Non-public rents rose by 5.1% within the 12 months to June 2023 in line with figures from the Workplace for Nationwide Statistics. It’s the quickest improve since data started in January 2016. In the meantime, information from Rightmove reveals that there at the moment are 20 requests to view each obtainable rental property – a threefold improve since 2019. In North West England, the state of affairs is even worse, with 30 requests per obtainable property.
For college kids in search of lodging for the brand new tutorial 12 months, the state of affairs is especially difficult, in line with UK rental guarantor service Housing Hand. The agency has seen a 50% improve in purposes for rental guarantors over the previous six months, whereas the provision of rental lodging for college kids in Bristol, Manchester, Durham, Glasgow and lots of extra college cities is proving significantly difficult.
All which means college students should be poised and able to transfer quick when – if – they discover the proper property. Many are making use of Housing Hand’s partnership with Cover, which delivers fast referencing companies, so as to take action.
“Renters are ensuring they’re nicely ready, with all their paperwork so as prepared to maneuver quick to safe the proper property. It’s a really aggressive setting proper now, which might be very worrying for these looking for a rental residence, so it’s necessary for renters to be able to act as quickly as they view a house they like.”
Graham Hayward, Chief Working Officer, Housing Hand stated, “College students in significantly oversubscribed areas are additionally having to regulate their expectations in the case of the lodging they’re in search of, in line with Housing Hand’s insights into the market. Resulting from excessive demand, some college students might want to settle for much less area than they want whereas others will find yourself paying for bigger properties than they want on account of the shortage of alternative. Some college students can even face longer journey instances to campus than they want, because of having to revise their expectations when it comes to property location.
“Renters want all the assistance they will recover from the following couple of months. The inflow of scholars into the non-public rented sector is all the time a problem when it comes to assembly demand and this 12 months might be much more so, given the decrease variety of landlords out there. That’s why college students will have to be versatile when it comes to their expectations. complete value will permit them to price range accordingly. Goal-built pupil lodging nonetheless proves good worth within the present cost-of-living local weather, as all payments are included, in addition to different add-ons reminiscent of health centres, safe bicycle storage and so forth.”
James Maguire, Head of Gross sales and Enterprise Growth, Housing Hand stated, “Universities’ continued reconsideration of the best way they ship lectures additionally wants cautious thought by these college students prone to be impacted. If some courses are delivered away from the principle campus, college students will have to be within the optimum location for travelling to all class areas, not simply the principle website. Social issues come into play too, with college students in search of housing that permits social interplay and the constructing of strong help networks whereas residing away from residence.
With A-level outcomes day quick approaching, competitors for rental properties is anticipated to extend over the rest of the summer season. Analysis by Save the Scholar reveals that 46% of scholars reside with non-public landlords throughout time period time – a rise of 6% since 2022. This intensive demand implies that each college students and dealing professionals might be hard-pressed to safe lodging over the approaching weeks.
Neither is that problem prone to be alleviated any time quickly. Housing Hand believes that the state of affairs will proceed to be tough, significantly in sure areas, for no less than the following two years as rental inventory dwindles whereas demand stays excessive. For college kids, the staff subsequently recommends early renewals for tenancies.
“With lease reforms no longer due till after this present interval of pupil admissions is full, the impression might be felt in full subsequent 12 months, when the provision problem might be much more acute. College students dealing with two years of issue discovering their lodging might discover early renewal important. It’s additionally necessary to not depend on cancellations to get a property. Sure, there’s all the time some degree of cancellations in the case of pupil housing, however counting on this can be a very dangerous technique when it comes to securing lodging.”
For extra info, please contact Housing Hand at present on +44 (0) 207 205 2625 or go to https://www.housinghand.co.uk/