In a recent rental price tracker report for the first quarter of 2022, statistics show the average asking rent outside of London has risen 10.8% compared to what is was 12 months ago. Compared with the same period two years ago, the average rent is now 15% higher.
The report also shows that available property to let has declined and is down 50%, whilst tenant demand has risen by 6% as against lat year. The reasoning for this is believed to be that due the pandemic and an increase in living costs, renters have stayed in the same property longer than usual and therefore resulting in less movemenet across the market overall.
Chancellor Kwasi Kwarteng has confirmed a permanent stamp duty cut in the mini-Budget announced this morning. The government is reforming stamp duty by doubling the level at which people begin paying this from £125,000 to £250,000. This government is also committed to helping first-time buyers get on the property ladder. They are increasing the...
The Bank of England have raised interest rates by half a percent point to 2.25% - the highest level since November 2008. Raising interest rates are one of the main tools the Bank of England has to bring down inflation, with the rationale being that higher borrowing costs will mean people are less likely to spend and more inclined to save.In a statement, Chan...
The Bank of England has raised interest rates for a 13th consecutive time as it tries to stop prices rising so quickly. The Bank rate, set by the Monetary Policy Committee, has gone up to 5% from 4.5%.The rise means further pain for some homeowners, however could benefit savers. The Bank of England have been consistently raising interest rates in an attempt...
In 2022 the rules regarding carbon monoxide alarms are changing. The government have recentlypassed new legislation on CO alarms, meaning that all rental properties with fixed appliances such asgas boilers or fires will require one to be fitted.The new regulations will also mean that carbon monoxide alarms must be fitted if any newappliances such as gas boil...
