Rents are rising quick, now is the time to move

Rents are rising quick, now is the time to move

As renters, there’s plenty of benefits to not having the same responsibilities as a homeowner or landlord.

Upkeep probably ranks as one of the highest on that list, as any maintenance issues such as plumbing, electricity or roof leaks fall under the responsibility of the landlord.

There’s also the benefit of being able to move fairly quickly in comparison to homeowners who are often at the mercy of property chains, mortgage lenders and solicitors. Relatively speaking, once you’ve reached the end of your tenancy, you can often be out of your old property and into your new house within weeks.

Furthermore, the ability to be able to get more space and room for your money as a renter compared to a buyer is considerable. That’s following the thought process that the larger the property you require, the larger the deposit you’ll need to save.

Having said all that, there is a slight downside, and that is the fact that the rental market is extremely hot right now due to demand far outstripping supply following the pandemic. This isn’t a similar situation to house price rises either, as the expectation is that they’ll level off back to normality in the next 12 months, however, all the signs currently point to the rental market continuing to stay very competitive at least into next year.

5 year high

According to new data released by Zoopla and reported by the BBC, rents are rising at their fastest rate for five years following the pandemic.

According to the article “Zoopla said private rental prices across the UK increased by 5% in the 12 months to the end of July – adding £456 a year to the average tenant’s bill.

The 5% jump is the biggest recorded since Zoopla’s index started in 2008.

The firm said it was down to increased demand for city living amid limited supply.

As lockdown restrictions have eased and businesses have reopened in city centres, there has been a marked return to more built-up areas, it said.”

Although the most marked increases appear to be in the cities, for now, this is expected to spread out further into suburban and rural areas as demand continues to increase out of line with supply.

Advice for renters

It’s worth imagining it like a bath that has the taps running faster than water can escape through the plug – eventually things will overflow.

So, what does that mean for you as a renter? Well, if moving house is something you’ve been considering, or you know you’ll need a different property at some point soon, then it’s worth considering bringing those plans forward to sooner rather than later.

If it’s something you need advice on, then our estate agents offer free and impartial advice, and one of the benefits of dealing with an estate agent directly is that they can understand your preferences and needs before searching for a property on your behalf, as well as letting you know before properties come on to the market that may be suitable for you, so if you’re thinking about then it’s worth getting in touch today.

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