Over a quarter of letting agents saw rents rise in May - the highest level since June last year when 28 per cent saw rents increase, according to the Association of Residential Letting Agents.
The body says that for the second month running, only 2.8 per cent of tenants negotiated a rent reduction.
This is despite the fact that ARLA says the supply of rental stock has risen by 11 per cent over the past 12 months; in May 2016, letting agents managed 171 properties on average per branch where's in May this year the figure was 189.
Meanwhile, agents reported an average 65 prospective tenants registered at each branch.
"With the new government confirming a Tenants’ Fees Bill in [the] Queen’s Speech, we can expect them to rise by up to £103 a year, hitting loyal tenants looking for long-term agreements hardest. This is on top of any natural organic rent growth as well" warns ARLA Propertymark chief executive David Cox.
"The only thing which could offset this would be to significantly increase rental stock, but until this happens and supply and demand meet in the middle, rents will only become more and more unaffordable.”
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On the one hand rents are becoming unaffordable to tenants. On the other hand rental income is becoming less and less worth bothering with to landlords .... many of whom are individuals who have little if any alternative pension sorted out. The problem is clearly tax changes in the middle of the two sides. Ridiculously easy to sort out by returning to the recent status quo.
This article is just below one talking about rents falling. I know which is the fake news.
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