Prime Central London Report - Q3 2024

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The JLL Q3 2024 Prime Central London Report tracks activity across the central London housing market. The report incorporates the results of our quarterly JLL Prime Central London Index.

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<p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1745418791/resi/gb/Articles/PDFs/RRB_JLL_updates_Chinese_Apr_25_JLL.pdf" target="_blank"><button class="Button primary">Download Mandarin Version (点击获取中文版)</button></a>
</p><p><a href="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1738843174/resi/gb/Articles/PDFs/RRB_JLL_updates_Arabic_Feb_5_JLL.pdf" target="_blank"><button class="Button primary">Download Arabic  Version</button></a>
</p><p>The Renters&rsquo; Rights Bill (RRB) proposes significant reform within the private rental sector. The bill itself has been making fast progress through Parliament, having already passed through the House of Commons. It is now widely expected to come
    into effect from this<em> </em>spring onwards.&nbsp; </p><p>Whilst the bill contains added flexibility to tenants, Landlords retain much needed protection around possession and annual rental increases. The bill is intended to even the balance and is expected to encourage greater long-term security for both Tenants
    and Landlords. Key parts of the bill include;</p><ul><li>The abolishment of Section 21 notices, and the ending of Assured Shorthold Tenancies (ASTs).</li></ul><ul><li>Tenancies to become periodic by default, and Tenants can serve 2 months&rsquo; notice at any time. </li></ul><ul><li>Rent payment/collection limited to one month in advance.</li></ul><ul><li>Rent increases to be restricted to once per year (twelve months from previous increase) via a Section 13 notice.</li></ul><ul><li>Tenants can challenge rent increases deemed above market via the First Tier Tribunal.</li></ul><ul><li>Rent agreed cannot be higher than the advertised property price. <s></s></li></ul><ul><li>Tenants have the right to request a pet and that request cannot be unreasonably refused. </li></ul><ul><li>Landlords will be prohibited from discriminating against tenants who receive benefits or have children residing with them or visiting their premises.</li></ul><ul><li>Awaab&rsquo;s Law will apply to the Private Rented Sector (PRS) rather than in social housing only. </li></ul><ul><li>Decent Homes Standard will also apply to the PRS. </li></ul><ul><li>There will be a requirement for Landlords to sign up to a Landlord Redress Scheme as well as a PRS database. </li></ul><ul><li>A written tenancy agreement will need to be provided to all Tenants.
        <p>As your trusted letting agent, JLL are already taking steps to prepare for this upcoming change and have successfully guided thousands of clients through previous legislative changes, most recently the Tenant Fees Act (2019). We will work with
            you, endeavouring to ensure that your needs are met and minimise any concerns following the introduction of the upcoming changes. <s>&nbsp;</s></p><p>Below is the current timeline and summary of key changes that are expected to take effect. We have also answered some of the key questions that our clients and partners have been asking.&nbsp;<span style="background-color:transparent;color:inherit;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;"></span></p></li></ul><div style="text-align:center;"><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1745418914/resi/gb/Articles/PDFs/Flowchart_-_April.png" /></div><h2></h2><h2><strong>WILL IT AFFECT ALL RENTAL PROPERTIES?</strong><strong></strong></h2><p>The vast majority yes. Most Landlords rent to individuals and receive a rent of under &pound;100,000 per year making their tenancy an Assured Shorthold (AST), so these changes will apply to most Landlords in England. Landlords renting to company Tenants
    or receiving rent exceeding &pound;100,000 per year will continue to be exempt as the bill will not apply to company or contractual (Non AST) tenancies.</p><h2><strong>WHEN WILL THIS TAKE EFFECT?</strong><strong></strong></h2><p>Once the bill passes into law, it will apply to new and existing tenancies, defaulting fixed term tenancies to periodic immediately. It should be noted that existing tenancies with clauses for future rent increases and/or break clauses will no longer
    apply as the new legislation takes precedent.</p><h2><strong>HOW LONG CAN MY TENANT(S) STAY IN MY PROPERTY?</strong><strong></strong></h2><p>As above, leases will no longer have a fixed end date and will roll over indefinitely until a valid notice is served by Landlord or a Tenant. Tenants will have a minimum twelve month protected period.</p><h2><strong>WHAT HAPPENS IF I NEED MY PROPERTY BACK?</strong><strong></strong></h2><p>Current Section 21 notices will no longer exist and will be replaced by an existing (evidence based) Section 8 notice framework. Landlords needing to sell or move themselves or their immediate family into a property, can do so under a newly extended notice
    period of four months, which cannot be served until eight months after a Tenant takes occupancy, guaranteeing them one year minimum. Landlords must be prepared, and able, to provide evidence of their need for possession and will be prohibited from
    marketing their property for rent for twelve months from the date the notice expires. These requirements are to ensure notices remain legitimate. How such evidence might be called on or presented remains unclear at this time.</p><h2><strong>BREAKCLAUSES IN GENERAL</strong><strong></strong></h2><p>Tenants will be able to give Landlords two months&rsquo; notice at any point once they have moved in. Whilst not ideal the cost, time, and effort of moving home means few Tenants would have any interest relocating and would be expected to remain much
    as they do now, moving only when circumstance require change so Landlords should not be too concerned here.&nbsp; </p><p>Outside of Landlords wishing to sell or move in, Landlords will be permitted to serve notice should their Tenant breach their rental contract. A list of notices covering breaches can be <a href="https://www.gov.uk/government/publications/guide-to-the-renters-rights-bill/82ffc7fb-64b0-4af5-a72e-c24701a5f12a">viewed here</a>.</p><h2><strong>RENTAL PAYMENTS AND ARREARS</strong><strong></strong></h2><p>All rent will be payable monthly only. All advance payments will be prohibited. JLLs due diligence and processes ensure 97% of all JLL client rental monies are received within three working days of due date and 99.8% paid within 30 days of any due date.</p><p>Tenant arrears of three months will enable Landlords to serve four weeks&rsquo; notice. </p><h2><strong>WHAT ABOUT STUDENTS AND OVERSEAS TENANTS?</strong><strong></strong></h2><p>The same applies. Despite it being widely accepted that the student market is higher risk, there is no exemption in the bill at present. Landlords are advised to consider rent protection insurance policies or guarantors to offset any risk.</p><h2><strong>ADVERTISING AND INCREASING RENTS</strong><strong></strong></h2><p>When marketing, Landlords will no longer be able to accept a rental offer or bid that exceeds the advertised property price.</p><p>Landlords will be able to propose market rent increases annually using a Section 13 notice, providing two months&rsquo; notice to Tenants. Tenants may challenge the increase via the First-Tier Tribunal Service (FTT), if they feel it exceeds market value.</p><p>The FTT are unable to increase rent beyond the Landlords proposed amount but may rule the same amount (or lower) to determine an impartial market valuation. The increased rent will take affect from the date of the ruling (or a following date set by the
    FTT, typically the next due date). Crucially, it will <em>not</em> be backdated to the Section 13 expiry date. How long a ruling will take is not clear, but reports suggest it could be up to six months. There are concerns this may encourage Tenants
    to challenge increases. Fair market linked increases will reduce Tenants challenging annual increases. </p><h2><strong>PETS</strong></h2><p>Landlords can no longer reasonably refuse pets but can require Tenants to acquire appropriate pet insurance. A Landlords superior lease that prohibits pets might be considered a reasonable reason to refuse for example. &nbsp;</p><h2><strong>PENALTIES AND FINES</strong><strong></strong></h2><p>Up to &pound;7,000 for first time offences and &pound;40,000 for more serious and repeat non-compliance.&nbsp;</p><p>&nbsp;</p>

Renters Rights Bill Update – May 2025

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The Renters&rsquo; Rights Bill (RRB) proposes significant reform within the private rental sector. The bill itself has been making fast progress through Parliament, having already passed through the House of Commons. It is now widely expected to come into effect from this<em>&nbsp;</em>spring onwards.&nbsp;

The Renters’ Rights Bill (RRB) proposes significant reform within the private rental sector. The bill itself has been making fast progress through Parliament, having already passed through the House of Commons. 

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Prime Central London Report - Q1 2025

The JLL Q1 2025 Prime Central London Report tracks activity across the central London housing market. The report incorporates the results of our quarterly JLL Prime Central London Index.

<p>The JLL Q1 2025 Prime Central London Report tracks activity across the central London housing market. The report incorporates the results of our quarterly JLL Prime Central London Index.</p>

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Unpacking the Renters Reform Bill: Key Insights for Landlords and Tenants

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<p>Discover key insights on the UK's Renters Reform Bill from JLL's Lucy Morton. Learn how changes in fixed-term tenancies, rent increases, evictions, and more will impact landlords and tenants. Essential reading for anyone in the private rental sector.</p>

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<p>The negative reaction to the tariffs rippled through the money markets. Trillions of dollars were wiped off the value of global stocks, but news of a pause saw the markets breathe a sigh of relief, with single-day gains of 9.5 per cent for the S&amp;P
    500 and 12 per cent for the tech-heavy Nasdaq, although worth noting still not back to their pre-'Liberation Day' highs. Similar rebounds occurred across the Asian markets, and closer to home, the FTSE 100 rose 6 per cent, but remains 5 per cent lower
    than on 1 April.</p><p>The pausing of variable tariffs arguably has less of a direct impact on the UK, as in essence we are in the same position here as we were before 9 April. The UK's more passive approach over the last week should curry favour with the White House, with
    much pinned on the potential for further negotiations in the coming days and weeks. But arguably some of the UK's 'advantage' in being a lower tariff trading partner could be watered down; we'll need to see how negotiations pan out. </p><p><strong>What does this all mean for the UK economy and housing market? </strong></p><p>There was better news on the state of the UK economy in February, with monthly GDP growth of 0.5 per cent, up from 0 per cent in January. But economically February seems a long time ago, with the wider impact of tariffs, employer NI and increases in utility
    bills and council tax all likely to impact GDP figures in the coming months.</p><p>US tariffs, whatever numbers are eventually settled on, are likely to have a negative impact on growth for economies outside the US &ndash; and possibly for the US too. Inflation rates outside the US could drop back as exports become more expensive and
    goods previously destined for the US find their way to more tariff-friendly shores. Whatever happens, the &pound;9.9bn headroom from the Spring Statement looks set to be challenged, meaning further tweaks to taxation could be on the cards at the next
    fiscal event in the autumn. But as the last seven days have proven, a week is a long time in politics (and economics), so we'll need to wait and see what the ramifications are for the UK in the longer term.</p><p><strong>Mortgage rates drop</strong></p><p>Tariff-induced uncertainty has impacted bond yields and the interbank lending rate, with two-year swaps at their lowest level since Liz Truss was in No.10. This means forecasters now expect the Monetary Policy Committee could reduce the bank rate up to
    four times this year, up from a consensus forecast of just two rate cuts back in March.</p><p>Mortgage lenders have reacted, with Barclays, TSB, and Coventry Building Society amongst others cutting rates by more than 25 bps, with best-buy two and five-year fixed rates now available at sub 4%. This could prove positive for the UK government too,
    with lower debt servicing costs if rates fall more quickly than anticipated.</p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1743090226/resi/gb/Articles/Images/Roundup-Apr11-Chart1.jpg" /></p><p><strong>Housing market</strong></p><p>In the short term at least, it is likely that the 1 April Stamp Duty deadline will have contributed more to the Q2 outlook for the housing market than tariffs. Figures from the Nationwide suggest house prices were 3.9 per cent higher in March than they
    were a year earlier, with growth flat compared with February. Halifax were a little more downbeat, with prices down 0.5 per cent month-on-month and up 2.8 per cent annually.</p><p>The latest survey from the RICS released this week remained gloomy. New buyer demand dropped back in March, with a net balance of -32 per cent of respondents reporting a drop in new buyer demand, down from -16 per cent the previous month.</p><p>As is often the case following an increase in Stamp Duty costs, expectations on activity in the short term remain subdued, with more respondents (a net balance of -18 per cent) expecting fewer agreed sales in Q2.</p><p>More agents reported an increase in stock reaching the market, but this had also dropped back, with a net balance of +6 per cent in March compared with an average of +17 per cent average over the last six months. This is all impacting the short-term outlook
    for prices, with a higher proportion of agents expecting prices will fall over the next three months. But looking at the next 12 months, some positivity remains, with +39 per cent of respondents expecting prices would be higher in 12 months' time.</p><p><img src="https://res.cloudinary.com/global-cms-assets-np/image/upload/v1743090226/resi/gb/Articles/Images/Roundup-Apr11-Chart2.jpg" /></p><p><strong>Rental market</strong></p><p>The outlook was more positive for the rental market. Tenant demand is increasing as we move into the Spring, with the March RICS survey reporting a net balance of +20 per cent of agents who had seen tenant demand rise in Q1, with expectations on rental increases also remaining in positive territory at a net balance of +31 per cent. Stock levels remain constrained, with a net balance of 24 per cent of agents reporting a drop in new landlord instructions. Homelet data shows average UK rents for new lets rose to &pound;1,288 per month in March, up 1 per cent on February. Average rents on new lets were 2.0 per cent higher in London and 3.5 per cent higher in the rest of the UK on an annual basis.</p><p><strong>JLL Research</strong></p><p>JLL is a leading global professional services firm specialising in real estate and investment management, with $16.6bn annual revenue in 2020, operations in over 80 countries and a global workforce of over 90,000.&nbsp; With over 7,000 employees and 15 offices in the UK, we support our investor, developer, and occupier clients at every stage of the property lifecycle across both commercial and residential asset classes. This includes land purchase, access to capital, planning, development advisory, leasing, building management and sales. </p><p>JLL&rsquo;s Residential and Living team consists of over 300 professionals who provide a comprehensive end-to-end service across all residential property types, including social housing, private residential, build to rent, co-living, later living, healthcare and student housing. </p><p>Disclaimer: &copy; 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Data within this report is based on material/sources that are deemed to be reliable and has not been independently verified by JLL. JLL makes no representations or warranties as to the accuracy, completeness or suitability of the whole or any part of the report which has been produced solely as a general guide and does not constitute advice. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. JLL, its officers, employees shall not be liable for any loss, liability, damage or expense arising directly or indirectly from any use or disclosure of or reliance on such report. JLL reserves the right to pursue criminal and civil action for any unauthorized use, distribution or breach of such intellectual property.</p><p></p>

Residential Roundup - 11 April

News that the first Universal theme park in Europe would be built in Bedfordshire was not the biggest roller coaster announcement this week. That accolade was reserved for Trump's tariffs.

<p><strong>News that the first Universal theme park in Europe would be built in Bedfordshire was not the biggest roller coaster announcement this week. That accolade was reserved for Trump's tariffs. At the time of writing (an important caveat right now), the US has announced a 90-day 'pause' on implementing variable tariffs on all countries bar China. </strong><strong></strong></p>

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Prime Central London Report - Q3 2024

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Prime Central London Report - Q1 2025

Unpacking the Renters Reform Bill: Key Insights for Landlords and Tenants

Residential Roundup - 11 April