Data collected from Propertymark members continues to indicate signs of ongoing disparity in supply and demand with tenants remaining in their properties for longer periods of time.
An average member branch reported having just eight properties that were empty and freely available in March. This figure has improved since February’s figure of five.
Also, an average of 93 new applicants were registered per member branch in March which has increased significantly compared to 78 per branch recorded in February.
Nathan Emerson, CEO at Propertymark, said: “Our latest report shows that tenants are staying in properties longer. This is in part due to rock bottom levels of stock meaning tenants have very little choice when looking to move. They will also find fierce competition is pushing up prices of what is available often making it unaffordable to move.
“When an increase in tenants staying put for longer occurs, the churn of properties that would normally come back into the market begins to stagnate, feeding the issue further. Agents have been warning of the adverse effects of landlords leaving what they feel to be a hostile market. Property investment, like any form of investment, needs to be financially viable and with adequate risk mitigation. Many landlords feel their rights are being eroded, meaning they are more likely to sell.”