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The Rental Market - Supply & Demand


01/06/2023

Author : Oliver Hopkins


The letting market in the UK is heading towards troubled times again. The pandemic is over, and workers are returning to offices, fueling demand for rented homes. This has resulted in a sharp increase in rents, and many landlords unable to cope with the loss-making situation are selling their properties. To add to the industry’s problem, there is a growing shortfall in social housing.

Property experts agree that the rented homes market faces stressful times as demand grows, and supply remains perennially short. With the return to offices for many workers, many of whom can’t afford the rising rents, the government faces a huge challenge in addressing this issue. The government has committed to legislating and reforming the market in a manner that will help renters and create higher standards of rental accommodation.

One of the key issues is that removing tax relief on interest payments will not help improve supply. In fact, it creates more problems for landlords. The focus must shift towards improving supply through legislation and creating policies that support this. While the Build to Rent model is a viable option, it will take time to come through due to many bottlenecks inhibiting the speed of delivery.

As many landlords exit the market, they cite the inability to comply with new energy regulations, such as the energy performance certificates (EPC), and the changing tax rules. This shortage of homes will only worsen as landlords are required to make costly investments in upgrading their properties to meet these regulations. Many must spend heavily installing new windows, boilers, and related fixtures, with the cost of materials having significantly increased.

While many landlords are selling their properties, overseas investors are starting to enter the market. These investors are cashing in on the situation as rents continue to surge. However, the problem of housing shortages is expected to persist as landlords struggle with tax implications and regulatory compliance. This adds further pressure to an already strained rental market.

Property experts urge tenants to be proactive to improve their chances of securing a rental home. Waiting for a response from any portal is not advisable. For landlords, using a reputable real estate expert or agent to manage their property is essential. With the complex new legislation, landlords will find it challenging to navigate independently, and an experienced agent can help them secure the best rent for their property while keeping tenants happy.

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Glossary of Terms

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Glossary of Terms
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Our parent company The Ringley Group has the following accreditations: ISO9001, ISO14001, ISO27001, ISO45001, and is a GOLD standard Investor in People and is regulated by the FCA and the RICS
Glossary of Terms
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Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.

Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.

Let: This term signifies an established binding rental agreement between the landlord and tenant.

For both lettings and sales, the guidance addresses additional terms:

New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.

New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.

New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.

New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.

Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.