Ministers urged to address shrinking PRS as landlords sell up

Propertymark’s latest research into the shrinking private rented sector, leading a new report warning that rents could be driven up, has been raised with government ministers in England and Scotland.

Labour MP Navendu Mishra cited the findings when asking what steps the UK government’s Department for Levelling Up, Housing and Communities is taking to ensure there are more available affordable rental properties.

According to the report, the average number of properties that letting agents in the UK reported they were currently advertising for rent decreased from 30.4 to just 15.6 between March 2019 and March 2022, revealing a significant reduction in places available for renters to live.

During a debate in the Scottish parliament on the implications of the Coronavirus (Recovery and Reform) Bill on the PRS, Conservative MSP Edward Mountain described the findings as “worrying” and agreed with Propertymark’s stance that the proposed legislation does not currently equally balance the rights of landlords and tenants.

Propertymark surveyed more than 400 letting agents across the UK.

The research also revealed that 94% of landlords who removed their property from the rental market did so to sell it.

Over half of the rental properties sold in March this year alone did not return to the private rented market.

Nathan Emerson, Propertymark CEO, said: “Our research provided the most accurate picture yet of an issue that our agents have been talking to us about for a long time. It’s good news that the findings have been placed in front of Ministers in both England and Scotland at a time when both are governments are reforming their respective sectors.

“Propertymark will continue to work closely with politicians across the UK to ensure the rights of letting agents and their landlords are equally balanced with the rights of tenants, and that future policies include more incentives to increase investment in the private rented sector to meet the rising demand.”

You can read Mishra’s question and the answer from Housing Minister Eddie Hughes by clicking here.

Meanwhile, the Scottish Parliament Stage 2 debate on the Coronavirus (Recovery and Reform) Bill is available here.

Written by Jinay

Knowledge

Knowledge

After 16 years in business and having dealt with over 1200 properties we know how best to manage your property and your Tenants. With most of our Clients having been with us for the majority of the 16 years it goes to show they trust us & our knowledge of the industry.

Reassurance

Reassurance

Longbow are members of SafeAgent, The Dispute Service & The Property Ombudsman giving you confidence you are dealing with a professional, regulated company. Landlords and Tenants can have peace of mind knowing their hard-earned money is in safe hands.

Independent

Independent

Being an independent agent gives Longbow the ability to give a more personal service to our Clients. In addition we have set services but can also be flexible and tailor our services to meet the needs of each individual Client depending on their needs. Feel free to contact us to discuss further.

Project Management with Longbow Property

Project Management

Having dealt with many small maintenance issues through to large refurbishment projects Longbow offer a project management service. If you are looking for assistance with your project needs look no further and get in touch with us to discuss your requirements.

Featured Properties

Fees

Refundable Holding deposit - Capped at 1 weeks rent

Security Deposit - Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent - The agreed monthly rent

Changes to tenancy - Capped at £50 inc VAT

Early termination charge - Not exceeding the landlord’s financial losses

Late payment of rent - Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys - Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc - Tenants own responsibility unless otherwise stated in contract

Client Money Protection Scheme Membership details - SafeAgent Membership :A2134

Property Redress Scheme Membership details - The Property Ombudsman, Membership Number : L00086