Demand for rentals is once again out of control this summer, as HomeLet’s chief executive Andy Halstead hit out at the government for failing to support the lettings sector.
Rents increased by 0.2% in May, though this followed a significant increase of 1.6% in April, but it’s thought that demand is starting to rise now we’re in the summer months.
Halstead said: “As summer approaches it looks like business as usual in the private rental sector: Shortage of supply, demand out of control, and high rents that are, in many instances, unaffordable.
“Meanwhile, the politicians focus on attempting to win votes with blatant untruths. This government has not supported our sector and I suspect the next government will be equally unhelpful.
“Professional letting agents make the best of a difficult situation. However, it is no wonder we are seeing record levels of letting agent consolidation, and landlords considering alternative investment options.”
The annual rate of growth was 6.9% in May, the slowest level since August 2021.
While most rents increased, they fell month-on-month in the North East (-1.6%), South West (-1.4%), Greater London (-1.3%), and Yorkshire and the Humberside (-0.5%).
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