The UK property market, especially London, is witnessing intriguing changes following the introduction of the Renters’ Rights Act early this year. One of such changes is a shift in tenants’ behaviour. Another is an increase in asking rents by landlords.
Research from estate agent Chestertons reveals that more than a third of landlords have increased their asking rents in the months following the introduction of the Act.
The firm’s latest quarterly report found a 36 percent annual increase in landlords raising their initial marketing prices, suggesting some property owners are attempting to navigate new rules that prohibit accepting offers above the advertised rent.
The data indicates landlords are adjusting their pricing strategies in response to the new regulatory framework. A recent report by PropertyWire, an online research platform, quotes Katinka Hill, Head of Lettings at Chestertons, as stating, “Landlords have reacted to the Act by increasing the initial
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