More landlords raised rents in January in the UK’s private rented sector
The number of tenants in the UK’s private rented sector experiencing rent increases rose in January for the first time since September, according to letting gents.
Overall, some 26% of members of the Association of Residential Letting Agents (ARLA) reported a rise in landlords increasing rents, up from 18% in December 2018.
This is the highest figure recorded since September 2018 when 31% of tenants were experiencing rises and 7% higher than in January 2017.
The data from the ARLA January private rented sector report also shows that the supply of properties available to rent rose to 197 in January, from 193 in December.
Demand from prospective tenants also increased in January, with the number of house-hunters registered per branch rising to 73 on average, compared to 50 in December.
‘This month’s results are another huge blow for tenants. With demand increasing by 46% from December, and rents starting to rise in response to all of the cost increases landlords have experienced over the last few years, tenants are in for a rough ride,’ said David Cox, ARLA chief executive.
‘Last month, there were three landlords selling their buy to let properties per branch, and as landlords continue to exit the market, rent prices will only continue to rise,’ he pointed out.
‘With the Tenant Fees Act passing its final hurdle in the House of Commons and receiving Royal Assent this month, tenants will continue bearing the brunt, as agents and landlords start preparing for a post tenant fees world,’ he added.