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Surprise! Surprise! : Government’s upcoming announcement to abolish tenant letting fees

The big announcement is yet to come but the effect is already evident on the rental prices of the properties in London.  For past many years, the rent prices in London are soaring high and one of the main reasons observed by the Government is that landlords appoint letting agents and add letting fees in the rent prices. Consequently, tenants have to bear the burden of paying this letting fee instead of landlords themselves.

 Due to rising inflation and lack of sufficient money to meet the high rent, renters lose a home that is potential enough to meet their needs and feasibility. Some of them even have to arrange funds by way of borrowing in order to pay these letting fees. A survey made by the English Housing disclose that the average sum for letting agent fees in 2014-15 was about £223 which is high by 60% from the percentage recorded in past 5 years.

  Recently, there has been a substantial decline in the rental price growth since 2014-15 which has led renters a refreshing sigh of relief and opportunity to sign rental contracts. In addition, Government is all set to soon announce the ban of tenant letting fees as charged by the Landlord in the rent price to meet its letting agent cost. This will reduce the rent prices further and keep them within their affordability range and keep the renting cost more transparent to them.

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Good news for renters in London: Rents in City are touching the ‘affordability ceiling’

London is one of the most expensive cities for tenants in the world as the rental rates of the rooms have always been higher in comparison to other big cities. But, this year, the index reports issued by the Homelet are showing a significant decline in rental rates growth since 2015-16.

 There was an annual rental price growth of 6.8% in 2015-16 which has fallen down to mere 1.7% in 2016-17. There has always been a demand for properties on rent in London but landlords here have kept the prices of their properties/rooms soaring. With little consideration on tenants’ capability to pay the rents, prices of rental properties have mostly been above their affordability limits.

 The latest report by Homelet indicates that the average rent per month going upto £1521 showing a hike of 1.6% since April, 2016 to November, 2016. The rental growth hike is akin to that in East Midlands, where rent is cheaper comparatively i.e. upto £596. In addition, the average rent in UK has risen by 3.1% during the year leading to a rental rate of £898.

 The good news for renters seeking for rental property in Great London is that this recession will most probably stay in 2017 even. So, it’s time for the renters to make the most out of this chance and get a room within their affordability range.

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Where to find low-rent rooms in London – A sneak peak

If you are planning to rent a room or a house in the capital city of United Kingdom, then take a look at the latest rental rates of the city. London is nevertheless, the costliest city of the country to live-on-rent despite the latest report (courtesy: Spare room’s recent rental report) that indicates there has been a narrow decline of 1% in the rental rates.

 Rent of houses generally takes a toll on the salary of the tenants or house sharers in London. There has been recession in the past year, especially, in the room rents, which has given marginal relief to the renters. Amongst different zones in the capital, North London tops the list of best and top 10 cheapest postcodes in London.

 Amongst all, there is Upper Edmonton in Zone 4 of North London that comes in the least expensive zone with an average rent of £500-530 a month. Then, there is Lower Edmonton, North London and Abbey Wood in South-East London which cost about £541/month. If we go a little further, there is Totteridge, Whetstone and Winchmore Hill that offer a rent in fine range of £559-565/month. Interestingly, it is the towns which are bordering the capital are drawing more renters’ attention than the central locations.

 Also, Southgate in Zone 4(North London) & East Dulwich in South-East London is gradually becoming the fastest emerging postcodes because of its attractive over-ground extensions and average rent rates of about £662/month.

 These zones are appealing in terms of cheaper rent and reasonable living. So, if you are in need of low-rent rooms, you must hurry in signing your rental contract here!

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Zeenest is the most trusted online community for flatsharing in U.K with the most powerful searching tools. Zeenest.co.uk is a user friendly online portal for people to: - Advertise their spare rooms for rent.Search for studio apartments / 1 beds only using our unique searching tool, Find their matching flatmates, Find a suitable flatshare as per their requirements.