It’s hardly shocking that the state of the underlying financial system kinds the backdrop for virtually all of this week’s headlines on UK property information.

Right here we sum up a number of the newest property information tales …

Common hire climbs to £1,162 – up 11% in a yr 

The price of renting within the UK has reached a document excessive, in response to a narrative within the monetary pages of the Each day Mail on the 22^nd of October.

The newspaper revealed that – setting apart the capital – common rents within the UK are actually £1,162 a month, after what has been an 11% improve within the area of simply the previous 12 months alone.

Rents in London have grown even quicker at 16.1%, producing typical rents within the metropolis of £2,343 – a determine that has risen by 3.8% prior to now quarter.

Regardless of an estimated improve of 9% within the variety of rental properties out there outdoors of London, demand has grown at a fair larger charge – some 20% prior to now yr. That imbalance between provide and demand has, in fact, contributed considerably to the sharp improve in ranges of hire.

The escalating price of renting can solely add to the woes of tenants who’re already struggling to maintain their heads above the waters of rising inflation and the final price of dwelling – with a typical basket of meals now costing some 14.6% greater than presently final yr.

Over a 3rd of Brits who break up with a accomplice they owned a house with are pressured to stay them afterwards 

On-line listings web site Zoopla has shone the sunshine on difficulties skilled by {couples} who’ve break up up but nonetheless need to share a house collectively.

In a current information story, Zoopla revealed that one in eight of these {couples} who had damaged up nonetheless needed to share a bed room with their former accomplice. 15% had already began a brand new relationship, by which the brand new boyfriend or girlfriend stayed in a single day on the couple’s residence.

13% of these interviewed have been standing their floor and refusing to maneuver out of the house they as soon as shared – though one in 5 had saved a particular “escape fund” particularly for the occasion that the connection led to breaking apart.

Greater than 4 out of ten of these married {couples} interviewed stated that it was extra difficult and took longer to extricate themselves from a joint mortgage than it did to finalise their divorce.

Purchase To Let incorporations soar – till Company Tax rise

Some landlords could also be racing to beat the deliberate improve of Company Tax subsequent April to 25%, suggests a narrative in Landlord Right now on the 26^th of October.

The personal rented sector has seen a gradual conversion of landlords’ purchase to let companies from privately-owned enterprises to integrated, public legal responsibility corporations. A principal spur has been the potential financial savings on the price of Company Tax in contrast with a person’s earnings tax.

Because of this, an estimated 300,000 or extra incorporations have been made prior to now 5 years. With Company Tax now set to rise to 25% and purchase to let mortgages – together with all different types of borrowing – steadily attracting ever-higher charges of curiosity, landlords could also be anticipated to row again on their enthusiasm to include within the new tax yr.

UK housing market stays ‘regular’ regardless of financial uncertainty

For all of the financial uncertainty that has accompanied the political turbulence of current weeks, Property Trade Eye on the 24^th of October reported that the UK housing market seems to be comparatively steady.

Official statistics reveal a 37% drop within the variety of residential property transactions within the 12 months to September. The entire was 103,930. Nevertheless, this decline could be defined by the frenzy within the first three quarters of 2021 to finish a home buy earlier than the top of the Stamp Obligation vacation that lastly expired in September 2021.

A extra real looking comparability, due to this fact, is with the extra regular market circumstances of 2019 when the full variety of accomplished transactions was 99,570. On that foundation, this yr’s exercise is 3.9% increased than the comparable interval in 2019.

The 20 British villages defying the property market with fixed home worth rises

The Edinburgh Night Information on the 22^nd of October listed the 20 village hotspots throughout the UK the place common home costs have risen steadily in each one of many final 20 years.

Twenty years of accelerating costs threw up some fascinating examples, with the villages of Warkworth in Northumberland, Woodhouse Eaves and Woodhouse in  Leicestershire, and Southrop in Gloucestershire stealing the highest three locations within the rankings for the largest and most constant worth will increase. Between 2001 and 2021, common costs in these three villages have risen at charges between 233% and 319.5%.

Even on the decrease finish of this spectacular high 20, villages similar to Little Chart and Little Chart Forstal in Kent, Finstock close to Oxford, and Lacock in Wiltshire nonetheless managed worth rises of between 397% and 140%.