New research data from ARLA Propertymark, has shown that rent hikes was at the highest level ever recorded in August reaching 40% – up from 31% a month earlier. This is the highest figure recorded since records began in January 2015.
David Cox, ARLA Propertymark Chief Executive, said: “As we’ve highlighted before, the impact of recent and ongoing tax changes continues to have a material impact on the buy-to-let market. Four in ten tenants saw their rents rise in August – the highest level we’ve seen since records began. Although it’s encouraging to see the number of properties available to rent rising, supply still isn’t anywhere near high enough to slow down the pace of rent rises. We need more homes to rent, and for Government to change its narrative and recognise the very valid role buy-to-let plays in the housing mix. Driving small landlords out of the market ultimately impacts tenants most.”