Latest rental price inflation figures
Residential rentals for new tenancies have seen a 10.3% increase from September 2022, reaching a new average rate of £1,164 per month.* The average yearly rental payment is now £13,970, which is a £1,320 increase compared to last year.*

Which locations are most affected?
In 2023, the average monthly rent for new tenancies in nine locations, including Cardiff, Southampton, and York, exceeded £1,000.* Another city that is anticipated to be added to this list by the end of 2023 is Manchester, which has an average rent price of £996 per month at the present time.* Because of the high prices in London, surrounding places in the South-East are in high demand. As a result, the average price of a month's rent has increased to more than £1,000 in cities and towns such as Southend-on-Sea, Luton, and Colchester.* The rate of rental inflation in Scotland is even greater than the national average, coming in at 12.8%.* The typical monthly rent north of the border is now £750, representing a jump of £90 compared to last year.*

What factors are contributing to rising rental costs? There are a variety of factors that have contributed to rental inflation in recent times. Since the pandemic, there has been a lack of properties available for rent, which has led to a rise in rental prices. The rise in the cost of mortgages has pushed more individuals into the rental market, which has resulted in an increase in the overall demand for housing, which therefore contributes to price increases. Rising property values may also contribute to an increase in rent prices. A rise in utility and maintenance bills is another factor that contributes to rental price inflation. Landlords are forced to charge their tenants more money in order to cover the ever-increasing costs of their bills.

Why should you invest now?
The current pace of rental inflation is just one of the numerous reasons why now is the best time to develop your property portfolio. The potential to boost your finances through the ownership of rental property increases as average rent prices soar. Higher rental prices can lead to a greater return on investment. Additionally, if you decide in a few years that you want to sell one of your properties, you will be able to get a higher price for it because of the growth in average property value. Overall, the market is looking extremely lucrative for landlords right now.

Take a look at your credit report
Having a good credit score is key to getting a mortgage. Make sure you are on the voting register. You may have a perfect credit history, but without it, you will fail. On that subject, make sure you pay any credit agreements you have on time. If there are some you can clear, perhaps this will increase your levels of affordability. Any credit cards that you don’t use could affect the amount you could borrow, so if you don’t need them and you have more than one, think about cancelling them.

The bigger your deposit, the better
Perhaps you are already living at home with parents or a relative and saving rapidly. It may not be ideal right now, but a bigger deposit will not only increase your chances of success but also reduce your monthly repayments. Then, when you finally get the keys to your very own home, your newfound freedom will feel even better.

Buy with your friend, partner, or family

Buying with your partner is an obvious choice for many, and moving to your own place is exciting as you furnish it and decorate it to the tastes of whoever has the final word! If you are not ready for such levels of commitment, then why not buy with a friend? Some lenders will allow you to buy with up to four people. Maybe you could pitch the idea to your parents as a property investment for them and move out more quickly!

Don’t change your job too often
If you are thinking of applying for a mortgage in the near future, changing your job is not a definite guarantee that you will not be successful. Having said that, your lender is looking for consistency. They want to see that you have been in employment for a decent amount of time, usually about three years, depending on the lender.

Get in touch with a mortgage advisor
A good mortgage advisor is worth every penny. Experts in understanding the market, they will have lots of tips and access to ways of buying your home. From improving your credit score to finding a tailored solution from the thousands of products that are available. If you are happy with your existing mortgage deal, you may decide to port your mortgage, which allows you to move with your existing mortgage. There are interest-only options for lower payments, guarantor mortgages, flexible mortgages so you can overpay or underpay, and buy-to-let options for investors. Offset mortgages allow you to link your savings to your mortgage by offsetting the value of your savings against the value of your mortgage amount. The right mortgage advisor can make a big difference in helping you get the keys to the home you want.

Home is not just a collection of bricks and mortar, it’s a place that evokes and witnesses a lot of emotion, and this makes it unique amongst all our worldly possessions. The ability to contain our lives and those things that belong to us, such as paintings, memories, and feelings ushered in by the colour schemes of its interior, are some of home’s many special powers. The impact of the location of your home and its surroundings, for an eternity of reasons, from the beautiful countryside to friends, family, or love for a location, is profound.

Excitement
There are few things in life more exciting than moving to a new home. The list of reasons why you are so excited is uniquely yours, and your perfect property will reflect this. From the way you decorate it, to the stuff you own, that tells the story of your life. Your home should make you feel welcome from the moment you see it. Maybe you adore your new kitchen for a thousand reasons, including how it makes you feel. It’s character, the view of the garden, or its modern design.

Desire
This innate human emotion moves us all to act, and finding a home you really want will fill you with the desire to own it. If you view a property and you really like everything about it, and feel that you can improve it, by adding your own creativity, then the chances are you will want to make an offer. Buying the property that adds so much to the quality of your life opens the gateway to so many more positive emotions.

Love
Making the perfect home for your loved ones is one of the most powerful and greatest feelings in the world. Are you in the lucky position of buying a home for a relative to keep them safe or moving to the house for your family to grow? Sharing our lives with a partner in the right home is blissful and intoxicating, and the right property adds to this more than most people realize. You should also love your home; from the little characterful details to the fundamentals, good homes have a built-in power to inspire love.

Happiness
Homes have the uncanny ability to make us feel happy, and they can do this in so many ways. If you feel you have enough space and love the way your home looks and feels, then you are well on your way to creating happy lives within it. Happy memories are priceless, and when you get down to the basics of life, there is not much else that matters quite as much. There is a lot to think about when finding your happy place, from your home’s location to its energy efficiency.

Safety and security
You want to feel safe, secure and satisfied that your home is a sanctuary from the hustle and bustle of the world outside. Relaxation is vital to keep you stress-free so you can think and plan your life clearly. This will allow you to enjoy those special moments that become enhanced by the features of a great home. From a mesmerising outdoor living space to relax in, a cosy fireplace, or a nicely decorated home that makes you feel good.

Discontentment
This can be as powerful as many positive emotions. If you are currently living in a home where you feel trapped because you are tripping over things, that is enough to make you want to move! Maybe it’s time to buy your first home because it’s you who is getting in the way, and you want to enjoy a greater feeling of independence! Are you moving to a better area or a home with a better garden? Maybe you need more bedrooms or have too many and want to buy something smaller.

Do you want a property that makes you feel amazing? Get in touch today.