This was despite landlords continuing to feel the pinch and the number of buy to let investors selling their properties rising
An end-of-year market snapshot by the Association of Residential Letting Agents (ARLA) shows the supply of rental accommodation was the highest on record in 2020.
There were 203 properties managed on average per ARLA Propertymark member branch throughout the year, compared to 2019’s figure of 199.
This was despite landlords continuing to feel the pinch and the number of buy to let investors selling their properties hitting an average of four per branch per month in 2020 – and briefly hitting five per branch in both February and September.
The number of tenants experiencing rent hikes has fallen this year to 36 per cent, from an average of 44 per cent in 2019. ARLA puts this down to Coronavirus rent struggles preventing further tenant fees ban-related rent increases.
Agents reported the highest number of prospective tenants searching for homes on record in August this year, when 101 were recorded per branch.
The whole year average for this was 86, topping 2019’s previous figure of 69 prospective tenants searching for homes.
Rental markets have remained remarkably resilient throughout this trying year, despite market closure between March and May, says Mark Hayward, the former NAEA Propertymark chief executive who is now chief policy advisor at Propertymark.
The prioritisation by the government of a functioning property UK market and subsequent implementation of the stamp duty holiday as well as measures taken to keep the rent flowing within the private rental sector, have allowed for record breaking levels of house sales and rental accommodation, Hayward said.
He said that we are confident this boom will continue through the new year but grow increasingly concerned about the impact of the stamp duty cliff edge on March 31 2021.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.