The latest RICS Residential Market Survey highlights how demand for privately rented homes continues to exceed supply. Alongside an increase in landlord overheads, resulting from rising costs for energy, property maintenance and other essential items,  this is placing upward pressure on rents with a net balance of +52% of survey respondents noting rises.

Housing costs represent the biggest monthly outgoing for a substantial proportion of the population so any increase can have a significant impact on household finances at a time when many are already feeling the strain of the cost of living crisis.

With a shortfall of social housing and homeownership becoming increasingly out of reach for many would-be first-time buyers, a healthy private rented sector is vital. Private investment is crucial for the sector to thrive so it is important that the industry supports landlords to respond to the challenge of tax and complex regulatory responsibilities. Alongside this, we must work closely with Government to ensure the voice of landlords is heard in conversations on future UK housing policy.  

Richard Rowntree
Managing Director for Mortgages