UK rental market sees no Brexit effect
The decision by the UK to leave the European Union has not yet affected the country’s private rental market with rents, supply and demand not changing significantly after the vote in June. The latest monthly report from the Association of Residential Letting Agents (ARLA) says that the rental market is stable, with little to no movement in terms of rental costs.
While some 12 per cent ARLA agents reported an immediate dip in rent, an overwhelming 77 per cent saw no change. This contradicts expectations, as prior to the result some 19 per cent predicted rents would increase and 20 per cent expected them to fall while 61 per cent thought they would stay the same.
Similarly, the supply of available properties and demand for housing remained the same immediately following the result. Some 67 per cent of ARLA members reported no change in supply and a further 64 per cent reported no change in the number of prospective tenants looking for properties.