x
By using this website, you agree to our use of cookies to enhance your experience.
Graham Awards

TODAY'S OTHER NEWS

Rents still rising as demand and supply remain out of kilter

The great rent rise continues according to new data from ARLA Propertymark. 

The trade body says while there has been a long term increase in the availability of properties to rent since February, demand from prospective tenants has also risen. 

ARLA members reported having 10 properties on average per member branch that were available to rent in May. This is very similar to April’s figure, suggesting that little has changed in terms of new stock levels since last month. 

Advertisement

An average of 113 new applicants were registered per member branch in May. 

This is up since February when 78 new applicants were registered on average. 

The association says such a slow and steady rise appears to mirror the increase in available lets. As rises in demand match increases in available homes, pressure on rents is set to continue.

Agents reported in May that the average void period between tenancies is below two weeks. This is over a week less than the long-run average for May which is a little over three, established between 2015 and 2019.

Some 79 per cent of member agents reported month-on-month rent prices increasing in May.

Propertymark chief executive Nathan Emerson comments: “Pressures on the sector are not easing, especially in England given that the recent Renters’ Reform White Paper has now been published. 

“What's important is that landlords understand that this paper is a set of proposals and that there is still a process of debate and discussion before any legislation is brought in. 

“The UK Government have also committed to ensuring landlords have access to their properties via a revised section 8 notice. 

“Given the ever-widening gap between supply of homes and demand, it is crucial that Government’s across all nations prioritise reforms that incentivise new and existing investment in the sector.”

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

  • icon

    The Section 8 provisions are all discretionary now in Scotland, so it clearly takes very little for them to change from being mandatory to discretionary. I don't think many landlords would think that it would be prudent to let their property as an assured tenancy in those circumstances.

  • icon

    This will only get worse, I have my plans set, I feel sorry for not just my tenants (which I will evict), but all those to come without a clue as to why the market is so broken. All of us ( landlords) will be fine, however much we say otherwise, we can pay a lot of tax and sell up, still walking with a fortune. My children will be fine…. Not so millions of others. The government should be ashamed, but they won’t be of course.

  • icon

    That is the inevitable response to the policies, Simon.

    The Government wants to reduce the size of the private rental sector, but they are not being fair to those who need to find somewhere to live.

    As you say, selling the properties is the way forward for us - and we may be better off by doing that. It is not easy being a landlord, but it is quite nice to have a lot of money to spend - and no obligations to keep doing jobs in the houses either.

  • icon

    In the news today:
    The population of England and Wales has risen to 59,597,300, results of the 2021 census show.
    It grew by more than 3.5 million (6.3%) since the last census in 2011 and there are more people over 65 than ever.
    Ideal time to get rid of the PRS, when more people need housing than ever!!
    Makes you wonder what they are thinking.

    icon

    And how many more are there that don't show up on the census

     
  • icon

    How about all the undeclared lodgers in the PRS sector ,!

icon

Please login to comment

MovePal MovePal MovePal
sign up