Property News | Your April Lettings Round-Up

What Happened In The Rental Market Over The Past Month?

This past month, the government has taken a step towards creating more stringent requirements for short-term lets, particularly in tourist hotspots. New planning permission rules and a register for short-term let properties are both on the cards, and the government is seeking views on these through two consultations.

Plus, a reminder to landlords that the energy guarantee will rise in June 2023 – yet energy prices will dip over the summer months. Read on to understand what that means.

A Bit About Us…

Are you curious about how your local lettings market is performing? Here is a snapshot of how we performed in April 2023

  • We achieved an average rent of £908.21
  • Our void periods were NIL days on average
  • Our deal turnaround times were 18.5 days on average
  • On average the tenants we rent to have an income of £31,657
  • The average age of our tenants is 24 years’ old

Short-term let planning permission rule proposals announced for England

The government has launched a consultation into new planning permission rules for converting short-term lets in England. This aims to “help local areas have greater ability to control any future increase in the number of short term lets”. The plans aim for a flexible approach, giving local authorities the power to restrict permissions for converting long-term rental properties or homes into short-term lets where those short-term lets are restricting supply. 

A new consultation about the short-term let register released

The government is seeking views on the creation of a short-term let register in England. The proposals aim to “ensure England continues to provide safe and high-quality guest accommodation”. The new consultation is analysing whether the framework should be mandatory across the country, or whether it should be opt-in for regions in tourist hotspots, where housing supply is affected.  The consultation will also look into what exactly will be registered (property owners or their properties), as well as enforcement.

Changes to the energy price guarantee after the end of June

The energy price guarantee was extended to the end of June in the Chancellor’s Spring Budget. That extension meant that energy bills would be kept at around £2,500 for the average UK household. The limit will increase to £3,000 on average from July until March 2024.  However, the energy price cap set by Ofgem – the mechanism that previously limited price rises in line with the market – is expected to fall to around £2,024. With warmer weather, energy consumption falls, offering some respite for billpayers. However, bills, as we head towards the winter months, are expected to remain high compared to pre-crisis levels.

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