UK House Prices And Rents Still Rising

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Month-to-month house prices in the UK are still falling – with a 0.2% drop between August and September, according to the latest official data.

But year-on-year house prices rose 1.3% to the end of September, says the Office for National Statistics.

The average home in the UK is now valued at £234,370.

Prices still vary across the country.

Homes in England were down 0.1% from August to September, with an annual rise of 1%, making the average property worth £250,677.

Booking.com

Prices in London were down 0.4% over the year, but the largest fall was in the East Midlands, down 1.2%. Average home prices in the capital are now £474,601.

Rents up across the country

The largest price rise was in the North West, where values were up 2.8%.

Meanwhile, separate ONS data shows buy to let rents rose 1.3% over the 12 months to October.

The rate of increase has stayed the same since May and reflects a £6.50 a month increase on a monthly rent of £500 in October 2018.

Regionally, rents were up 1.4% in England, 1.2% in Wales and 0.7% in Scotland.

In London, new buy to let tenants are paying 0.9% more than a year ago.

Since January 2015, when the ONS started keeping rent data, the price paid by tenants has gone up across the UK by 8.1%.

Landlord register scrapped

Meanwhile, the Tory government has confirmed calls for a national landlord register for England have been dropped.

In a written reply to a question by Lib Dem Baroness Thornhill, Viscount Younger of Leckie, the Parliamentary Under-Secretary for Housing, confirmed the government had no plans for a landlord register, even though they exist in Wales and Scotland.

“This government has no current plans to introduce a national landlord register, which could place an additional regulatory burden on landlords. This government is committed to improving the private rented sector by driving out criminal landlords and landlords who consistently neglect their responsibilities to provide safe and decent accommodation.

“Local authorities currently have a wide range of powers available to them including banning orders for the worst offenders, civil penalties of up to £30,000 and a database of rogue landlords and property agents targeted at the worst persistent and criminal offenders.”

More fee ban regulation

In Wales, the Welsh Government is planning new buy to let regulations to lay down default fees landlords can charge if a renter breaks a tenancy agreement, like sending a letter to chase late rent payments.

The regulations will be laid before the Senedd early next year.

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