UK landlords urge new prime minister to strengthen supply amid record rent costs
The UK’s new prime minister must address the trickling supply in the rental market, an industry body has urged, as average costs spiral northward.
The heated rental market, which has seen tenants often offering over the asking price in order to secure a tenancy, is weighing on Brits’ aspirations for homeownership, according to the National Residential Landlords Association (NRLA) today.
The average price of a month’s rent in London has hit a record £2,257, property site Rightmove revealed yesterday.
The majority of landlords have seen a spike in demand over the past three months, as the prospects of buying a home fall further out of reach as prices continue to hit new monthly records.
The NRLA warned punitive tax increases since 2015 have forced the private rented sector to retract.
“The last six years prove that it was a nonsense to think that cutting the supply of rental housing when demand is so strong would make it easier for those saving for a home of their own,” chief executive of the Association, Ben Beadle, said.
“Driving rents up just leaves tenants with less cash to save for a deposit… The next administration needs to reset its plans for the sector.”