Is the rental market starting to slow?
Both supply of rental properties and demand from prospective tenants were down in October, according to ARLA Propertymark.
The trade association for letting agents found that the number of properties letting agents managed per branch fell to a 12-month low. On average, each branch had 182, down from 189 in September. This figure has not been so low since October 2016, when agents manged 180 on average.
Demand for rental homes dipped too last month, from 79 prospective tenants registered per branch in September, to 69.2.
Fewer rent rises
The organisation also found that the number of tenants experiencing rent increases fell to its lowest level since December 2016.
Just over a fifth (22%) of agents saw landlords hiking rent costs, down from 27% in September, and an August high of 35%.
The number of tenants negotiating rent reductions was up slightly from 2.4% in September to 2.5%.
David Cox, ARLA Propertymark chief executive, said: “While this time of year is one of the busiest for people buying and selling properties, it’s typically slower for the rental market.
“A large number of tenancies are agreed over the summer, meaning both supply and demand are usually lower in the Autumn.
“However, a lot are also agreed in the New Year and if stock remains low, competition for properties among prospective tenants will increase, which will in turn push rents up, so we must see an increase in supply over the next two months.”