The great rent rise continues according to new data from ARLA Propertymark.
The trade body says while there has been a long term increase in the availability of properties to rent since February, demand from prospective tenants has also risen.
ARLA members reported having 10 properties on average per member branch that were available to rent in May. This is very similar to April’s figure, suggesting that little has changed in terms of new stock levels since last month.
An average of 113 new applicants were registered per member branch in May.
This is up since February when 78 new applicants were registered on average.
The association says such a slow and steady rise appears to mirror the increase in available lets. As rises in demand match increases in available homes, pressure on rents is set to continue.
Agents reported in May that the average void period between tenancies is below two weeks. This is over a week less than the long-run average for May which is a little over three, established between 2015 and 2019.
Some 79 per cent of member agents reported month-on-month rent prices increasing in May.
Propertymark chief executive Nathan Emerson comments: “Pressures on the sector are not easing, especially in England given that the recent Renters’ Reform White Paper has now been published.
“What's important is that landlords understand that this paper is a set of proposals and that there is still a process of debate and discussion before any legislation is brought in.
“The UK Government have also committed to ensuring landlords have access to their properties via a revised section 8 notice.
“Given the ever-widening gap between supply of homes and demand, it is crucial that Government’s across all nations prioritise reforms that incentivise new and existing investment in the sector.”
We're excited to announce that we're working on building a shiny new website for readers of Landlord Today! As part of this process, commenting on articles will be temporarily disabled. We look forward to sharing our new and improved Landlord Today website with you shortly!
For the second month running the number of prospective tenants registered...
Letting agents’ trade group ARLA Propertymark is raising the alarm over...
A new guide from Propertymark explains the rights which private rental...
It’s taking longer and longer for property sales to move from...
.png)
The UK property market is on the cusp of significant change...
Landlords, if you haven't heard of it until now, it's time...
(1).png)
As a seasoned landlord, you've likely witnessed the UK property market's...
Managing rental properties, whether you have a few or a dozen,...
Congratulations on taking the leap into becoming a landlord! Property investing...
Twenty twenty-four is a pivotal year for landlords in the Private...
There wasn’t much by way of good news in the Spring...
National Landlord Investment Show has announced that the former Leader of...
We are thrilled to report that the first National Landlord Investment...
Landlords play a crucial role in providing safe and comfortable housing...
.jpg)
Calling all landlords, Investors and property professionals: National Landlord Investment Show...
In the buy to let market, success goes beyond the transaction...
Mohammed Sharaz, a landlord from Bradford, recently seized an opportunity to...
We believe a well-functioning housing system is one that meets everyone’s...
If you are a landlord looking for the silver lining in...
This year is set to bring sweeping rental reforms that will...
Landlords are exiting the market in droves. According to an accountancy firm...
%20(002).png)
Newable Finance, the finance brokerage & advisory arm of Newable, launches...
Homes in the rental sector are more likely to have old...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you, and what does it say on...
