Monday, 08 August 2022

Competition hots up on rental market

A SHORTAGE of available homes to rent is pushing up deposits and monthly rent payments, and leading to bidding wars, according to Propertymark.

The industry body for property agents says that the number of rental homes on lettings agency books has fallen sharply, so people are having to go to greater lengths to secure a home.

This includes putting more cash up front — sometimes offering three or more months’ rent in advance — and people are even offering landlords CVs for their children and photos of their well-behaved dogs.

Propertymark surveyed over 440 letting agencies across the UK, and found that they have seen the number of available rentals on their books halve from more than 30 on average to 15.

This leads to fierce competition between renters vying to be chosen by landlords.

However, changes to taxation rules have made letting properties less profitable than in the past, and new legislation on property maintenance and energy compliance has pushed up landlords’ costs.

Propertymark says that some landlords are selling up, unhappy with the increased costs and red tape, while others are switching from long-term rental properties to holiday lets.

The Department for Levelling-Up, Communities and Housing said the reforms were designed to empower tenants to challenge poor practice and unreasonable rent rises.

A spokesperson said: “We are supporting vulnerable renters to help them meet the rising cost of living and stay in their homes, as well as investing £11.5 billion to build more of the affordable, quality homes this country needs.”

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