In February, Propertymark members reported that an average letting agent branch had 142 applicants registered on their books. This is a record high for the month of February and a 73% increase from February 2021 when agents recorded 82 applicants per branch. This figure has been on an upwards trend since April 2017.

Of these applicants, an average of 78 were newly registered in the last month. Agents in the southwest of England reported the highest demand with an average of 195 applicants per branch, closely followed by the northeast of England where agents reported an average of 184.

In February, Propertymark members reported that an average branch had just five properties available to rent. This is a 44% decrease from the four-year average of 9. A downward trend that Propertymark’s data shows started to fall in March 2021.

Agents in the East Midlands reported the lowest stock at an average of 2 per branch with Wales close behind with an average of 3.

Nathan Emerson, CEO at Propertymark, commented: “There are many factors affecting the private rented sector which are impacting stock levels. Whilst in terms of rising rent prices it appears to be a good time to be an investor, once other factors are included, yields can be much lower.”