Home Improvement News
Rising costs, limited tax relief, and changing legislation – there are many reasons why landlords may consider selling a property in the coming months.
As part of our 2023 Landlord Report, a quarter (25 per cent) of landlords told us they were planning to sell a property before August 2024.
Another study by the Open Property Group found that a third of landlords are considering retiring or leaving the market due to issues with legislation and rising costs.
With the 2024 market landscape likely to remain similar to the previous
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UK house sales are set to fall as high mortgage rates deter buyers, while rental prices surge as tenants enter bidding wars for the few properties available to let, according to a leading property survey published on Thursday.
The monthly report by the Royal Institution of Chartered Surveyors paints a contrasting picture of a slower sales market, with both buyers and sellers waiting for the economic outlook to settle, and a frenetic rental market where rising costs and regulation are
Key takeaways
Australia is in an unprecedented rental crisis and there is no end in sight.
Rentals are growing at double digit rates and vacancy rates are at historic lows.
However some markets are strongly outperforming others as the tables below show
We’re suffering an unprecedented rental crisis with no end in sight.
Capital city rental markets have continued to report higher rents and fewer vacancies generally over December, ending 2023 with more bad news for tenants.
Adelaide was the top monthly performer with weekly house rent increasing sharply by 4.3%, followed by Perth and Melbourne each up 3.5%, Hobart
In 1939, the Dongs, a Chinese American family in Coronado, California, found themselves unable to rent a house amid racially restrictive housing laws that favored white buyers and renters.
Emma and Gus Thompson, a Black entrepreneurial couple in town, allowed the family to rent and eventually buy their Coronado property when nobody else would. Now, to thank the Thompsons for helping them get a hold in American society, the Dongs are donating $5 million to Black college students using proceeds from the sale of the house.
“It may enable some kids to go and thrive in college that might not
Hobart has emerged as the most affordable city in which to rent a house – the first time since 2016 the southern capital has been ranked on top.
The median weekly rent for houses in Hobart is $530, a 47 per cent increase from 2016, while the weekly median rent for units is $450, according to the latest Domain Rent Report.
Despite the huge increase in price, recent shifts in the Hobart market, combined with higher demand in other capitals, have led to its top affordability ranking. It is followed by Melbourne and Adelaide, where the weekly median rent
Key takeaways
Nationally rents were up 8.3% in 2023.
Growth in unit rents (10.2%) has outpaced the rise in house rents (7.5%) this year.
We can also see some significant differences across the broad regions of the country.
Rental growth across the combined regional areas of Australia slowed to 4.3% in 2023, the smallest calendar year rise since before the pandemic.
Considering we are yet to see any material response in rental supply, growth in rents is likely to remain above average in 2024.
Nationally, rents were up 8.3% in 2023a reduction from the 9.5% rise recorded last year
The Goodlord Rental Index shows a substantial 7.3% year-on-year rental growth in England during November. As a result, the average rent sits at £1,666 PCM.
Those statistics show the most significant rental growth percentage in the North West, rising 11% compared to last year.
Other notable rental growth regions include the East Midlands, North East, South West, South East and West Midlands – although no other region comes close to the North Westwhere cities like Liverpool and Manchester continue to attract tenants willing to pay premium rents.
Goodlord chief executive William Reeve said: “Whilst month-on-month patterns continue to follow