A growing number of landlords are passing extra costs onto tenants by increasing rents, while others are simply opting to exit the market due to the government’s recent tax changes, new figures show.
More than a third - 35% - of letting agents saw rents increase for tenants in August, according to the latest PRS report from the Association of Residential Letting Agents (ARLA Propertymark), owed in part to a reduction in available rented housing stock, which is adding to the existing supply-demand imbalance in the market.
The trade body report that the number of properties managed per member branch dropped marginally in August, to 189 – down from 192 in July, while demand from prospective new tenants increased to 72 in August, up from 70 in July.
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Tenants can thank George Osborne for these rises brought about by swinging hike in taxes on the PRS. But there's more to come as Mortgage Interest Relief aka Sec.24 is phased out over the next 4 years rents are going to rise massively year-on-year to pay the extra tax.
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