The latest market snapshot from ARLA Propertymark shows a familiar story for the lettings sector.
It says that in June the number of properties available to rent was 19 per cent lower than last year, while the number of new prospective tenants registering per Propertymark branch was up 27 per cent over the same period.
Unsurprisingly 62 per cent of lettings agents told Propertymark that rents had been increasing in the previous month; this is actually slightly less than the 68 per cent reported a month earlier and the 80 per cent this time last year.
Nathan Emerson, Propertymark chief executive, says: “the number of properties available to rent is 19 per cent lower than last year, while the number of new prospective tenants registering per member branch is up 27 per cent over the same period. This worrying mismatch between supply and demand continues to put pressure on rents.
“UK Governments need to stop tinkering around the edges of the problem and look to adequately incentivise the provision of desperately needed homes in the private rented sector.”
On the sales side, despite the economic challenges of recent months, Propertymark reports “no fundamental change.”
The average number of new buyers registered for each Propertymark agency branch is now 69, down from 86 in May. However, this time last year the figure was 72, so the change so far this summer has been modest.
The total number properties listed for sale at each branch is 32 on average; again this is down from May’s 36, but well ahead of a year ago when the number was just 22.
Meanwhile the average number of market appraisals conducted per member branch remained steady over the past month at 22.
Emerson adds: “Despite disappointing national economic news it’s encouraging that the number of valuations for sale conducted per branch has remained steady. And, of course, those coming to the market to sell are most often also looking to buy, which keeps the wheels turning for all.”