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Figure 1: Average number of tenants experiencing rent hikes year-on-year
Chief Executive
“According to data from the Office for National Statistics, private rent costs rose by one per cent in the year to February, and our data shows that the number of tenants successfully negotiating rent reductions fell. We warned this would happen, as landlords continue exiting the market and increasing legislation deters new ones from entering.
"The Chancellor’s Spring Statement included a number of initiatives aimed at growing housing stock for buyers, but it didn’t offer any solutions to increase the supply of properties in the private rented sector. Unless the Government commits to making the prospect of investing in the PRS more attractive, and introduces measures to increase supply, tenants will only continue to feel the burn.”