The past two decades have seen the rapid development and growth of the private rented sector in the UK. Between 2001/02 and 2011/12 the sector has doubled in size and now accounts for 20% of households in England (MCHLG, 2018). The Government are implementing major changes to the taxation of the private rented sector, including changes to mortgage interest relief. This report builds upon previous research into the experiences of landlords and their attitudes toward the future.
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The latest English Housing Survey Headline Report of 2016/17 shows that Private Rented Sector remains an essential tenure across England and provides homes to 4.7 million households.
RLA PEARL produces a monthly rental index, which brings together data from across the sector to provide insight on the rental market. This includes changes to rental values, house price changes, inflation, buy-to-let market activity.
Private rents increased in Great Britain by 1.4% in the 12 months to November 2017, house prices have increased across the UK by 4.5% and tenant demand is decreasing. What does this mean for the private rented sector?
The current top two political issues on the agenda are Brexit and Housing, with increasing attention being directed to policy changes in the private rented sector (PRS). However, our research identifies that government policies are having unintended consequences that could be making it more difficult for many tenants to find a home to rent.
This report provides research findings that help us to make sense of the impact of policy changes on the PRS.
Without supporting investment, removing tax disincentives (like MIR changes) and encouraging landlords to remain in the sector, there will be a squeeze on prices as supply tumbles. If the Government is truly committed to building more homes, the foundations for investment across all tenures must be put in place.
The number of house sales drops by 17% in one year, rental growth across the UK has slowed, and buy-to-let mortgage activity remains flat.
Welcome to the October PRS Statistics Bulletin from RLA PEARL. We have the latest rental index and house price updates, and buy-to-let mortgage activity.