Posts with tag: Ome

New tenancies fall by almost a third during lockdown, according to mydeposits data

Published On: October 23, 2020 at 9:36 am


Categories: Lettings News

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Deposit replacement service Ome has looked at the impact of the temporary restriction on moving homes that occurred earlier in the year. 

It looked at data from mydeposits, the government-approved deposit protection scheme, during March, April and May 2020. This data revealed that during this three-month period there was a 31% decrease in new tenancies compared to the same period last year. The total dropped from 81,055 new tenancy deposits protected in 2019 to 61,972 in 2020.

Ome points out that restrictions on ‘non-essential’ travel and advice to work from home was provided by the Government from 16th March. On 23rd March Prime Minister Boris Johnson instructed the public to stay at home and closed many businesses. Then on 26th March, the Government published The Health Protection (Coronavirus, Restrictions) (England) Regulations 2020. These emergency regulations stated that: ‘During the emergency period, no person may leave the place where they are living without reasonable excuse.’

Rules on moving to a new house in England were relaxed on 18th May 2020, requiring suitable safety measures to be taken.

Matthew Hooker, Co-Founder of Ome, comments: “As we head into what looks like a second wave of the COVID-19 pandemic it is important to reflect and learn from the initial spring period.

“As the initial impact of coronavirus restrictions hit us the entire nation was having to react quickly to a number of unprecedented changes, and the evidence shows the rental sector was not immune. We now know far more about the virus and its wider impact on society and the economy than we did at first, however there is still likely to be a significant period of uncertainty and flexibility required for landlords, agents and their tenants.

“We’d therefore urge tenants and landlords to start making contingency plans together for the winter just in case the virus rears its head again over the festive period.”

Would you consider higher rent prices to live near a famous UK landmark?

Published On: July 21, 2020 at 8:51 am


Categories: Lettings News

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New research shows that renting near a famous UK landmark can cost as much as 207% more than renting in the wider area of its location.

Rental deposit replacement scheme Ome has looked at 32 famous UK landmarks and the current cost of renting in the surrounding area. It then compared these renting costs to the broader area in which they are located.

The results show that the average cost of renting close to a famous landmark is currently £1,613 per month. This is 55% more than the average of £1,043 across the wider areas.

When looking at the cost of renting near a famous landmark, compared to its surrounding area, Hampton Court Palace is the least affordable. It costs a monthly average of £4,965 to rent a home within the KT8 postcode. This is 207% more than Elmbridge as a whole, at £1,617 per month.

However, in some areas, it appears to be cheaper to live closer to a famous landmark. For example, It costs an average monthly rent of £447 to live near Blackpool Tower, which is 17% lower than Blackpool’s average rent price of £538.

Co-founder of Ome, Matthew Hooker, has commented: “It seems that it’s not just commuter links and nearby amenities that will drive up rental prices, as the close proximity of a famous landmark also appears to push rental costs above and beyond the wider average in a given area.

“However, while the diversity of the UK rental market does mean there are some landmark rental bargains to be had, those struggling with the affordability of renting probably won’t consider it a necessity when house hunting.

“In this instance, the best option is to find a more affordable pocket of the local market and bridge the distance with some good old-fashioned exercise to reduce your monthly rental outgoings.” 

Below is the full table of famous UK landmarks and their locations analysed for this research:

famous uk landmarks