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Average Rents Across U.K. Are Up 29% Since Pre-Pandemic Despite The Recent Slowdown

Rents have risen 29% since just before the start of the pandemic, new research has revealed.

While the rate of growth in rental prices has eased during the past year, they are still significantly higher than four years ago, figures from Zoopla show.

The average rent in Britain was £948 a month in January 2020, and has risen to £1,223 today, the property portal says.

We reveal how fast they have grown during the past year and what the average rent stands at

We reveal how fast they have grown during the past year and what the average rent stands at

The overall rate of growth has slowed since the double-digit pace of a year ago.

Rental inflation for Britain has slowed to 7.8 per cent, down from 11 per cent a year ago.

While that slow down will provide some relief to tenants, the extent to which rents have risen in the past four years lays bare the extent of the rental crisis in Britain.

Zoopla says the sharp rise in rents during the pandemic helped to push more than half of rental homes above £1,000 a month for the first time, almost double the level five years ago.

The trend is clear in the East where 24 per cent of rented homes were in local authorities with average rents of £1,000 per month or more in 2020.

That figure has jumped significantly to 70 per cent today.

It is a similar story in the South East, where less than half of private rented homes in this area were in the higher bracket in 2020, compared to almost all of them now.

The growth in areas where average rents is more than at £1,000 a month is revealed by Zoopla

The growth in areas where average rents is more than at £1,000 a month is revealed by Zoopla

Zoopla went on to warn that the growth in £1,000 a month areas is now expanding in regional markets outside the south of England, where rents historically tend to be higher.

It said new city centre rental markets were emerging with a fifth of rented homes in Scotland, the North West, the East Midlands and the West Midlands in areas of more than £1,000 a month.

This is despite no local markets having rents of more than 1,000 a month outside the south of England only three years ago.

The North East is the only area with no markets above this level, while Yorkshire and the Humber has only 4 per cent.

The average rent in Britain was £948 a month in January 2020, rising to £1,223 today, says Zoopla

The average rent in Britain was £948 a month in January 2020, rising to £1,223 today, says Zoopla

It reveals a stark reality of the rental market in Britain where high demand and a low supply of rental homes has dominated the sector.

While that continues to be the case during the past year, the rate of growth has slowed, due to the imbalance between supply and demand readjusting.

Zoopla said the average letting agent currently has a dozen homes available for rent, which is a fifth higher than this time last year.

However, it remains more than a quarter – at 28 per cent – lower than the pre-pandemic average.

At the same time, the typical rental home sees 15 enquiries, down from a significant 40 enquiries per property in 2021.

However, this is also still higher than – indeed, double – pre-pandemic levels.

The demand for rental properties has eased, with the typical rental home seeing 15 enquiries, down from 40 enquiries per property in 2021

The demand for rental properties has eased, with the typical rental home seeing 15 enquiries, down from 40 enquiries per property in 2021

Zoopla suggested that the moderation in rental growth is primarily due to weakening demand and growing affordability pressures rather than any major expansion in available supply.

It insisted that only a sustained expansion in rental supply will alleviate the pressure tenants face from higher rent levels.

One of the areas with the most rapid slowdown in rental growth is the capital, where rents rose 5.1 per cent compared to 15.3 per cent a year ago.

However, there are variations across different parts of London, with rental inflation inflation lower in the more affluent areas of the capital, such as Westminster at 3.2 per cent.

Rentals continue to rise, however, in double digits in the more affordable parts of London such as Havering at 14 per cent.

For the rest of the country, rental inflation in roughly where it was a year ago, although rental inflation continues to rise fastest in Scotland at 11.6 per cent, the only area where it remains in double digits.

Rental values continue to rise in double digits in the more affordable parts of the capital

Rental values continue to rise in double digits in the more affordable parts of the capital

Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: ‘Although the 29 per cent increase in rents since January 2020 appears to be high, we are surprised it isn’t greater.

‘As with all averages, the figure will mask some considerable differences with rents above and below that level as they shot up post-Covid during a time when many would-be buyers were unwilling or unable to commit to purchases.

‘Others were unsure where they wanted to live in the longer term as nobody knew how long the pandemic would last. More people were prepared to pay big money for the flexibility renting offered.

‘At the same time as demand for rental property was off the scale, so supply was lagging and continues to do so as landlords sold up mainly due to the tax and regulatory burden, despite increasing rents and fewer voids.

‘The net result has been higher rents although since then the market has settled and the gap has narrowed, particularly in response to the rising cost of living. In the near term, we don’t expect much change.’

Rental inflation slows fast in London but is holding steady in the rest of the UK, says Zoopla

Rental inflation slows fast in London but is holding steady in the rest of the UK, says Zoopla

The slowdown in rents is expected to continue, halving this year to 5 per cent, while Zoopla added that there is no immediate prospect that rental affordability will improve over 2024.

Richard Donnell, of Zoopla, said: ‘The last two years have been characterised by an ongoing imbalance between rental supply and demand.

‘This has pushed rents for new lets 30 per cent higher since 2021 adding to cost of living pressures for renters.

‘The imbalance between supply and demand has started to narrow but is far from closed. Rents for new lets will continue to rise over 2024, albeit at a slowing rate.

‘Rents remain at their most expensive compared to average earnings for over a decade. Only a rapid and sustained expansion in rented housing will start to improve affordability for UK renters.’


Assessing Property Size: What Square Footage Can You Get With The Average UK House Price In Your Area?

Assessing Property Size In The UK

In the United Kingdom, there is a prevailing tendency to gauge the size of residences based on the number of bedrooms rather than square footage. In fact, research indicates that three out of five individuals are unaware of the square footage of their property.

However, a comprehensive analysis conducted by Savills reveals significant variations in property sizes throughout the country. For instance, with the average property price standing at £340,837, this amount would typically afford a studio flat spanning 551 square feet in London, according to the prominent estate agency.

Conversely, in the North East region, the same sum would secure a spacious five-bedroom house measuring 1,955 square feet, nearly four times the size of a comparable property in London.

Best value: Heading to the North East of England is where buyers will get the most from their money

In Scotland, the median house price equates to a sizable investment capable of procuring a generous four-bedroom residence spanning 1,743 square feet. Conversely, in Wales, Yorkshire & The Humber, and the North West, this sum affords a slightly smaller four-bedroom dwelling of approximately 1,500 square feet, while in the East and West Midlands, it accommodates a 1,300 square foot home. In stark contrast, within the South West, £340,837 secures a modest 1,000 square foot property, and in the East, an even more confined 928 square feet.

London presents the most challenging market, where this budget offers the least purchasing power. Following closely, the South East allows for 825 square feet of space or a medium-sized two-bedroom dwelling. Lucian Cook, head of residential research at Savills, emphasizes the profound disparity in purchasing potential across Britain, ranging from compact studio flats in London to spacious four or five-bedroom residences in parts of North East England.

While square footage serves as a critical metric, with a significant portion of Britons unfamiliar with their property’s dimensions, the number of bedrooms remains a traditional indicator of size. Personal preferences, such as a preference for larger kitchens, may influence property selection. For those prioritizing ample space, Easington, County Durham, offers a substantial 2,858 square foot, five-bedroom home, while Rhondda, Wales, and Na h-Eileanan an Iar, Scotland, provide 2,625 and 2,551 square feet, respectively. Conversely, in St Albans, Hertfordshire, £340,837 secures a mere 547 square feet, equivalent to a one-bedroom flat.

The disparity continues in central London, where purchasing power diminishes considerably. In Kensington, the budget accommodates a mere 220 square feet, contrasting with the slightly more spacious 236 square feet in Westminster. Conversely, in Dagenham, the same investment translates to 770 square feet. Three properties currently listed on Rightmove exemplify the diversity within this price range across the UK market.

South of the river: This semi-detached house is located near to three different train stations

South of the river: This semi-detached house is located near to three different train stations

2. Lewisham: One-bed house, £345,000

This one-bedroom property in Lewisham, South London, is on the market for £345,000.

The semi-detached house is set over two floors, and has a private patio.

The property is located near to bus links and amenities, as well as Catford train station.

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

3. Edinburgh: Three-bed house, £350,000

This three-bedroom detached house in Edinburgh could be yours for £350,000.

The house, which has a two-car driveway, boasts a large kitchen diner, and is within easy reach of Newcriaghall train station.

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Top 10 Florida Cities Dominate The Business Startup Landscape In The U.S.

Top 10 Florida Cities And Business Startup Landscape In The U.S.

The Voice Of EU | Florida emerges as a hub for entrepreneurial endeavors, with its vibrant business landscape and conducive environment for startups. Renowned for its low corporate tax rates and a high concentration of investors, the Sunshine State beckons aspiring entrepreneurs seeking fertile grounds to launch and grow their businesses.

In a recent report by WalletHub, Florida cities dominate the list of the top 10 best destinations for business startups, showcasing their resilience and economic vitality amidst challenging times.

From Orlando’s thriving market to Miami’s dynamic ecosystem, each city offers unique advantages and opportunities for entrepreneurial success. Let’s delve into the chronologically listed cities that exemplify Florida’s prominence in the business startup arena.

1. Orlando Leads the Way: Orlando emerges as the most attractive market in the U.S. for business startups, with a remarkable surge in small business establishments. WalletHub’s latest report highlights Orlando’s robust ecosystem, fostering the survival and growth of startups, buoyed by a high concentration of investors per capita.

2. Tampa Takes Second Place: Securing the second spot among large cities for business startups, Tampa boasts a favorable business environment attributed to its low corporate tax rates. The city’s ample investor presence further fortifies startups, providing essential resources for navigating the initial years of business operations.

3. Charlotte’s Diverse Industries: Claiming the third position, Charlotte stands out for its diverse industrial landscape and exceptionally low corporate taxes, enticing companies to reinvest capital. This conducive environment propels entrepreneurial endeavors, contributing to sustained economic growth.

4. Jacksonville’s Rising Profile: Jacksonville emerges as a promising destination for startups, bolstered by its favorable business climate. The city’s strategic positioning fosters entrepreneurial ventures, attracting aspiring business owners seeking growth opportunities.

5. Miami’s Entrepreneurial Hub: Miami solidifies its position as a thriving entrepreneurial hub, attracting businesses with its dynamic ecosystem and strategic location. The city’s vibrant startup culture and supportive infrastructure make it an appealing destination for ventures of all sizes.

6. Atlanta’s Economic Momentum: Atlanta’s ascent in the business startup landscape underscores its economic momentum and favorable business conditions. The city’s strategic advantages and conducive policies provide a fertile ground for entrepreneurial ventures to flourish.

7. Fort Worth’s Business-Friendly Environment: Fort Worth emerges as a prime destination for startups, offering a business-friendly environment characterized by low corporate taxes. The city’s supportive ecosystem and strategic initiatives facilitate the growth and success of new ventures.

8. Austin’s Innovation Hub: Austin cements its status as an innovation hub, attracting startups with its vibrant entrepreneurial community and progressive policies. The city’s robust infrastructure and access to capital foster a conducive environment for business growth and innovation.

9. Durham’s Emerging Entrepreneurship Scene: Durham’s burgeoning entrepreneurship scene positions it as a promising destination for startups, fueled by its supportive ecosystem and strategic initiatives. The city’s collaborative culture and access to resources contribute to the success of new ventures.

10. St. Petersburg’s Thriving Business Community: St. Petersburg rounds off the top 10 with its thriving business community and supportive ecosystem for startups. The city’s strategic advantages and favorable business climate make it an attractive destination for entrepreneurial endeavors.

Despite unprecedented challenges posed by the COVID-19 pandemic, the Great Resignation, and high inflation, these top Florida cities remain resilient and well-equipped to overcome obstacles, offering promising opportunities for business owners and entrepreneurs alike.

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European Startup Ecosystems Awash With Gulf Investment – Here Are Some Of The Top Investors

European Startup Ecosystem Getting Flooded With Gulf Investments

The Voice Of EU | In recent years, European entrepreneurs seeking capital infusion have widened their horizons beyond the traditional American investors, increasingly turning their gaze towards the lucrative investment landscape of the Gulf region. With substantial capital reservoirs nestled within sovereign wealth funds and corporate venture capital entities, Gulf nations have emerged as compelling investors for European startups and scaleups.

According to comprehensive data from Dealroom, the influx of investment from Gulf countries into European startups soared to a staggering $3 billion in 2023, marking a remarkable 5x surge from the $627 million recorded in 2018.

This substantial injection of capital, accounting for approximately 5% of the total funding raised in the region, underscores the growing prominence of Gulf investors in European markets.

Particularly noteworthy is the significant support extended to growth-stage companies, with over two-thirds of Gulf investments in 2023 being directed towards funding rounds exceeding $100 million. This influx of capital provides a welcome boost to European companies grappling with the challenge of securing well-capitalized investors locally.

Delving deeper into the landscape, Sifted has identified the most active Gulf investors in European startups over the past two years.

Leading the pack is Aramco Ventures, headquartered in Dhahran, Saudi Arabia. Bolstered by a substantial commitment, Aramco Ventures boasts a $1.5 billion sustainability fund, alongside an additional $4 billion allocated to its venture capital arm, positioning it as a formidable player with a total investment capacity of $7 billion by 2027. With a notable presence in 17 funding rounds, Aramco Ventures has strategically invested in ventures such as Carbon Clean Solutions and ANYbotics, aligning with its focus on businesses that offer strategic value.

Following closely is Mubadala Capital, headquartered in Abu Dhabi, UAE, with an impressive tally of 13 investments in European startups over the past two years. Backed by the sovereign wealth fund Mubadala Investment Company, Mubadala Capital’s diverse investment portfolio spans private equity, venture capital, and alternative solutions. Notable investments include Klarna, TIER, and Juni, reflecting its global investment strategy across various sectors.

Ventura Capital, based in Dubai, UAE, secured its position as a key player with nine investments in European startups. With a presence in Dubai, London, and Tokyo, Ventura Capital boasts an international network of limited partners and a sector-agnostic investment approach, contributing to its noteworthy investments in companies such as Coursera and Spotify.

Qatar Investment Authority, headquartered in Doha, Qatar, has made significant inroads into the European startup ecosystem with six notable investments. As the sovereign wealth fund of Qatar, QIA’s diversified portfolio spans private and public equity, infrastructure, and real estate, with strategic investments in tech startups across healthcare, consumer, and industrial sectors.

MetaVision Dubai, a newcomer to the scene, has swiftly garnered attention with six investments in European startups. Focusing on seed to Series A startups in the metaverse and Web3 space, MetaVision raised an undisclosed fund in 2022, affirming its commitment to emerging technologies and innovative ventures.

Investcorp, headquartered in Manama, Bahrain, has solidified its presence with six investments in European startups. With a focus on mid-sized B2B businesses, Investcorp’s diverse investment strategies encompass private equity, real estate, infrastructure, and credit management, contributing to its notable investments in companies such as Terra Quantum and TruKKer.

Chimera Capital, based in Abu Dhabi, UAE, rounds off the list with four strategic investments in European startups. As part of a prominent business conglomerate, Chimera Capital leverages its global reach and sector-agnostic approach to drive investments in ventures such as CMR Surgical and Neat Burger.

In conclusion, the burgeoning influx of capital from Gulf investors into European startups underscores the region’s growing appeal as a vibrant hub for innovation and entrepreneurship. With key players such as Aramco Ventures, Mubadala Capital, and Ventura Capital leading the charge, European startups are poised to benefit from the strategic investments and partnerships forged with Gulf investors, propelling them towards sustained growth and success in the global market landscape.

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