Supply of private rental accommodation has hit an 18 month high, with more and more landlords coming to the market. In line with this, demand also rose with 40 prospective tenants registering per branch as apposed to 37 in August.
This is a trend we might expect, with September often being a busy month following on from August where often people are on holiday and awaiting the start of the school term, September becomes a month where many return to the market to look seriously.
Rent increases are also reported to be at the lowest this year so far – again no surprise, as landlords think ahead to the Christmas months and do not want to risk a void period with their property!
David Cox, President of ARLA said: ‘“This month’s findings paint a really positive picture for renters. Although demand is rising, we’ve seen this happen gradually over the course of the year, and would expect it to slow again in line with seasonal trends over the next few months. On the other hand, the supply of rental stock has risen astronomically, which suggest it’s not quite right that landlords are pulling out of the market as a result of Brexit. This is supported in our findings, which reveal the number of landlords selling their buy-to-let properties hasn’t changed since April, when three landlords were selling up per branch.
“It’s good to see less landlords hiking rents this month, but 24 per cent is still too high. The cost of renting is already high in many parts of the country and until the Government converts its pledges and promises into bricks and mortar, we won’t see renters reach a position where they’re able to save to get on the housing ladder. It will be interesting to see how this is tackled in the upcoming Autumn Statement.”
Whether these trends are seasonal as we approach Winter, or are a turn in the market is yet to be seen.
You can be sure that whatever the economic situation, our many years of experience working with landlords, tenants, buyers, and sellers make us the steadfast choice of agent. If you are looking to let a property in Bexley, give us a call on 0208 304 0997 and we will be happy to help.