Changes in taxation led to increase rents in the property market in the UK

Tenants in the private rental sector property in the UK continue to face rising rents. Association of Agencies for Rental Property UK reports that the supply of new of rent are falling, and demand is growing.

Approximately 35% of landlords have reported rent increases in August 2017, that’s the highest percentage since July 2015, and only 2% of tenants were successful in negotiating lower prices.

The number of objects of real estate in the UK, exhibited for the rent per Agency declined in August to 189 from 192 in July, and demand from prospective tenants has increased. A year ago only 15% of landlords reported the intention to increase the rent, the tenants have decided to increase the rent more than a third.

Thus, there is a tendency to reflect the market changes in the legislation. Homeowners begin to shift the financial burden on tenants and, most likely, the upward trend in rental rates will continue if not followed by relief from the tax authorities.

® Maxim Savitsky. 04.10.2017 G.

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