9:07 AM, 28th August 2019, About 2 years ago 6
The latest survey of ARLA agents show a record number of rent increases for tenants in July with 63% of agents reported that landlords raised rents, This is up from an already record high of 55% in June, and over double the reported rent rises in the same month last year.
ARLA have issued an unsurprising ‘we told you so’ to government as the ban on fees is feeding through to rent rises instead. Although there have been no statistics to date as to what percentage the rent increases are covering the loss in fee income.
Supply of rental property from agents has also decreased from 199 to 184 per branch on average between June and July. The number of landlords exiting the market remains stable over the last year at 4 per branch per month
Chief executive of ARLA Propertymark, David Cox, said: “Following the Tenant Fees Act coming into force in June, rents have continued to rise, which we believed would happen. The fees agents have been banned from charging are still being paid for by tenants, however it’s now through their rent, rather than upfront costs.
“The fall in the number of properties available further increases competition in the market, which only pushes rents up or forces landlords to exit the market entirely.”
“As the sector faces increased levels of legislation, it’s evident this is putting even more pressure on the industry.”
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|