The number of rental properties on letting agents’ books was 184 in July - the highest number seen so far in 2016 and up five per cent from June, painting a positive picture for prospective tenants post-Brexit.
However, year on year supply is down. In July 2015, the number of properties letting agents had registered reached an annual high of 189 – three per cent higher than this year.
In July, the majority of agents reported no change to rent prices, supply of properties and demand from tenants following the Brexit vote. Seven in ten (71 per cent) agents witnessed no change in rents, and six in ten (62 per cent and 61 per cent respectively) saw no movement in supply and demand. As in June, last month nearly two fifths (38 per cent) of letting agents saw no sign of market wobble following Brexit. Where there is uncertainty though, it comes from those looking to let properties, with 44 per cent agents reporting signs of uncertainty from landlords.
David Cox, managing director, Association of Residential Letting Agents, 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.
