6th
Aug 2021
A report from a PRS trade body claims that the sector is in a very healthy position with one part of the document highlighting that in June the percentage of tenants who succeeded in negotiating rent, has fallen from 0.9 per cent in May to 0.7 per cent which is the lowest in the same month since the reports first started.
Another finding from the report is that 60 per cent of agents stated that landlords had ‘upped’ their rents, whereas in May it stood at 68 per cent which is far above June 2019’s previous record of just 55 per cent.
Members of the trade body have reported that there is a continual fall in rental stock availability with London ‘suffering’ the most, members properties on their books per branch dropped in June to 184 from the previous month’s 203.
But currently there is higher demand from renters for ‘homes’ with members’ branches reporting that in June there was an average number per branch looking for rental homes of 88, again this is a record breaker for the month of June since the report started.
Across the regions, the West Midlands came out first with the highest number of potential tenants with a massive 128 per branch, whereas Scotland was the lowest in June with only 34 per branch in month.
In Yorkshire & Humberside recorded the highest number of properties managed per letting agent branch with a figure of 288.
A spokesperson for the trade body, said: “It is brilliant to see rent continuing to flow this month with rent reductions at a record low for the month of June, showcasing the continuation of the current booming rental sector.
“We have a close eye on the overall sector for the rest of the year as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains fantastic to see new potential tenancies at a monthly high for June.”
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