The rental market has seen significant changes and law introductions over the past year with the two big changes being the introduction of the tenant fee ban and deposits being capped to a maximum of five weeks rent. With Scotland having had these laws for the past few years and the outcome so far being of increased rental prices, we were also finding both concerned landlords and tenants. Tenants concerned due to the potential of higher rental prices and landlords concerned that deposits and other fees not covering potential losses. Having now had 6 months or so getting accustom to the changes, we thought it was a good time to review what (if any) impact on the Ipswich rental market there has been.
So the average rental price in Ipswich was £650 per calendar month in 2018. Over 2019 this has risen to £659pcm. This takes into account every property type and room rental prices. So overall this is a small increase of 2% which is very much inline with market predictions, good news for tenants that there is no knee jerk reaction from landlords or agencies in regards to prices. It will however be interesting to see how this continues over the course of the year as more rental properties become available and are re-let.
It’s also interesting to see that when you take the room rental prices out of the equation that the average Ipswich rental price is £707pcm. The national average is £773pcm so Ipswich is well under in respect of this, however a large reason for this can be contributed to areas such as London, Cambridge and Bristol where exorbitant rental prices are paid.
In short, no visible reaction to the fee ban or deposit cap have been noticed in Ipswich property as yet. We will continue to review this and update Ipswich landlords and tenants as more data comes through. We also hold lots of rental data for specific properties by type, number of bedrooms and areas, so if you are an Ipswich landlord or tenant with more specific questions then please do feel free to contact us.