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20 January 2021

Propertymark Industry Supplier, Gallagher offers practical steps that can help agents and their clients reduce the risk of damage to property as areas of the nation are set to see further warnings of more inclement weather to come. Damage caused by the escape of water from frozen pipes and other equipment can be extremely costly in repairs and disruption. Read More...

Concerns raised over new energy efficiency proposals

20 January 2021

Propertymark has responded to the UK Government’s consultation on Improving the Energy Performance of Privately Rented Homes in England and Wales by highlighting a number of concerns. These relate to affordability and the need to look beyond a one-size fits all policy and develop proposals that work with the different age, condition, and size of properties in the private rented sector. Read More...

Change smoke and carbon rules for earlier checks

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Propertymark has responded to the UK Government’s consultation on extending the Smoke and Carbon Monoxide Regulations in England, arguing that the rules should be amended so that landlords and agents must make sure the alarms are tested prior to the start of the tenancy and not on the first day of each new tenancy. 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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