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TODAY'S OTHER NEWS

Rising rents hit a 10-month high

There was a further rise in the number of tenants in the private rented sector experiencing a rent hike in June compared with a month earlier, as demand from tenants soared, according to ARLA Propertymark’s latest monthly Private Rented Sector Report.

The data found that the overall number of tenants experiencing rent increases rose to 35% in June, up from 28% in May.

This is the highest level since August last year when the same 35% of landlords put rents up for tenants.

An 18% increase in the number of prospective tenants registered per letting agency member branch helped to push up rents.

According to ARLA Propertymark, there were 71 prospective tenants registered per member branch in June, up from 60 in May.

The data also found that the number of rental properties letting agents managed increased in June, with 191 on average per branch, up from 186 a month earlier.

David Cox, ARLA Propertymark 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.”

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