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UK Private Rented Sector Report for November

Demand for Rental Accommodation Falls to Two Year Low

  • Last month, letting agents recorded the lowest number of prospective tenants since records began in 2015

Demand for rental properties

  • In December, there were 26 prospective tenants registered per member branch. This is the lowest level since records began in January 2015, and down 19 per cent from the 32 registered per branch in November 2016
  • This is in line with seasonal expectations. In December 2015, there were 29 prospective tenants registered per branch, a figure which dropped by 15 per cent from November 2015.

Supply of rental stock

  • The number of rental properties managed per branch increased from 185 in November to 188 in December. While supply is still very low, this indicates a broadly positive picture for renters in the short-term
  • Following last year’s increases in taxes for landlords, including stamp duty and capital gains tax, almost half (46 per cent) of agents expect to see supply decrease this year.

Rent prices

  • The number of letting agents witnessing rent hikes for tenants increased by three percentage points in December, to 19 per cent
  • In December 2015, the number of rent rises fell month on month, from 23 per cent in November 2015, to a similar 18 per cent in December.

David Cox, Managing Director, Association of Residential Letting Agents (ARLA), said: “Although December’s figures could indicate a bright future for renters, with the Government’s impending ban on letting agent fees, the future is actually rather bleak for the UK’s renters. Although we saw demand fall and supply rise slightly last month, these are in line with seasonal expectations and is what we expect to see in December. If the Government goes ahead with an outright ban on fees, tenants will unfortunately be the ultimate victims, as costs are recouped for the vital services fees cover.”

 

View Our Reports Archive

If you would like to take at our older reports to see how the market has changed over the years please read more ...

Before 2015 we completed quarterly surveys of member firms and residential landlords. To access this click the buttons below.