New landlords should be enticed into the sector as rental stock dips across the UK, says industry body Propertymark.
Its latest PRS report reveals that member agents had an average of just six properties that were empty and available for rent in each branch, while in London it was only four – a 71% drop from last December when the figure stood at 14.
The average number of new prospective tenants in December was the highest on record for the month, at 67 per branch; regionally, the West Midlands had the highest number with 106 and the lowest was in Wales where an average of 21 new prospective tenants registered last month.
The number of properties managed per member agent branch dropped from 212 in November to 204 in December, in line with the previous year. Humberside had the highest recorded number with an average of 313, while London – with an average of 131 properties managed per branch – had the lowest.
Propertymark reports that 56% of member agents reported rent prices increasing, which is an overall fall for the fourth consecutive month.
CEO Nathan Emerson (pictured) says as the private rented sector was under the microscope of policy makers last year and house prices boomed, some landlords decided to exit and consider other options.
“It’s important that new landlords are enticed into the market to provide much-needed homes,” he explains. “In particular, the London market has been uniquely affected by the pandemic with many people leaving the city as commuting routines relaxed.
“What we are seeing now is as people look to return to London, the landlords that were there before have left also. The lack of homes not only pushes up prices but puts more pressure on to social housing systems.”
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