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55% of letting agents say tenants are facing higher rents since fees ban

first_imgThe UK’s leading lettings industry association has claimed that rents are beginning to rise significantly as the predicted outcome of the tenant fees ban begins to roll-out across the housing market.Agents who have reported rising rents increased to its highest proportion during June, the month following the beginning of the fees ban, the latest rental market snapshot from ARLA Propertymark reveals.Fifty-five percent of agents canvassed by the association said they had witnessed landlords increasing rents during June, up from 35% a year ago and 30% in 2017.As The Negotiator reported last week, many landlords are increasing rents as letting agents seek to increase their management fees to make up the fees shortfall following the ban.“Unsurprisingly, rent costs hit a record high in June as tenants suffered the impact of the tenant fee ban,” says David Cox, Chief Executive of ARLA (left).“Ever since the Government proposed the ban, we warned that tenants would continue to pay the same amount, but the cost would be passed onto tenants through increased rents, rather than upfront costs.Cox has also claimed that as well as the fees ban, the proposed abolition of Section 21, coupled with the Mayor of London’s recent call for rent controls, will drive down supply.“In turn this will increase pressure on the sector because it will discourage new landlords from investing in the market, causing rents to rise for tenants as less rental accommodation is available,” he says.ARLA Propertymark rent rises David Cox August 1, 2019Nigel LewisOne commentJulian Blackmore, BNE BNE 1st August 2019 at 11:01 amWell there’s a surprise – to nobody but the government. Supply has plummeted in our area and rents will soar. Hopefully the government will get the message stop meddling and using agents to fix their self made housing problem.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » 55% of letting agents say tenants are facing higher rents since fees ban previous nextHousing Market55% of letting agents say tenants are facing higher rents since fees banIndustry association ARLA blames the fees ban squarely on a record number of member agents reporting tenants facing higher rents during June.Nigel Lewis1st August 20191 Comment1,110 Viewslast_img read more

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