{"id":1688,"date":"2016-11-16T07:00:23","date_gmt":"2016-11-16T07:00:23","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=1688"},"modified":"2023-09-26T16:58:33","modified_gmt":"2023-09-26T15:58:33","slug":"high-street-agents-cashing-rising-rents","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/16\/high-street-agents-cashing-rising-rents\/","title":{"rendered":"Are high street agents cashing in on rising rents?"},"content":{"rendered":"<p><strong>Research from a free-to-list residential student lettings platform has recently highlighted the extent to which thousands of letting agents across the UK\u2019s high street are <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/07\/tenants-dilemma-steep-rent-rises-no-property-ladder-sight\/\" target=\"\" rel=\"noopener\">profiting from increasing rents<\/a>.<\/strong><\/p>\n<p>StudentTenant.com say in the report that the high street agents\u2019 \u201cantiquated model charging a high commission to let a property, (the key deterrent for a number of landlords in the first place) is still allowing them to pocket thousands for no extra work.\u201d<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"nMGbjiMB1u\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/15\/uks-house-prices-5-years-now\/\">The UK\u2019s house prices\u2026 5 years from now<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;The UK\u2019s house prices\u2026 5 years from now&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/15\/uks-house-prices-5-years-now\/embed\/#?secret=yf3HC2khxu#?secret=nMGbjiMB1u\" data-secret=\"nMGbjiMB1u\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Over the last year, <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/10\/19\/property-rentals-sales-first-time-since-1930s\/\" target=\"\" rel=\"noopener\">average property rental costs<\/a> have gone up to \u00a3901 per month, a 3% increase in 12 months and therefore also higher than the current rate of inflation.<\/p>\n<p><strong>Whilst England\u2019s North East has an average rent of \u00a3530 per month, <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/10\/30\/greedy-sellers-keep-property-market-extra-month-especially-london\/\" target=\"\" rel=\"noopener\">London\u2019s cheapest borough<\/a>, Croydon, shows an impressive median of \u00a31,170 monthly. The most expensive borough in the UK is Lambeth where the average rental cost per month is now \u00a32,874.<\/strong><\/p>\n<p>This rise in rental returns means letting agents have seen an increase in earning, too. The research by StudentTenant estimates the \u201ctypical rental agency fee at 12.7% of the total value of each 12-month assured short-hold tenancy agreement and which means that the standard fee across the UK is more than \u00a31,300.\u201d<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"e39ZDddVvz\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/07\/uk-houses-now-six-times-earn\/\">UK houses are now six times what you earn<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;UK houses are now six times what you earn&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/07\/uk-houses-now-six-times-earn\/embed\/#?secret=YCjNqDWJfo#?secret=e39ZDddVvz\" data-secret=\"e39ZDddVvz\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Danielle Cullen, Managing Director of StudentTenant.com, says, \u201cIt\u2019s really hard to justify the amount that a typical high street letting agent charges in the first place, let alone above inflation increases in most parts of the country.\u201d<\/p>\n<blockquote><p>There\u2019s a significant shortage of good rental stock which means higher rents and yields, which can be great news for landlords, but not so great for tenants.\u201d<\/p><\/blockquote>\n<p>\u201cBut when much of that gain is eroded by greedy agents taking a fatter and fatter chunk of it, 12.7% of what would otherwise be the landlord\u2019s income in effect, then buy-to-let investors might want to think twice about resorting to an old fashioned high street based rental firm\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Research from a free-to-list residential student lettings platform has recently highlighted the extent to which thousands of letting agents across the UK\u2019s high street are profiting from increasing rents. StudentTenant.com say in the report that the high street agents\u2019 \u201cantiquated model charging a high commission to let a property, (the key deterrent for a number<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2016\/11\/16\/high-street-agents-cashing-rising-rents\/\" title=\"ReadAre high street agents cashing in on rising rents?\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2,6],"tags":[200,170,10],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/1688"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=1688"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/1688\/revisions"}],"predecessor-version":[{"id":6096296,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/1688\/revisions\/6096296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/4633"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=1688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=1688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=1688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}