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On the 23rd June, millions (possibly) will turn out to cast their vote on whether the UK should stay in the EU or leave. Both campaigns have ramped up in the last week or so and according to data produced by HomeLet, the referendum (and fears about potential economic uncertainty) is having an effect on the private rental sector.
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New Tenancies Slowing Down
UK rent rises have slowed down. Agreed rents on new tenancies went up by 4.4% during May, compared to 5.1% in April and 7.6% in May 2015. However, whilst many believe that the EU referendum is definitely playing a part, others suspect that a general slowing down of the property market is also to blame.
Stamp Duty Rises
Interestingly, although many experts expected the stamp duty changes to affect the buy to let market, this hasn’t happened.
Rents in Scotland Continue to Rise
Despite the fears, unwarranted or otherwise, rents in Scotland seem remarkably unaffected by the political turmoil going on. New tenancies there are 10.6% more expensive than the same period last year. Strangely, rents in the West Midlands are also rising fast, as are property rents in London.
“Looking beyond shorter-term factors, net population growth and the rising rate of employment remain the key demand-side drivers for residential property; they look set to continue to run ahead of public and private sector initiatives to increase supply and keep pace,” says HomeLet.
