Social Housing Lettings Down Again

Latest figures from the MHCLG show that social housing lettings by local authorities and housing associations in England totalled 313,000 - decrease of 6% on the previous year. These latest figures continue the long-term trend in the decline in the number of lettings from a peak of 397,000 lettings in 2013-14 (a decrease of 21%). Of the total of 313,000 new lettings in 2017-18, 217,000 lettings were made by private registered providers and 96,000 by local authorities. 87% of new social lettings were at social rent with 13% let at affordable rent (set at up to 80% of market rent). Social rent charged on new social lettings was on average 52% of market rent (£82.00 pw) whilst affordable rent was on average 71% of market rent (£111.00). Download the figures from the MHCLG website.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/759738/Social_Housing_Lettings_April2017_to_March2018_England.pdf

Social Lettings at 'Highest Levels' – RICS

Social lettings have reached their highest levels since the Royal Institute of Chartered Surveyors (RICS) began its quarterly lettings market analysis in 1999. Social lettings are now at their highest level at 13% of all new lets in the three months to July; up from 8% in the last quarter, the RICS survey showed. However, lettings to private renters continue to make up the majority of lettings, at 66%, RICS said. It said that the challenging economic environment is leading to more tenants relying on assistance from the government. The latest quarterly survey shows new tenant demand again outpaced supply of rental property in the three months to July, as many continued to turn to the lettings sector, after struggling to find mortgage finance, or first-time buyers unable to meet lenders’ deposit requirements. As a result of this, rents continued to increase. Read more on the RICS website.