The great imbalance between tenant demand and available stock continues, according to the latest market snapshot from ARLA Propertymark.
In February, Propertymark members reported that an average letting agent branch had 142 applicants registered on their books. This is a record high for the month of February and year on year a 73 per cent increase from February 2021 when agents recorded 82 applicants per branch.
This figure has been on an upwards trend since April 2017.
Of these applicants, an average of 78 were newly registered in the last month.
Agents in the South West of England reported the highest demand with an average of 195 applicants per branch, closely followed by the North East of England where agents reported an average of 184.
In February, Propertymark members reported that an average branch had just five properties available to rent.
Agents in the North West of England and East Midlands reported the lowest stock at an average of just two per branch with Wales close behind with an average of only three.
Propertymark chief executive Nathan Emerson comments: “There are many factors affecting the private rented sector which are impacting stock levels. Whilst in terms of rising rent prices it appears to be a good time to be an investor, once other factors are included yields can be much lower.
“Many landlords have struggled under the increasing legislative and financial pressures they are facing. As we await the Renter’s Reform White Paper it is clear more changes are on the way and it’s vital that the private rented sector is valued to avoid unintended consequences.”