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Consolidation of agencies – is this the first sign of the Tenant Fees Ban taking hold?

Friday 26 April 2019

ARLA Propertymark have commented on the figures discovered in their recently published March 2019 PRS report which states that there is a record number of homes available to renters.

In the latest report, an average of 203 homes are to let per member branch, up from 197 a month ago which is the highest since the association’s records began in 2015.

David Cox, CEO of ARLA Propertymark said: “Whilst it’s really positive that the number of properties available per branch hit a record high, this may be the first signs of the industry consolidating ahead of the tenant fees ban as agents either sell-up or merge. This, coupled with landlords exiting the market and rent costs continuing to rise, means the overall picture is far from positive for renters.

“The full effects of the tenant fees ban have not yet been felt, and now the Government is introducing yet more new legislation which will deter new landlords from entering the market, such as abolishing Section 21.

“Until we have greater clarity on the changes planned, this news will only increase pressure on the sector and discourage new landlords from investing, meaning rents will only continue to rise for tenants.”

Other statistics found

  • Year-on-year, supply is up 13 per cent, compared to 179 per branch in March 2018, while demand from prospective tenants also increased rising to 67 per branch on average
  • The number of tenants experiencing rent rises fell marginally in March, with 30 per cent of agents witnessing landlords increasing them, compared to 34 per cent in February
  • Year-on-year, this figure is up 30 per cent, from 23 per cent in March 2018
  • The number of landlords exiting the market is typically four per branch, up from three this time last year
  • Supply of rental stock was highest in Scotland, where agents managed 270 properties per branch on average and lowest in London where they typically had 153 on their books
  • Tenants stayed in their properties for 19 months on average. Those in Wales stayed for the longest at 22 months, compared to 15 months in Scotland and the North East

To view the full report, you can visit the ARLA Propertymark website here.

Propertymark resources

ARLA Propertymark members can take advantage of the Tenant Fees Toolkit which provides bite-size videos, Fact Sheets, a tenant guide, practical tips and more to help to break down the legislation. To view the toolkit members can log in on the ARLA Propertymark website here.