Renters staying put for longer and more landlords selling up, figures show
Renters are remaining in properties for nearly two years on average, according to an industry body.
Figures from Propertymark, which represents lettings and estate agents, said renters are staying put for 23 months on average.
It said a lack of available properties could be contributing to renters remaining in homes for longer periods, with just eight properties available to rent on average per member branch in March.
An average of 93 new rental applicants were registered per member branch in March, up from 78 in February.
As demand increases, there are also signs of more landlords selling up across the UK.
The average number of landlords withdrawing their properties in order to sell them stood at three per member branch in March, up from two in February.
Rental prices are also on the increase. Just over seven in 10 (71%) member agents reported rents increasing – a slight decrease from 74% in February but significantly higher than a year earlier when 60% reported rising prices.
Nathan Emerson, chief executive of Propertymark, said: “Our latest report shows that tenants are staying in properties longer.
“This is in part due to rock bottom levels of stock, meaning tenants have very little choice when looking to move.
“They will also find fierce competition is pushing up prices of what is available, often making it unaffordable to move.
“When an increase in tenants staying put for longer occurs, the churn of properties that would normally come back into the market begins to stagnate, feeding the issue further.”
Published: by Radio NewsHub