Latest News

Scottish Energy Efficiency PRS Regulations now approved

26 February 2020

Ministers have approved The Energy Efficiency (Private Rented Property) (Scotland) Regulations 2019 which will come into force on 1 April 2020 and will prescribe a minimum level of energy efficiency from 1 October 2020 for homes in the Scottish Private Rented Sector (PRS). Read More...

More tenants than ever seek housing as rental stock dwindles

25 February 2020

ARLA Propertymark’s Private Rented Sector (PRS) report shows that the demand for rental accommodation has reached a record high in January, with an average of 88 prospective tenants registered per member branch. Read More...

No change to Right to Rent despite new UK points-based system

21 February 2020

The UK Government has announced that from 1 January 2021, free movement will end, and they will introduce the UK’s Points-Based System but they are still no closer to confirming plans for the future of Right to Rent checks after Britain leaves the EU. Read More...

Rent costs hit record high - 2019 trends

Wednesday 04 December 2019

Propertymark has analysed its lettings and sales data to reveal trends from the year. The private rented sector has seen sharp rent increases due to the tenant fees ban, an outflow of landlords from the market, and Brexit uncertainty.

The private rented sector in 2019

The supply of rental accommodation increased in 2019, from 187 on average per branch in 2018, to 197 this year. It reached an annual high in March when letting agents were managing 203 properties per branch.

As landlords continued to feel the pinch, the number of buy-to-let (BTL) investors selling their properties remained high, at an average of four in 2019. In April, the figure spiked to five per branch.

The number of tenants experiencing rent hikes hit a record high this year, rising from an average of 26 per cent each month in 2018, to 46 per cent on average this year. This is due to the impact of the tenant fees ban, with 64 per cent of tenants experiencing rent increases in August – the highest figure seen this year.

Agents reported an increased number of prospective tenants searching for homes in August, when 76 were recorded per branch, compared to 73 on average across the year.

Quote mark

'It’s no surprise that tenants have suffered intense rent increases this year. We predicted this would happen as soon as the Government announced a ban on tenant fees, and since the ban came into force in June, rents costs have continued to spiral.

Additionally, due to the significant amount of legislation that landlords face, this year they have continued to exit the market, which coupled with Brexit uncertainty and the looming general election has left the sector in a state of despair. Unfortunately, next year could go the same way, unless something is done to make the sector a more attractive investment.'

Phil Keddie

David Cox
ARLA Propertymark Chief Executive

 

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