The agents’ trade body ARLA Propertymark says more records have been set in the lettings market in terms of tenant demand.
It says that the average number of new prospective tenants registered per branch jumped in May to 97, from April’s figure of 82.
Year-on-year this is the highest figure on record for the month of May, with the previous May high being 70 prospective tenants registered per branch last year.
Regionally, the West Midlands had the highest number of new tenants registered per branch with an average of 132. However, the number was lowest in Northern Ireland where there was only an average of 25.
Across the UK the number of tenants experiencing rent increases rose slightly in May, as 68 per cent of agents saw landlords increasing rents compared to 67 per cent in April.
Year-on-year this figure is almost five times more than during May last year, and the highest ever figure on record for May.
In terms of supply the number of properties managed per letting agent branch rose from 201 in April to 203 in May.
Year-on-year this is slightly less than during May last year when the figure stood at 208.
Regionally, The Isle of Wight had the highest number of properties managed per letting agent branch with a figure of 350. Stock was the lowest in Northern Ireland with an average of just 25 properties managed per branch.
The number of tenants successfully negotiating rent reductions fell from 1.3 per cent in April to a mere 0.9 per cent in May. This is the lowest number recorded during the month of May since records began.
Propertymark’s chief policy adviser Mark Hayward says: “Yet again we continue to see incredible demand from tenants with a record-breaking number of new prospective tenants registered per branch for the month of May, showcasing the continuation of a 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 any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains fantastic to see rent continuing to flow this month.”
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