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London Property Market 20 May 2016

The rental market 2016

  • Average rents on new tenancies in London in the three months to April reached yearly rises of 7.7% to stand at £1,543, more than double rents in the rest of the UK.
  • The average UK rent for new tenancies (excluding London) was £764pcm6 – 5.1% up on the same period last year.
  • Landlords are increasingly specialising in only letting to certain tenant types, especially if they have more than one property.
  • One in ten private landlords in the UK has no formal tenancy agreement in place7. Where contracts are in place, landlords may unwittingly be asking tenants to sign documents that are not legally enforceable.
  • Delays in getting on the housing ladder are leading to increased worries about retirement for many people8. The research highlights the following main concerns of young people:

34% expect to work beyond retirement age to pay off their mortgage;

44% are worried they won't be able to afford their mortgage payments in retirement;

51% are worried that paying their mortgage will hamper their ability to save for retirement.