Renters Reform Bill Coming Soon
The market for rental properties is continuing to grow and monthly rent on newly let properties is still increasing on average.
Across the country rents rose by 11% year on year in April and since we went into lockdown, rents have increased by 25% with strongest growth, unsurprisingly, in London.
With rents on the open market rising quickly, tenants will face the choice of staying in their home or moving to a smaller home in a more affordable area. Staying put will probably result in a lower rent increase as most landlords will look after good tenants but even so, they are not immune to rents going up.
The growth is expected to slow down later this year but with landlords looking to pass on their rising costs, it is unlikely to slow considerably.
At the moment, according to the Lloyds Group, 5.5 million homes are in the hands of private landlords and, at Bywater Herring, we work hard to develop a great relationship between our tenants and our landlords so that with the legislation, Renters Reform Bill, coming into law soon, we will find professional, committed landlords providing good quality properties for good tenants.
