30th
Sep 2016
An association for lettings agents states that Brexit has not impacted on the private rented sector, as its members are stating that on average there are 37 prospective tenants for each of their branches, which is the highest number since June.
The association does admit that its survey was relatively small as it polled 186 member branches, however it is still adamant that despite a lower first six months of the year where demand had dropped, when compared against 2015, the last three months had shown that the numbers had significantly increased and were outperforming the previous year.
The number of available rental properties on agents' lists had dropped in August of 183 properties per branch from July's figure of 184.
The survey also showed that during August there was an increase of tenants negotiating rent reductions, this was the highest rise since the beginning of 2015. The participating members said that 3% of tenants that successfully negotiated a rent reduction, whereas in July it was 2.1%.
The association states that the Brexit uncertainty has had little impact on the PRS, as a significant majority of its members said that there was no fluctuation in the August rent prices. They also reported that since Brexit, numbers of available properties for rent had not dropped as with demand from new tenants.
David Cox, managing director of the association said : “We’re not seeing anything across supply or demand that is out of the ordinary, and while demand is at high levels, this is being matched with a decent volume of properties on the rental market. What’s good is that more tenants are managing to successfully negotiate rent reductions, and that agents and landlords seem to be responding well to this”.
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