17th
Jan 2025
Recent data from an agents’ association reveals the lettings market is gradually achieving better balance even though supply continues to be undercut by demand.
On average, each agent’s branch saw seven applicants per available home in November, compared to a 11 to 1 ratio earlier in 2024.
The number of new prospective tenants slightly declined in November, averaging 92 per branch, while available rental properties reached a two-year high of 13 per branch.
Around 59% of agent members reported that rents remained mostly unchanged, while 17% noted a decrease and 24% reported an increase.
Commenting on its data a spokesperson for the association, says: “Legislation that will impact the lettings market across England is also moving at pace through Westminster in the form of the Righters’ Rights Bill. This will fundamentally change key rights for both renters and landlords and it remains imperative that this new Bill strikes a workable and fair balance for all involved.
“The lettings market remains extremely challenging, with long-running issues regarding an intense lack of rental stock across the UK. Throughout the last twenty years, we have seen renting more than double in popularity and there needs sensible support that encourages long-term investment within the sector.”
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