Although property prices in London are falling, a lack of housing is driving rental prices up by 5% a year, according to data from Haart.
The study looked at management reports from over 100 of Haart’s branches across the UK, and revealed that the average property price in London dropped by 3.7% in April, down 3.4% year-on-year.
However, Haart has reported that rental stock is down 40%, which in turn has resulted in a 5% increase in rental prices and surpasses wage growth.
The number of new buyers entering the London market increased by 0.9% in April, representing a 6.8% increase over the same month last year. Sale transactions in London rose by 16% in the month, but experienced a year-on-year fall of 1.4%.
Haart chief executive Paul Smith said: “The number of homes available to buy is still hovering below pre-referendum levels, despite a significant jump on last month.
“The UK’s undersupply of properties continues to hold back fluidity within the market, and thousands of Brits remain in homes that no longer suit their needs.”
Smith added that the market is “becoming unsustainable” for many.
Latest News
-
Bank of England keeps base rate at 4% ahead of Budget
-
Halving cash ISA allowance could provide £7.2bn returns boost
-
Equity release lending jumps 4% in Q3
-
Third of savers have not discussed power of attorney – Paragon Bank
-
Quarter of UK under-35s have abandoned protection journey – AMI
-
Chancellor lays groundwork for Budget tax rises
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories