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Monday, June 05, 2017

Average tenancy last 17 months

ARLA's Private Rented Sector Report for April shows that during the month of April -
  • Rental property supply fell by a third in London (falling from 148 to 101 managed props per branch.)
  • Supply rose marginally across the rest of the UK. (up from 183 to 185 managed props per branch.)
  • A quarter of agents saw rent increases for tenants.
  • Less tenants negotiated rent reductions. ( down to 2.8% from 3.6%)
  • Landlords selling their BTL properties remained the same ( 4 per branch)
  • Tenants stayed for an average of 17 months, (down from 18 months in March) 

ARLA's David Cox comments:

“Although the rental market in London has seen a large drop in the supply of properties available to rent, it’s a different picture in the rest of the UK where we have seen little or no change to activity since March. It’s likely we’re seeing the rest of the rental market outside of the Capital plateau as a result of the election in June, with renters potentially holding back on their property searches until after 8th June. It’s important that housing is at the top of the new Government’s agenda, as we have had two elections and a referendum in the last three years which is stalling the policy process meaning that we do not have the right houses available to provide the homes people need.”
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