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Belvoir predicts rent rises in 2018 and 2019
Dorian Gonsalves, CEO of Belvoir, the UK's largest High Street property franchise, warns that government interference in the rental sector is likely to result in a rise in rents throughout 2018 and into 2019
"Belvoir's Q3 rental index revealed that, on average, rents increased by just £3 a month compared to the same period last year, which demonstrates that the rental market is working well for most landlords and tenants across the country. However, as a consequence of the impact of government policies we believe that during 2018 many landlords will inevitably be forced to review rents across their entire portfolio. This is a real shame, as in our experience many landlords have resisted increasing rents when they have a tenant in situ, but this is likely to change during 2018 and 2019 when the impact of some of the government's policies become more apparent.
"We have not seen evidence of smaller landlords choosing to exit the sector. With all the uncertainty surrounding Brexit, we believe that property remains a simple, unsophisticated and reliable investment for over two million UK landlords. We are, however, noticing that those new landlords who are entering the sector, are doing so with lower borrowing, and they are looking for a stronger return on their cash. To many of the UK's smaller investors, property represents a relatively strong investment, and more importantly, it is an asset that they can touch, see and pass on to family members in the future. We predict that this is unlikely to change for a very long time."
To find your nearest Belvoir office and to read the Belvoir Q3 rental index in full, please visit www.belvoir.co.uk
NOTES TO EDITORS
· Belvoir was founded in February 1995 by Mike and Stephanie Goddard. Its Central Office is in Grantham, Lincolnshire. Mike is currently Belvoir's Non-Executive Chairman.
· Belvoir is recognised as the largest property franchise network on the High Street, with over 300 offices nationwide.
· Belvoir was officially awarded the Best Lettings Agency Franchise – Gold Award at the 2016, 2015, 2014, 2013, 2012 and 2010 Lettings Agency of the Year Awards in association with The Sunday Times & The Times.
· Belvoir won the Franchise/Network of the Year at the Negotiator Awards 2017.
· Belvoir was voted Best Large Lettings Chain at the Estate & Letting Agent Awards (ESTAs) 2013, and won Silver in 2014 and 2015.
· Belvoir is a founder member of the SAFEagent Kitemark scheme, which is fully supported by NALS. SAFEagent promotes client money protection (CMP) and provides consumers with a clear message on those agents they should do business with.
· Belvoir successfully listed on the AIM market of the London Stock Exchange on 21st February 2012.
Andrea McHugh, Headlines Journalism