Asking rents up 6% post RRA

Asking rents rose by 6% in the three months after the Renters’ Rights Act came into force, new research from Ringley Group has revealed.

This was based on analysis of the UK’s 21 largest towns and cities.

Ringley Group has also pointed to a potential exodus of PRS landlords, with an estimated 35% having sold or tried to sell their properties in the last year.

“We are less than six months into the implementation of the Renters’ Rights Act and already we are starting to see major unintended consequences emerge,” said Richard Williams, CEO at Ringley Group.

“This PRS erosion matters more than ever as the supply of new rental homes stalls due to increasing viability challenges and growing uncertainty around future regulation.

“This is why we are calling on the chancellor in the forthcoming Budget to restore targeted SDLT support for the rental sector, along with other measures to improve viability and restore investor confidence.”