Rents may be about to rise in the UK as demand continues to increase but fewer properties are coming onto the letting market.
So says a new joint report, the ‘Residential Real Estate Demand Monitor – Rental’, prepared by Reapit and Dataloft which suggests rents may rise as there simply isn’t enough supply to meet demand.
The facts are that viewings are up 13.3% year on year and lease sign-ups are up 3.5% but supply has dropped by 6.9%.
Many landlords have seen their profits hit by the changes to the Buy to Let tax changes. As a result some are looking to sell their properties and invest in other markets, resulting in a drop in supply.
As yet there has been no increase in rentals but it seems inevitable that as fewer homes come onto the market the value of those available will rise.
Reapit supply integrated property software for estate agencies and Dataloft is a research consultancy specialising in providing in-depth analysis of the residential property market.