Comment on the latest ONS rental and house prices index

May 23, 2019

Co-founder of ideal flatmate, Tom Gatzen, commented:

“While rental growth rates across the UK may have slowed, affordability issues remain prevalent across the sector and as more of us remain reliant on renting in order to put a roof over our head, prices will continue to climb.

With the wider market starting to pick back up, more consistent rates of rental growth are no doubt around the corner and the impending tenant fee ban is also expected to cause consequential rental increases.

In addition to the tenant fee ban, changes to stamp duty thresholds and tax relief also reducing supply, it remains an uphill struggle for those priced out of the property market and stuck in the rental sector. Only time will tell as to the long-term extent of these changes but it remains a tough place to be for those struggling with affordability issues.”

Marc von Grundherr, Director of Benham and Reeves, commented:

“Positive signs once again and the latest of a number of industry indicators that suggest the market is returning to good health.

While London continues to struggle a reduction in price growth decline is certainly a step in the right direction and the capital remains the most prestigious region of the UK where house price growth is concerned.

It’s important to note that the capital has also shouldered the majority of Brexit uncertainty, but as we’ve said time and time again, the returns to form are far swifter than the declines and we expect London will be back to full fitness before the year is out.”

Founder and CEO of Springbok Properties, Shepherd Ncube, commented:

“The first positive movement in the rate of house price growth in seven months will be warmly welcomed by homeowners across the UK and with a little help from the seasonal market bounce, it would seem that UK property is shaking off any lingering Brexit uncertainty.

This growth continues to be led by regional front runners with more affordable price tags and this will no doubt continues, however, it’s only a matter of time before we see more widespread growth across the board.

I think as a nation we’ve become bored of Brexit and so with no end still in sight, many buyers and sellers are returning to the fray, with this heightened market activity also helping stimulate price growth.”

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