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Average UK rent now £937 per month, as number of “tax haven” landlords spirals (24 August 2015)

Date: 24/08/2015
Duncan Lewis, Housing Solicitors, Average UK rent now £937 per month, as number of “tax haven” landlords spirals

Research by the UK’s largest property service company Countrywide shows that, in July, the average UK monthly rent rose to £937, with central London seeing the largest rise in rents at 6.8%.

The Guardian reports that there were also significant increases in rents in Scotland (4.5%) and the east of England (4.3%) in July.

Rents have risen by an average of 4.6% over the last year.

Countrywide says that the cheapest UK rents are in the north of England – in central London, an average monthly rent is £2,583, compared with £663 in the north of England.

A total of 75,000 properties across England, Scotland and Wales were surveyed for the research – because of spiralling rents in London, MPs are already calling for similar controls on landlords as seen in New York.

Data used in council tax collection also shows that, in more than half of London boroughs – 18 out of 33 boroughs – the average rent for a one-bedroom flat is more than £1,000 per month.

Figures from The Valuation Office Agency also show that rents in Greenwich, southeast London, have risen by more than 30% in just five years.

The figures coincide with news that in the last 15 years, offshore property companies have bought up more than £150 billion-worth of property in England and Wales.

Offshore landlords are often nominal landlords with a managing agent appointed to manage a property, making it more difficult for tenants to deal directly with a landlord if there is a problem with a tenancy agreement –
or repairs to a rental property or disrepair to an owner-occupied home.

Property insurance website Propertytoinsure.co.uk reports that in just one central London street, a total of 149 homes bought for £563m are owned by offshore companies based in tax havens.

The figures are compiled from analysis of a total of 96,440 transactions by 35,922 companies registered at the Land Registry in the last 15 years.

The Office for National Statistics said 73% of the value of the deals relate to residential property.

Homes in Lancaster Gate in west London are now selling for more than £20m – but in Maidenhead in Berkshire, offshore companies have bought more than £350m-worth of property since 1999.

Outside London, overseas property investors have bought £248m-worth of property in central Bristol (postcode BS1), £240m-worth of property in central Birmingham (B1) – and £317m-worth of property in central Warrington (WA1) in Lancashire.

Offshore investment in the UK property market has been blamed in part for spiralling house and rental prices, as well as the shortage in affordable homes.

Duncan Lewis Housing Solicitors

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• Disrepair of rented property
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• Unlawful eviction.

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In some housing matters, Legal Aid may be available.

For expert legal advice on all housing matters, call Duncan Lewis housing solicitors on 020 7923 4020.


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