Fees ban has led to surge in tenants on the move, says franchise giant
The tenant fee ban in England has led to a surge in demand from tenants for properties according to Belvoir.
The franchise giant’s private rental sector survey for the second quarter of this year shows a dramatic increase of 32 per cent in demand in July 2019 when compared to the same month of last year.
“As uncertainty over Brexit continues, and tenant demand increases, we hope that the government will consider a more joined up and holistic approach to the rental sector, which will help to increase the supply of properties introduced to the market” says the agency.
“It is also important to remember that, apart from cost, many of the 13m people renting a property in the UK are doing so due to lifestyle choices, whether this is due to employment opportunities, family commitments and many other factors.”
And Belvoir chief executive Dorian Gonsalves says: “In England, Wales and Scotland average rents are £774 per month, representing a year on year increase of just over 4.5 per cent versus Q2 2018.”
He adds: “When comparing Q2 2019 to the 2018 annual average of £736, this indicates overall rental increases of just over five per cent. We are also seeing the first indications that rent rises are feeding through to new tenancies.”
Outside of London, average monthly rents range from £629 and £638 in the North East and North West respectively, £771 in East Anglia and £783 in the West Midlands, through to £1,155 in the South East.