The number of new prospective tenants registered per member branch has been decreasing month-on-month since July 2023, reveals new data from Propertymark.
In October, the number of registrations stands at 86, a significant drop from the 124 seen in July.
Furthermore, a closer look at the data reveals that the average number of prospective tenants registered between January and October 2023 was broadly similar to the same period in 2022 (109 and 108 respectively.)
The average number of new tenancies agreed per member branch has remained relatively static since mid-summer, although Propertymark is braced for a downward turn as we edge closer to December.
Continuing last month’s trend, fewer agents reported seeing rising rents in their branches during October 2023 (44%) than during the previous three months (September 52%, August 68%, and July 71%).
In addition, the number of agents reporting falling rents rose from 4% in Sept 2023 to 14% in October, with a larger proportion of agents reporting a rise rather than a fall.
Propertymark says that although economic pressures may be abating, they have not entirely dissipated and the upward pressure on rents is likely to continue in the short term.
Toby Martin, regional executive for West Country at Propertymark, commented: “The end of the school holidays has caused the family homes market to slow down, meaning rents on those homes have levelled off or in some cases reduced slightly.
“Conversely, we have been overwhelmed by demand for city centre apartments, the supply of which continues to be dramatically insufficient.
“These homes attract such interest that we frequently receive multiple offers within a couple of days, usually without needing to place them on the property portals.
“Now that the Renters Reform Bill is finally gathering momentum, it has been interesting to gauge landlords’ reactions to the proposals.
“The general response has been one of cautious apathy, with most landlords conceding that little will change for those committed to offering good quality, long term accommodation.
“The recent amendments recognising the student tenancy cycle have been particularly welcome.”
