Fewer tenants seeing rent increases in the UK
The number of tenants in the UK’s private rented sector experiencing rent increases fell to its lowest level seen since February this year, new research has found.
At the same time demand from prospective tenants and the supply of properties available to rent both fell, according to the latest monthly report from the Association of Residential Letting Agents (ARLA).
It shows that overall the number of tenants experiencing rent increases fell for the third month running in November, with 21% of agents reporting that landlords increased rents compared to 24% in October and 31% in September.
However, year on year the number of tenants experiencing rent rises is up from 16% in November 2017, the data also shows.
The supply of properties available to rent fell to 183 in November, from 198 in October.
This is the lowest level seen since April, when supply stood at 179 and is down 4% year on year.
Demand from prospective tenants decreased in November, with the number of house hunters registered per branch dropping to 55 on average, compared to 71 in October.
‘It looks like tenants are starting to take control, with the number of landlords hiking rents falling for the third month in a row,’ said David Cox, ARLA chief executive.
‘However, as we look ahead to 2019, things don’t look as positive for tenants. Our members expect more landlords to be driven out of the market by rising costs, which will increase competition and push up rent costs,’ he pointed out.
‘If we want to secure market stability in the New Year, we need to increase stock and making the market more attractive for buy to let investors is the only way this can be done,’ he added.