Members of the Association of Residential Letting Agents are reporting stock at an 18 month high.
Members managed on average 193 properties per branch in September; this is up from 183 in August and the highest level seen since April 2015 when there were also 193 rental properties registered per branch
The number had fallen to lows of 171 earlier this year, so ARLA says jumping to 193 in September paints a positive picture for renters amid market-wide expectations of post-Brexit uncertainty
Demand for rental properties also rose last month with 40 prospective tenants registering interest per letting agent branch, compared to 37 in August
In line with expectations, this has been steadily growing since the start of the year, and is now at the highest level seen since February 2015, when there were also 40 prospective tenants registered per branch.
The number of agents witnessing rent hikes for tenants is at the lowest level so far this year, with just 24 per cent of agents reporting increases. This is down three per cent from August when 27 per cent of agents saw rent increases, and eight per cent from this year’s high seen back in March, when 32 per cent of agents saw rises
“The supply of rental stock has risen astronomically, which suggest it’s not quite right that landlords are pulling out of the market as a result of Brexit. This is supported in our findings, which reveal the number of landlords selling their buy to let properties hasn’t changed since April, when three landlords were selling up per branch” explains David Cox, the association’s managing director.
“It’s good to see less landlords hiking rents this month, but 24 per cent is still too high. The cost of renting is already high in many parts of the country and until the government converts its pledges and promises into bricks and mortar, we won’t see renters reach a position where they’re able to save to get on the housing ladder. It will be interesting to see how this is tackled in the upcoming Autumn Statement” he adds.