The rental market followed a predictable trend of rising rents and fewer available units, Greycoat specialists comment. This concerns estate agents who continue to collect statistics to track market fluctuations to demonstrate to local governments what is happening and suggest ways to improve.
According to the Housing Insight Report, rental prices have gone up, as Propertymark members are revealing in their December 2023 survey. Specifically, Greycoat adds, thirty-five percent report the increase, while close to half say they stayed the same.
The 2023 Holiday season now discloses a general decrease in new tenants and available properties at member branches. Fewer tenants are seeking properties when comparing new branch registrations for November (with 86) and December (with 63.) And for Greycoat, this is not normal.
Rental Properties are decreasing in the same period, with ten available in November and nine in December. Finance is a concern during the Holidays, Greycoat adds. Rental arrears rose by 4.5 percent in December—a rise of 1 percent from November.
Calling on governments in the UK to invest in the private rental market, the Propertymark head of policy and campaigns – Timothy Douglas – is suggesting lower taxes and updating policies to encourage landlords. The expected outcome is that rental numbers will increase and rental costs will decrease.
Https://www.greycoat.com/ provides this insight.