Private Rented Sector Report November 2022

Propertymark's monthly PRS Report for landlords in Preston, Leyland, Chorley and Blackburn

Pressure continues to come down on rents

SUMMARY

The average number of new prospective tenants registered per Propertymark branch remained low in November, while the number of available properties rose slightly. The rise in supply over demand has reduced pressure on rents, with the number of agents reporting month on-month rent price rises falling below 50 per cent for the first time since February 2021.

DEMAND – NEW TENANTS REGISTERED

Demand lowers again but still above average for time of year

An average of 77 new applicants were registered per Propertymark branch in November. This number has continued the drop off since September’s high of 147; however, it is still above the pre-pandemic average for November of 61. (2018–2019).

SUPPLY – WHAT DOES STOCK LOOK LIKE

Supply of available homes continues to hold

Propertymark members reported having 11 properties on average per member branch that were available to rent in November—up slightly from last month’s figure of nine.

RENTS

Rent rises no-longer the norm

49 per cent of Propertymark branches reported month-on- month rent prices increasing in November. This is down again since a high of 82 per cent in July.

Nathan Emerson CEO of Propertymark comments

“We are starting to seeing a decrease in demand, the knock on effect is that less agents are seeing rent rises. It’s possible that prices have peaked, and landlords are well aware that any more rises won’t necessarily be achieved. This is not all good news however, as landlords costs are still rising, leaving many facing a very real possibility of making a loss.”

You can download the full Propertymark report, including the sales market, here November 2022 Housing Insight Report

Source: Propertymark