‘Worrying mismatch’ as 13 new prospective tenants register per available home

A “worrying mismatch” between demand and supply added pressure to the rental sector in June, with an average of 13 new prospective tenants registering per available property, according to an industry body.

In June this year, there were 19% fewer properties typically available to rent across the UK, per member branch, than in June 2022, Propertymark, which represents estate and letting agents, said.

It said an average of nine rental properties were available per member branch in June 2023.

The number of new prospective tenants registered per member branch remained strong in June, with 118 prospective tenants registering on average, which was 27% higher than June 2022.

Around six in 10 (62%) agents reported rents increasing month-on-month on average at their branch in June, Propertymark said.

Nathan Emerson, CEO of Propertymark, said: “In terms of lettings, the number of properties available to rent is 19% lower than last year, while the number of new prospective tenants registering per member branch is up 27% over the same period.

“This worrying mismatch between supply and demand continues to put pressure on rents.”

Looking at the house sales market, Propertymark said the average number of new prospective buyers registered per member branch fell to 69 in June. Demand was 5% lower in June compared with the same month last year.

In June, the average number of viewings per available property was 2.6, compared with 3.3 in April.

The stock of properties available per member branch was 32 on average in June, which was 23% higher compared with June 2022.

The average number of sales agreed per member branch held at seven in June – the same figure as the previous month.

Mr Emerson added: “Those coming to the market with a home to sell are most often also looking to buy, which keeps the wheels of the market turning for all.”