Responding to a parliamentary written question, Treasury Minister Emma Reynolds said “Rental prices are ultimately determined by the total supply of housing, relative to demand.” Her comment comes as figures from Zoopla show that there are an average of 12 renters chasing each home for rent, double the level seen before the pandemic. Even the government’s own data suggests almost a third (31%) of landlords say they are planning to cut the number of properties they rent out, up from 22 per cent in 2021. The National Residential Landlords Association (NRLA) is warning of more pain for tenants unless the government does more to support landlords through the dramatic – and potentially expensive – impact of the widespread legislation change on the horizon.

NRLA Chief Executive Ben Beadle said: “The minister is right. Rents are going up because there are simply not enough properties to meet demand, and measures proposed by the Government are going to worsen an already dire situation. Changes such as the hike to stamp duty on the purchase of homes to rent that was announced in the Budget will only further dampen supply. Likewise, the lack of preparation for the increased pressures on the courts due to the Renters’ Rights Bill will deter investment in new homes to rent.” He went on to add “The government needs to address the shortage of homes for private rent as the only viable route for improving affordability in the sector. Until it does so, it will be tenants that continue to suffer the consequence of the rental housing supply crisis.”