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TODAY'S OTHER NEWS

It’s official - private rents are FALLING in real terms

Data published by the Office for National Statistics shows private rental prices paid by tenants in the UK rising by 1.3 per cent in the 12 months to July - unchanged since May.

In London rents rose by 0.9 per cent in the 12 months to July, also unchanged since May. 

However, over the same period inflation was 2.1 per cent as measured by the Consumer Price Index and 2.8 per cent as measured by the Retail Price Index.

Responding to the figures, Residential Landlords Association policy director David Smith says: “The figures show that the market is working. It demonstrates clearly that introducing rent controls linked to inflation, as called for by some, would leave tenants worse off as rents would rise faster than they currently are.

“Welcome though the news is, rising demand for and falling supply of homes for private rent risks considerable increases in rents which will only hurt tenants. 

“It is vital that the government stops blaming landlords for the housing crisis and introduces positive, pro-growth measures, to support the majority of landlords who do a good job in providing the homes to rent the country desperately needs. All the talk of longer tenancies will mean nothing if the homes to rent are not there in the first place.”

According to the latest figures from the Royal Institution of Chartered Surveyors, a fall in the supply of private rented housing whilst demand from prospective tenants increases is “likely to squeeze rents higher.” 

Tenant demand has picked up despite recent government efforts to boost homeownership and RICS notes that many respondents to its latest residential market survey saw a rise in the number of enquiries from new home buyers in July.

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  • Barry X

    The government won't listen - as usual they will ignore experts and property professionals and will continue to target, blame, increasingly overtax, and steadily undermine all the rights of landlords - as well as continue to mess around and do serious damage to the lettings agency business.

    There has long clearly been an agenda for this and non of it is accidental or purely due to governmental incompetence - although there is a huge amount of that too.

    The government would simply not consider doing any of these things to any other major sector of the economy or business sector.... imagine them actively and steadily seeking to put (a random list coming up) restaurants, hotels or car rental firms out of business in the same way?!

    We have a dysfunctional, self-interested and I would say quietly corrupt government. It is neither representative of the "the people", nor feels itself answerable to anyone. We clearly do not have a functioning democracy in this country and talking to or attempting to engage with MPs is a delusional and pointless activity. Landlords and agents need to get together in large numbers, all stick together and point-blank refuse to pay tax - or something - until the government understands it is dealing with a full-on rebellion it can't simply quash or ignore.... for that is probably our only hope.... that or sell up (cheaply and pay a vast amount of CGT or Corp Tax to wipe out years of hard work and gift it to our dreadful government) and leave the country exactly as the government would probably love us all to do.... meanwhile their mates running large property businesses will mop-up....

    The writing is on the wall.

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