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Andrew Luxton MRICS FARLA, Partner in charge of Stags Residential Lettings Department points towards a recent residential landlord’s association press release confirming that private sector rents are actually falling in real terms.
Many pressure groups and politicians are advocating rent controls especially in the lead up to the forthcoming general election. However, analysis by the English Housing Survey reveals that private sector rents are actually falling in real terms and that in the period 2012 – 2013 average weekly rents in the private rented sector fell from £164 – £163, a fall of 0.6%.
This all goes to show that there is not a case for bringing in rent controls which will only lead to a decline in the private rented sector which is vital in providing much needed housing. Artificially low rents can lead to reduce investment resulting in lower maintenance standards in the stock that remains.
Andrew Luxton confirms that in the lead up to the general election political parties will be promoting housing policies, some of which will affect the private rented sector. It is important to ensure these policies are based upon sound advice and facts and ultimately look to secure the growth of the private rented sector and are not created in an attempt to win cheap and easy votes. The next few months will be very interesting!.
If you require advice on any aspect of your residential let from those with experience and knowledge in your area then contact your local Stags Lettings Office.