Frome and UK First-Time Homebuyers: A Tale of Rising Fortunes
As the heartbeat of the UK's property market quickens, first-time buyers in Frome and across the nation have witnessed a remarkable evolution in housing affordability from 2015 to 2023. The average price paid by those stepping onto the property ladder paints a picture of both challenge and opportunity.
In 2015, aspirant first time buyers in the South West paid an average price of £183,408, a figure that, while substantial, was tempered by regional economic conditions and national housing policies. It was a time of cautious optimism, with prices reflecting a balance between aspiration and accessibility.
Leap to 2023, and the average price paid by first-time buyers in the South West has soared to £273,968.This staggering 49.4% increase is interesting when compared to the national average, which stood at £190,180 in 2015 and climbed to £288,136 in 2023, marking a 51.5% rise.
Navigating the Now: The Past Year in Frome's Rental Market
The last 12 months in Frome's rental market have presented their own set of unique challenges and opportunities. For landlords entrenched in the property market or those contemplating their first foray into property investment amidst a sea of unsettling headlines, understanding these recent changes is more crucial than ever.
Building on the insights from my previous analysis "A Decade of Transformation: Frome's Rental Market Evolution” four weeks ago, this update zooms in on the short-term fluctuations that have shaped the rental landscape in Frome over the past year. While the ten-year heat map provided a broader view of trends, this focused snapshot reveals the immediate impacts of current economic conditions, policy changes, and local developments on rental prices. Do send us a message if you want a copy of that 10 year rental analysis on the Frome.
The Future of the Frome Buy-to-Let Market in 2024
The UK's property market is facing a significant challenge as the availability of homes for rent has plummeted to its lowest level in five years, exacerbating the difficulties tenants face in finding affordable accommodation.
This alarming trend was highlighted in a recent analysis, which revealed that in 2023, only 261,542 private rental homes were available per month in the UK, marking a steep decline from the 379,459 monthly average of rental homes available in 2020—a drop of 31%, underscoring a worrying trend that has been developing over recent years.
Landlords update February 2024
This month is one day longer than usual, thanks to a Leap Year. But that doesn't mean there's less legislation news. Over the 29 days of February we will see Right to Rent fines increasing, bills progressing, and more consultations closing.
Right to Rent fines to increase
Letting agents must check that all tenants who occupy a landlord's properties have a legal status to live in the UK - called a Right to Rent check.
1 in 6 Retirees Renting in Retirement
In the ever-evolving UK housing landscape, renting is not just for the young. In fact, just under 1 in 6 retirees (975,230 of the 6.36million retired households) live in private rented accommodation.
The golden years are seeing a surprising trend as more and more retirees are choosing to rent. This shift is influenced by soaring Frome house prices and the desire for flexibility in later life. While the dream of homeownership persists for many Frome people, the practicality of renting in retirement presents compelling arguments.