ARLA says its letting agent members have an average of 37 prospective tenants registered per branch – the highest number since June, following a post-referendum dip.
The association’s survey is small, based on just 186 member branches, but it says that while during the first half of this year there were signs that demand was cooling off, as each month figures were down year on year from 2015, over the last three months demand has been up year on year.
Meanwhile the number of rental properties on letting agents’ books stood at 183 in August, down marginally from July when there were an average of 184 properties managed per branch.
Year on year supply was up by three per cent; last August, agents managed 178 properties on average.
The association also says the number of tenants negotiating rent reductions rose in August to the highest levels seen since records began at the start of last year. Members reported that 3.0 per cent of tenants secured a rent reduction last month, compared to 2.1 per cent in July.
It says Brexit uncertainty appears to have had very little real impact on the rental market; in August the majority of members reported no change in rent prices, supply of available properties, or demand from prospective tenants following Brexit.
“We’re not seeing anything across supply or demand that is out of the ordinary, and while demand is at high levels, this is being matched with a decent volume of properties on the rental market. What’s good is that more tenants are managing to successfully negotiate rent reductions, and that agents and landlords seem to be responding well to this” says ARLA managing director David Cox.
