They're going up, apparently. 'No new hedge funds, boss?' Not that I know of, Voice. So we're doing this -
The rental market in Prime Central London has shown signs of recovery at the end of 2017, according to a new analysis by London Central Portfolio. Following 18 months of negative rental growth, the mainstream rental market has now seen two consecutive months of positive increases with rents in November up 3% year-on-year. Weekly rents in the mainstream market now average £573.
Okay, okay. And who can afford these rents, exactly?
Heaton explains: "We saw big increases in the number of available rental properties post the introduction of ARSD. As tax changes and Brexit uncertainty caused instability, many owners opted to rent, rather than sell, in a weak market. With more choice available, tenants were able to negotiate harder on rents, resulting in the downward pressure seen in 2016. However, it now appears that this trend has begun to reverse. Not only have we seen falling numbers of available rental units, but we have seen increases in transactions in the sales market. PCL annual sales volumes to Q3 2017 reached 5,542, representing a 15% increase on Q3 2016."
That's nice, Heaton, son, but who can afford these rents? 'Daughter, boss.' Pardon?! 'You should be saying Heaton, daughter ... in your best Sweeney voice.' Ha! It doesn't work that way, man.
Naomi Heaton, CEO of LCP, comments: "It is becoming increasingly clear that tenants are looking for smaller and smaller properties as they seek central locations offering an easy commute to work or university at affordable prices. This is driving demand for Prime Central London's small units. Whilst larger 3+ bedroom flats have also seen growth, this is compensating for a prolonged period of falls with rents still below where they were in May 2011."
Affordable prices? Well, I suppose someone will let you stay in their shed for £200 a week. 'Ha!' It's not funny, Voice. / Okay, we'll ENDS with this -
Heaton comments: "Landlords are pushing for higher rents as they seek to recoup the punitive entry and running costs due to ARSD and the reductions in mortgage interest relief. However, tenants are still winning out and able to negotiate down current asking levels. If stock levels continue to decrease into 2018, we may well see this gap closing in the landlord's favour as tenants' bargaining power diminishes."
ENDS
...
Right. Anything else? Music? My music? 'You don't do updates no more, Mikey.' Shut it, you slag! / My new song? Well, I rewrote the chorus and bridge lyric late last night, and changed the title. Never, never, never, never, never trust me, dear reader(s), when I say that a song is finished. 'Ha!' But it's finished now, of course.
Ah, it's bloody cold!
Laters.
The rental market in Prime Central London has shown signs of recovery at the end of 2017, according to a new analysis by London Central Portfolio. Following 18 months of negative rental growth, the mainstream rental market has now seen two consecutive months of positive increases with rents in November up 3% year-on-year. Weekly rents in the mainstream market now average £573.
Okay, okay. And who can afford these rents, exactly?
Heaton explains: "We saw big increases in the number of available rental properties post the introduction of ARSD. As tax changes and Brexit uncertainty caused instability, many owners opted to rent, rather than sell, in a weak market. With more choice available, tenants were able to negotiate harder on rents, resulting in the downward pressure seen in 2016. However, it now appears that this trend has begun to reverse. Not only have we seen falling numbers of available rental units, but we have seen increases in transactions in the sales market. PCL annual sales volumes to Q3 2017 reached 5,542, representing a 15% increase on Q3 2016."
That's nice, Heaton, son, but who can afford these rents? 'Daughter, boss.' Pardon?! 'You should be saying Heaton, daughter ... in your best Sweeney voice.' Ha! It doesn't work that way, man.
Naomi Heaton, CEO of LCP, comments: "It is becoming increasingly clear that tenants are looking for smaller and smaller properties as they seek central locations offering an easy commute to work or university at affordable prices. This is driving demand for Prime Central London's small units. Whilst larger 3+ bedroom flats have also seen growth, this is compensating for a prolonged period of falls with rents still below where they were in May 2011."
Affordable prices? Well, I suppose someone will let you stay in their shed for £200 a week. 'Ha!' It's not funny, Voice. / Okay, we'll ENDS with this -
Heaton comments: "Landlords are pushing for higher rents as they seek to recoup the punitive entry and running costs due to ARSD and the reductions in mortgage interest relief. However, tenants are still winning out and able to negotiate down current asking levels. If stock levels continue to decrease into 2018, we may well see this gap closing in the landlord's favour as tenants' bargaining power diminishes."
ENDS
...
Right. Anything else? Music? My music? 'You don't do updates no more, Mikey.' Shut it, you slag! / My new song? Well, I rewrote the chorus and bridge lyric late last night, and changed the title. Never, never, never, never, never trust me, dear reader(s), when I say that a song is finished. 'Ha!' But it's finished now, of course.
Ah, it's bloody cold!
Laters.
