What impacts the UK economy is generally reflected in the property world. Whether it’s construction costs spiralling, businesses closing down for a variety of reasons, office staff working from home all or part of the week, or interest rates causing mortgage hikes… all these individual strands have now combined into the perfect storm of uncertainty in our sector.
Property owners or developers are unsure whether to sell or sit tight; convert unwanted commercial space to residential accommodation; proceed with new developments… or simply put up rents to cover their mortgage rate hikes… and the impact of energy price rises hangs like a shadow over much of this. One recent report said 50 pubs a month were currently closing and the hospitality industry will be in for an even tougher time over the coming months.
Demand for rental properties is up by 20% across Britain compared to last year, while the number of properties available to rent was down 9%, with a particular surge in interest in inner city studio flats.
The average rent has also hit a record high outside London and stands at an average of £1,162 per calendar month. Rent prices in London have seen their greatest ever annual increase, rising 16.1% to an average of £2,343 a month. It’s all another related perfect storm and affecting a whole swathe of the population needing an affordable roof over their heads, and so many of them not eligible for social housing, which is also in very short supply.
Global Guardians is doing what it can to provide affordable accommodation to people struggling to pay their bills. So much property is already sitting or becoming vacant by the day due to the current economic turmoil… and a lot of it could provide an affordable, long or short term, temporary home for deserving working people. We know the unemployment rate is falling, apparently it’s now at its lowest rate since February 1974, but people are still struggling to make ends meet and food banks are struggling to meet demand. We’ve had a very mild autumn so far, but what will happen when the weather turns really cold? We have a lot of responsible Guardians ready and able to move into a property, so if you’re sitting on a vacant building and it’s likely to be that way for the next 6 months or more, pick up the phone and talk to us. It matters not if it’s resi, commercial, leisure or retail premises… it can easily provide a temporary home for working professionals, people who are really struggling and falling into debt, because they can’t afford the going rate of rent. It won’t cost you anything, and we look after them while they’re looking after and keeping your vacant building secure.
A perfect solution to a perfect storm.