Tenant demand and rents rise

Data released by the ONS shows average UK private rents increased by 8.6% in the 12 months to July 2024. This was unchanged from the 12 months to June 2024 and was below the record-high annual rise of 9.2% in March 2024. RICS reports that tenant demand rose modestly in June.

Meanwhile, the Labour Government has confirmed its commitment to ensuring all rental properties achieve a minimum Energy Performance Certificate (EPC) rating of C by 2030 as one of their key missions to focus on creating warmer homes to combat fuel poverty. To achieve this, the government is prioritising the raising of EPC standards within the private rented sector and enacting the Warm Homes Plan.

According to the English Housing Survey, 72% of homeowners have implemented at least one energy-efficient measure in the last five years. The most common improvement in privately owned homes was servicing or replacing the central heating boiler.

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