Number of tenants searching for a home reaches new peak
The number of new tenants wanting to register on letting agents’ books has increased by 88% since February from 78 to a new peak in September of 147, according to the newest report from professional estate agent body Propertymark.
Whilst the number of tenants home hunting keeps climbing, the report found that the number of available homes to rent has come to a standstill. On average, each member branch has reported having just 11 properties available since June this year.
This figure means an average Propertymark letting agent would have just one property available for 13 new registrants in September. And that is on top of those already registered.
Nathan Emerson, Propertymark CEO, said: “The pressure is on for private landlords, and the situation is not improving. Raising interest rates, increasing legislation and tax burdens mean that many landlords are faced with increasing their rent to cover their rising costs or to cut their losses and sell.
“Landlords are being demonised recently, but in truth they provide homes for those who can’t be served by social housing or afford to buy. A good landlord provides a good home, and more and more people are relying on them.”