Number of rent rises hits 14-month high

The number of letting agents reporting rent rises over the past month is the highest for over a year according to the latest snapshot of the market by ARLA Propertymark.

It says that in June the number of agents who saw landlords increasing rents for tenants rose to 31 per cent, up from 27 per cent in May. This is the highest level since April 2016.

The number of properties managed per member branch increased marginally in June, to 190 – up from 189 in May. Year on year, this figure has increased by eight per cent. In June last year, letting agents managed just 176 properties on average

And still in June, demand from tenants dropped slightly with 61 new tenants registered per branch. In April and May, agents registered 65 on average.

Meanwhile in a survey of ARLA members of what they want of the new government, most would like the Government to scrap the impending ban on letting agent fees (83 per cent) with almost as many (73 per cent) wanting better enforcement against rogue agents.

More than three in five (62 per cent) want the new government to better regulate the sector generally, while 26 per cent think there should be tax breaks to encourage longer term tenancies

“With the cost of living on the rise and inflationary pressures tightening, the last thing tenants need is for their rents to continue rising. However, the fact that supply looks to be rising, while demand has dropped slightly indicates a move in the right direction for the market” says David Cox, ARLA Propertymark chief executive.

“Ultimately, to stop rent prices from increasing too much, we need to find the balance between supply and demand. While there’s still a long way to go, if the supply of rental stock continues to increase, and the number of tenants searching for new properties drops off, we’ll be making headway towards achieving this” he adds.

Mortgages – Find cheapest rates from 0.98%

mortgageMortgages - Find cheapest. Rates from 0.98%. 1st time buyers, remortgages, self-employed, adverse & CCJ, Landlord buy to let. Compare now

mortgageSell or Let Property FREE on Houseladder 0% no fees. Free property advertising. List 1 to 1000 properties to millions of buyers and tenants. Upgrade to a Premium advert for only £30 and sell or let your property FASTER! Create Ad

make-moneyMake Money - Earn £250 to £2000+ per month part time. Get paid every month for work you do once. Work from home. Flexible hours. Free training. No experience needed. Major UK PLC company. Find out how >>

taxHow To Save Property Tax - Updated Sept 2017 “How To Save Property Tax” is widely regarded as THE tax bible for property investors. The 21st edition has just been published (Sept 2017) and is completely up to date. Read now

Written by: Houseladder