William Reeve, CEO of Goodlord, says:
“We’re entering a very different rental market to the one we’ve grown used to over the past few years. Whilst we don’t typically expect to see rapid month-on-month inflation in the early part of the year, a drop in rents - coupled with a first quarter which saw very limited price increases - points to a rental market in a holding pattern.
“This is the final rental index containing figures recorded before the implementation of the Renters’ Rights Act on 1st May. What we’re seeing in April’s data is that stakeholders have been in a defensive crouch, anticipating the impact of regulatory changes. With the new legislation now in force, the big question is whether this cooler backdrop gives the sector a chance to reset on a more sustainable footing - or whether the shock of new rules jolts supply, demand and therefore prices back into a more volatile phase.”
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