While there has been an increase in the availability of properties to rent since February, demand from prospective tenants has also risen and continues to fuel a rise in rents across the UK, according to the latest data from Propertymark.
Members of Propertymark reported having 10 properties on average per branch that were available to rent in May, similar numbers to April’s figure, suggesting that little has changed in terms of new stock levels since last month.
An average of 113 new applicants were registered per member branch in May. This is up since February when 78 new applicants were registered on average. This slow and steady rise appears to mirror the increase in available lets. As rises in demand match increases in available homes, pressure on rents is set to continue.
Agents reported in May that the average void period between tenancies is below two weeks. This is over one week less than the long-run average for May which is a little over three (2015-2019).
79% of member agents reported month-on-month rent prices increasing in May. Pressure on rents has been steadfast since spring last year.
Nathan Emerson, Propertymark CEO, comments: "Pressures on the sector are not easing, especially in England given that the recent Renters’ Reform White Paper has now been published.
"What's important is that landlords understand that this paper is a set of proposals and that there is still a process of debate and discussion before any legislation is brought in. The UK Government have also committed to ensuring landlords have access to their properties via a revised section 8 notice."