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Tenants carry burden of landlords quitting buy to let warning
Latest government figures show that private rents paid by tenants in Great Britain rose by 0.9 per cent in the 12 months to August – unchanged from the 12 months to July.
In England, private rental prices grew by 0.9 per cent; Wales saw growth of 1.0 per cent; and Scotland saw rental prices increase by 0.5 per cent in the 12 months to August.
London private rental prices decreased by 0.3 per cent over that period, again unchanged from the 12 months to July.
“We signalled in February that landlords in London were reducing their rents, which benefits tenants living in the area. However, the increase in rents across neighbouring regions suggests demand is merely being pushed out of the capital” explains Meera Chindooroy, policy and public affairs manager at the National Landlords Association.
“The increase in rents seen elsewhere in the country is not unexpected given recent reports suggesting supply is reducing while demand remains strong. As landlords exit the market due to the rising cost of letting, tenants will continue to bear the burden of the gap between demand and supply.
“The government should consider these figures in the context of a dynamic private rented sector and housing market, and ensure that future policy interventions consider the wider impact on landlords’ willingness to invest.”
