UK housing market sees rising rents and high moving costs

The UK housing and rental markets are experiencing significant shifts in costs and regulatory pressures. Rental prices have risen by nearly 5% over the past year, with tenants paying an average of £1,581 per month. Regional disparities are notable, as the North East saw a 14% hike, while the East of England experienced a slight decrease of 0.4%.

Landlords face increasing financial burdens. The cost of rental voids—periods when properties sit empty—has risen by approximately 58% in three years, costing the average landlord nearly £1,100 per instance. Additionally, the National Residential Landlords Association (NRLA) warns that a planned private rented sector database could cost landlords at least £327 million annually due to registration fees.

In the residential moving sector, the average cost of moving home in England has fallen slightly by 2.3% from its previous peak to £17,413, though this remains 74% higher than a decade ago when adjusted for inflation. Moving costs in London remain significantly higher than the national average, reaching approximately £32,017.

Political discussions regarding housing reforms continue, with Shadow Housing Secretary Katie Lam expressing support for scrapping Stamp Duty and the Renters’ Rights Act to improve market mobility, though the Conservative Party later clarified there is no formal policy plan to scrap the latter.