Lettings News Update Article. Recently we have seen a number of rents increase in the rental market as supply of property in the rental sector becomes limited.
It would appear that with the changes in legislation, 3% stamp duty surcharge, less favourable tax relief for landlords and mortgage interest payments; this has all discouraged some landlords and has made the decision for them to sell. As a result we have less supply at a similar demand.
We have witnessed this in the market with tenants keen for property. In this situation sometimes 5 applicants applying for one property, with several more viewings.
North Devon does benefit from a number of people moving to the area who are keen to let as they move into the area. The government is not making it easier to release property into the market.