Finding out about the market directly from landlords and tenants
The second quarter of 2017 has been another positive period with the snap general election in June having very little impact on the property market. A slight drop in house prices during the first two months was reversed with house prices increasing 1.1% month-on-month in June, showing just how resilient the property market is once again.
New tax regulations came into effect in April this year and although there were initial fears of how it would affect the market, there have been no major setbacks. One noticeable change is that it has prompted landlords to look for better property investment opportunities with many now turning their attention to regions where they can achieve higher yields. Overall, house prices up by 2.6% and average rent income increasing by 2.8% from the first quarter of 2017. The property market in the North of the UK performed particularly well with the demand for rental property outstripping supply and pushing up rents prices.
The UK rental market is growing at a rapid rate. Despite government promises to build new, affordable homes, it has been predicted by industry experts that 1 in 4 UK households will be renting privately by 2021. With this in mind, the opinions of tenants in the rented sector are becoming more valuable.
During Q4 2017 Knight Knox carried out its second annual tenant survey to find out more about tenants, their rental situation and the market as a whole. 2,000 tenants across all demographics were surveyed and the results revealed why people rent but most importantly, confirmed that the growing trend towards renting is here to stay.
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