The rental market in the UK is facing fierce competition among tenants, with a limited number of homes available to rent. Surveyors have reported that demand for properties far exceeds supply, leading to an increase in rents and putting financial strain on tenants.
Andrew Oulsnam, a surveyor in Birmingham, said that many landlords are choosing to sell their properties when a tenant leaves, leading to a shortage of rental homes. This is causing an increase in rents, with Rics reporting that they are rising at an average of 4% annually.
The sales market is much calmer, with surveyors reporting a lack of activity and falling house prices. This could be good news for potential first-time buyers, but many are still struggling to save for a deposit due to higher rents.
Emily, her partner and their baby son MJ experienced this when they were unable to afford the rent increase at the end of their tenancy. After months of searching, they had to move back in with their families and Emily described it as “the most stressful time of my life”.
The government has launched a consultation in England that would mean homeowners would need to get planning permission before converting properties into short-term holiday lets in tourist hotspots. Tenants should also be aware of their rights, such as landlords needing to give written notice before eviction proceedings can begin.
Overall, the rental market in the UK is showing no sign of abating and tenants are facing financial strain from rising rents and prices. It is important for tenants to be aware of their rights and for landlords to consider pricing sensibly in order to attract the most interest.