Fewer BTL landlords increased rents in November amid a slowdown in the market, the latest figures show.
Just under a third - 33% - of letting agents reported landlords were increasing rents last month, down from 50% in October, according to the latest private rented sector report from ARLA Propertymark.
This is a significant drop from the 50% of agents who saw landlords hike rents in October, and is the lowest figure since March when it stood at 30%.
This is the lowest figure since March when the number stood at 30%, but the trade body points out that year-on-year, this figure is up from 21% in November 2018, and 16% in November 2017.
Average number of tenants experiencing rent hikes in November year-on-year
The report also revealed that demand from prospective renters dropped in the month, from 72 registered prospective tenants on average per member branch, to 67, marking the third consecutive monthly decline.
But while demand has dropped, supply has increased, with the number of properties managed per branch increasing from 201 in October to 203. Year-on-year supply is also up from 183 in November 2018 and 192 in November 2017.
David Cox, ARLA Propertymark chief executive, said: “It’s good news for tenants that rents have fallen this month. However, demand for properties has also dropped. The ongoing uncertainties of Brexit and the general election have caused people to hold off on their property search until some political clarity is reached, which has led to this fall in demand.
“Now that the election has brought some political stability, tenants will likely be looking for properties again and the new government must recognise the importance of making the market attractive for both tenants and landlords.”
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