‘Worrying mismatch’ as 13 new prospective tenants register per available home

The rental sector in the UK continues to face mounting pressure with demand significantly exceeding supply, leading to a "worrying mismatch," according to Propertymark, an industry body representing estate and letting agents.

In June of this year, there were 13 new prospective tenants registered per available home, and 19% fewer properties available for rent across the country per member branch compared to June 2022, Propertymark reported. On average, there were only nine rental properties available per member branch in June 2023.

Despite the limited supply, the number of new prospective tenants registering per member branch remained high in June, with an average of 118 prospective tenants registering, marking a 27% increase compared to June 2022.

Propertymark also highlighted that around 62% of agents reported month-on-month rent increases at their branches in June. Nathan Emerson, CEO of Propertymark, expressed concern over the widening gap between supply and demand, saying: "In terms of lettings, the number of properties available to rent is 19% lower than last year, while the number of new prospective tenants registering per member branch is up 27% over the same period. This worrying mismatch between supply and demand continues to put pressure on rents."

Shifting focus to the housing sales market, Propertymark revealed that the average number of new prospective buyers registering per member branch dropped to 69 in June. Demand was 5% lower compared to the same month last year. Furthermore, the average number of viewings per available property decreased from 3.3 in April to 2.6 in June.

However, there was a silver lining in the form of an increased stock of properties available per member branch. In June, the average