UK landlords are facing a perfect storm as tenant demand surges and available properties dwindle, pushing rents higher. The Royal Institution of Chartered Surveyors (RICS) has revealed that just 17% more homes are available for rent compared to this time last year, the lowest level since 2014.
The shortage of properties is being driven by a combination of factors, including a lack of new builds and increased demand. As a result, landlords are struggling to find suitable properties to let, leading to higher rents and increased competition.
According to data from Rightmove, the average price of a UK property now stands at around £280,000, with London and the South East experiencing the highest prices. This is exacerbating the problem for first-time buyers, who are finding it increasingly difficult to get onto the property ladder.
The government's Help to Buy scheme, which has been extended until 2027, has been criticised for fuelling a housing bubble and driving up prices. The RICS report has called on ministers to take action to address the shortage of homes, including increasing funding for new builds and reforming the Help to Buy scheme.