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Thursday, March 02, 2017

PRS seeing increased supply and demand

ARLA have published their Private Rental Report for January 2017.

Surveyor saw a spike in demand during January, up 10% on January 2016, as was supply of rental property, with the average branch managing 193 properties compared with 188 the previous month, and just 173 a year ago.

ARLA's David Cox, comments  

“As expected, the New Year brought with it a flurry of activity in the rental market. While supply of rental stock rose slightly, the number of prospective tenants increased by a much bigger margin. When supply and demand are out of kilter, as they have been for so long now, the market isn’t balanced and fair for tenants, and rent prices will just continue to rise.

Worse still, should the Government decide to implement an out-right ban on letting agent fees when the consultation takes place, the situation will likely get worse for tenants. The costs of the vital services letting agent fees cover will need to be recouped, and this will get passed on to renters in inflated rental prices. This, combined with new landlords’ tax, particularly the upcoming changes to mortgage interest release, means the rental market is far from reaching equilibrium.”

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