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Demand for Rental Property Hits 20-Month High in September

The number of tenants per lettings branch in the UK has risen further in September, in line with expectations of a steady increase in demand for rental property, says ARLA.

The number of tenants per lettings branch in the UK has risen further in September, in line with expectations of a steady increase in demand for rental property, says ARLA.

According to the Association of Residential Letting Agents (ARLA), demand for rental property has risen, with the number of prospective tenants per letting branch increasing from 37 in August to 40 in September – the highest number since February 2015.


Supply of buy-to-let properties has also risen to new highs, with the number of properties that are managed per branch increasing from 183 in August to 193 in September – the highest level of supply since April 2015.


Regionally, demand in the East of England and London stands well-above average, with branches in these locations dealing with an average of 45 tenants. On the other hand, demand remained the lowest in Northern Ireland with the number of tenants per branch standing at 7.


Tenants in Wales and the East of England were most likely to experience rent hikes in September, with the number of agents reporting rental increases set at 50%. Conversely, in London, agents witnessing a rise in rents fell to just 12%.


In their monthly report, ARLA also highlights that the number of letting agents across the UK which reported landlords selling their buy-to-let properties has not changed since April, suggesting that landlords are not pulling out of the markets following the EU referendum results, contrary to post-Brexit speculation.


Moreover, ARLA also found that the average tenancy length across the UK is 18 months, with tenants in the West Midlands, South East and South West typically staying for an average of 20 months instead.


Last week, a survey by the Royal Institution of Chartered Surveyors (RICS) found that private housing gained the strongest momentum post-Brexit, with 27% of respondents in the sector reporting an increase in construction activity over the last quarter.