Latest figures from Propertymark show a distinct drop in demand from prospective tenants.

The letting agents’ trade body’s latest market snapshot refers to the end of October and shows that new tenants registrations per Propertymark branch dropped to 93, compared to 113 in September 2024 

The average number of new property instructions (managed and rent collection only) per branch, saw a slight decrease in October 2024 compared to the previous two months and is still an average. 

And overall stock levels and the average number of properties available for rent at each member branch, saw a marginal decline in October 2024 when compared to the month earlier.

In general, demand continues to outstrip supply, with the average number of applicants per member branch still hitting around nine people for each available property in October 2024.

The average number of new tenancies agreed per member branch stayed broadly static in October while average UK rents were 8.7% higher than in October 2023 and 0.9% higher than in September 2024 

In October 2024, 55% of member agents reported that rents remained generally static, with 17% reporting they had seen an overall fall, and nearly 27% reporting they felt rents had increased.

The level of rental arrears dipped slightly in October 2024. However, they remain within long-running parameters. 

The average void period fell slightly in October 2024. However, it remained slightly above the upper range in long- running parameters.

Nathan Emerson, Propertymark’s chief executive, notes: “Some positive trends are emerging despite the continued

problematic landscape of undersupply and rising demand. Agents report a healthy number of rental properties on their books that currently are not witnessing widespread rental increases. 

“This has been a key issue due to landlords’ raised mortgages and other costs requiring them to push up rents to, in many cases, so they just, break even.

“We continue to raise concerns regarding the lack of support for investors, as demand from renters continues to rise against a backdrop of static stock levels.”