Whatever the outcome of today’s EU Referendum, ARLA says its lettings agent members do not believe supply, demand or rental costs will be significantly affected.
In its latest report on the private rental sector, the Association of Residential Letting Agents says 65 per cent of its members expect supply to stay the same even if the UK votes to leave the EU, compared to 22 per cent who predict it will fall as international landlords pull out of the market.
Some 31 per cent see demand decreasing, as relocating to the UK becomes a less attractive prospect, but 55 per cent think it will remain as high as it currently is.
In London, 43 per cent of agents expect the number of prospective tenants per property to fall in the event of a ‘Brexit’, as international demand weakens.
David Cox, managing director of ARLA, says the results show that the referendum decision, whatever it is, should be put in context. “The lettings market hosts a large number of non-UK born citizens and any change in migration policy is likely to have an impact down the line, especially in London. However, our report clearly shows the sentiment amongst members is that the immediacy of this effect is likely to be minimal.”