The number of rental properties on the market is at the highest level this year so far according to the Association of Residential Letting Agents - and comes just as demand for properties has dipped.
The association says the average number of rental properties on letting agents’ books was 184 in July.; this is the highest number seen so far in 2016 and up five per cent from June.
The July increase in available properties comes just as demand from prospective tenants fell slightly, from 37 house-hunters per branch in June, to 36 in July.
Even so, year on year supply is down and the market is currently responding well to the post-Brexit vote uncertainty, ARLA believes. In July 2015, the number of properties letting agents had registered reached an annual high of 189 – three per cent higher than this year.
In July this year, the majority of agents reported no change to rent prices, the supply of properties and the demand from tenants following the referendum.
As in June, last month nearly two fifths - 38 per cent - of letting agents saw no sign of market wobble following Brexit. But ARLA cautions that there is uncertainty in the numbers looking to let properties, with 44 per cent agents reporting signs of uncertainty from landlords
“The future is bright for the rental market. Supply is up, as we’d expect at this time of year, and the number of tenants experiencing rent hikes hasn’t changed in three months. While we obviously need new houses to balance the growing gap between supply and demand, what’s positive is that the situation isn’t worsening as a direct result of June’s Brexit result” says David Cox, ARLA’s managing director.