Our doors may be closed, but we’re still here for you. In line with government advice on the outbreak of Coronavirus (COVID-19), all our Martin & Co branches will be temporarily closed until further notice. The health and safety of our staff and customers is, of course, our number one priority. But while we might not be able to see you, we are still here if you need us. The Martin & Co teams are all working remotely, ensuring we can provide continuous support for all our customers. Please email your nearest branch directly through the website and, most importantly, stay safe and healthy during these difficult times

The evidence - study shows private rents have been falling in real terms

The evidence - study shows private rents have been falling in real terms

Rents in the private sector have been falling in real terms according to an independent study just published.
The research, commissioned by the Greater London Assembly’s Housing Committee and carried out by the Cambridge Centre for Housing and Planning Research, confirms that between 2006 and 2013 private sector rents increased by less than inflation and average wage rises both in London and in all of England.  

On page six of the report, it states: "...private rents have actually risen below wages or CPI on average during the period 2006-2013. This is true both in London and in England as a whole.”
Drawing on a survey of landlords in London, the report also finds that 45 per cent say they would sell all of their housing stock and leave the market altogether if they were legally required to cut rents through council- or government-inspired controls.

The findings come hot on the heels of accounting firm PwC's prediction that 25 per cent of households in the UK would be in private rented housing by 2025.
“The country will need more homes to rent, alongside other tenures, if it is to address the housing crisis. This report reminds us of the dangers of rent controls which would in fact reduce supply, thereby increasing rents. Rent controls would also severely reduce standards in rented housing as investment dries up" says David Smith, policy director for the Residential Landlords Association.

Article courtesy of Letting Agent Today | Sign up for Letting Agent Today newsletter | Get this news on YOUR site!