16:56 PM, 7th December 2023, About 8 months ago
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The UK is facing a rent crisis as record net migration has increased the demand for rental accommodation, according to the boss of Zoopla, one of the UK’s leading property websites.
Richard Donnell, the executive director of Zoopla, told the Telegraph that renting was the ‘first port of call’ for most people who moved to the UK, putting pressure on the supply of rental properties and driving up rents.
He said that many landlords were leaving the sector due to tax changes and regulatory reforms, creating a shortage of rental homes.
According to the latest figures from the Office for National Statistics (ONS), net migration to the UK reached a record 745,000 in 2022, meaning that more people arrived than left the country.
In the two years to June 2023, nearly 1.3 million people immigrated to the UK, mostly from outside the EU.
Mr Donnell told the Telegraph: “We have a triple whammy on the demand side, one element of which is migration.”
He also points to the number of international students heading into the UK – but there isn’t enough purpose-built student accommodation (PBSA) to cope.
The ONS says that 263,000 international students came to the UK in the year to June, mainly from India and China.
He says: “And so you get an overspill of that student demand into the private rented sector.”
Mr Donnell said that one in 10 homes that are advertised on Zoopla are being sold by a private landlord.
He added: “The total number of private rented homes in this country is stuck at 5.5m and it has been for the last seven years.”
Mr Donnell also told the newspaper that some migrants would buy their home eventually, but many remain in the rental sector for longer than usual due to high interest rates and house prices.
He also said that a strong jobs market was fuelling demand for rental accommodation, as more people moved for work.
David Miles, an economist at the Office for Budget Responsibility, backed up Mr Donnell’s suggestion that migration was playing a part in rapidly climbing rates.
He told the Telegraph: “It may be that recent high rates of increase in rents is linked to population increase and to fast growth in student numbers.
“It would be strange if that was not a factor.”
The ONS data showed that rents across the UK increased by a record 8.4% in the year to October 2023, the highest annual growth rate since the series began in 2015.
The average rent in the UK was £1,029 per month in October, up from £949 a year earlier.
Rising rents have contributed to a rise in homelessness and affordability problems for many renters, especially in London and the South East, where rents are the highest.
Charities have warned that the rent crisis is pushing more people into poverty and debt and called for more investment in social and affordable housing.
Shinh
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Sign Up15:03 PM, 5th January 2024, About 7 months ago
Reply to the comment left by Beaver at 05/01/2024 - 15:01
If 75ltv were no longer financed for btl where would the stock go ?
Lisa008
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Sign Up8:47 AM, 6th January 2024, About 7 months ago
I think it’s stupid that the minimum salary being £35k to qualify to come here… the British have a reputation for being feckless. If I were in charge, I’d do the following (maybe start a new thread):
1. Train up your unemployed to fill your skills gap… (Then you don’t need so much immigration as your locals can do these jobs)
2. Make house building a skill … have more trades/colleges and build what is needed, instead of paying benefits. Get something back. Filling in pot holes is a whole industry that we need. Refuse collectors.
3. Put out some new values to society… so that people are less individualistic and selfish, but see themselves as part of a community.
4. Encourage better behaviour… “keep Britain tidy” …
And finally
5. The tax system needs to be overhauled so that work does actually pay. You should always be better off in a job than being on benefits. This isn’t always the case. Leave the elderly and disabled alone, but focus on the able bodied, work shy and get the country working!
6. Stop penalising the motorist and find some real criminals… start with those who are legally avoiding paying their fair share of taxes … and finally
7. I’d ask for business people to become MPs so that we run this country like a business. The waste, the riff raff, the nonsense would be cut out and we should hold those in office accountable. I want to see how/where my taxes are going.
If there’s “a backlog” in the courts system… clearly more clerical / admin people are needed. Employ more people and get the job done! Again, back to skills training.
Shinh
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Sign Up9:00 AM, 6th January 2024, About 7 months ago
Reply to the comment left by Lisa008 at 06/01/2024 - 08:47
Well said the able bodied must work to generate wealth for the UK not sponge from the UK
At the current rate, the UK will transcend to a developing country in 10 years
Explains why so many brits migrate for southern Europe
Shinh
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Sign Up10:49 AM, 6th January 2024, About 7 months ago
Reply to the comment left by John MacAlevey at 07/12/2023 - 10:07
You priced it too low hence cast attention
Shinh
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Sign Up10:58 AM, 6th January 2024, About 7 months ago
Reply to the comment left by Beaver at 07/12/2023 - 15:27
Not all foreigners are illegal most 90% are legal and contribute more than the indigenous who stave of benefits
Very presumptuous and short-sighted reflects badly on the rest of us
It's due to foreigners wages were in controll pre brexit look at the state now ie access to NHS, policing, GPs, social care, restaurants,
Hospitality ....tradesmen...
Acknowledge it or not the UK is very,dependent on foreign workers
Who probably earn more capita and pay more tax per captia
Imagine if there were no foreigners here ? UK be stuffed with high labour costs abd poor services
Shinh
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Sign Up13:32 PM, 6th January 2024, About 7 months ago
If the UK USA stopped selling arms to countries where a majority of these immigrants are from creating so much deprivation, infrastructure damage and poverty, then the IMF and world Bank offers them credit which is unplayable debit.
We wouldn't be having this thread
The root cause is not be challenged
Only perferral symptoms
Roosters are coming back
Pobinr
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Sign Up13:33 PM, 6th January 2024, About 7 months ago
Reply to the comment left by Shinh at 06/01/2024 - 10:58
You're taking a short term view ignoring the dynamics of the situation.
You're not applying critical thinking & you're not considering the long term adverse consequences of mass immigration.
Some questions for you..
1] By your logic there is no limit to the population size we can accommodate on this island ?
More GDP due to more people is no more GDP/capita. Countries like Switzerland have low population density, but high wealth/capita & a higher quality of life.
2] How is more motorway gridlock, more queues for everything, more countryside being concreted over with huge estates of 20/acre habitation boxes helping your quality of life?
Most English towns like Romsey, for example not far from me, are having their semi rural character ruined by being surrounded with housing estates instead of lovely English countryside.
Also suffering more traffic & also more flooding due to River Test flood plain being built on.
3] How many people's here's enough for you
80m, 100m 500m or a billion?
Where do you suggest we build more housing
4] Flood plains, so you want more flooding?
5] Farmland, so you want more mouths to feed & less land to grow food on?
6] Golf courses, school playing fields & allotments?
I assume you think amenity space isn't necessary ?
7] Any spare green space left in urban environments so as to ensure they become 100% tarmac jungles with nowhere for recreation or to walk one's dog?
8] National parks. So you have no respect for our environment, wildlife & nature?
In the end the migrants get old so increase the size of our dependent elderly population to more than it would otherwise have been. What then?
9] Import more carers to care for the migrant carers that have got old here ?
Just to help make rich rest home owners richer by carers keeping wages down.
And import all the other workers needed to build more & more homes & roads & schools & hospitals etc required for all the migrants
In a balanced population elderly pass on & free up homes at roughly the same rate as young people need homes, so no need to build more homes
But, legal net migration last year =745,000 = 6300 new homes needed/week !
Other than helping to make developers, land bank owners, banks & builders richer, what benefit is there in making huge extra demand for housing due to mass immigration ?
Looking forward to your answers, thanks
My view is we do not want higher population density. England's already the most densely populated large country in Europe. We now need zero net migration, one in one out & on min £35k or they're not net contributors. And they must have a specialist high level skill we badly need so they're not simply taking a job from a Brit. We've already got 1.5m unemployed.
john thompson
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Sign Up14:24 PM, 6th January 2024, About 7 months ago
Reply to the comment left by Lisa008 at 06/01/2024 - 08:47
Absolutely spot on..
Get the feckless working, instead of constantly flooding us with unwanted, low wage, low skilled imagrants with fake qualifications. They are driving us all deeper into a low wage economy and a country overburdened with housing, NHS staff, dentists and school place shortages, and they are creating ridden community's.
Get our own population properly trained and qualified.
Stop the huge tax grabs, give us incentives for working hard and trying to progress in life.
We desperately need a party with commonsense, action taking leaders.
People who actually have work life experience and are financially competent instead of university pen pushing, box ticking saps, and weak willed silverspoon fed drones.
Shinh
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Sign Up6:36 AM, 7th January 2024, About 7 months ago
In today's context the definition of immigrant requires defining clearly and what is illegal immigration.
Any movement of people due to the causes of war, corruption, improving ones life or abusive regimes is understandable
The land sqm avaliablity in the UK may be fixed but the volume isn't
The countries responsible for destabilising or funding other countries have an obligation for absorbing any immigration fallout as an apology and compensation for their self interested agenda and for creating the situations leading to the migration
Ie Iraq, Afghanistan, Syria, Central African countries.
Eg resource and mineral theft from Africa disguised as long term commercial contracts paid to corrupt leaders !
Ever heard of oriental or south-east Asian illegal immigration to UK?
Both the UK and the USA are notorious for leaving destruction and poverty wherever they've been, history over 400 years is a testament to this
The only infrastructure created ocerseas was to only support their causes eg theft of resources ie railways from mines to ports and not to distribute to the local regions...
The ones comming ironically are the ones who have been directly impacted by the UK in their home countries over the past decades
Karma in action in real life !
Beaver
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Sign Up11:41 AM, 8th January 2024, About 7 months ago
Reply to the comment left by Shinh at 07/01/2024 - 06:36
The UK isn't notorious for leaving destruction and poverty wherever it's been.