Devon and Somerset Regional Meetings

  • Truro - The Alverton Manor Hotel - Wednesday 21st February 2018 11:30 - 15:00
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Sian Pinheiro-Torres

February 2017

Following a turbulent year politically, the rental market has remained at a consistent level in the private sector. Despite changes to Stamp Duty, the market in the South West for private landlords remains strong. Whether this remains the case in 2017 with legal challenges to the mortgage relief dispelled, remains to be seen.

Private landlords in the student market have also seen increased pressure from Build to Rent providers; with more developments being built in cities in the South West. This combined with continued enforcement measures from local councils in respect of additional HMO licensing means there is additional pressure and expenditure for private landlords in this sector.

Interest in more rural areas remains strong as couples and families are looking to move out of the bigger cities; with completed developments such as Cranbrook on the outskirts of Exeter now offering good transport links into the city centre. There are some frustrations for professional renters living outside city centres as road infrastructure continues to pose issues; the issue of convenience is likely to keep this tenant group as central as possible.

The recent government announcement that tenant fees are to be banned is likely to come as good news to renters as wage growth in the South West is still limited. However, some leading industry professionals have predicted that agents are likely to increase their charges to landlords in order to recoup the loss in income from the ban. Landlords will then pass these costs on to tenants through increased rents. If tenants are unable to afford the increased rent, they may be left in a difficult position. What impact this will have on both the private rented sector and the social housing sector is as yet unknown.

Sian Pinheiro-Torres MARLA
ARLA Propertymark Regional Representative
spinheiro-torres@arla-reps.co.uk