The harsh reality of the UK’s sometimes savage housing market is that more people are renting their homes until later in life but paying more for the privilege of doing so than their parents did.
In England the number of private renters has increased from two million to 4.5 million between 1999 and 2015 while renting a home has been eating up a steadily increasing proportion of renters’ income, rising from 8% during the late 1960s to over 27% today, on average. Here we look at the key trends driving up rents across the nation in recent years.Read more
The bank even demands that landlords get a valuation of the market rent every time the tenancy is up for renewal and then "take all steps to ensure that the review [with the tenant] takes place and leads to the maximum increase in the rent which can reasonably be achieved."Read more
Whenever you propose reform of private renting, the landlord lobby always says no, because "landlords couldn't afford it". Whether it's asking landlords to cover the cost of letting agent fees, to apply for a licence, to charge controlled rents, or to pay tax on their loans, we're asked to believe that they can't afford it. Then they threaten to raise rents - as if rents haven't already been outpacing inflation since the end of the recession.
This claim assumes that landlords are already paying large amounts of their revenue out again in costs. Some of them are, but we point out that the majority are not, because they don't have a mortgage.
For example, an interest-only mortgage of £150,000 at 4% costs £6000 a year. Rent on the £200,000 property bought with that mortgage might get you £10,000. Two thirds of private rented properties have no mortgage, and thus have significantly lower costs and capacity to absorb new regulatory requirements.Read more
Renters never really know where they'll live in 12 months' time. Even if your landlord is a charity, charging reasonable rent and letting you turn their property into a home, they could quietly sell up to a landlord who will just evict you and sell your home to the highest bidder.Read more
If you ever wonder why we as a nation are "obsessed" with home ownership when people happily rent for life in Germany and the Netherlands, consider the number of ways you can lose your home as a renter.
Even if you pay the rent on time, take care of the property, and learn your neighbours' names, you can be forced to move if the landlord decides to sell up, raise the rent to a level you can't afford, or just doesn't renew the tenancy.
A new poll from BMG finds that 27% of current and former private renters have experienced an unwanted move.
This morning, the local community in Herne Hill stopped bailiffs from evicting a 69-year-old private tenant from her home of seven years.
Her landlord, Manaquel, served her with a no-fault eviction notice which gave her no option but to move out or sit and wait to be forced out by the bailiffs.
After a notice to quit, a possession order, and a warrant from the court, the bailiffs arrived today at 9:30 to be met by 20 neighbours and local campaigners who sent them on their way.
If ever there was a case for the reform of private renters' rights it's this.
Residents of Dorchester Court in Herne Hill all rent from the same landlord, Manaquel Ltd. In recent years, the company has tried putting up the rent by 30% in many cases - some of the residents managed to negotiate a lower increase, but are still paying much more than before.
This year, instead of having their tenancy renewed, the landlord has been issuing them with section 21 eviction notices - giving the tenant 2 months to leave - without giving them a reason or any option to stay.
[photo: Brixton Buzz]Read more
There's a lot of muttering right now from the landlord lobby that they'll be putting up rents because of changes to the tax regime and expected increases in interest rates.
The threats would sound scarier if rents weren't already going up faster than inflation. The fact is many landlords will use any excuse to put up the rent when they get the chance. Many others value their tenants, and won't.
If you face a rent hike, you don't need to accept it. We've put together a 3 minute video on what to do to avoid paying too much.Read more
Inflation is one of those annoying things that you just have to accept and deal with - the official target is, after all, 2%. But that gives the government no excuse to allow rents to go up the way they have.
Since 1998-99, when the government started collecting data on housing costs in the Family Resources Survey, the Consumer Price Index (CPI), the measure they currently use for inflation, has risen by 38%. In the same period, the median weekly rent (according to the FRS) has gone up by 80%. If rents had just matched inflation, renters would be an average of £30 better off a week.
The government has made a big song and dance about the zero inflation rate - for the first time in years the cost of living isn't rising. But that only applies if you don't have to worry about the rent.
Today the Office for National Statistics published the latest private rental inflation figures, which stand at 2.5% across Great Britain, and 3.8% in London.