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TODAY'S OTHER NEWS

Rental supply hits 18-month high

The supply of private rental homes hit an 18-month high in September, but fewer letting agents report increasing rents, while the number of prospective tenants reached the highest level for 20 months.

Fresh figures released by the Association of Residential Letting Agents (ARLA) reveal that there were 193 rental homes per branch on average last month – the highest level recorded since April 2015.

Less than a quarter - 24% - of agents saw rent increases for tenants, but there was an average of 40 prospective tenants per branch - the highest level since February 2015.

David Cox, managing director of ARLA, believes that this month’s findings “paint a really positive picture for renters”, and while demand from tenant is currently growing, he expects to see this start to slow in line with seasonal trends over the next few months.

But the fact that the supply of rental stock has “risen astronomically” suggests that buy-to-let landlords are not pulling out of the market as a result of the Brexit vote, according to Cox.

He added: “It’s good to see less landlords hiking rents this month, but 24 per cent is still too high. The cost of renting is already high in many parts of the country and until the Government converts its pledges and promises into bricks and mortar, we won’t see renters reach a position where they’re able to save to get on the housing ladder. It will be interesting to see how this is tackled in the upcoming Autumn Statement.”

Month - 2016

Number of prospective tenants registered per branch

January

31

February

37

March

33

April

34

May

33

June

37

July

36

August

37

September

40

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