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At the point of writing this, the outcome of the EU referendum is not known, but according to the Association of Residential Letting Agents (ARLA), a vote to leave will not have any serious effect on the UK rental market.
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ARLA Survey
ARLA has surveyed its members and found that 65% of them expect the rental market to remain stable even if the UK votes to Brexit. Only 22% are concerned that the private rental sector will suffer if overseas landlords pull out. A third of those surveyed are worried that demand for rental housing will fall if the UK leaves the Eurozone, but more than half don’t expect demand to change.
“There is no avoiding the EU Referendum at the moment; and whatever the outcome, we are likely to feel the impact of the fallout of this debate in different ways,” says David Cox from ARLA.
“However, it’s important to put this into perspective and not get carried away in a zeitgeist. As outlined in our recent Brexit Report, the letting market hosts a large number of non-UK born citizens and any change in migration policy is likely to have an impact down the line, especially in London. However, our monthly report clearly shows the sentiment amongst members is that the immediacy of this effect is likely to be minimal.”
Tax Changes affect PRS
EU referendum aside, a third of letting agents have seen a fall in demand for rental properties since the government introduced a hike in stamp duty for second properties. A further decline is expected to take effect as other measures come into force.
