Having read and seen the statistics for the Coventry area it seems that whilst everywhere is following an upwards trend in rentals that the government Efforts to make investing in the private rental sector by making it more expensive is having the predicted effect.
Landlords and letting agents have had a fair amount of legislation and costs put on them over the past few years with the banning on the admin fee as well as a number of other payments to the phasing out on mortgage relief add this to the recent announcement of local licensing and the landlord is being hit left right and center
Though a lot of the people in the property sector raised their fears and objections to the attack this fell on deaf ears, as we predicted the government’s assault on the private rental sector has started to push up rents throughout the UK
The quarterly report is a rather interesting read, having combined this with the StuRents market data report it gives us a fairly good overview of the market in general, in a number of spots around the UK the report indicates that rents are rising by 2.6% annually pushing up the average rent to a three-year high of £886.
This has been partially driven by the contraction in available properties to the tune of approximately 4% this is combined with the 8% increase on demand.
There are only three cities that have been experiencing lower private rents and I’m afraid Coventry is one of them, the demand is still high but the competition and supply is even higher, though we expect the demand to increase with the rents to even out.
*This is data was garnered from Zoopla’s latest rental sector report as well as the StuRents report.