bracknell Forest (-0.1%) and Surrey Heath (-0.09%), although the decline in growth has generally been lower than the Remain districts to have seen a slump.

Brexit House Price Growth

The UK overall has enjoyed an annual increase of 4.9% in house prices since the decision to leave the EU. A huge 159 Leave districts have seen house price growth exceed the UK average with 30 of these districts enjoying an increase in values more than twice the national average. The pick of the bunch has been Tendring (13.11%), Copeland (12.86%), Maldon (12.77%), West Somerset (12.62%) and Rutland (12.36%)

Just 44 Remain districts have seen house prices exceed the national average for annual growth, with only nine of these seeing this growth exceed double the UK average. The highest increases have been seen in the Orkney Islands (27.87%), Kensington and Chelsea (12.77%), Winchester (12.30%) Exeter (10.93%) and the Cotswolds (10.93%)