Rent prices
The number of tenants experiencing rent increases fell for the third month running in November, with 21 per cent of agents reporting that landlords increased rents, compared to 24 per cent in October and 31 per cent in September. However, year on year the number of tenants experiencing rent rises is up from 16 per cent in November 2017.
Supply of rental stock
The supply of properties available to rent fell to 183 in November, from 198 in October. This is the lowest level seen since April, when supply stood at 179 and is down four per cent year on year.
Demand from tenants
Demand from prospective tenants decreased in November, with the number of house-hunters registered per branch dropping to 55 on average, compared to 71 in October.
David Cox, ARLA Propertymark Chief Executive, said: “It looks like tenants are starting to take control, with the number of landlords hiking rents falling for the third month in a row. However, as we look ahead to 2019, things don’t look as positive for tenants. Our members expect more landlords to be driven out of the market by rising costs, which will increase competition and push up rent costs. If we want to secure market stability in the New Year, we need to increase stock and making the market more attractive for BTL investors is the only way this can be done.”
