The lettings market in the UK is witnessing an impressive growth with a substantial increase in viewings and lease signings between April-June 2018.
According to a joint report by Reapit and Dataloft, the residential property market intelligence consultancy, the lettings market is seeing traction with viewings up 13.3 per cent year-on-year and lease signings up 3.5 per cent.
Quoting the findings, ARLA (Association of Residential Letting Agents) predicted a rise in rental prices over the coming year. “Although the research shows that rents have stayed broadly flat over the past year, declining supply and increased viewings of the remaining properties available to rent indicates that there will be a further tightening of the supply in the near term,” ARLA said in a statement.
Some of the findings from the new report echo ARLA’s research. For example, ARLA Propertymark August PRS (Private Rented Sector) report showed that on average four landlords per branch decided to sell up in August alone, with similar results the previous few months too, further squeezing the rental market.
Reapit too noticed strong market indications – upwards of 10 per cent of landlords were actively considering selling their properties. Multiple vendors have also reported similar information, leading to a tightening of the supply in the near term.
The ‘Residential Real Estate Demand Monitor - Rental’ report is a quarterly analysis of the UK’s residential property rental market. It combines data from a representative sample of lettings agency branches across the UK.