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Worthing rents rise for the first time this year
Rents in Worthing have risen for the first time this year, according to the latest Phillip James Letting Agents rental survey.
The survey analyses advertised rental prices from Worthing postcodes on popular property sites such as Rightmove, Findaproperty, Propertyfinder and Primelocation.
Rents advertised by Landlords and Letting Agents in Worthing have been falling since January 2009 when the average rent in the town stood at £621 per calendar month. By the end of June 2009, the average rent in Worthing had fallen to £595. This means that landlords in Worthing are down by £312 per property, per year.
Not all bad news though; average rents rose in June for the first time this year which could signal that recent rent decreases in Worthing are coming to an end.
Rental figures in Worthing reflect what’s happening with rent levels across the south, with the Association of Residential Letting Agents (ARLA) reporting that over the last quarter, rents on houses have dropped by 2.1% and rents on flats have dropped by 9.3%.
Recent drops in Landlord’s rental incomes can most likely be attributed to the increase of ‘reluctant landlords’ who have decided to rent properties rather than sell, at least until the sales market shows signs of improving. This has resulted in a glut of properties to let in Worthing and the surrounding areas, although now that many local agents report that the sales market is improving, rental prices are likely to start levelling off before slowly starting to rise again.
Local Housing Allowance (LHA) is already a bit of a mess, with many landlords choosing to shy away from this sector of the rental market (see 2 reasons why landlords say “no” to housing benefit tenants). Now, with the Government’s budget cuts, even more landlords will be turning away housing benefit tenants. Read more of this article (Should landlords lower rents to fund housing benefit cuts?) ...
Because there are more tenants around than properties available to rent, landlords and letting agents are quite rightly, selecting the tenants in the best position. And given the choice, landlords would rather rent their properties to people in employment than people claiming housing benefit. Here, we discuss the reasons why. Read more of this article (The 2 reasons why landlords say "no" to housing benefit tenants) ...
Capital Gains Tax (CGT) is a tax payable on a profit. The profit is calculated when an asset is disposed of e.g sold or given away. As landlords, we pay CGT when we dispose of a property other than our main residence. Profits are subject to an 18% tax for basic-rate taxpayers and 28% for higher-rate taxpayers. There are many exemptions and reliefs available to landlords to help reduce the amount of CGT payable. Read more of this article (Landlords and Capital Gains Tax) ...