04 November 2022
The latest market snapshot from Propertymark reveals that there has been a spike in new tenants wanting to register on agents’ books since February 2022, but will this affect rent levels?
The recent uncertainty in the cabinet reshuffle has many feeling unsettled. Many agents have seen the consistent pauses and long waiting times on new legislation have been driving landlords away, but the demand for tenants for rental homes has hit a new high.
The government's White Paper “A Fairer Rented Private Sector” was issued at the start of summer and aims to reform the rules around the rental sector in the UK to help further improve the balance between tenants’ and landlords’ rights and responsibilities.
Due to the ripples in the government as of late, these new legislations from the White Paper have seemingly not budged, with some other agents reporting that landlords are feeling discouraged by their futures in the sector.
Though, recent reports from Propertymark, suggest that landlords need not be so hasty in selling their properties, as new tenants are arriving at the lettings market every day.
It was reported that there has been an 88% increase in new tenant applications since February of this year.
This spike in tenant demand shows that the market is steadying, and a positive thing for landlords, so don’t get ahead of yourself and pack your property up before you start seeing the rewards!
At Wards, we can help you keep on top of all the new regulations, no matter how quickly they change. We’re here to keep your let legal, and landlords out of unnecessary trouble. Plus, you get to decide on just how much management you want on your property.
Get in touch with one of our expert lettings agents to find out how you can take full advantage of this new market spike, and look to raise your income ahead of the new year.