Latest Property News
- Details
- Hits: 313
Renters’ Rights Act Update: What Frome Landlords Need to Know
On Wednesday, Parliament had the first reading of the Renters’ Rights Act, and I want to take a moment to reassure landlords that there’s really nothing groundbreaking in these proposals that should catch you off guard. In fact, most of the changes were part of the Conservative Party’s agenda before they lost power in July. Regardless of which political party is in charge, these reforms were set to come into play, so there’s no need to worry that anything revolutionary is happening.
Let’s break down what’s involved and how it might affect you as a Frome landlord.
- Details
- Hits: 234
Frome Property Market: Navigating the Rollercoaster of the Last Six Years
The Frome property market has experienced a rollercoaster ride since 2019, reflecting the unprecedented challenges and opportunities that have shaped the landscape of home buying and selling in the area. The accompanying graph vividly illustrates these dramatic fluctuations, comparing Frome's monthly house sales, expressed as a percentage of the six-year (2019 to 2024) average in blue. Also on the graph in orange is the Bank of England's base rate between 2019 to 2024.
By examining this six-year time frame, we can better understand the resilience of the local market and the influence of economic factors, particularly interest rates, on property transactions.
- Details
- Hits: 199
Analysis of Trends in UK Property Ownership (1918-2023)
The UK property market has seen significant changes over the last century, with distinct trends emerging in the areas of owner-occupied properties, social renting, and private renting.
In 1918, the UK property landscape was dominated by private renters, who made up 75% of all households. At the time, only 25% of the population owned their own homes. Over the next few decades, home ownership gradually increased, reaching about 38% by 1958. This shift was accompanied by a decrease in private renting, which fell to 41% during the same period.
- Details
- Hits: 297
Frome Homes Sold in the Last 5 Years
In the past five years, 2,158 homes have been sold in Frome, reflecting the dynamic and ever-evolving nature of the local property market. Notably, 2021 and 2022 saw an approximate 30% and 20% respective increase in house sales compared to the long-term 30-year average, indicating a significant surge in activity. However, in 2023, home sales figures were slightly below the norm, though projections for 2024 suggest a modest rise above average long-term levels.
- Details
- Hits: 259
1,302 Frome Landlords to be Hit by New Eco Rules in 2030
The rental property market is on the brink of a significant shift, one that will undoubtedly cause concern among landlords across the UK. The new Labour government has made clear its intention to raise the minimum energy performance standards for rental properties, a move that could have far-reaching implications for both landlords and tenants alike. The proposed change, which would see the minimum Energy Performance Certificate (EPC) rating for rental properties increase from E to C by 2030, has sparked a mix of anxiety and uncertainty within the property sector.
