As the private rented sector continues to grow, so does the amount of industry news! Intus Lettings has rounded up some of the biggest headlines from the last seven days…
Most still prefer high street agents
Research from the HomeOwners Alliance has revealed that a massive 90% of consumers still prefer to either sell or rent their home through a high street agent despite online agents emerging and growing in popularity.
The North of England has been one of the slowest areas to adapt the technology with Durham and Wigan amongst some of the lowest take-up areas across the UK. Research shows that trust in the technology is low and that landlords and consumers much prefer face-to-face communication.
This, coupled with the protections afforded by bodies such as ARLA, mean that consumers and landlords trust physical agents much more as they are also able to go back to the branch if they have any issues, despite price disparities between the two.
The research showed that, despite popularity increasingly markedly recently, growth is extremely slow in the online sector and that the projected use of high street agents will continue to be high for the foreseeable future.
Home sellers have increased 20% in February
HouseSimple.com, an online estate agent, has released data showing that home sales have increased by 20% in February after a boom in January seeing a 40% increase.
A raft of good news reports regarding house price growth has resulted in homeowners taking the plunge early in the year ready for a spring change.
Its good news for landlords with supply still low, meaning that demand for rental property is still increasing.
East Midlands becoming a hot spot for rental increases
Rent is rising at its quickest levels across the East Midlands and Derbyshire, new data collected by Landbay has revealed.
The UK average for rent rises in the past 12 months has been a conservative 0.69%, with rents stalling somewhat despite large increases in the levels of demand. Derbyshire and the East Midlands, in comparison, have seen huge increases of 2.24% in the same period.
Disparities between average rents remain large, with average rent in London still 2.5 times that the national average, but rents across the North West and East Midlands remain the most affordable at £626, but with significant growth meaning that yield increases in this area are representing the best growth opportunities for landlords.