There’s no doubt we are navigating an evolving landscape within the rental market and the release of Labour’s budget this autumn is bound to have an impact.
Rightmove research suggests 40% of full-time workers are now unable to purchase an average-priced 2 or 3-bedroom home in Great Britain. This reality has made renting the more accessible option for many and with the current stamp duty relief expected to end in spring 2025, unless the budget changes this, it may remain this way for some time.
While the number of homes available for rent is rising, it’s also worth highlighting that there are still 25% fewer rental properties available in 2024 compared to 2019.* Further, rental inflation has slowed to 5.4%, marking the lowest level in nearly three years*. The slowdown in rent rises could imply that at least for now the market is showing signs of stabilising.
Looking into 2025, the anticipated Renters (Reform) Bill is expected to introduce changes. This will likely touch every element of the market, from tenant rights to rental agreements; which means it more important than ever for both landlord and renters to stay informed.
Remember, if you’re navigating the rental landscape, whether as a tenant seeking a new home or a landlord wanting to optimise your property strategy and portfolio, my team and I are here to help. We can provide insights on the proposed reforms and help guide you toward the best path for your situation; no two circumstances are the same and receiving tailored advice could help you to stay ahead of the curve.
*Zoopla
Written by Durden and Hunt Director, James Hunt
