The number of rental properties on letting agents’ books was 184 in July, according to the Association of Residential Letting Agents (ARLA).
This is the highest number seen so far in 2016 and up 5% from June.
However, year on year supply is down. In July 2015, the number of properties letting agents had registered reached an annual high of 189, 3% higher than this year.
ARLA also found that demand from prospective tenants for rental accommodation fell slightly, from 37 house-hunters per branch in June, to 36 in July
In July, the majority of agents reported no change to rent prices, supply of properties and demand from tenants following the Brexit vote. 71% agents witnessed no change in rents, and 62% and 61% respectively saw no movement in supply and demand.
As in June, July saw 38% of letting agents seeing no sign of market wobble following Brexit. ARLA said that where there is uncertainty however, it comes from those looking to let properties, with 44% agents reporting signs of uncertainty from landlords.
David Cox, managing director of ARLA, said: “Despite reports that the housing market is spiralling out of control post-Brexit, our results paint a very different picture, and indicate that the future is bright for the rental market. Supply is up, as we’d expect at this time of year, and the number of tenants experiencing rent hikes hasn’t changed in three months.
“While we obviously need new houses to balance the growing gap between supply and demand, what’s positive is that the situation isn’t worsening as a direct result of June’s Brexit result.”
