The great imbalance between tenant demand and available stock continues, according to the latest market snapshot from the letting agencies’ trade body Propertymark.
In February, Propertymark members reported that an average letting agent branch had 142 applicants registered on their books. This is a record high for the month of February and year on year a 73 per cent increase from February 2021 when agents recorded 82 applicants per branch.
This figure has been on an upwards trend since April 2017.
Of these applicants, an average of 78 were newly registered in the last month.
Agents in the South West of England reported the highest demand with an average of 195 applicants per branch, closely followed by the North East of England where agents reported an average of 184.
In February, Propertymark members reported that an average branch had just five properties available to rent.
Agents in the North West of England and East Midlands reported the lowest stock at an average of just two per branch with Wales close behind with an average of only three.
Propertymark chief executive Nathan Emerson comments: “There are many factors affecting the private rented sector which are impacting stock levels. Whilst in terms of rising rent prices it appears to be a good time to be an investor, once other factors are included yields can be much lower.
“Many landlords have struggled under the increasing legislative and financial pressures they are facing. As we await the Renter’s Reform White Paper it is clear more changes are on the way and it’s vital that the private rented sector is valued to avoid unintended consequences.”
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
.jpg)
.png)
Join the conversation
Jump to latest comment and add your reply
They are killing what they need to survive! Gen Rent, Shelter and the government are walking into a disaster of their own making, unlike tenants, we (Landlords) have choices, we have assets worth hundreds of thousands of pounds, most mortgage free…….if you carry on with this onslaught we will move our money somewhere else! It’s like watching an accident in slow motion. Tragic.
They ain't seen nothing yet, when section 21 is outlawed properties to let will be as rare as rocking horse droppings.
.....MEES. being raised to "C" which will cost Landlords many thousands of pounds per property.
Those Landlords that remain will have to increase the rents they charge to cover these extra costs
Well that is a surprise /s
I'm bidding adieu to the PRS: Tired of cleaning up tenant mess when they leave, tired of the cost of refurbishments (latest one £6,000), tired of tenant arrears and the endless excuses for not paying, tired of feeling like a pariah for being a landlord, tired of the financial bashing from Govt. I have one rental property left and will sell that one when the tenants move out.
I've had some lovely tenants over the years, more so when I started out as a landlord 20 years ago. What's gone wrong in the last few years? Tenants play the system, have no shame about rent arrears and leaving rubbish and mess when they go. Perhaps I've just been unlucky but Covid has made things worse and allowing pets in my properties was a big mistake.
I wish everyone could afford home ownership and there would be no need for the PRS. I understand how people are struggling in the current economic situation. Perhaps they'd take better care of a place if they owned it but it doesn't cost anything to keep a place clean or to get rid of your own rubbish.
I wonder how bad it will have to get for LL's before the pendulum starts to swing the other way to encourage LL's.
John Young - I simply do not see this happening ever, the PRS has had its day, the clock has moved onto BTR and i do not see any govt of the future wanting the small LL to be dealing in such a critical social infrastructure area as housing again, deep down i feel they see us as a pain and want it to go ' large scale ' and one they can then control far more easily. The writing is on the wall and only the very hardy will survive it.
The big boys are in on the game and are looking for the government to take out the competition. Which they are.
Spot on! 👍
Legal & General, Lloyds bank, London’s Mayor, all anti PRS political parties members, Scottish & Welsh MP’s are invested into the multi billion BTR market.
URL’s are not allowed here.
Just read up on Legal & General BTR investment of 7,000 homes, Knight Frank and Property Investor articles raising over £4 billion, and smaller developers inviting investments from £10,000 with 10% guaranteed annual returns & buy back deals, the big boys are definitely in the game - from U.K. (& abroad).
Yes Mr bhalia
Big American so called investors are into British
House building and letting, etc. hiding behind established British companies, and looting like mad. Not paying company tax either.
The love of money is the root of all evil
Please login to comment