Association of Residential Letting Agents
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Latest property news
Record number of tenants secure rent reductions
The number of people securing rent reductions rose to three percent of all tenants during August, the highest number since the Association of Residential Letting Agents (ARLA) began keeping records. “The rising cost of renting, especially in major cities such as London, is an ongoing issue in both the buying and letting market so it’s promising to see small steps towards better affordability for renters,” says David Cox, ARLA’s Managing Director (pictured, below). The rental renegotiation increase is a jump from 2.1% of all tenants in July and is a surprising blip among a set of otherwise strong figures for the sector released today by ARLA. This includes news that demand for private rented property rose to 37 prospective tenants registered at each branch, and that year-on-year the number of properties registered to let with each branch was up from 178 to 183 or nearly 3%. ARLA also asked its members about the Brexit vote and its effect on the lettings market and 72% of agents said rents have remained the same since the vote, while 63% said demand had remained the same (but 17% said rents had gone down). Some 67% of agents said supply had not changed. “Although…
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Housing Market
Supply of rental housing on the rise
The number of available private rented properties rose in July, the latest Association of Residential Letting Agents (ARLA) monthly Private Rental Sector (PRS) Report has revealed. ARLA registered letting agents, which managed an average of 189 properties per branch in July, compared to 178 in June, have continued to see increases in the cost of renting for tenants. Some 37 per cent of agents reported that rents rose between June and July; the highest number since tracking began in January, when levels were at 27 per cent. The report also revealed that tenants in the West Midlands have been affected the most by rent increases, with 64 per cent of agents reporting that rents had increased in July, followed by the East of England where 53 per cent of agents witnessed rent rises. In contrast, less than a quarter – 21 per cent – of tenants in the North West experienced an increase. But despite the rise in the volume of available private rented homes in July, it would appear that higher rental prices are deterring some tenants from moving home, with demand across the UK having fallen marginally in July to 35 prospective tenants registered per ARLA branch, down…
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