Need a place to rent? Rental stock is at a record high
The average number of properties managed by letting agents rose to 200 in December – the highest since records began, according to ARLA Propertymark.
The trade body said this is 6% higher than December 2016 when agents managed 188 properties on average per branch and 4% up on the previous month.
But while supply was boosted, the number of tenants looking for a rental home also rose in December.
Demand for rental properties increased marginally last month, from 58 prospective tenants registered per branch in November, to 59.2 in December.
David Cox, chief executive of ARLA Propertymark, said: “London is officially the most expensive city to rent a property in Europe. This could be due to the fact letting agents in the capital are only managing an average of 130 properties – 35% lower than the national average and the lowest level in the country. We need to tackle housing stock to reverse this and stop seeing rents increasing for tenants.
“However, it’s positive that we finished the year with the number of properties available for tenants at a record high. Here’s to a positive year for renters; cheaper rents, good living standards and a rental market which works for everyone.”