The rental market continues to be fuelled by high demand and low supply. The UK-wide reform of this part of the market is continuing to affect the sentiment of landlords.
Since April, the number of properties for sale has risen from 20 to 30 — an increase of 50 per cent.
The number of agents reporting average price agreed at or above the asking price has fallen to 48 per cent, suggesting some of the intense heat is coming out of the market. But this is also well above the pre-pandemic average of only 22 per cent.
Autumn market shows resilience
The number of new buyers registering with an agency in September held at 83 (very similar to last month). Numbers registering were up slightly last month over July, indicating the start of an uptick for the autumn season. While the pickup has held, it has not increased any further, suggesting there may be some hesitancy among new buyers given rising interest rates.
High demand not letting up
The number of new tenants registered reached a new peak at 147 per agency on average in September but the supply of available homes to rent has not risen in the last four months.
This number has continued to rise despite the recent rise in rents.