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Rents could rise 15% by 2023 as the supply of new rental properties dries up, according to a survey by the Royal Institution of Chartered Surveyors (RICS).
It said small scale landlords are pulling out of the market.
It blamed tax changes brought in last year which have made buy-to-let investments less profitable.
RICS said it was time that the government looked again at the way the private rented sector was regulated.
It said its members have seen the supply of new rental property falling consistently for two years.
At last the penny is dropping !
Supply shortage could push rents up 15% says RICS.
Who'd of thought eh!?
Ironic when We started the ban the tax thing RICS was nowhere to be seen
landlords got very little support now they have come out from beneath there stones because they are feeling the effects of govt policy
Learn Change and Adapt ?????
There was a further discussion about it here...
Inflation for all rents has (outside london) been running at half the rate of RPI inflation for the last 10 years.
15% over 5 years is 2.8% per year.So while it's getting on for 3x as much as for the last decade - it could also be looked at as just catching up with inflation.
(and also not exactly rocket science, ample growth in supply kept rents down, less supply means rents go up)
DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.
And all this from the party of business and supporting self employment .
It's hardly a surprise .. maybe it's time for a landlords union ... that should also surprise Corbyn who hates us even more ... but always backs the unions ... I am getting sick and tired of being the whipping boy ... it seems a weekly challenge ... best of luck to those having to move out rental homes been sold off ...then looking for council houses run by the worst possible landlords ... the local council .
I do hope the penny will drop ... but I have my doubts .
Yes yes yes....
I think this follows on well with our discussion whether rent should be increase proportionally on a regular basis.
The government have the cheek to say they have built 1.1million houses since 2010,
137,000 per year is a joke!
And just what % has the attempted vote winning gimmick for FTB had on reducing STD ?
I suspect very little,especially in the North.
This will get far worse
Eventually the tenants will wake up to all the pain they are going through caused by a few overprivileged whiney GR types.
Even Shelter might eventually realise that their support for S24 is just causing people to lose their shelter.
We await their epiphany!!
RICS: Landlords are pulling out of BTL.Government: That's what we wanted, to give First Time Buyers an advantage.
I would love to hear from Simon Rubinsohn, RICS chief economist. He says "The risk... is that a reduced pipeline of supply will gradually feed through into higher rents".The counter argument is that reduced PRS activity will mean increased First Time Buyer activity, which is one less tenant looking to rent. So no change in supply/demand ratio.
I asked him on twitter. (RT, see if we can get a reply?)
_________________________________________________________________________The above post is not financial advice, its often me rambling - passing time on a coffee break.If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance._________________________________________________________________________
I think the tenant demand ratio does change every time a Ftb buys a property from a landlord
For example let's say there are just 2 properties in the whole of the uk to rent and 10 tenants chasing the properties. The ratio is 1:5.
Now let's assume that one of the tenants bought a property. This now means there is only 1 left but 9 tenants chasing it.So the ratio has gone from 1:5 to 1:9.
In other words demand has nearly doubled.Prices will inevitably rise.
Have I missed something?
Personally I think rents will rise by more than 15 per cent.
Yes I think you have missed something.
If there are 100 properties to rent and 500 prospective tenants, the ratio is 1:5
If one of them buys then there are 99 properties and 499 potential tenants, a ratio of 1:4.99999999999.