Boom! Unprecedented demand from tenants according to agents
There’s now an unprecedented level of demand from tenants for properties, according to the latest survey findings from ARLA Propertymark.
The survey applies to agency activity last month which shows an average of 82 tenants registered per agency branch, by far the highest figure on record for the month of April – the previous highest, in April 2018, was 72 per branch.
Regionally, Wales had the highest number of new tenants registered per branch last month with an average of 133. However, Scotland – the lowest – saw only an average of 26 new prospective tenants registered in April.
The number of tenants experiencing rent increases jumped in April as 67 per cent of agents saw landlords increasing rents, compared to 60 per cent in March. This figure has more than doubled since April 2019 when the figure stood at 33 per cent.
The number of properties managed per letting agent branch rose marginally from 193 in March to 201 in April. This is slightly down on April 2019 when the figure stood at 202.
The number of tenants successfully negotiating rent reductions fell from 1.7 per cent in March to 1.3 per cent in April.
Mark Hayward, chief policy advisor at Propertymark, says: “We continue to see unprecedented demand from tenants with a record breaking number of new prospective tenants registered per branch for the month of April, showcasing the booming rental market.
“We will be keeping a close eye on the sector in the coming months as the current strength of the sales market may be off putting to private rental investors, and talk of a potential impending taxation on property will be a concern for all types of landlords, but ultimately it is positive to see rent continuing to flow this month.”