The number of letting agents reporting rent rises has fallen to 25% in the month of October, down from 32% in September. This data from ARLA’s private rented sector (PRS) report shows that the number of rent hikes in the UK is now at its lowest point in 2015.
ARLA managing director David Cox said: â€œFinally, some good news this month â€“ fewer agents reporting rent increases should bring some relief to tenants before Christmas.â€
Seasonal expectations were met with a fall in properties managed across the UK, with the average number falling by 5%, from 182 properties per branch to 173. Supply in Yorkshire and the Humberside was relatively high compared to the average, with over 200 properties per branch, roughly double that of London.
The UK average number of new prospective tenants fell month-on-month from 36 to 33 â€“ the lowest figure recorded this year.
The average length of a tenancy didn’t change, remaining at 18 months nationwide. Yorkshire was shown to have the joint shortest tenancies, averaging 15 months, tied with the South West.
Outside of London, it appears supply and demand are levelling off, taking some pressure off the PRS. However, potential changes to landlord tax and the big question mark looming over the possible raising of interest rates next year means that the PRS can’t afford to get complacent.