Rents still on the increase

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More than one in three letting agents reported rent increases last month, ARLA has said.

The 36% who said that rents had increased between May and June was the highest percentage ARLA has yet recorded.

In the east midlands half (48%) of agents said rents rose in June, compared with 17% in Wales.

Eight in ten ARLA agents said that private rents would continue to soar over the next five years – possibly as a result of reductions in tax relief that buy-to-let investors will be able to claim.

The report also shows that rental supply in London continues to drop in London. In June, the average ARLA office managed 118 properties, compared with 134 in May.

The ARLA report also notes a rise in demand for short-let properties, available for up to three months. One third of agents reported an increase in such inquiries.

ARLA managing director David Cox said: “It is worrying to see so many agents reporting an increase in the cost of rent over the last six months.

“Findings like this continue to prove that the housing crisis isn’t going to disappear any time soon.”

If you are a tenant looking to rent & want further advise on this matter then please contact us directly on 01761 412300 or email lettings@allen-residential.co.uk

Why not look to fix the term of your tenancy to avoid continual rent hikes.

Likewise, Landlords are you currently renting your property at the correct level? Is it correctly appraised?

Contact James Allen for dedicated lettings advise on 01761 412300.