ARLA agents: Brexit could cause rental supply falls in London

Ryan Bembridge

June 22, 2016

EU Brexit European Union

London rental supply could drop in the event of a Brexit as international demand weakens, nearly half (43%) of letting agents predicted.

However the Association of Residential Letting Agents May Private Rental Sector report indicated that a number of agents are unfazed by the impact of a Brexit.

Two thirds (65%) of agents across the UK expected supply to stay the same, with a fifth (22%) predicting falls.

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David Cox, managing director of ARLA, said: “There is no avoiding the EU Referendum at the moment; and whatever the outcome, we are likely to feel the impact of the fallout of this debate in different ways.

“However, it’s important to put this into perspective and not get carried away in a zeitgeist. As outlined in our recent Brexit Report, the lettings market hosts a large number of non-UK born citizens and any change in migration policy is likely to have an impact down the line, especially in London.

“However, our monthly report clearly shows the sentiment amongst members is that the immediacy of this effect is likely to be minimal.”