February results continue to show a drop in supply of rental properties according to ARLA Propertymark.
Latest ARLA Propertymark Private Rented Sector Report – February 2018 reveals: The number of rental properties letting agents managed fell by 5 per cent in February, with 175 on average per branch compared to 184 in January, supply has not been this low since May 2016, when it stood at 171.
Demand for rental accommodation also dipped in February according to ARLA Propertymark.
The report states: The rate of tenants experiencing rent rises increased in frequency as well but is overall better than in February 2017.
David Cox, Chief Executive said:
“This month’s results continue to show a drop in the supply of rental properties and this is no surprise; the minimum energy efficiency standards come into effect in April meaning all rental properties must be EPC rated E or above.
“The dip in supply indicates that landlords are cutting it fine and taking their properties off the market to make the necessary changes before the deadline – but we could also see up to 300,000 properties taken off the after the deadline passes on Sunday because they don’t reach the minimum requirements. This is also likely to push rent costs up as competition heats up among prospective tenants. We could have a supply crisis on our hands and for landlords who haven’t yet started to upgrade their properties, now is the time to act and fast.”
Read the ARLA Propertymark Private Rented Sector Report – February 2018 in full click here.