UK rents set to keep rising as landlords sell up

Dwindling supply: Cars are parked outside residential properties at Primrose Hill in London. The RICS said sales are falling at an accelerating pace and buyer demand is weakening in most parts of the United Kingdom. — Reuters

LONDON: UK estate agents are reporting the most widespread decline in rental properties since the pandemic as the prospect of higher taxes and tighter regulation prompts landlords to exit the market, a closely watched survey finds.

The Royal Institution of Chartered Surveyors (RICS) said its gauge of lettings coming to market plunged to minus 37 in August, the worst reading since April 2020 when the economy was brought to a standstill by Covid.