This is a summary of the UK Rental Report produced by Hometrack in March 2024. Some key headlines below are useful for landlords and property investors.
The UK rental inflation rate is now 7.8%, the lowest it has been for the past two years. The average rent is now £1,223 per month.
Demand for rented properties has fallen by a fifth. This is due to several factors, including the fact that mortgage interest rates have come down, and first-time buyers are able to consider buying instead of renting.
Private landlords' investment in properties is still low. Although the supply and demand imbalance is reducing, there is still more demand for properties than are currently available.
The table shows the average rent in several regions and cities (January 2024)
Analysis of average rents by local authority reveals that over half of rented homes (51%) are now in markets with average rents of over £1,000 per month - almost double the level five years ago.
Other changes within the rental sector are:
We hope you found this helpful update. We have tax specialists who work with landlords and property investors. If you would like some advice, then please do contact us by calling 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it.
Haidee is our Personal Tax Director and is a fully qualified tax adviser, having achieved the ATT qualification in 2006. Tax efficiency being her main concern. Specialising in taxation, Haidee provides clients with advice on personal tax, PAYE services, VAT and social security. She also provides guidance to new start-up businesses.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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