FEBRUARY 26, 2016 | BY A & S Property
Rental supply down, says ARLA
The supply of rental accommodation is the lowest in the past year, while demand for rented accommodation is still rising, according to an industry body.
The Association of Residential Letting Agents (ARLA) January Private Rental Sector (PRS) report found that the number of properties registered per letting agent branch dropped by 5% to 172 in January –10 fewer than in December.
ARLA managing director David Cox said: “Supply of housing continues to be a problem and tenants bear the brunt of this with more people competing for properties at higher prices. The majority of tenants find that it is impossible to save very much at the end of the month to put towards buying their own home. Our recent Cost of Renting report found that a fifth of those renting in the UK do not expect to ever be able to afford to buy a home, and unless we act soon to build more properties, this number will only get higher.
Nearly two-thirds (63%) of ARLA members think the Chancellor’s stamp duty reforms for buy-to-let (BTL) properties will push landlords out of the market, which will in turn cause supply to drop further – and nearly six in ten (58%) believe the reforms will push up rent costs.
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