Almost three quarters of Belvoir’s lettings franchisees anticipate rent increases this year.
In a survey of the franchise firm’s offices across the UK, led by industry analyst Kate Faulkner, it’s been discovered that 72 per cent of offices predict rent rises in 2020.
Almost a quarter expect rents to be static and just six per cent anticipate rents will decrease in their area.
Belvoir chief executive Dorian Gonsalves says the reasons for likely rises include the tenant fee ban, punishing tax changes and increased regulation, all imposing higher costs on landlords.
He states that rent increases vary from region to region, with some areas encountering resistance as rents are typically capped by wage growth and where supply exceeds demand.
And he continues: “Although the government is trying to help tenants, reducing supply when demand is increasing is resulting in rents rising in those areas where tenants’ wages are increasing more than inflation. This means that although tenants may be getting more rights, it is coming at a cost.
“Moving forward, what is important is for the government to implement a fair system that works for both landlords and tenants. Failure to do so is likely to result in a shortage of new rental properties, making it more difficult for tenants to find an affordable home. “
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