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

Pressure on rents easing

SUMMARY

The average number of new prospective tenants registered per Propertymark branch in October fell by 42 per cent on the month before. This drop in demand will reduce pressure on rents, with another fall this month in the number of agents reporting month-on-month rent price rises.

NEW TENANTS REGISTERED

Demand drops during economic uncertainty

An average of 85 new applicants were registered per Propertymark branch in October. This number is down significantly since last month’s high of 147 (down 42 per cent); however, it is still above the pre-pandemic average for October of 72 (2018–2019).

WHAT DOES STOCK LOOK LIKE?

Supply of available homes continues to hold

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

RENTS

Rents’ rises less common

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

Nathan Emerson CEO of Propertymark comments

“We are now seeing a slight decrease in the number of prospective tenants registered per branch as due to the ongoing lack of supply, a hike in rent prices was seen across the UK. This should start to ease pressures on rents at a crucial time for many as the cost of living crisis continues to pinch at people’s finances.”

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

Source: Propertymark