The nation’s rental market could be in for a boom as historic housing market trends show that a decline in property sales also leads to a boost in the private rental market stock.

The latest data from Nationwide has revealed that house prices took a tumble in October 2022, falling 0.9% month-on-month in the wake of former prime minister Liz Truss' mini budget. This is the first such fall since July 2021 and the largest since June 2020, the figures show. The average house price has also fallen from a UK average of £272,259 in September 2022 to £268,282 in October 2022.

This is the largest single increase in the base rate for 33 years, and is designed to curb the sky-high CPI inflation rate, which stood at 8.8% as of September.

What the 0.75% interest rate hike means for your mortgage

Landlords have been overwhelmed by demand with 13 prospective tenants lining up for every rental property.

The private rented sector is under threat. After years of tax changes that make it less appealing to be a landlord, the Renters’ Reform Bill is now causing many landlords of houses in multiple occupation (HMOs) to worry about the future by abolishing section 21 evictions. 

Jatin Ondhia is chief executive of Shojin, a real estate investment platform that lowers the barriers to entry for individuals across the globe looking to access UK-based real estate investment opportunities

UK property sales fell by around a third last month and were flat on a monthly basis, new figures show.