Our Latest UK Market Watch is Out Now!
If you’re relocating to the UK, or managing a UK-based relocation programme, then our latest issue of UK Market Watch provides you with an update on the latest rental and sales market trends. The publication covers average prices across the country, as well as popular London neighbourhoods and property types. Here’s just a flavour of the trends we discuss in our latest Market Watch issue…
At Cartus, we are finding good quality expatriate accommodation is typically more expensive than the ‘average rates’ reported. So for international assignees, monthly rents can be over £3,000 in Central London and around £2,000 in the Greater London area.
There is little difference in the cost of renting a house or an apartment in London. Price will increase based on the number of rooms, but gardens are a key differentiator too, so any property with outside space will be at a premium.
New Legislation: Tenant Fees Act
A new Tenant Fees Act was introduced on 1 June 2019, which protects tenants in England from unfair letting fees and caps tenancy deposits at five weeks’ rent (six weeks if the annual rent is over £50,000). Landlords and letting agents typically position letting fees as costs to cover administrative and referencing tasks, but in recent years, these have been deemed unreasonably high. The legislation is expected to save renters in England around £240 million a year, or up to £70 per household.
Companies who cover rental costs for assignees as part of their UK relocation programmes, will save money as they no longer have to pay letting fees or inflated tenancy deposits. However, assignees who let their property whilst on assignment, should be mindful that they would have to pay the associated fees. This means that for companies who have a policy in place that covers these fees, the new legislation will add additional costs. For more information on this legislation, read our blog, UK Tenant Fees Act: Impact on Relocation.
Brexit continues to create uncertainty in the housing market, which means the current trend of extended sale periods appears likely to continue for the near term. Once Brexit has taken place, it is difficult to predict the impact that the process will have on the UK housing market as no country has withdrawn from the EU before. Once more details become known about the ‘final deal’ and the situation is made clearer, we will publish further information.
Find Out More!
For a more detailed review of the UK sales and rental markets, read the Cartus UK Market Watch.