London sees one-third drop in homes available to let, reports ARLA

ARLA Propertymark says the number of properties managed per member increased marginally last month, from 183 to 185 - but there was a very different picture in London.

In the capital, the number of properties managed per branch fell by 32 per cent from 148 in March to 101 in April.

ARLA Propertymark says the number of tenants negotiating rent reductions fell last month – 2.8 per cent of agents witnessed tenants successfully negotiating price cuts, whereas in March 3.6 per cent reported this happening. 

Some 24 per cent of letting agents saw landlords increasing rents in April.

Meanwhile the number landlords selling their buy to let properties remained the same, with an average of four selling per branch. 

In April, tenants stayed in their rental accommodation for an average of 17 months, a decrease from 18 months in March. This is the first time since June 2016 the average length of a tenancy has dropped to a figure this low.

There are 65 prospective tenants registered per branch.

“Although the rental market in London has seen a large drop in the supply of properties to rent, it’s a different picture in the rest of the UK where we have seen little or no change to activity since March. It’s likely we’re seeing the rest of the rental market outside of the capital plateau as a result of the election in June, with renters potentially holding back on their property searches” says David Cox, ARLA Propertymark chief executive.