Demand for rental homes continued to significantly outstrip supply in June, with an average of nine prospective tenants for every property available, according to Propertymark.
The average number of new prospective tenants registering at each member branch dipped slightly to 96 during the month, while available stock also edged down to 11.25 properties per branch.
New fully managed instructions remained broadly unchanged at an average of 3.02 per branch, while the number of new tenancies agreed fell slightly from the previous month to 8.15.
Propertymark’s Housing Insight report showed rents remained broadly static for most agents. Some 63% reported no overall change in June, compared with 29% who said rents had increased and 8% who reported a fall.
Separate ONS figures included in the report showed average UK rents were 3.3% higher than a year earlier and 0.3% above May levels. Average monthly rents stood at £1,442 in England, £1,012 in Scotland and £843 in Wales.
The average void period increased to just over three weeks in June, while the level of rental arrears reported by member agents edged up to 2.3%.
Phil Spencer, founder of Move iQ, said: “In lettings, demand continues to significantly outstrip supply, although longer void periods and reports of rents easing in some areas suggest a more nuanced market.
“As we enter the second half of the year, economic conditions and the Autumn Budget will be important factors. Realistic expectations will remain key for buyers, sellers, landlords and tenants.”
