Gary Barker, CEO, of Reapit, comments on ‘decreased supply and increased rental costs’

April 16, 2019

Following the news that the government is looking to end no-fault evictions, Gary Barker, the CEO of Reapit argues that this could lead to decreased supply and increased rental costs:

“Today’s government announcement to end no-fault evictions comes just six weeks before the tenant fees ban takes effect in England, and not long after tax relief on mortgage interest was capped for landlords. We already see that demand for quality rental property outstrips supply in many places around the UK. The unintended consequence of this announcement may be that landlords sell up or remove their properties from the rental market.

 With reduced supply, rental prices will undoubtedly increase. We’ve already seen the first signs of this on our platform, in 2018 we saw 7% fewer new instructions being received by letting agents compared with 2017. Of course, it’s important to give families more security as private renters, but we need to ensure that the change in law also gives equal incentives to the landlords to ensure stability in the market.”

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Breaking News

ONS House Price Index – November 2024

Headlines Average UK private rents increased by 8.7% in the 12 months to October 2024 (provisional estimate); this is up from 8.4% in the 12 months to September 2024. Average rents increased to £1,348 (8.8%) in England, £766 (7.9%) in Wales, and £976 (6.6%) in Scotland, in the 12 months to October 2024. In Northern…
Read More →
Breaking News

Foxtons Lettings Market Index October 2024

Headlines October saw the highest level of new stock entering the market, with an 8% increase from last year, the highest increase in four years October’s demand is marginally lower than last October and decreased 32% from September, as expected during this time of year Following a yearly high of £593 per week this September,…
Read More →
Breaking News

Breaking Property News 20/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Proptech powered lettings service for BTR developers needing pre-approved, quality tenants at speed gets funding A proptech-driven letting agent has secured close to £500,000 during its first equity investment raise. Property Sense, headquartered in Stockport but operating nationally, secured the half a million pounds in…
Read More →
Kerb appeal
Estate Agent Talk

Why November and December are the best and most affordable months to buy

Buyers and sellers looking for the right time to move can consider top reasons from property experts to start the process this November and December. The autumn and winter months may not be the first that come to mind when considering a move, but potential buyers and sellers can be reassured by the experts that…
Read More →
Breaking News

Farmers protest outside Westminster today in anger at the IHT ongoing debate – expert legal view

With today’s news about farmers set to protest outside Westminster in anger at the IHT ongoing debate, Tom Gauterin, Director at national law firm Freeths, said: “Although it is good to hear Mr Reed last week suggest that the Government is listening to farmers, today’s protests would suggest otherwise with the extent of their concerns…
Read More →
Breaking News

Breaking Property News 19/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X. A new and better way to invest and trade property assets which until now have been an illiquid marketplace The real estate market is evolving, and one of the most significant transformations is the rise of fractional real estate. This innovative investment model is reshaping…
Read More →