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  • Writer's pictureSarah Ruivivar

Rental Market Imbalance: No Change, Warns Propertymark

Updated: Oct 30, 2023

Image Credits: LandlordTODAY

The rental market continues to teeter on the edge of imbalance, with no change in sight.

That's the latest from Propertymark, the UK's leading professional body for estate agents. Nathan Emerson, the Chief Executive, paints a picture of a market still grappling with a mismatch between supply and demand.

According to Propertymark's latest market snapshot, the number of new prospective tenants registering per branch dropped from 121 in August 2023 to 96 in September 2023. This is likely due to seasonal fluctuations in demand. However, the average number of properties available to rent per branch in September remained the same as in August, at 11 properties.

Despite the slight drop in tenant registrations, demand continues to outpace supply. Emerson points the finger at government legislation that disincentivises landlords, leading to a tight supply. This, in turn, is placing upward pressure on rents, although there are some signs of restraint in the recent figures.

On the sales side, buyer numbers have decreased from 81 in August to 60 in September. Again, this could be due to seasonal trends. The average number of viewings per property remained static in September at two, which is lower than the 18-month rolling average of three.

Emerson concludes: "Uncertainty continues to pervade the UK economy and the housing market in general." He suggests that while the interest rate hold in September was good news, it offers little respite for those who need to remortgage or those seeking leveraged entry into the housing market.

While the rental market imbalance continues, the hope is that the trend will level out in the short term. However, with the vast majority of properties continuing to sell below asking price, it seems the market is in for a bumpy ride.

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