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Supply of London rental properties at critical point – now 46% lower than the national average

Wednesday 28 February 2018

PRESS RELEASE: The number of properties available to rent in London stood at 46 per cent below the national average in January, ARLA Propertymark reveals.

As landlords are increasingly priced out of the capital, tenants are finding themselves up against stiff competition for rental properties. In January, letting agents in London were typically managing 99 properties, compared to a national average of 184. It was also the lowest region for supply in December, but it stood at 130 then, compared to a national average of 200.

David Cox, Chief Executive, ARLA Propertymark comments: “The rental market in London should be thriving – the capital is a hub for business and culture and attracts a huge influx of new residents every year. But the prospect of being a landlord is becoming less tenable, as potential buy to let investors are deterred by increased taxes and ever more complicated legislation – and higher property prices in London are making it becoming more and more difficult for landlords to make ends meet.

“Government policies designed to help renters now seem to be having the opposite effect, as landlords are moving away from using professional agents. This puts tenants at risk of falling into the hands of rogue landlords, or novice ones who don’t have any experience in the sector.” 

-Ends-

 

1 Opinium Research carried out an online survey among 361 ARLA members, 68 of which were based in London, from 1st – 8th February 2018. ARLA Propertymark Protected letting agents were surveyed on a number of key rental sector issues including supply and demand, the management of BTL properties, and monthly rent prices. www.opinium.co.uk

For further information contact:

Propertymark Press Office

Tel: 020 7566 9777

E-mail: propertymark@lansons.com

About ARLA Propertymark

ARLA Propertymark is the UK’s foremost professional and regulatory body for letting agents; representing over 9,000 members. Our members operate to professional standards far higher than the law demands and we campaign for greater regulation in this growing and increasingly important sector of the property market. By using an ARLA Propertymark Protected agent, consumers have the peace of mind their agent will provide a professional service and their money is safeguarded by Propertymark’s Client Money Protection scheme.