Rent rises reach record high: claims Propertymark

A record 68 per cent of letting agents reported that landlords raised rents in May, up from 67 per cent the previous month, according to Arla Propertymark.

The average number of new prospective tenants who registered with letting agent branches last month reached 97, which was a record for the month of May and up from 82 in April.

There was only a small increase in the number of rental properties per branch at an average of 203, up from 201 in April.

This was broadly in line with a year ago when there were 208 rental properties listed per branch.

The West Midlands was the region with the highest number of new tenants registered per branch with an average of 132, while Northern Ireland had the lowest figure at just 25.

Northern Ireland also had the lowest number of rental properties per branch at 25.

The Isle of Wight had the highest number of properties at 350.

Propertymark chief policy adviser Mark Hayward says: “Yet again we continue to see incredible demand from tenants with a record-breaking number of new prospective tenants registered per branch for the month of May, showcasing the continuation of a booming rental market. 

“We will be keeping a close eye on the sector in the coming months as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains fantastic to see rent continuing to flow this month.”



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