The number of tenants looking for new homes fell in May according to ARLA Propertymark
The ARLA Propertymark Private Rented Sector Report – May 2018 headlines ‘Rental Stock Rise – And So Does The Bill For Tenants’.
The report reveals that the number of rental properties letting agents managed increased by four per cent in May, the highest figure recorded this year.
The percentage of tenants experiencing rent hikes rose in May, while the number of tenants looking for new homes fell according to ARLA Propertymark.
David Cox, Chief Executive said:
“There’s a chronic supply shortage in the rental market at the moment, and while it’s positive that the number of properties available to rent seems to be rising, this is just a drop in the ocean; it isn’t nearly enough to fix the market for tenants. Competition is getting more and more fierce, and with legislative changes hitting landlords from all sides, the cost of renting is only increasing.
“The Government’s recent announcement around licensing changes for landlords is a prime example; licensing doesn’t work and it never has done. It means councils will spend time and energy administering schemes, rather than concentrating on increasing housing stock in their areas and enforcing against rogue, criminal landlords. Coupled with the gradual removal of mortgage interest relief, new energy standards for landlords and the ever-increasing fees for these schemes, landlords are being expected to bear more and more costs; which is probably why the number of landlords leaving the market has remained at the all-time high we saw last month. We’re all striving for the same end goal of improving the private rental sector for consumers, but the only thing which will truly create a better – fairer – market, is a dramatic increase in supply.”
Read the ARLA Propertymark Private Rented Sector Report – May 2018 in full click here.