The latest Propertymark data shows the lettings market becoming slightly more balanced, although the principle remains that supply is still sharply outpaced by demand.

The trade body was the average number of applicants per Propertymark branch was seven people for each available home in November (the latest data available). However, earlier in 2024 the ratio was 11 to 1. 

The average number of new prospective tenants dipped very slightly throughout November from 93 per branch to 92, while the average number of properties available for rent at each member branch jumped to a two-year high of 13.

Some 59% of Propertymark agents reported that rents remained generally static, with 17% reporting a fall and 24% reporting increases. 

Reporting the data, Propertymark chief executive Nathan Emerson says: “Legislation that will impact the lettings market across England is also moving at pace through Westminster in the form of the Righters’ Rights Bill. This will fundamentally change key rights for both renters and landlords and it remains imperative that this new Bill strikes a workable and fair balance for all involved.

“The lettings market remains extremely challenging, with long-running issues regarding an intense lack of rental stock across the UK. Throughout the last twenty years, we have seen renting more than double in popularity and there needs sensible support that encourages long-term investment within the sector.”