Napier Watt Logo
Valuation
Menu
Feb 2024

Supply and demand imbalance set to drive rental prices higher

Supply and demand imbalance set to drive rental prices higher

RICS UK Residential Market Survey for lettings shows nearly a third (28%) of agents reported seeing an increase in tenant demand in the three months to January although new landlord instructions were also down – that imbalance between supply and demand expected to drive rental prices higher over the coming months.

There has been much speculation over the long-awaited Renters (Reform) Bill whether it will become law in 2024 and before the general election. There have been several delays to the Bill which is currently being debated in the House of Commons. It will need to undergo similar scrutiny in the House of Lords before it can finally become law.

Elements that weren’t in the original Bill, such as introducing the Decent Homes Standard to the private sector for the first time, have now been added in as part of the plans. It’s possible that further changes will be made as the Bill makes its way through the Commons and Lords.

During the debates held so far, there have been some concessions on issues that were giving landlords major concerns. There will still be broad grounds to evict anti-social tenants or those who consistently miss rental payments.

Most unclear is Section 21. These so-called “no fault” evictions will not be abolished until the courts have been reformed, which leaves timelines muddy given that no concrete plans have been set out, or budgets allocated, to reform the courts. There are also valid concerns around whether the courts will be able to cope with the rise in cases this Bill will likely create, even with increased digitisation. Our expert lettings team will be happy to explain how this will affect landlords.

Share with friends and family
Recent news articles
Getting ready to move?

Find out how much your property is worth today by booking a valuation with one of our expert team and see where it takes you. You could be pleasantly surprised.

Call us today on +44 (0)20 7935 0011
Book a valuation
You have the castle… We have the strategy.

Ask the prime central London property experts.

Call us today on +44 (0)20 7935 0011
Book a valuation
Some kind words from our clients…

“Thank you Jonathan and the whole team at Napier Watt for marketing and executing the sale of Buckingham Mews so brilliantly.”

“Fawne in the property management team was extremely efficient and helpful in resolving a number of issues we had at our property – very professional.”

“Very Professional!!
Great list of properties they have. Really made the moving in process very easy and quick.”

“The team did a great job in finding a reliable buyer for my property within a short space of time. The sale went through smoothly Will be instructing them again on my next property.”

We use cookies on this website. You are free to manage cookie settings via your browser at any time. To learn more about how (and why) we use cookies, please take a look at our Privacy Policy.

Ok, got it!