Lettings agents had record levels of property under management at the start of this  year, new figures claim – ahead of the fees ban which many suggest will result in costs being passed to landlords, who in turn will respond by self-managing.

ARLA Propertymark says the figure hit the highest level since it started recording the data in 2015.

The trade body’s December Private Rented Sector report also shows that the average number of properties letting agents managed per branch rose from 192 in November to 200 in December.

This is also  6% higher than December 2016 when agents managed 188 properties on average per branch.

ARLA also claims that the percentage of tenants experiencing rent increases remained at 16%, while the number of tenants successfully negotiating rent reductions decreased from 3% in November to 2.6% in December.

Demand was also up marginally from 58 registrations per branch in November to 59 in December.

David Cox, chief executive of ARLA Propertymark, said: “London is officially the most expensive city to rent a property in Europe.

“This could be due to the fact letting agents in the capital are only managing an average of 130 properties – 35% less than the national average and the lowest level in the country.

“We need to tackle housing stock to reverse this and stop seeing rents increasing for tenants. The cost of living is already rising at an unsustainable rate, and with the added pressures of rising rent costs, the dream of home ownership falls out of reach for many, even with the Government cutting Stamp Duty for first-time buyers.

“However, it’s positive that we finished the year with the number of properties available for tenants at a record high.

“Here’s to a positive year for renters: cheaper rents, good living standards and a rental market which works for everyone.”

Cox is due to appear before the Communities and Local Government Select Committee alongside Isobel Thomson, chief executive, National Approved Letting Scheme on Monday to give evidence to its inquiry into the private rented sector, as well as its continued examination of the Draft Tenant Fees Bill.