Credit, Collections & Insolvency News
A new peak in the number of people looking for a home to rent is fuelling a rise in renters choosing to renew their existing tenancies rather than moving according to new research by Propertymark
The research found that 73 per cent of agents say they have seen an increase in the number of tenants renewing their tenancies over the past 12 months. With the recent lack of stock, it suggests many tenants are preferring to stay put rather than move.
An average of 127 new applicants were registered per member branch in July. This number has been on a slow upward trend since February.
However rental firms reported only having 11 properties on average per branch that were available to rent in July— the same figure as June.
There is a shortfall between supply and demand led to 82% of agents reporting month-on-month rent prices increasing in July — a new record for the body which has 18,000 members.
Propertymark Chief Executive Nathan Emerson said “The private rental market continues to be battered by the perfect storm of high demand, low availability and affordability issues that shows no sign of easing.”
“Governments across the UK are all engaged in a tenant-focussed reform of their private rental sectors.
“They also need to consider the heavy tax burden on property owners, the impact of more profitable and less regulated short-term lets, many of which stand empty for part of the year, and the lack of new homes being built to cope with the varied needs of a growing population.”