The number of tenants experiencing rent increases dropped slightly in March thanks partly to a sharp rise in the number of properties to let, according to fresh data and analysis from ARLA Propertymark.
The research shows that 30% of letting agents witnessed landlords increasing rents last month, compared to 34% in February.
However, year-on-year this figure is up 30%, from 23% in March 2018.
ARLA Propertymark’s PRS report reveals that the supply of properties available to rent rose to 203 per member branch in March, from 197 in February – the highest since records began in 2015.
Year-on-year, supply is up 13%, compared to 179 per branch in March 2018.
Demand from prospective tenants also increased, with the number of house hunters registered per branch rising to 67 on average, compared to 65 in February.
The figures also show that in March, the number of landlords exiting the market remained at four per branch. This is up from three last year.
David Cox, ARLA Propertymark chief executive, commented: “Whilst it’s really positive that the number of properties available per branch hit a record high last month, this may be the first signs of the industry consolidating ahead of the tenant fees ban as agents either sell-up or merge. This, coupled with landlords exiting the market and rent costs continuing to rise, means the overall picture is far from positive for renters.
“The full effects of the tenant fees ban have not yet been felt, and now the government is introducing yet more new legislation which will deter new landlords from entering the market, such as abolishing Section 21.
“Until we have greater clarity on the changes planned, this news will only increase pressure on the sector and discourage new landlords from investing, meaning rents will only continue to rise for tenants.”
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Everything this government has done to the PRS has made the situation worse for tenants, landlords and ultimately the government coffers. I wonder when they will stop and reconsider?
Never mind Heather Wheeler is going to solve the homelessness problem, I know because she said so.
Does anyone else think that the long term government plan is to dissuade individual private landords, drive them out of the market in favour of corporate landlord companies providing rentals? This will be an easier market to control PLUS provide our ministers a job opportunity when the are ousted from govt. or am I being too cynical?
I certainly smell a rat the way we are being legislated out of the market and corporate encouraged.
That is 100% what it’s about due to the excellent returns over the last 20 years so they want their corporate donors to take the cake not just a slice but all of it. This government do not like us little middle classes making money I am totally disillusioned with this country and will be cashing in and moving abroad when my kids are old this country is corrupt to its core .
I smell a whole plague of rats trying to eliminate the individuals who are a partial solution to the problem. in reality we need both corporate and individual landlords as well as council landlords. The country needs all the housing it can lay its hands on so best to eliminate an alleged 177,000 rooms by declaring them to be too small, discourage fixed term lets when an owner is temporarily away from his property, imposing fines and criminal records for trivial clerical errors.
Unfortunately the rats I smell are not rodents.
I believe that the small investors/accidental LL WOULD DISAPPEAR as they would be. Unable to survive with the type of the legislation and the circumstances being created. Their fate would be, in my opinion, similar to small shareholders who bought Railtrack and BRITISH ENERGY shares that were made worth pennies by the government
Maybe it's best that we all become rogue landlords and keep all the cash without declaring it?
There are other routes to go down, such as commercial or airbnb or even holiday lets.
Though I am sure that the government and local authorities are looking at ways to curb these activities and bring more money into their coffers as a result.
In Scotland the SNP war on landlords has led to an upsurge on airbnb, so the SNP now plan to regulate it instead of recognising why this problem arose. Priceless!
NW Landlord
We all feel the same way it appears.
It is a very depressing time to be a landlord right now, with negative publicity coming at us from all sides of the political spectrum.
Cash your chips in and come to Portugal 👍
Or come to the Philippines where the cost of living is one fifth of the UK and an Englishman can live like a king for £50 a day - and that includes everything, accommodation in good hotels, food in restaurants and entertainment.
On second thoughts stay away, leave it all for me.
Not that it solves anything as regards the bonkers attacks by Govt on the PRS but one thing it could do that would greatly assist tenants and that is to announce the abolishment of the Room for Rent tax free allowance.
To be replaced by all income received by resi homeowners at their PPR to be TOTALLY tax free.
There are literally millions of spare rooms not being used as many homeowners consider the RFR A as not worth the bother.
Encouraging homeowners to take in lodgers would reduce pressure on the PRS.
Many LL might even choose to sell their rental properties and buy a few residential properties.
One of which would be their PPR and the others where lodgers could still be taken in but tax would be paid on the lodger income.
Of course no S24 would apply as they would be residential mortgages.
This scenario would result in many LL reducing their BTL or converting to lodger only resi properties.
Obviously tenant families would struggle to source rental property as lodgers don't come as families!!
Something must be done to encourage all those spare rooms in the properties of homeowners to be used.
Tax free lodger income is a way to achieve this.
It could also reduce rent pressures in the PRS.
What say you Govt.
Help struggling homeowners and single tenants to boot.
Got to be electorally appealing!!
Paul you seem to think that the government wish to solve the housing crisis, they have amply demonstrated by their actions that their intention is not to solve the crisis but to destroy the PRS at any cost. I must admit that a good job is being done, the homeless are part of the 'civilian' casualties.
Yep Dave I appreciate that I may have been a little bit naive here.
I suppose I was espousing what the average member of public might think!!
To at least encourage a move for single tenants to be converted into lodgers in resi homeowner's properties.
Totally TAX FREE lodger income must surely garner a few votes for the Tories!!
After all very few homeowners who take in lodgers declare anymore lodger income than the RFR A.
But to publicly and vociferously announce such a tax free facility would be an eye catching policy and would surely garner more votes.
It of course would not totally address the issues of tenant affordability but it would be something.
Govt won't lose much tax as a result of such a tax free lodger income policy.
It could gain lots of electoral brownie points which are far less damaging than what the policies are currently causing.
To me making all lodger income tax free is a fantastically electorally appealing policy.There would be literally nobody complaining about it.
Even Shelter and GR would be forced to support such a policy.
It could address the problems of those elderly who are asset rich and cash poor.
No need to downsize just take in lodgers.
No real need to stay at the PPR.
Just return every 30 days so as to comply with resi insurance conditions.
Nobody can tell a homeowner where they should be the other 29 days!!!
But I take your main point that Govt doesn't wish to address in any way the housing issues in the UK mostly caused by MASS UNCONTROLLED IMMIGRATION.
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