The latest PRS report from ARLA Propertymark has shown that the number of tenants looking for new homes increased to the highest level seen since September 2017.
- The number of new tenants registered per letting agent branch increased from 71 in June to 79 in July.
- Year on year, demand is up 13%
- Supply of available properties has fallen from 191 in June to 184.
David Cox, chief executive at ARLA Propertymark, said: “Buy-to-let investors are being pushed out of the market by increasing costs and continued regulatory change, and new landlords are being deterred from entering.
“Last month, an average of four landlords took their properties off the market per branch, up from three this time last year – and as supply falls, competition among tenants increases, which pushes up rent costs.
“Almost a third saw their rents rise last month, and although this figure was down from June, it’s still far too high. To put tenants back in the driving seat, we need more homes available to rent, and the only way this will be achieved is if the Government makes the market more attractive for BTL investors.”