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The demand for private rented housing has reached a five-year high, according to research released by the National Residential Landlords Association (NRLA).
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The survey of private landlords across England and Wales, conducted in partnership with research consultancy BVA/BDRC, found that 39% confirmed demand for homes to rent had increased in the second quarter of 2021 – 8% more than said so in the first quarter of the year.
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In Yorkshire and the Humber, Wales, the South West and the South East more than 60% of landlords said that demand for homes to rent had increased.
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In contrast, just 15% of landlords in central London said demand had increased in the second quarter of the year, compared with 53% who said it had fallen.
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Despite an overall increase in demand, the proportion of landlords intending to buy property has fallen from the four year high of 19% recorded in the first quarter of the year, to 14%.
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In comparison, the proportion looking to divest has returned to 20%, up three percentage points from the first quarter of the year.
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As COVID-19 restrictions are lifted, 55% of landlords said that their lettings business will continue to be negatively impacted as a result of the pandemic.
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An estimated 81% of those in outer London and 78% of those in central London said they would be negatively impacted.
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At the other end of the spectrum, 49% of those in Yorkshire and the Humber said they would be negatively affected.
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Chris Norris, policy director for the NRLA, said: “The evidence is clear that nationally whilst the demand for homes to rent is increasing, landlords are more reluctant to invest in new properties.
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“The only losers will be tenants as they struggle to find the homes to rent they need.
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“The Chancellor needs to recognise the harm being done by tax hikes imposed on the sector.
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“It is clear that there is a significant flight of tenants from the capital in response to the COVID pandemic.
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“With lockdown restrictions having ended, and offices beginning to reopen, the jury is out as to whether this trend will continue.”
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By Jake Carter
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Source: https://uk-mortgagebroker.co.uk/news/
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