The average number of available rental properties at letting agencies jumped to a two-year high last November, although demand continues to outpace supply.

Propertymark’s latest Housing Insight report reveals that there were 13 properties on their books, up from 11 in October, and less than nine early last year. However, the average number of applicants per member branch is still around seven people for each available property.

The report - based on a monthly survey of 100 Propertymark letting agents – also reveals that the average number of new prospective tenants registered per member branch only fell to 92 in November compared with 93 the previous month. The average number of new tenancies agreed stayed broadly static at nine.

Static

In November, UK rents were 9.1% higher than November 2023 and 1% higher than in October; in November 2024 the average rent was £1,362 in England, £990 in Scotland and £772 in Wales. Propertymark says 59% of member agents reported that rents remained generally static, with 17% reporting they had seen an overall fall and nearly 24% reporting that rents had increased.

Meanwhile, rental arrears jumped to 2.7% of properties in arrears per branch but this was still an improvement on 12 months earlier when it stood at 4.2%

Workable

CEO Nathan Emerson says in the light of these figures, it’s imperative that the Righters’ Rights Bill strikes a workable and fair balance for all involved.

“The lettings market remains extremely challenging, with long-running issues regarding an intense lack of rental stock across the UK,” he adds. “Throughout the last 20 years, we have seen renting more than double in popularity and there needs sensible support that encourages long-term investment within the sector.”

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