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Rent Costs On The Increase

According to theRent cost on the increase ARLA UK Private Rented Sector Report for June, the number of letting agents who saw landlords increasing rent costs for tenants rose to 31 per cent in June, up from just 27 per cent in May. This is the highest level since April 2016, when 31 per cent of agents reported rent hikes too.

Feedback from letting agents suggests they would like the Government to scrap the impending ban on letting agent fees (83 per cent)  -however three quarters (73 per cent) would also like the Government to focus on improving enforcement for rogue agents. More than three in five (62 per cent) want the new Government to regulate the sector, while a quarter (26 per cent) think they should provide tax breaks to encourage longer term tenancies

The number of properties managed per member branch increased marginally in June, to 190 – up from 189 in May. Year on year, this figure has increased by eight per cent. In June last year, letting agents managed just 176 properties on average

In June, demand from tenants dropped slightly, with 61 new tenants registered per branch. In April and May, agents registered 65 on average.

The content of these news articles is for information purposes only and does not constitute as financial advice

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