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TODAY'S OTHER NEWS

Rents and demand dip as festive slowdown grips lettings market

New data from the Association of Residential Lettings Agents shows how the festive slowdown has hit the market.

The number of tenants experiencing rent rises fell by 18 per cent in November with 32 per cent of lettings agents witnessing landlords increasing them compared to 50 per cent in October.

This is the lowest figure since March when the number stood at 30 per cent.

However, year-on-year, this figure is up from 21 per cent in November 2018, and 16 per cent in November 2017.

Demand from prospective tenants fell in November with 67 registered prospective tenants per member branch, down from 72 last month. 

Demand from prospective tenants has now fallen for the third consecutive month.

Last month, the number of properties managed per branch rose marginally to 203 from 201.

Year-on-year supply is also up from 183 in November 2018 and 192 in November 2017.

David Cox, ARLA Propertymark chief executive says: “It’s good news for tenants that rents have fallen this month. However, demand for properties has also dropped.

“The ongoing uncertainties of Brexit and the General Election have caused people to hold off on their property search until some political clarity is reached, which has led to this fall in demand.”

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