Private rents across the UK rose by 4.9% in the year to March, that’s up from the previous month’s figure of 4.8%, the Office for National Statistics (ONS) says.
Of the nations, the largest rise was found in Scotland at 5.1%, while rents in England rose by 4.6% and in Wales, rents grew by 4.4%.
The highest annual percentage change in private rents was for landlords with homes in the East Midlands where rents grew by 5.1%, but landlords in the South East saw the lowest rise at 4.2%.
Rental properties in the capital grew by 4.8%, that’s above the average for England and is the highest annual rate seen in London since December 2012.
‘Show the same strength as last year's first quarter’
Gareth Atkins, Foxton's managing director of lettings, said: "At the beginning of the first quarter, we said the market would show the same strength as last year's first quarter, but it would climb through 2023 at a much steadier rate, requiring renters to remain vigilant as stock comes to the market out of season.
"At the close of the first quarter, this prediction is right on track."
He added: "Supply and demand have hit similar levels to 2022, and we're beginning to see savvy renters register their search in advance of the summer rush."
‘Lots of renter demand but not enough stock’
The managing director of accommodation for students, Simon Thompson, said: “The annual rent rise from ONS shows how strong the market is currently with lots of renter demand but not enough stock.
“While rents continue to increase, landlords still need to offer quality homes for tenants.
“It’s not, however, looking good for those tenants wanting somewhere cheap to live with rising rents and growing numbers of landlords leaving the sector which is reducing choice.”
It will take ’40 years’ for landlords to reach an EPC rating of C
Landlords have been warned that it could take up to 40 years for homes in the private rented sector (PRS) to reach an EPC rating of C.
The warning comes from Propalt, a property data company, that has looked at EPC ratings in the 9.2 million PRS properties and housing association homes, against the 16.8 million properties that are owned by councils and owner-occupiers.
The firm says that the PRS is not upgrading at the rate needed to meet an ambitious target for every rental property to have a C rating.
A government consultation has been carried out that could see landlords having to improve their properties for new tenancies to have a minimum of C from 2025.
Every rental property to have a C rating by 2028
The government aims for every rental property to have a C rating by 2028 but there’s no fixed date in law and the Daily Telegraph recently claimed that the deadline will become 2028 for all tenancies.
The firm’s co-founder, Kieran Slinger, said: “Looking at nearly two million rented homes and tracing back their EPC ratings, we see there are two distinct categories.
“Smaller landlords with 10 to 20 homes in their portfolios are selling properties that are D and below.”
He adds that larger landlords have the financial capacity to carry out retrofit assessments but are not doing so at the rate needed to meet the target.
Student landlords asked to pay clean-up costs
Student landlords with properties in Durham are being asked by the city’s parish council to help pay for the clean-up costs when students leave.
There are more than 4,000 student homes in the city, but they are exempt from council tax, worth around £8.7 million.
Now, the City of Durham Parish Council would like landlords to contribute £52 to its precept to match that paid by residents.
The call comes after piles of discarded furniture and waste were left in the streets last year.
