There is a huge amount of uncertainty in the private rented sector at the moment and that is making it harder for letting agents to do their job, according to the head of HomeLet and Let Alliance.
Andy Halstead has accused politicians of failing to address the growing crisis in the PRS and instead creating further uncertainty around the future of the rental sector, at a time when there is a chronic shortage of homes to let, record-high rents, and a major backlog of evictions.
“The data and analysis speak for itself,” he said. “All stakeholders in the private rental sector are managing their way through turmoil, not least landlords and tenants. Professional letting agents have the most difficult task, balancing the needs of both, whilst working in a political void, with uncertainty everywhere.”
“It is rarely quoted that a tenant can now quite easily occupy a rental property for 12 months or so, without paying a penny in rent,” he continued. “Whilst this is a fact, politicians run away from dealing with the challenge.”
“A viable private rental sector requires support for all stakeholders, including agents and landlords, this still looks like a pipe dream,” he added.
Halstead’s comments come alongside the release of the latest HomeLet Rental Index, which shows that the average rent price in the UK for June 2024 is at a record-high £1,299 per calendar month (pcm), compared to £1,229pcm in June 2023.
Excluding London, the UK average is now £1,102pcm.
Rents increased the most in Scotland, with a whopping +3.8%. Other regions that saw an increase were Northern Ireland (+1.8%), Wales (+1.6%), South East (+1.5%), East of England (+1.2%), West Midlands (+0.4%), North West (+0.3%), East Midlands (+0.2%) and the North East (+0.1%).
Amidst an uncommon beacon of optimism for the rental sector, rents decreased in Greater London (-1.6%), Yorkshire & Humberside (-0.6%) and South West (-0.3%).
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