The number of available private rented properties rose sharply in July according to the Association of Residential Letting Agents.
Agents managed an average of 189 properties per branch in July, compared to 178 in June.
Demand across the UK decreased slightly during the month, with an average 35 prospective tenants registered per ARLA branch in July, compared to 36 in June. However, demand in London has continued to rise, with 40 prospective tenants registered per branch in July, compared to 36 per branch in June.
Letting agents are continuing to see increases in the cost of renting for tenants, with 37 per cent reporting rents had increased between June and July; the highest number since tracking began in January, when levels were at 27 per cent.
The report also found tenants in the West Midlands have been affected by rent increases the most, with 64 per cent of agents reporting rents had increased in July shortly followed by the East of England where 53 per cent of agents witnessed rent increases. In comparison, only 21 per cent of tenants in the North West experienced a rise.
“To finally see a rise in available rental properties is definitely a step in the right direction; although with demand remaining the same, we still have a long way to go in achieving a balanced and stable private rented sector. The growing gap between supply and demand is an issue still rife in the capital which doesn’t look to be improving any time soon” admits David Cox, ARLA’s managing director.