The number of properties managed per ARLA member branch increased marginally in April, with agents managing 185 on average, up from 183 in March.
ARLA Propertymark’s (Association of Residential Letting Agents) April Private Rented Sector (PRS) Report found however that the number of properties managed per member branch fell by 32% from 148 in March to 101 in April.
The number of tenants negotiating rent reductions fell last month – 2.8% of agents witnessed tenants successfully negotiating rent reductions, whereas in March, 3.6% 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 landlords selling their buy-to-let (BTL) properties remained the same, with an average of four selling per branch. In March, the number of landlords selling up rose from three to four for the first time since November 2016, when the letting agent fees ban was announced.
Last month, tenants stayed in their rental accommodation for an average of 17 months, a decrease from 18 months in March. This is the first time since June 2016 the average length of a tenancy has dropped to a figure this low.
In April, ARLA Propertymark members had 65 prospective tenants registered per branch.
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 8 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.”