Rental supply hits 2016 high
The number of rental properties on letting agents’ books is at the highest level this year so far, according to the Association of Residential Letting Agents.
Even better news for those looking to move into a rented property is that tenant demand fell marginally in July.
The number of rental properties on letting agents’ books was 184 in July. This is the highest number seen so far in 2016 and up 5% from June.
However, year on year supply is down. In July 2015, the number of properties letting agents had registered reached an annual high of 189 – 3% higher than this year.
Demand from prospective tenants for rental accommodation fell slightly, from 37 house-hunters per branch in June, to 36 in July.
Last month nearly two fifths (38%) of letting agents saw no sign of a market wobble following Brexit. Where there is uncertainty though, it comes from those looking to let properties, with 44% of agents reporting signs of uncertainty from landlords.
David Cox, managing director of the Association of Residential Letting Agents, said: “Despite reports that the housing market is spiralling out of control post-Brexit, our results paint a very different picture, and indicate that the future is bright for the rental market.
“Supply is up, as we’d expect at this time of year, and the number of tenants experiencing rent hikes hasn’t changed in three months. While we obviously need new houses to balance the growing gap between supply and demand, what’s positive is that the situation isn’t worsening as a direct result of June’s Brexit result.”