Rent increases mean tenants are in for a ‘rough ride’Make Text Bigger
ARLA Propertymark has issued its June Private Rented Sector (PRS) Report and David Cox, Chief Executive, said:
“It’s positive to see the number of properties available to rent slowly rising but it still isn’t anywhere near enough to slow down the pace of rent rises, which are continuing to climb.
“Over the last few years, we’ve seen taxes to both purchase and let a rental property increase. This combination – coupled with continued regulatory change – has unsurprisingly started pushing landlords out of the market. We predicted back at the end of last year that renters would be in for a rough ride in 2018, and we warned Government about the impact on the market. Our fears are now being realised and renters are suffering as a result.”
- The number of tenants experiencing rent hikes rose to 35 per cent in June, up from 28 per cent in May
- This is the highest level since August 2017 when the same 35 per cent of landlords increased rents for tenants
- This is a 13 per cent increase from June 2017.
Supply of rental stock
- The number of rental properties letting agents managed rose in June, with 191 on average per branch
- This is the highest figure recorded for this year and a three per cent increase compared to May, when agents managed 186 per branch.
Demand from tenants
- The number of prospective tenants registered per member branch increased in June, with 71 per branch compared to 60 in May – an 18 per cent rise.
Landlords selling their buy-to-let
- The number of landlords exiting the market decreased to four per branch in June.
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