It seems that the strong demand for rental property shows no signs of relenting after Britain’s vote to leave the EU in June. Over the last month, demand for rental properties rose by 12%, according to the Association of Residential Letting Agents (ARLA).
Research by ARLA also indicates, however, that the number of available properties could fall in the wake of Brexit, potentially making the rentals market even more competitive.
ARLA cautions that landlords need reassurance that their investments are going to remain secure in post-Brexit Britain. The organisation has called for the Government to keep this in mind when negotiating the terms of Brexit. ARLA’s managing director, David Cox, has also stressed, however, that ‘the rental market has responded to Brexit in a calm fashion’, with no immediate shock occurring, which should be encouraging news for would-be investors.
Supply has lagged behind demand for rental property for some time. Indeed, in June, supply rose by only 3%, showing the huge gap between the increasing demand and the amount of rental property available.
The biggest problem with this scenario is that a lack of supply could push up rental prices further, meaning that tenants will have to find even larger sums to fund their accommodation.
The good news, however, is that investors and landlords-to-be could benefit massively by placing properties on the rentals market now. Not only would this ease the pressure on the market; they can also almost be guaranteed a quick let and a good price.
Are you thinking of renting out your property? Contact Julie Twist Properties today to find out about our landlord packages.
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