Properties to rent
The number of properties managed per letting agent branch increased from 196 in October to 212 in November. Although this is slightly lower than during October 2020 when the figure stood at 214.
Regionally, Scotland had the highest number of properties managed per letting agent branch with a figure of 304. However, the rental stock was the lowest in Wales with an average of 106 properties managed per branch.
The East Midlands had the highest number of new tenants registered per branch with an average of 134. Wales recorded the lowest number, where there was only an average of 26 new prospective tenants registered in November.
The number of tenants experiencing rent increases fell for a third month with 58 per cent of agents seeing landlords increasing rents compared to 68 per cent in October. This is the lowest rate increase since February, where rent increases stood at 49 per cent.
Tenants who successfully negotiated rent reductions increased from 0.8 per cent in October to 0.9 per cent in November. However, this is the lowest number recorded in the month of November since records began.