June sees massive rent hikes
According to the Association of Residential Lettings Agents, June became the month of rent hikes for tenants as there was a rise of 35% in June, in comparison to 28% in May.
The latest release of figures show a 13% rise from June 2017, making this year the highest since August 2017, especially as there has been an average of 191 rental properties managed by letting agents this June, which is considered a rise since 2017 and seen as the highest figure recorded for 2018. It has also been revealed as "a 3% increase compared to May 2018, when agents managed 186 per branch."
Meanwhile, there is an 18% rise of "prospective tenants registered per member branch" as during June, the number increased to 71 per branch compared to 60 in May.
As the rent hikes rose, the number of Landlords exiting the property market decreased "to an average four per branch in June."
ARLA Propertymark chief executive David Cox, explains that "It's positive to see the number of properties available to rent slowly rising but it still isnt anywhere near enough to slow down the pace of rent rises, which are continuing to climb."
He also states that "Over the last few years, we've seen taxes to both purchase and let rental properties increase. This combination - coupled with continue regulatory change- has unsurprisingly started pushing landlords out of the market. We predicted back at the end of last year that renters would be in for a rough ride in 2018, and we warned government about the impact on the market. Our fears are now being realised."
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