PriceHubble’s Post

Just to highlight the extent of the problem. This Article was written in 2022! Things haven’t gotten any easier for renters and the affordability crisis that is predicted has arrived. 🏘️ The Looming Affordability Crisis in London's Rental Market 🚨 London's rental market is facing a critical affordability crisis, with average asking rents soaring by 22% compared to last year and a staggering 56% since 2019. This alarming trend has left many tenants struggling to find affordable housing options, with rents consuming an increasingly large portion of their income. The impact of this crisis is far-reaching, with homelessness on the rise and one in every 50 Londoners living in temporary accommodation. Low-income households are particularly vulnerable, with over half of the UK's poorest renters allocating more than 40% of their salary towards housing. As a property technology company, Honos recognizes the urgent need for innovative solutions to address this pressing issue. Our app is designed to facilitate better communication between landlords, property managers, and tenants, streamlining processes and promoting transparency. We believe that by fostering open dialogue and collaboration within the rental market, we can work towards creating a more sustainable and equitable housing landscape. However, it is clear that policy changes and increased investment in affordable housing are crucial to mitigating the effects of this crisis and preventing further homelessness. What are your thoughts on the affordability crisis in London's rental market? How do you think technology can play a role in addressing these challenges? Share your insights in the comments below. 💬 #AffordableHousing #RentalMarketCrisis #PropTech #Honos #HousingForAll 📢 Let's start a conversation about creating a more accessible and sustainable rental market for all. Follow Honos for more insights on how technology can revolutionize the property industry.

If we flash forward 2 years the same author is still covering renter struggle. The shocking conditions at Meath Court, a temporary housing estate in Acton, London, demand our immediate attention. 🏚️ Comprised of 60 stacked shipping containers, this estate has become a breeding ground for criminal activity, putting vulnerable families and children at risk. Despite promises from Ealing Council to relocate residents by the end of January, many still remain in these dangerous and unsanitary conditions. 😔 It's time for action! We must hold local authorities accountable and demand better living conditions for all. No one should be subjected to extreme temperatures, mould, leaks, and the constant threat of violence. 💪 At Honos, our mission is to revolutionise communication between landlords, property managers, and tenants through our innovative app. However, we recognise that technology alone cannot solve the housing crisis. It requires a collective effort from the community to ensure that everyone has access to safe and dignified housing. 🤝 Let's start a conversation! Share your thoughts on how we can address the housing crisis and prevent situations like Meath Court from happening again. Together, we can make a difference. 💬 #HonosApp #HousingCrisis #PropertyTech #SafeHousing #LondonHousing https://lnkd.in/eEA_D2kk

Thanks Joshua Oliver for reporting on our rental affordability tracker published by ONS in the weekly bulletin of real time indicators. It measures rent paid as a proportion of gross earnings. What makes it particularly valuable, is that we calculate the ratio at the level of individual renters - what they pay in rent as a proportion of what they earn and then report the median. It means we show what is actually happening - rather than what would be happening if everyone was a renter and all renters lived in an average rental home. It gets even more interesting when we segment by income band. We report the median, so for half of renters the ratio is lower and for half it is higher. The UK renter population is a broad demographic. The BTR sector has a key role to play in delivering homes for the ‘squeezed middle’ who are renting through more life stages and want long-term housing solutions - well-built, well-managed and affordable, where they can put down roots. Rory Black Camille Charlier Alexis Radjabi Dr. Stefan A. Heitmann Anna Zaccaria https://lnkd.in/eeuY4Guh

🏡 𝗥𝗲𝗰𝗲𝗻𝘁 𝗡𝗲𝘄𝘀: 𝗥𝗲𝗻𝘁𝘀 𝗔𝗿𝗲 𝗙𝗮𝗹𝗹𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗞! According to the news from Zoopla, rents have begun to decrease after years of steady growth in the UK housing market. This shift is a major development for tenants, offering relief amid rising living costs. While this presents a silver lining for renters, it raises concerns among landlords about lower rental yields and increasing regulatory pressures proposed by the government. However, this transition period could also mean new opportunities for investors and tenants alike. Are you seeing similar trends in your area? What’s your take on this? https://lnkd.in/g2STTrGx #UKHousingMarket #RealEstate #PropertyInvesting #RentalMarket #PropertyNews #Landlords

Landlords: new investments in rental homes would accommodate high demand The UK average rent is £1,226, whereas in London it’s £2,122 Over the course of the last 12 months, rental demand has eased somewhat. Having said that, there is still an average of 15 candidates per every home for rent. This is more than double the average of six people, which was the number before the pandemic hit. Over the last year supply has grown by almost a fifth, but there are still a third fewer homes for rent compared to before the pandemic, and this is due to low levels of new investment in rented homes. There has been an unmistakable annual rate of growth in rents, and average earnings are narrowing overall. Unaffordability is still an issue, and it’s an issue driven largely by a lack of supply in the rental market. Although the majority of landlords have remained firm in their place amidst a fluctuating market, there has been a lack of new investment in rental homes resulting in a lack of supply to meet the still-high demand of renters. Rent rates continue to grow quicker than average salaries. However, compared to 12 months ago the gap is much narrower. Rental demand is still currently rising head and shoulders above available supply, maintaining upward pressures on rents, but rental growth has certainly slowed in certain areas of the country. Since 2016, the number of privately leased residences has remained constant, contributing to the three-year increase in rent. One of the future government's major housing initiatives should be to increase the availability of affordable and private rental properties. A more balanced housing market and economic growth depend on a robust private rental sector. #property #rental #landlords

🏠 Wondering about the latest trends in the U.S. rental market? A recent article sheds light on where rent prices are rising and falling the fastest across the country. Whether you're planning to move or just keeping an eye on the housing market, understanding these trends could be crucial. 🔑 Highlights: - Certain cities are seeing significant increases due to high demand and low supply. - Other areas are experiencing a decrease, making them more attractive to renters seeking affordability. - Thinking about relocating or investing? Now's the time to get informed. 🌐 Check out the full details here: https://shorturl.at/fTgJu #HousingMarket #RentTrends #RealEstateNews

The excellent research commissioned by Thriving Investments, conducted by Dataloft (now PriceHubble) and referred to in this Financial Times article highlights exactly what we’ve all been talking about around #housing #affordability and #availability in the UK. As I stated on our British Property Federation panel on the #housingmanifesto at the excellent Housing24 conference: - There are no silver bullets - housing is an ecosystem and we need to be alive to the unintended consequences of overly linear policies - Renting is not a second class tenure and renters are 35% of the electorate yet often ignored by policies obsessed with home ownership - High quality institutionally owned and professionally managed rental homes alongside ownership products can catalyse regeneration and create communities far quicker than traditional sales only models - We need more homes across all tenures all across the UK (more homes everywhere for everyone) to ease the horrendous affordability pressures this research highlights Let’s hope for consistency, clarity and coherence in #housing policy from whoever the new government are that will enable the private capital so eager to invest in living to work effectively alongside public funding to solve the housing crisis once and for all.

📈 UK rental market update: Advertised rents hit new #record highs, but the pace of growth is easing and small improvements are emerging. Recent insights from Rightmove alongside our own #RentalAffordabilityIndex paint a picture of the UK's current rental landscape and its implications for renters and landlords: 🔹 Supply and demand: Rightmove's data shows an 11% increase in rental properties available from last year, yet we're still 26% below 2019 levels. Despite a 17% decrease in renter demand from last year, it remains 54% higher than pre-pandemic levels, putting upward pressure on prices. 🔹 Rental pricing trends: Rent growth is moderating, yet records continue to be set. The average rent outside London reached £1,291 per month, with London rents increasing to £2,633. Huge 🤯! 🔹 Canopy rental affordability index: Our first index revealed that the average UK tenant is spending 30.6% of their monthly wage on rent, nudging the 30% threshold considered the upper limit for affordability. 20% of tenants are allocating over half of their salary to rent, which is acting as a balance to the price inflation in the market. 🔹 City-specific insights: Variance is huge across cities. Poole and Brighton see tenants spending over 40% of their income on rent. Meanwhile, Belfast emerges as the most affordable city, with rents consuming just 23.2% of tenants' salaries, and Scotland is seeing rental prices already under less pressure as affordability is being tested. 🔹 Looking ahead: The need for high-quality rental homes is more pressing than ever. While regulation may stabilize prices, it could discourage some landlords, potentially tightening supply further, and so actions need to be well thought through for both sides of the market. 🌟 With the rental market simmering from a boil, the balance between affordability, supply, and regulatory impacts remains delicate. #UKRentalMarket #HousingTrends #RentalAffordability

Interest comments from Catherine Webster on the Financial Times article. We need to get away from confusing ownership and occupation when looking at housing shortfall and supply - the housing market is increasingly sophisticated and complex, and there’s a need for housing policy to align properly with housing practice. There’s further to go with all of this for sure.

An interesting piece on the rental market in today's Financial Times. Home ownership is not for everyone but we do need good alternatives. Providing rental homes in the right location at an affordable rent is the goal - sadly something that a number of cities throughout the UK don't provide right now. The article refers to some research that we at Thriving Investments commissioned with Dataloft (now PriceHubble) about where affordability is most stretched throughout the country for those on lower quartile to median incomes. More on that soon but its main purpose was for us to see where we could get most impact by creating additional affordable rental homes with #institutionalinvestment. As we note on our website: Investors want safe financial returns. The UK’s economy needs more affordable housing. Both thrive together. Win-win. https://lnkd.in/esre_kdB