Rent increases mean tenants are in for a ‘rough ride’

by Property 118

9:55 AM, 26th July 2018
About 3 months ago

Rent increases mean tenants are in for a ‘rough ride’

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Rent increases mean tenants are in for a ‘rough ride’

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.”

Rent prices

  • 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.


Comments

Whiteskifreak Surrey

10:49 AM, 26th July 2018
About 3 months ago

Indeed this is widely reported in today's newspapers. Interesting when the government is going to wake up, as this is only a beginning.

http://www.cityam.com/289785/number-landlords-hiking-rents-reaches-10-month-high-june
http://www.cityam.com/289736/greater-london-hits-highest-asking-rent-rise-three-years

david porter

11:38 AM, 26th July 2018
About 3 months ago

You would think that the Labour party would take this up on behalf of the tenants?
Instead they talk about building council homes, which will involve enormous Government borrowing and yet there are a great number of social tenants who are in default. The revenue from such homes will not wash the face of the debt.

Gromit

9:23 AM, 28th July 2018
About 3 months ago

Reply to the comment left by david porter at 26/07/2018 - 11:38
Labours answer is even more cack handed - "Rent Controls"


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