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Brexit and the PRS

Amongst the extreme political and economic uncertainty of the Brexit result, we ask ‘how has the rental market been affected?’

 

With June’s Brexit results still fresh in our minds, it seems that rental properties throughout our area are still in high demand, and the market appears to be responding calmly.

Samantha Patrick MARLA AssocRICS, Residential Lettings Manager in King’s Lynn says “We haven’t seen any immediate movement within the PRS [Private Rented Sector] in terms of changes to supply, demand, or rental cost, and numbers of applicant enquiries continue to be high.

“Unfortunately some landlords are uncertain about the future of their investments because, much like other sectors, we won’t know exactly how Brexit will impact on us until several months down the line. In the meantime, we are remaining positive and are pleased to say that demand for housing continues to be high”.

The Private Rented Sector sees people from all walks of life renting property, whether that is out of choice or necessity. The certainty rests with the UK population continuing to grow and, with the need for flexibility around changing lifestyles, the rental market it is an attractive prospect for many home movers. 

 

Samantha, who is also the ARLA Regional Representative for Norfolk, Suffolk & Cambridgeshire, adds “Following Brexit I hope that the government, under its new leadership, will continue to make housing a priority and address further regulation of the rental sector”.