Rents increasing:

The number of letting agents reporting landlords increasing rents has hit a 14-month high, new figures show. According to the Association of Residential Letting Agents, the number of agents who saw landlords increase rent costs for tenants rose to 31% in June, up from 27% the previous month.

Rental properties increased marginally last month, while demand dropped very slightly which is normal for this time of year.

The report revealed that 83% of letting agents would like the Government to scrap the impending ban on letting agent fees, while 73% would also like the Government to focus on improving enforcement for rogue agents.

More than 26% want to see increased regulation for the sector, while a 62% think they should provide tax breaks for landlords. With the cost of living on the rise and inflationary pressures tightening, the last thing tenants need is for their rents to continue rising

The fact that supply looks to be rising, while demand has dropped slightly indicates a move in the right direction for the market. Ultimately, to stop rent prices from increasing too much, a balance between supply and demand should be found. There is a need for more properties to be made available to rent in the UK thus reducing pressure on rents, but the government seems very keen to stop private landlords helping achieve this.

Landlords have been suffering one set back after another just lately but once again they have showed their resilience. Many are turning to the corporate route for their businesses and this seems to be having a stabilising effect.

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