A LETTING agent said a seven per cent rise in rental prices was to do with current 'supply and demand'.

Provisional figures from the Office for National Statistics show the average private rent in Westmorland and Furness reached £723 per month in the year to September - up seven per cent from £676 a year prior. 

It was also up 22 per cent from an estimated £595 a month five years ago. 

Melanie Corrie, from Corrie and Co in Ramsden Square, Barrow, said this was to do with 'supply and demand.' 

Mrs Corrie said there was a 'record' amount of landlords selling because of the potential changes to the Renters Rights Bill. 

The bill, if it passes, will abolish section 21 evictions, make it illegal for landlords and agents to discriminate against prospective tenants in receipt of benefits or with children and will prohibit landlords and agents from accepting offers above the advertised rent to end bidding wars. 

Mrs Corrie said this comes amid a time of outside interest in the town as people move in to capitalise on the jobs market led by employers such as BAE. She added landlords are looking to change properties into houses of multiple-occupancy in response to this. 

However, Mrs Corrie said: "I don't think there's much room for further growth." 

Paige Lunn, from Coastal Lettings, said landlords are also facing rising costs such as for insurance. She agreed with Mrs Corrie the 'supply is lower than the demand.' 

However Ms Lunn said BAE was 'not necessarily' the reason for demand in Barrow, saying that there are more factors playing into the rental market.

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"There's limited properties available because of rising costs for the landlords. They're pulling away from investing," she said. 

According to the figures, in Westmorland and Furness it cost an average £533 for a one-bed property to £1,192 for a home with four or more bedrooms in September.

Among the property types in the area:

  • A detached housed cost £1,018 to rent per month
  • A semi-detached cost £813 per month
  • A terraced house was £719 per month
  • And a flat or maisonette was £615 a month

The Renters' Rights Bill returned to parliament for a second reading earlier this month. 

Deputy prime minister Angela Rayner said: "I am determined to get this Bill in to law as soon as possible. The thousands of children and families living in unsafe housing or under the cruel threat of a Section 21 eviction notice have been waiting far too long already.

"We will deliver on our promise to renters and transform the sector into one where families can put down roots, where children can grow up in healthy homes, and where young people can save for their future."