Profit pendulum swings in favour of lettings
The pendulum of profit power is swinging in favour of lettings, despite what you think about the Tenant Fee Ban. Up and down the country, sales departments are stagnating. Sales goes in cycles – peaks …
Two sets of figures from different organisations both show a continuation of the ‘rents up, stock down’ trend. Rental stock is dwindling and rents are rising, according to Rightmove. It says the average out-of-London rent rose 0.8% in the third quarter of 2018 – the biggest seasonal jump since 2015 – with 8.7% fewer rental properties available outside the capital now, compared to this time last year.
Rightmove claims the situation is amplified in London, with the number of available rental properties down by 19.4%, although letting agents are finding tenants for landlords’ properties four days quicker than 12 months ago.
Of the same sentiment are figures in the latest Private Rented Sector Report from ARLA Propertymark. It found the number of properties that letting agents managed in September 2018 fell to 194 on average, from 197 in August, while 31% of renters saw their rent prices increase in September 2018, compared to 27% in September 2017.