Published: 01/04/2023
It’s been a tough couple of months for both Tenants and Landlords alike. Notably the increased borrowing costs for Landlords and restricted housing stock has pushed rental asking prices higher than ever before, putting further pressure on households across the board. Unfortunately, this is pushing many Landlords out of the market completely and discouraging new investment within the rental sector.Recent government tax reforms and policies are simply forcing out investors and many chose to leave the sector all together when the sales market was particularly buoyant in 2021-2022 to realize the maximum capital growth. Unfortunately the Conservatives disastrous mini-budget caused the UK to plunge into a recession virtually overnight, thus plunging thousands of mortgage owners into the depths of despair. It is a reality that renter’s as well as homeowners have been affected, due to costs being passed on.
It is hoped that as we move into the second quarter of 2023, we will see mortgage rates start to come down, and pressures on households start to ease. We are keen to see a bit more confidence and investment in the housing market towards the middle of this year.