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TODAY'S OTHER NEWS

Rents on the up - highest proportion of rises for almost four years

The percentage of tenants experiencing rent hikes in August was the highest for almost four years according to the Association of Residential Letting Agents. 

In its latest monthly index, ARLA says the number of tenants experiencing rent hikes increased to 40 per cent in August, from 31 per cent in July. This is the highest figure recorded since ARLA’s records began in January 2015.

Year on year, this figure has increased from 35 per cent in August 2017 and 27 per cent back in August 2016.

However, demand from prospective tenants fell significantly, with the number of house-hunters registered per branch dropping by 19 per cent in August to 64 on average, compared to 79 in July.

Year on year demand - as measured by registered house-hunters - is down 11 per cent as there were 72 prospective tenants registered per letting agent branch in August 2017.

Meanwhile the supply of available properties rose to 197 in August, from 184 last month. This is the highest figure seen since December 2017, when supply stood at 200.

Year on year, this supply figure is up four per cent from 189 in August 2017.

“As we’ve highlighted before, the impact of recent and ongoing tax changes continues to have a material impact on the buy to let market” explains David Cox, ARLA’s chief executive.

“Although it’s encouraging to see the number of properties available to rent rising, supply still isn’t anywhere near high enough to slow down the pace of rent rises. We need more homes to rent, and for government to change its narrative and recognise the very valid role buy-to-let plays in the housing mix. Driving small landlords out of the market ultimately impacts tenants most.”

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    I expect there'll also be a corresponding rise in rent arrears.

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    Indeed and forecasted on the website saynotogeorge when Osborne first introduced the insanity. What limits the arrears is that many landlords have already, or will soon, leave the HB market because they can no longer afford to service it as benefits haven't kept in line with rents.

     
  • S l
    • S l
    • 01 October 2018 08:34 AM

    not only that. in bath, they had increase their own department powers to increase the coverage of their licencing powers and not just additional licencing but make it mandatory as well. get this. they even started a rogue landlord database even if just because tenant caused damage to property and smoke alarm and the landlord is the one getting fined. not only that, they are going to stop landlord from private renting thereby suppressing capitalism and people's right to earn and to do what not with their properties. typical of the white system

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