Is lockdown the cause of house renting prices increasing?

• 23/02/2021 15:50:18

We all know that the global pandemic has had a huge impact on all our lives, we are all working together to inevitably slow down the spread of the Corona Virus. The government have been helping us cope financially by introducing the Furlough scheme to help your employer who might have less or no work, the furlough scheme will allow them to be able to pay you. The house buying market was given the ‘Stamp Duty Holiday’ which means properties that are bought for £500,000 or less do not have to pay the property tax.

The rental market has not actually been shown any consideration because of the Corona Virus, sources show that in January 2021 the average rent price on a house in the UK was £981 which has increased by 0.2% from December 2020. It has also risen by 2.9% since last year.

In London there has been a decrease in rent prices with it decreasing by 4.0%, However places like the South West are dealing with an 8% increase in rent in January 2021 in comparison to the previous year.

As we are all having to spend more time at home we are beginning to rethink about our environment and our lives, leading to a lot of people wanting to re-examine their houses hence resulting in a lot of people moving houses. Rent prices increase since there is demand for places that have large amounts of space including land and beaches which explains why London has decrease in rent and regions like the South West and Northern England have an increase in rent as more and more people want to go live there.

It is not certain what could happen with rent prices, but we can ensure you that we will always be looking at the situation and will give you the best advice possible.

Contact us at Asquith Homes today for more information on the service we offer, you can call us by phone at 01924 273354 or email us at admin@asquith-homes.co.uk. We will be more than happy to help you with anything you need.