The National Residential Landlords Association points the blame at government policies for the chronic shortage of supply in the private rental sector. Rightmove’s startling figures reveal that there are 25 prospective tenants vying for each available property entering the rental market.
NRLA CEO Ben Beadle expresses concern over the burden placed on tenants in the face of this supply crisis, placing the responsibility on government policies. He highlights that despite ministerial affirmations at the Conservative conference about supporting landlords, such rhetoric holds little value without the implementation of effective policies to encourage their continued participation in the market.
“The government must address the decline in rental properties nationwide. The Treasury should incentivize investment by reversing detrimental tax increases that affect landlords providing essential housing. Additionally, it’s vital for the government to provide assurances that landlords making legitimate possession claims won’t face complications in a broken court system, especially as section 21 evictions are phased out.”
Recent data from Rightmove reveals that letting agents are handling an average of 25 email and phone inquiries for each property available for rent throughout Britain.
This alarming statistic underscores the severe imbalance between rental supply and demand, leaving tenants struggling to find suitable housing options. The National Residential Landlords Association urges the government to take immediate action to rectify this situation and ensure that the private rental sector remains a viable and stable housing solution for millions of Britons.
The rental market is experiencing a significant surge in demand, with letting agents receiving an average of 25 inquiries per property, marking a substantial increase from the eight inquiries at this time in 2019 and five more than in May of this year.
This heightened demand underscores the substantial gap between the supply of available rental properties and the growing need for them. While the number of available rental properties has decreased by 35 percent compared to 2019, it has shown a 14 percent improvement compared to last year.
The imbalance between supply and demand is most pronounced in two-bedroom semi-detached and terraced houses, where smaller property types face greater pressure due to this gap. Additionally, the average advertised rent for new rental properties outside London has reached a new national high of £1,278 per month, marking the 15th consecutive quarter of rising rents and a 10 percent increase compared to the previous year. In London, the average advertised rent has also reached a new record of £2,627 per month, representing a 12.1 percent year-on-year increase.
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