Lack of new properties to let putting pressure on prospective tenants

Wow, that RICS lot are a clever bunch - who'd have thought that !

This article is mostly about a lack of houses for sale rather than for rent.
However, (irony alert) how many sentient human beings could possibly have predicted there would be a lack of places to rent, and predictably leading to increased rents, after several years of a savage Govt onslaught on landlords!!!

Reply to the comment left by Bristol Landlord at 14/05/2021 - 18:30
350,000 known legal migrants a year ( plus the thousands of illegal, dinghy, trafficked etc ) and around 70,000 homes built.
Not taking into account natural population expansion and this has been replicated for decades. !

Wonder why there's a shortage of homes ?

Lots of tenant demand certainly, but none who are willing to actually pay rent. We have about five voids at the moment as cannot find people actually willing and able to pay. I have decided to sell out altogether...

Reply to the comment left by Ian Simpson at 15/05/2021 - 07:26I know a small % of Landlords are diversifying, which can mean a whole lot of things. ( which includes selling some of their properties and other financial strategies )

Reply to the comment left by Ian Simpson at 15/05/2021 - 07:26
What part of the country are you refering to? Lack of tenants wishing to pay? That's certainly not the case where I have properties. What brings matters home, and acts as a reality check, is when you take a stroll around the High St, as I did this afternoon, and look in the windows of employment agencies, and see how much people are being offered for their labours. Agencies proudly offering £9.50 per hour, so for a 37 hour week, before stoppages, workers receive £351.50. I note that for those over 23, the national minimum wage is £8.91 per hour, so just under £330 per week before stoppages.

I certainly wouldn't like to try and live on that sort of income, even if single, and living in a caravan. I suggest that many people can't afford rents, even if they want to do so. Here we are, supposedly living in one of the wealthiest countries in the world, with what is still basically a feudal system. The terms Landlord & Tenant continue to underline this division.

The Covid situation has certainly exaggerated the basic inequalities in our society, and I have no doubt that, provided your properties are in a fit state, that there would be many who would love to live in them, but are not financially secure enough to take them on. At least they are being responsible in accepting the fact, and not causing you any problems with arrears, even if it is galling to have 5 properties sitting empty.

Reply to the comment left by Martin S at 15/05/2021 - 19:51Martin's spot on that this country has had more than 6 years of Austerity ( apart from MP's ) but whilst the govt can control wages, they can't control prices.
Hence its right that most people on low wages struggle to afford everything, including rent.
Of course if your on benefit, doing a bit on the side - perversely your better off, especially if you don't pass the Housing element of your UC onto your landlord - aided and abetted by DWP. ( And nobody can understand why landlords don't want to rent to them ! )
Meanwhile, back at the ranch - the cowboys in MHCLG joined at the camp fire by Tenant groups, blaming landlords for rent increases ( nobody else for the cost of living increases tho ! )

Reply to the comment left by Martin S at 15/05/2021 - 19:51He said 'voids' not properties, presumably HMO's.

Average UK working week is 42.5 hours, average 30 something pay is £16 per hour.

Landlords are being forced out, those landlords remaining will obviously choose the best tenants most able to pay and increase rents accordingly.

It's not landlords who are to blame for this.

Reply to the comment left by Monty Bodkin at 16/05/2021 - 10:32According to the ONS the average worked is 36.9 hours a week. If you add all overtime worked on top of that, it becomes 40 hours a week.
For hourly pay, depends on if you are looking at the Median or the Mean for your average, as the hourly rate is skewed considerably by the top earners. Median is £13.68 and the Mean is £17.57.
Just for completeness sake, the Mean for hours worked per week is 32.6 hours.
As always, take London out of the equation and the hourly rate drops considerably.

EDIT: I just did the maths. Take out London and the average hourly rate becomes £10.98.