10:31 AM, 21st November 2022, About 2 months ago
Propertymark, the body for property agents, says that the average number of new prospective tenants registered with each member branch in October fell by 42% on the month before.
This drop in demand will, they say, reduce pressure on rents, with another fall this month in the number of agents reporting month-on-month rent price rises.
An average of 85 new applicants were registered per member branch in October.
This number is down significantly since last month’s high of 147 but this is still above the pre-pandemic average for October of 72 (2018–2019).
Members report having nine properties on average per member branch available to rent in October — that’s down from September’s figure of 11.
The rate of rent rises is also falling with 68% of member branches reporting month-on-month rent increases in October.
That’s down again from July’s high of 82%.
Nathan Emerson, the chief executive of Propertymark, said: “We are now seeing a slight decrease in the number of prospective tenants registered per branch as due to the ongoing lack of supply, a hike in rent prices was seen across the UK.
“This should start to ease pressures on rents at a crucial time for many as the cost-of-living crisis continues to pinch at people’s finances.”
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