The most recent report from ARLA Propertymark reveals that the number of rental properties available in London fell substantially in April.
From 148 properties per member branch in March, this figure fell to 101 in April – a drop of 32%.
Across the UK as a whole, the number of properties managed per branch actually rose, from 183 to 185.
24% of letting agents saw landlords increasing rents during April – a fall of just 1% from March.
The number of tenants negotiating rent reductions also slipped during the last month, with 2.8% of agents seeing rent reductions – down from 3.6% in March.
In April, the volume of landlords selling their buy-to-let properties remained constant to the previous month. In March, the number of landlords looking to sell-up increased from three to four per branch for the first time since November.
Supply of rental accommodation in London falls
What’s more, tenants were found to have stayed in their rental accommodation for an average of 17 months – a fall from the 18 months recorded in March.
David Cox, Chief Executive of ARLA Propertymark, noted: ‘Although the rental market in London has seen a large drop in the supply of properties available to rent, it’s a different picture in the rest of the UK where we have seen little or no change to activity since March. It’s likely we’re seeing the rest of the rental market outside of the Capital plateau as a result of the election in June, with renters potentially holding back on their property searches until after 8th June. It’s important that housing is at the top of the new Government’s agenda, as we have had two elections and a referendum in the last three years which is stalling the policy process meaning that we do not have the right houses available to provide the homes people need.’