THE property rental market outside London has seen little or no change in activity since March, says a new report.
The Association of Residential Letting Agents - ARLA Propertymark - says the supply of rented homes across the UK reached a plateau in April, but dropped by one third in the capital city.
The figures are compiled in ARLA Propertymark's private rented sector report for April, which also revealed:
- The number of tenants securing a rent decrease has fallen. Some 2.8 per cent of agents saw tenants successfully negotiating lowered rents, compared to 3.6 per cent in March.
- One quarter of letting agents saw landlords increasing rents in April – a small drop from March.
- The number of landlords selling their buy-to-let properties remained the same in April, with an average of four selling per letting agent.
- Tenants stayed in their rented home for an average 17 months, slightly down from 18 months in March. This is the first time since June 2016 the average tenancy length has dropped to a figure this low.
David Cox, ARLA Propertymark chief executive, said: "It’s likely we’re seeing the rest of the rental market outside of the capital plateau as a result of the general election, with renters potentially holding back on their property searches until after June 8.
"It’s important that housing is at the top of the new government’s agenda, as we have had two elections and a referendum in the last three years which is stalling the policy process, meaning we do not have the right houses available to provide the homes people need."
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