Housing supply in the private renting society continues to be an issue with increasing rents still putting tenants under pressure, according to Propertymark.
In the trade body’s most recent housing insight report, for September 2024, it was found that overall stock levels grew in September.
This was based on the average number of new property instructions per member in September, which increased from three per month to just under four.
However, overall stock levels and the average number of properties available to rent dipped slightly at the same time from 12 to 11.
This means demand has continued to outpace supply, with the average number of applicants per rental property still around 10 - which has been in this territory for much of 2024.
At the same time, Propertymark looked at ONS data that showed the average UK rent in September 2024 was 8.4% than 12 months before and 0.7% more than the month previous.
When assessing members, Propertymark found that while 50% of member agents reported rents remained static, 30% felt rents had increased.
Qualitative feedback from Propertymark members revealed that the Renters’ Rights Bill was a key area of concern for many landlords, which is feeding through to supply.
One member said: “There are not enough properties available to meet the demand and landlords are already considering selling as we get nearer to the Renters’ Reform Bill becoming a reality.
“The general feeling with landlords is that they are being unfairly penalised, and tenants are being given too many rights to the detriment of landlords.”
Another added: “Landlords are still leaving the sector, and the government is providing no incentives to attract investment hence, we are heading into a housing crisis.”
