Despite the amount of available stock increasing rents are still continuing to rise in June, the latest PRS report from Propertymark has found.
The trade body said that the average number of properties available for rent per member branch had been gradually rising over the past few months, but the vast majority (80%) of agents responding to its survey reported rents continuing to increase month-on-month in June.
Its members reported having 11 properties on average per member branch that were available to rent in June.
There has been a steady increase in available properties since February’s low, however, agents reported to signing up 11 new tenancies on average per member branch.
An average of 93 new applicants were registered per member branch in June. This number has remained fairly steady over the past four months.
80% of member agents reported month-on-month rent prices increasing in June. Pressure on rents has been steadfast since spring last year.
Nathan Emerson, CEO of Propertymark, said: “It is good to see a slight increase in stock levels this month, but with that being said, this barely scratches the surface on what is needed in order to limit the ever-widening gap between supply and demand.
“There is a decreasing number of incentives for landlords to remain within the sector, especially with the many incoming regulatory pressures on the horizon.
“We need reassurance from all Governments that they will address this increasingly pressing issue and in turn, ease the pressure within the private rented sector.”
