Latest ARLA Propertymark Private Rented Sector Report – June 2018 headlined ‘Rising Rents Hit 10 Month High’.
The report reveals that the number of tenants experiencing rent hikes rose to 35 per cent in June, up from 28 per cent in May, this is the highest level since August 2017 when the same 35 per cent of landlords increased rents for tenants.
The number of rental properties letting agents managed increased by 3 per cent in June, and the number of tenants looking for new homes also increased according to ARLA Propertymark.
David Cox, Chief Executive said:
“It’s positive to see the number of properties available to rent slowly rising but it still isn’t anywhere near enough to slow down the pace of rent rises, which are continuing to climb.
“Over the last few years, we’ve seen taxes to both purchase and let a rental property increase. This combination – coupled with continued regulatory change – has unsurprisingly started pushing landlords out of the market. We predicted back at the end of last year that renters would be in for a rough ride in 2018, and we warned Government about the impact on the market. Our fears are now being realised and renters are suffering as a result.”
Read the Latest ARLA Propertymark Private Rented Sector Report – June 2018 in full click here.
Author: Allen Walkey
Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.