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By Bay Estate Agents
Brenda from Bristol won't be pleased but could an election bring about a much-needed boost to the letting industry after a period of increasing legislation and fee ban, which has caused some landlords to exit the market?
Waking up to the news of another election is becoming our very own Groundhog Day feeling. Brenda's meme-worthy, "Not another one", sums it up for most of us.
However, this could bring with it some new hope for the letting industry, which has been rocked over the last few years through tax law changes for landlords, this year's tenant fee ban and the likely future changes to Section 21. Bay Estate & Letting Agents believe that there is a great opportunity for the government to make the lettings sector more enticing for would-be landlords. These sentiments are shared by ARLA (Association of Residential Letting Agents):
“With the possibility of a general election approaching, we hope that the government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords” says David Cox, the association’s chief executive.
The recent rental market snapshot by ARLA shows that the number of tenants experiencing rent rises decreased in September but remained high overall, with 58 per cent of agents witnessing an increase in rent prices. Year-on-year, this figure is up significantly from 31 per cent in September 2018, and 27 per cent in September 2017.
“While the number of tenants experiencing an increase in rent has dropped marginally [on a monthly basis] rent prices remain alarmingly high as they have done since the Tenant Fees Act came into effect” claims Cox.
“It’s also concerning to see that the number of properties managed per letting agent branch has fallen. As supply falls, competition amongst tenants increases which further drives up rent costs” he adds.
Meanwhile on the supply side, the number of properties managed per branch fell to 193 in September, from 197 in August. Year-on-year supply is down very slightly from 194 in September 2018, but up from 189 in September 2017. Demand from prospective tenants also dropped, with the number of house hunters registered per branch falling to 72 on average, compared to 76 in August.
Swansea's Bay Estate & Letting Agents have spent the last year, working with their landlords to help them to keep their properties competitive and attractive to tenants, whilst at the same time achieving more out of their long-term investment. Please contact us for a chat if you think we can be of help.
There's a better way to sell or let your home. At Bay, we really know the property market. We're local and we'll gladly share our knowhow and experience with honest advice that will be just right for you. So whether you're buying, selling or letting, get in touch. We're here to help.