The Office for National Statistics recently published official figures which show that average rents in the private rent sector in Great Britain have increased by 2.3% and 2.5% in England. This increase is significantly greater than inflation, with the Consumer Price Index increasing by only 1% during the same period.

This significant increase has been attributed to the housing shortage we are currently experiencing which is driving tenant demand and pushing prices up, especially in high demand areas such as London and the South East where increases are on average 3.5%.

The East Midlands experienced an average rent increase of 2.3%, still much higher than inflation evidencing that the rental market is still strong. However, with the introduction of a 3% rise on Stamp Duty Land Tax on second homes, and the removal of mortgage interest relief for landlords, it is not all plain sailing and the next 12 months will see many more new regulations applying to the private rent sector come into force.

Make sure you stay ahead of the curve by keeping your DASH membership up-to-date.

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