Last month, Propertymark members revealed that an average letting agent branch had 142 applicants registered on their books - a record high for the month of February and a 73% rise against February 2021 when agents recorded 82 applicants per branch.
This figure has been on an upwards trend since April 2017 and of these applicants, 78 on average 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.
Property availability
February saw Propertymark members report that an average branch had just 5 properties available to rent - a 44% decrease from a 4-year average of 9. A downward trend that Propertymark’s data shows Started to fall in March 2021.
Agents in the North West of England, East Midlands reported the lowest stock at an average of 2 per branch with Wales close behind with an average of 3.
Nathan Emerson, commented: “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.”