We’d like to wish you a happy and prosperous 2023. Thank you for being a loyal customer and we look forward to a successful partnership with you over the next 12 months.
After the fiscal and political unpredictability of 2022, what’s on the horizon for this year?
Cost of living crisis Although rising prices are one of the biggest challenges the UK is facing right now, economists are predicting that inflation will fall midway through the year which should help ease at least some of the pressure on business and households.
The energy support scheme Thanks to a mild winter so far in Northern Europe, wholesale gas prices have come down from the record highs seen a few months ago. A new scheme to support firms with their energy bills has just been announced, to replace the current scheme when it finishes at the end of March.
From April, support for firms will be reduced. The new scheme offers a discount on wholesale prices rather than a fixed price through costs being capped, as at present. Sectors that have very intensive energy use will get a larger discount than others.
PRS For those working within the Private Rented Sector, affordability and stock levels remain a concern. In November 2022, our sister brand HomeLet published a market survey in which over 14,000 tenants and landlords provided their views and concerns for the future of the PRS.
The survey, conducted by HomeLet with Dataloft, found that over three in every four renters feel that cost-of-living increases will have a moderate to significant impact on their ability to pay the rent. One in four renters ranked this as their top concern for 2023, closely followed by worries about landlords increasing rent.
Landlords are also concerned about this – renters’ ability to pay rent was their top concern, ahead of the abolition of Section 21 notices and other taxation or legislative issues.
Rental reform Although Prime Minister Rishi Sunak failed to mention rental reform in his recent ‘5 pledges’ speech, Housing Secretary Michael Gove indicated back in December that legislation would be brought in for the next calendar year (2023).
Commenting on the survey data, HomeLet CEO Andy Halstead said that the rental market plays a critical role in satisfying the UK’s housing needs:
“The government’s commitment to legislation in the market through the Renters’ Reform Bill will provide the most significant change to rental law in a generation. However, it needs to strike the right balance; otherwise, we could see costs go up further for tenants at a time where the cost-of-living crisis worsens.”
Supporting agents in a fast-changing market As part of the prestigious Barbon group, which also includes Let Alliance, we are committed to protecting customers through these challenging times and our teams are working hard to maintain the highest levels of service for every single customer.
Whether it’s a quick question or something you want to discuss in more depth, your Customer Development Manager is here for you and available to help.