United Kingdom house prices edged up in July - RICS survey

UK rent prices to surge 15% by 2023 – RICS

UK rent prices to surge 15% by 2023 – RICS

The most striking feature of the July 2018 RICS Residential Market Survey for London is the continued reduction of new property being put on the market in the lettings sector with the July 2018 RICS UK Residential Market Survey showing 22% more respondents seeing a fall rather than rise in new landlord instructions.

A net balance of 64 per cent of local surveyors expect to see an increase in the number of houses sold over the next three months, while a net balance of 58 per cent expect a rise in activity over the year ahead - the highest in the UK. The risk, as we have highlighted previously, is that a reduced pipeline of supply will gradually feed through into higher rents in the absence of either a significant uplift in the build-to-rent programme, or government-funded social housing.

Rics said that small landlords have been selling up their properties following tax changes that made buy-to-let properties less lucrative, while more people are looking to rent, partly because they can't afford to buy a home.

"Withdrawing tax breaks that small landlords relied on, placing an extra three per cent on second home stamp duty, and failing to stimulate the corporate build to rent market, has understandably impacted supply".

More people in the United Kingdom are now looking to rent, in part because they are unable to afford to buy.

Mortgage tax relief for landlords will be limited to the basic rate of income tax by 2020 due to the buy-to-let tax regime changes brought in past year.

Donald Trump Thanks Kanye West for His "Support" on ‘Kimmel’
And frankly, it's a welcome relief from the controversy stirred up from West's interview with Jimmy Kimmel earlier this week. The rapper replied that Trump "is a player", drawing laughs.

The headline price balance for Wales was +15% in the latest survey, meaning that 15% more surveyors said that prices rose in the past three months than those who said they fell.

However, RICS said the longer term outlook will see a mammoth 15% added to rents by 2023.

"Ultimately, [the] government must consider the impact of its policies, and if the wish is to move away from the private rented sector, it must provide a suitable alternative".

HomeLet - a tenant referencing company - showed that whilst the average United Kingdom rent rose by 1% to £777 year-on-year, in London this figure rose by 3.3% in July to £1,615.

East Anglia and the South West are expected to see the sharpest growth over the period said the survey which gathers the views of chartered surveyors across the country. "Despite the recent increase in interest rates by the Bank of England, mortgage rates remain at low levels historically and we anticipate good demand through the remainder of the year".

John Brown, group managing director at chartered surveyors John Brown and Company in Edinburgh, said: "Edinburgh and East of Scotland is experiencing a mini boom [for properties] below £500,000".

Recommended News

  • Love Island's Jack serenades Dani on her birthday

    Love Island's Jack serenades Dani on her birthday

    While Dani is expected to rake it in professionally, there have been rumours that her romance with Jack could be in trouble. Viewers were gutted that Jack and Danny didn't meet on Love Island during the family special, as the Dyers were in Florida.
    BC government announces changes to how ICBC will calculate premiums

    BC government announces changes to how ICBC will calculate premiums

    Andrew Wilkinson, leader of the Opposition Liberals, accused the NDP government of doing little to fix the problems at ICBC. The remaining third will see their premiums increase. 17% of all drivers - more than $100 increase.
    Lance Armstrong Is

    Lance Armstrong Is "Fine and Resting Up" After Bike Accident

    The famous cyclist was exploring the Tom Blake trail in Colorado when the accident occurred, Sports Illustrated reported . The Tom Blake trail is in Snowmass Village, Colorado, and it's listed as an "intermediate" trail on the town's website .
  • Alan Shearer predicts 2018/19 Premier League top four

    Alan Shearer predicts 2018/19 Premier League top four

    Nevertheless, Tottenham's official supporters" club released a statement saying they were "dismayed' by zero signings. "It doesn't matter who you are playing in the Premier League , they are tough".
    Virat Kohli walks off with stiff back, returns after treatment

    Virat Kohli walks off with stiff back, returns after treatment

    Bairstow reached his half-century first, cover driving wrist-spinner Kuldeep Yadav for four, before Woakes outpaced him. Batsman Cheteshwar Pujara was run out by England debutant Ollie Pope , after a mix-up with Virat Kohli .
    Blizzard has multiple Diablo projects in the pipeline

    Blizzard has multiple Diablo projects in the pipeline

    The news was delivered this morning during a short video address from Associate Community Manager Brandy "Nevalistis" Camel. What could these projects be? It turns out that there are not just one, but multiple Diablo games in the works.
  • Doctors Write Fewer Opioid Scripts After Learning of Overdose Death

    Doctors Write Fewer Opioid Scripts After Learning of Overdose Death

    San Diego County will be sending out these letters regularly to doctors whose patients fatally overdose, according to Lev. Many people who die of opioid overdoses got addicted to the drugs after they were prescribed for common problems.
    Derby County team news for Leeds United visit

    Derby County team news for Leeds United visit

    It could have been more such was Leeds' control of a game against one of the teams expected to challenge for promotion. Leeds gatecrashed Frank Lampard's party with a powerful attacking display that swept Derby aside 4-1 at Pride Park.
    Justin Bieber Gets a Haircut with Hailey Baldwin By His Side!

    Justin Bieber Gets a Haircut with Hailey Baldwin By His Side!

    The Images, which surfaced Tuesday, appear to show the couple distressed while out for a bike ride in New York City. My heart is COMPLETELY and FULLY YOURS and I will ALWAYS put you first! No words could ever express my gratitude'.
  • Puerto Rico concedes Hurricane Maria killed 1,427

    Puerto Rico concedes Hurricane Maria killed 1,427

    Two bills were introduced in Congress in June in an attempt to establish a standard for counting deaths after a natural disaster. This year, Puerto Ricans laid thousands of pairs of shoes outside the island's Capitol building to represent the uncounted dead.
    Barcelona's Pique announces global  retirement from Spain

    Barcelona's Pique announces global retirement from Spain

    Although Spain made it through to the knockout stages, many felt their earlier-than-anticipated exit to the host was a result of their manager's sudden departure.
    Crocs to outsource manufacturing of clogs, other footwear

    Crocs to outsource manufacturing of clogs, other footwear

    The company said it is "in connection with ongoing efforts to simplify the business and improve profitability". Croc Inc. will be closing its remaining manufacturing facility and its chief financial officer will resign.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.