Supply of rental property hits 18-month high
Supply of rental housing increased to reach an 18-month high in September, according to the Association of Residential Letting Agents.
Letting agents surveyed said that they managed on average 193 properties per branch, up from 183 in August and the highest level seen since April 2015.
Demand for rental properties also rose in September, with 40 prospective tenants registering interest per letting agent branch, compared to 37 in August. This is the highest level seen since February 2015.
David Cox, managing director of the Association of Residential Letting Agents (ARLA), said: “This month’s findings paint a really positive picture for renters. Although demand is rising, we’ve seen this happen gradually over the course of the year, and would expect it to slow again in line with seasonal trends over the next few months.
On the other hand, the supply of rental stock has risen astronomically, which suggest it’s not quite right that landlords are pulling out of the market as a result of Brexit. This is supported in our findings, which reveal the number of landlords selling their buy-to-let properties hasn’t changed since April, when three landlords were selling up per branch.
“The cost of renting is high in many parts of the country and until the Government converts its pledges and promises into bricks and mortar, we won’t see renters reach a position where they’re able to save to get on the housing ladder. It will be interesting to see how this is tackled in the upcoming Autumn Statement.”