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Rental property supply at highest level so far in 2016
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The total number of rental properties available through letting agents is at its highest level so far during 2016, according to a report from the Association of Residential Letting Agents.
In July, the number of properties on letting agents’ books stood at 184, a rise of 5%. This has moved to reassure a number of worried would-be tenants who were fearful off a post-Brexit drop.
Year-on-year however, supply is actually down. In July 2015, the number of properties available through letting agents stood at 189-three percent higher than this year.
Rental reaction
During July, the majority of agents recorded little change to rental prices, supply of property and demand from tenants. 71% saw no alteration in rents, with 62% seeing no movement in supply. 61% said that they hadn’t seen any substantial change in demand.
44% of agents reported that there was a slight sense of uncertainty from landlords looking to let properties.
Rental property supply at highest level so far in 2016
David Cox, managing director at the Association of Residential Letting Agents noted, ‘despite reports that the housing market is spiralling out of control post-Brexit, our results paint a very different picture and indicate that the future is bright for the rental market. Supply is up, as we’d expect at this time of year and the number of tenants experiencing rent hikes hasn’t changed in three months. While we obviously need new houses to balance the growing gap between supply and demand, what’s positive is that the situation isn’t worsening as a direct result of June’s Brexit result.’[1]
[1] http://www.propertyreporter.co.uk/landlords/rental-property-supply-at-highest-level-this-year.html
