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Tenant demand in the
North West lags behind rest of the country
THE gap between increases and decreases in tenant
demand in the North West is narrower than elsewhere in the UK, according to
research carried out by the largest landlord association. 27% of landlords in the North West saw an increase in
tenant demand over the past 3 months; which is well below the UK average of
40%; while 11% of North West landlords say they witnessed a decline in
demand over the past 3 months, which results in a net increase of just
16% for the region; the lowest across the UK.
Yorkshire and Humber (23%) and the North East and Wales (both 24%), also
experienced lower net increases to tenant demand.
At the other end of the scale, the East of England (47%), and the South East
and Outer London (both 38%) witnessed the highest net increases in tenant
demand.
The research also found that on average just 6% of landlords reported a
decrease in tenant demand in the last 3 months. The highest proportion of
landlords reporting a fall in tenant demand was in the North East with a 15%
decline, closely followed by 12% in Wales and Yorkshire.
Carolyn Uphill, Chairman, NLA, said:- "These figures paint a mixed
picture for the North West. While tenant demand is increasing overall in the
region, it is lagging behind the rest of the UK.
The gap between those reporting increases and decreases in tenant demand in
the North West has narrowed over the past year. While we should be glad that
the overall picture still reflects positive growth, we should watch this
trend carefully.
However, the Government's plans to remove mortgage interest relief for
landlords; announced in the Summer Budget; could have a huge impact on the
market's ability to meet rising demand, with as many as five per cent of
landlords indicating their intention to sell up following the changes.
This could affect as many as 600,000 tenancies across the UK so the
projected impact will mean that renters who rely on the private rented homes
will lose out as a dwindling stock drives up prices and competition for
homes." |
