James McGarry's Hemel Hempstead Lettings Market Update June 2023
We bring you the latest trends in the UK’s housing market with a detailed focus on our local market.
Rental market
The long awaited Renter Reform Bill has been tabled in Parliament. The Bill would abolish no-fault evictions and make it illegal for landlords to refuse families or those on benefits. The government 'better deal for renters' is a manifesto pledge.
Annual growth in private rental prices in the UK rose to 4.8% in the year to April. This is the most significant annual percentage change since the UK series began in January 2016. The ONS Index of Private Housing Rental Prices includes pre-existing and new lets.
Economy
Resilient demand and falling energy prices are set to help the UK economy grow by 0.4% in 2023 according to the latest forecast by the International Monetary Fund. Last month the IMF predicted the economy would shrink by 0.3%.
Inflation, the rate at which prices are rising, fell in April to 8.7%. This is the first time inflation has been below 10% since August (ONS). Slower rises in fuel prices are a significant reason behind the fall, while food price rises remain high.
