Rental Property Prices Increase
Tue 19 Jul 2022
War on landlords will cost Britain 50,000 rental homes this year!
The telegraph have reported that the war on landlords could cost Britain 50,000 rental homes this year… Research has shown that 3,800 rental homes could be lost every month during 2022, which is more than double the number compared to the last two years.
The trade body said the trend was a “direct result of government policy and punitive tax increases since 2015, which have shrunk the private rented sector."
Ben Beadle, of the NRLA, warned the exodus of landlords would drive up rents and leave tenants with less cash to save for a deposit on a house of their own.
According to Right Move, the rental market has increased by 11.8%pc higher than a year ago! Hitting a new record of £1,126 per month (outside of London). Manchester has been reported as the highest rent growth this year, of 23.4% increase, making this £1,127 average a month.
The lack of supply means that landlords can increase their prices. The forecast is set to increase over the next three months, with the fastest growth in Scotland, South East & West Midlands.