Rent increases reducing in volume for three months on the run

For the third successive month the number of landlords increasing rent to tenants has dropped, according to the latest data from letting agents.

ARLA Propertymark says just 28 per cent of agents have seen their landlord clients increasing rents during November; back in October the figure was 37 per cent and in September it was 40 per cent. 

The November figure is four per cent down on this time last year.

The number of new prospective tenants fell last month to an average of 65 prospective tenants registered per branch from an average of 88 in October. 

Regionally, the North West had the highest number of new tenants registered per branch with an average of 121, and Northern Ireland recorded the lowest number with an average of 26 registered per branch in November.

The number of properties managed per letting agent branch rose slightly from 213 in October to 214 in November. 

Year-on-year this is an all-time high for the month of November, with the previous record being 202 in November 2019.

The number of landlords selling their buy-to-let properties remained the same as October at four per branch in November. Year-on-year this is the same figure as November 2019.

“The consistency in this month’s figures exemplify the steadying wider rental market, with letting agents continuing to support landlords and their tenants during these ongoing difficult times” explains Propertymark chief policy adviser Mark Hayward.

He adds: “The continuing fall of increased rents in particular is testament to the understanding being shown across the sector. As the UK experiences ever changing lockdown measures and regional restrictions, it is vital that tenancies are maintained to keep the rent flowing, as the stability of the private rental sector is essential to the wider economy’s bounce back from the Covid-19 crisis.”

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