Rental demand still incredibly high, says Propertymark

There were 108 new applicants registered per Propertymark member lettings agency branch on average in January, compared to just 64 in December. 

New figures from the agents’ trade body indicate that 108 is only nine per cent lower than the figure in January 2022, suggesting demand remains strong in light of recent price increases.

The number of properties available to rent per member branch, meanwhile, remained steady at 10 in January.

However, Propertymark says that the steady state of supply cannot match rising demand, with an average of 11 prospective tenants registering for every available property in January.

Some 52 per cent of member agents reported rents remaining the same month-on-month on average at their branch in January.

Nathan Emerson, the body’s chief executive, says: “The number of applicants looking for to rental property rose sharply in
January, and although we have seen a slight increase in the number of properties available per member branch, it is nowhere near enough to keep in line with high demand.”

On the sales side, the average number of new prospective buyers registered per member branch rose from 39 in December to 70 in January. This jump in demand is a regular seasonal trend and suggests buyers have been waiting in the wings to start the hunt for their ideal home in the New Year.

The average number of viewings per property also rose in January compared to December. The average last month was 2.9 compared to a December low of 1.8.

Supply also rose by 80 per cent from December to January. The average number of new instructions per member branch picked back up to nine in January, compared to just five in December. The average number of sales agreed per member branch rose to six in January compared to a December low of four.

In January, 73 per cent of responding agents reported that most sales were agreed below the asking price.