Beaconsfield’s Rental Market: Insights for Summer 2024
Reports on record asking prices and rental demands being at their highest since the pandemic continue. Rightmove recently released its Q2 South East statistics, which show that average rentals outside of London are now £1,231 per calendar month (up from £1,190 in Q1). Compared to HP9, these levels are low, but the term “outside of London” encompasses a large and diverse area. During Q2, the typical time it took to rent out a property was 17 days.
While rentals are apparently at high levels, HP9 houses specifically that are priced over £2,000 per calendar month are now taking much longer to rent. Compared to 2021–2022, tenant budgets are notably lower when registering, and we are also observing agents having to drop higher asking levels on websites.
The urge to rent outside of London may be waning as workers return to the office and the ongoing rail strikes continue to have a detrimental impact. The London rental market is flourishing, with average rents skyrocketing. Although there are hints that the amount of available housing is progressively increasing in several boroughs, the demand, particularly from professionals, students, and returning foreign renters, is still not being met.
Update to the Renters (Reform) Act
The second hearing date scheduled for early Autumn has apparently been postponed, and with the parliamentary summer holiday rapidly approaching, there doesn’t appear to be any hurry to pass the bill at this early point. Since the initial draft, some amendments have been made, including the prohibition on landlords refusing to let families and renters who receive benefits.
It’s still unclear whether this reform will take effect in early 2024. The parliamentary procedure can be drawn out and complicated, and there may yet be delays or revisions to the Bill. We also have a looming General Election (Jan 2025 at the latest) so campaigning may take priority and the Bill could even be shelved.
In order to better understand the effects of growing costs and dangers the Bill offers to the private leased sector, ARLA Propertymark wants to hear from landlords. To that end, they have developed a brief survey. CLICK HERE if you’re interested in taking part.
Landlord Tax
Landlord Today News revealed that HMRC contacted them to make a direct appeal for their readers to understand the benefits of submitting tax returns early rather than waiting until nearer or in some cases on the deadline date of 31 January. In recognition of the fact that some landlords may find filing taxes to be challenging, it claims to have published a guide and top advice for landlords. However, we have been unable to trace this so we’ve put together our own guide HERE. They continued by stating that it is best to file tax returns early, which enables landlords to better plan their budgets and decide how to pay any outstanding debt over time.
EPC Update for Landlords
Michael Gove, the housing secretary, promised to release “shortly” updated timeframes for the implementation of further energy efficiency goals for the private renting sector.
Following a significant speech on housebuilding, Gove was directly questioned about the matter in a Q&A session in London. Gove reiterated statements he made in a newspaper piece over the weekend, stating that he believed the present timeframe for landlord EPC targets should be adjusted. He promised that “further information would be published shortly.”
After suggesting a 2028 deadline for new EPC standards, the housing secretary said in the piece that his administration was “asking too much too quickly” of landlords. In order to avoid facing significant fines, landlords must ensure that their rental homes receive a minimum EPC rating of C within five years.
Additionally, Gove vowed categorically not to enact rent controls during the Q&A session, stating that every time they had been tried in the past, they had failed.
We shall keep you posted once anything is confirmed!
For any further information on the rental market or to discuss your lettings portfolio or properties, get in touch with me here: clairew@ashingtonpage.co.uk or give me a call on 01494 685514.
CLAIRE WOODROW, MARLA
LETTINGS MANAGER