Rental prices in Peterborough SURGE!

Rental prices in Peterborough SURGE!

You may have seen that it was reported that rents outside of the capital (i.e. areas like ours) have seen rental costs rocket to record highs!

Research by Rightmove’s Quarterly Rental Trends Tracker also shows that tenant demand is up by 6% and the number of available rental properties is 50% lower than this time a year ago!

To see how bad things are, just do your own search on the Rightmove website!

We now have 1 bedroom properties expecting to receive £700 a month!

This is a stretch for couples, but imagine how hard it is to people who are single?

Cllr Ed Murphy has made housing a priority in his election campaign

So what can be done?

Sadly there is literally no magic wand manoeuvre. We are too far down the road for that. But……

  1. Peterborough City Council need to start building Council Houses, starting next week.
  2. Peterborough City Council need to set up a cooperative course with local education centres, to help with the man power side, while also training the next generation of builders.
  3. The Council need to change their planning policy to ensure that any new developments, include at least 50% affordable homes.
  4. The Council needs to redefine its term for affordable to something like 3 x times the average wage in the city, NOT the national average wage!
  5. Also, the Council should speak with Private Landlords, to see what suggestions they haver to help alleviate the situation. Especially given that there are several councillors who are landlords.
There have always been a number of City Councillors who are Landlords!

Even John Peach, the Deputy Police and Crime Commissioner for Peterborough and Cambridgeshire, owns around 12 properties in the city.

Final Thoughts

  • With private rental prices continuing to rise, it means the possibility of people living in Cross Keys properties, being able to afford moving into the private sector simply diminishes. Thus, there are less housing association properties being freed up for more people in need.
  • Whatever your thoughts on people owning more than one property etc the reality is, anyone who is a Landlord is making money off the housing needs of others.
  • The Conservatives sold off the Council housing stock in Peterborough, 2004/05 to Cross Keys Homes, some 11,000 properties for just £4,650 each!

2 responses to “Rental prices in Peterborough SURGE!”

  1. You’ve clearly missed out on Section 24, George Osborne’s genius way of forcing landlords to sell in droves, currently running at around 11,000 properties per month nationwide. Landlords campaigned strongly at the time while the left and charities cheered the govt on. We have repeatedly stated ever since July 2015 that this would be the inevitable result but nobody listened, instead hounding landlords further to sell up and go. Now they’re doing that, the penny seems to have finally dropped for some. Reap what you sow.

  2. Hello Jamie. I have actually strongly pointed this out to Mr Fower when he posted a link to this article on Facebook, along with over 30 other significant changes or proposals. All are responsible for reducing availability and increasing rents, or will be if they are implemented. Mr Fower has not yet responded to me but to be fair some of the proposals are very much from the Labour Camp, including the increasing of landlord taxation that has been mooted by the Shadow Chancellor. Of course like all increases in cost they are felt by the consumer at the end of the chain, in this case tenants.

    The main problem I see is that politicians of every colour are completely clueless as to how the private rented sector works and also how important it is to the country. They also remain completely in the dark as to what the social housing sector has become and I don’t think they have any interest in learning. Politics is all about moaning and pointing the finger at someone else, rather than actually dealing with the issue in hand.

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