Throughout August, demand from prospective tenants for homes in the UK increased while supply slightly lowered.
The latest private rental sector report by the Association of Residential Lettings Agents (ARLA) shows that the outlook for the rental market is positive. The monthly report’s data reveals that letting agents on average had 37 prospective tenants per branch, the highest since June.
Through the first six months of the year, it had seemed like demand in the rental market was lowering as figures were down when compared to each month’s figures in 2015. Since then, however, the past three months’ demand has been up year on year.
Supply is only down slightly from July’s average of 184 properties to 183 now. Year-on-year supply, however, is up three per cent.
William Naylor, director at Naylors Estate Agents, commented: “The market seems to be remaining in good shape. There is still a decent amount of properties on the market to cope with the volume of possible tenants.”
In August some 51 per cent of ARLA members reported some signs of uncertainty in residential rent following Brexit. However, Brexit seems to have had little impact on the rental market as the majority of members reported no change in rent prices, supply of available properties, or demand from prospective tenants following the referendum result.
The buoyancy of the rental sector may be appealing to those with a vacated property and now may be the best time to make use of it.
Agents for landlords and tenants in Market Harborough
If you are a prospective tenant looking for housing in Harborough or are a landlord looking to fill an empty property, contact Naylors Estate Agency today on 01858 450 020.