Supply of private rental properties available in London fell by a third in April according to ARLA Propertymark
According to the latest ARLA Propertymark UK Private Rented Sector report for April, supply of properties available in London fell by a third in April, while only rising marginally on average across the UK.
The number of tenants negotiating rent reductions fell last month – 2.8 per cent of agents witnessed tenants successfully negotiating rent reductions, whereas, in March, 3.6 per cent reported this happening. Furthermore, 24% of letting agents saw landlords increasing rents in April – a drop of one percentage point from March.
In April the number of properties managed per member branch increased marginally, with agents managing 185 on average, up from 183 in March. Tenants stayed in their rental accommodation for an average of 17 months, a decrease from 18 months in March.
David Cox, ARLA Propertymark Chief Executive, said: “Although the rental market in London has seen a large drop in the supply of properties available to rent, it’s a different picture in the rest of the UK where we have seen little or no change to activity since March. It’s likely we’re seeing the rest of the rental market outside of the Capital plateau as a result of the election in June, with renters potentially holding back on their property searches until after 8th June. It’s important that housing is at the top of the new Government’s agenda, as we have had two elections and a referendum in the last three years which is stalling the policy process meaning that we do not have the right houses available to provide the homes people need.”
Read the ARLA Propertymark UK Private Rented Sector report for April in full click here.