13:05 PM, 26th May 2017, About 5 years ago
Association of Residential Letting Agents (ARLA) figures for April show a drop in the number of properties managed by agents in London of 31.8% from 148 per branch in March to only 101 in April.
However, the total number in the UK actually rose from 183 to 185 per ARLA member office.
This Demand and Supply imbalance is showing in rising rental values and a decrease in tenants looking to renegotiate rents reductions in London.
The ARLA report also shows that the number of Landlords looking to sell is now 4 per office each month and for the first time since June last year the average tenancy length has dropped from 17 months to 18.
ARLA’s David Cox, reported “although the rental market in London has seen a large drop in the supply of properties available to rent it’s a different picture in the rest of the UK where we have seen little or no change to activity since March. It’s likely we’re seeing the rest of the rental market outside of the capital plateau as a result of the election in June, with renters potentially holding back on their property searches until after 8th June.
“It’s important that housing is at the top of the new government’s agenda, as we have had two elections and a referendum in the last three years which is stalling the policy process meaning that we do not have the right houses available to provide the homes people need.”
In London in particular the recent attacks on landlords are being felt with Stamp Duty and Section 24 mortgage interest relief reductions along with high property values and lower yields.