The number of residential properties on letting agents’ books reached its highest level of the year so far in July, according to the latest figures from the Association of Residential Letting Agents (ARLA).
There was an average of 184 rental properties on letting agents’ books last month, up 5% compared with the previous month, presenting prospective tenants with greater choice of rental stock.
But on annual basis, supply is actually 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. It was therefore no surprise to find that the majority of agents reported no change to rent prices last month.
Seven in ten (71% ) agents witnessed no change in rents, and six in ten (62% and 61% respectively) saw no movement in supply and demand.
As in June, last month nearly two fifths (38%) of letting agents saw no sign of the market collapsing post-Brexit. Where there is uncertainty though, it comes from those looking to let homes, with 44% of agents reporting signs of uncertainty from landlords.
David Cox (right), managing director, 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.”