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Posted on January 4th 2024 by movingin-adm
Lettings Market Problems – supply-demand mismatch through to Christmas
New figures released this week by Propertymark reveal that even in the run-up to Christmas there was no significant change in the frantic lettings market.
The number of new prospective tenants registered per Propertymark agency branch remained static and supply remained much the same as before – the end result being that there were nine prospective tenants competing for each available rental property.
However the agency trade body, in its latest market snapshot, says there were fewer reports of rent rises in the lead-up to Christmas than in earlier months. Rental arrears also rose late in 2023 and while it is still relatively low – under 3.5 per cent of all tenancies have any arrears at all – this is higher than before.
Nathan Emerson is chief executive of Propertymark, says: “Economic uncertainty continues to pervade the UK economy and housing markets. In the lettings sector, supply and demand remain relatively static, but imbalanced with the equivalent of nine new applicants for each available property … Although rents continue to rise in key segments, around a quarter of our members reported rent falls. In the sales sector … there are strong indications that the market is cooling in general.”
Original article from Letting Agent Today
https://www.lettingagenttoday.co.uk/breaking-news/2024/1/lettings-market-problems–supply-demand-mismatch-through-to-christmas
