Agents anticipate rent increases in 2020
The majority (84%) of letting agents think rent prices will rise next year, up from two thirds (65%) last year, ARLA Propertymark has predicted.
More than three fifths (61%) think demand will continue to increase, but almost seven in 10 (68%) reckon the number of landlords operating in the private rented sector will decline next year, as they are driven out by rising costs.
Indeed, two thirds (68%) expect landlords’ taxes to rise again.
David Cox, chief executive, ARLA Propertymark, said: “For far too long, successive governments of all political persuasions have passed significant amounts of complex legislation for landlords.
“As a result, much of this year has dampened landlords’ appetites to invest and expand their portfolios, with many consolidating their assets, or choosing to step away from the sector altogether.
“This has impacted tenants most, who have restricted supply and have been faced with less choice and paying higher rents.
“Looking ahead to 2020, we hope the government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords.
“This will encourage more landlords back into the market as well as ensure that tenants, including those who are most vulnerable, are not at a disadvantage in being able to find a suitable and affordable home to rent.”