The number of ARLA agents witnessing rent hikes reached the lowest level since December 2015 in October – with just one in five (18%) reporting an increase.
Fewer landlords are hiking rents but the Association of Residential Letting Agents (ARLA) expects this trend to reverse because of the upcoming ban on letting agent fees.
The number of ARLA agents witnessing rent hikes reached the lowest level since December 2015 in October – with just one in five (18%) reporting an increase.
But David Cox, managing director of ARLA, said: “Just when rents were starting to stabilise, the Chancellor has thrown the biggest curve ball, meaning that rents will unpreventably rise when the tax changes and letting fees ban come into effect.
“In terms of supply and demand, this month’s findings reflect seasonal expectations and show the market is slowing in the final quarter.
“With fewer properties available to rent and a drop in the number of prospective tenants registering interest, tenants tend to stay in their current properties until the New Year arrives.”
In September 24% of agents saw rent increases, while this was as high as 32% in March.
In October the number of rental properties managed per branch was 180, falling from 193 in September.
