Tenants experiencing rent increases down 18 per cent year on year

PRS REPORT: 40 per cent of agents witnessed landlords increasing rent compared to 48 per cent in August which is also 18 per cent lower than in September 2019, when the figure stood at 58 per cent, showing that landlords are providing much-needed support for tenants during the COVID-19 pandemic.

New prospective tenants

The number of new prospective tenants fell for the first time in September since the housing market reopened in May. The average letting agent branch registered 82 new tenants this month, a decrease from 101 in August. The number of new tenants per branch in September is the lowest figure recorded since February this year, when there were also 82 tenants registered ahead of the market temporarily closing due to the COVID-19 pandemic.

Rental properties

193 rental properties were available per letting agent branch in September, falling from 2018 in August. Year-on-year this is the same figure as in September 2019.

Buy-to-let

The number of landlords selling their buy-to-let properties rose from four per branch in August, to five in September. Year-on-year this is the highest figure on record for the month of September with the previous record sitting at four in both 2018 and 2019.

Our latest figures show that letting agents are continuing to support landlords and their tenants during the ongoing COVID-19 pandemic with rent increases down by almost a fifth year on year and renters staying in their tenancies for longer. As we head towards winter and further uncertainty due to increasing lock down measures, it is vital that tenancies are maintained.

To this end, with the furlough scheme finishing in October, Westminster must follow the Scottish and Welsh authorities in providing a package of support to tenants to keep the rent flowing. This is absolutely vital in keeping people with COVID-related arrears in their homes and ensuring that landlords continue to have funds to make mortgage payments.

Angla Davey President | ARLA Propertymark
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