Supply of rental property in London drops by a third
The supply of properties available to rent in London fell by a third in April, according to ARLA Propertymark (Association of Residential Letting Agents).
The number of properties managed per member branch in the capital fell by 32%, from 148 in March to 101.
The organisation found that across the UK there was a marginal rise in the number of properties managed per member branch, with agents managing 185 on average, up from 183 in March.
ARLA also found that rents are rising across the UK. A quarter of agents saw rent increases for tenants, while the number of tenants negotiating rent reductions decreased to just 2.8%.
David Cox, ARLA Propertymark chief executive, said: “Although the rental market in London has seen a large drop in the supply of properties available to rent, it’s a different picture in the rest of the UK where we have seen little or no change to activity since March. It’s likely we’re seeing the rest of the rental market outside of the Capital plateau as a result of the election in June, with renters potentially holding back on their property searches until after 8th June.
“It’s important that housing is at the top of the new Government’s agenda, as we have had two elections and a referendum in the last three years which is stalling the policy process meaning that we do not have the right houses available to provide the homes people need.”