Propertymark's monthly PRS Report for landlords in Preston, Leyland, Chorley and Blackburn
High demand not letting up
The number of new tenants registered reached a new peak at 147 on average per member branch in September but supply of available homes to rent has not risen in the last four months.
NEW TENANTS REGISTERED
Demand remains high
An average of 147 new applicants were registered per Propertymark branch in September. This number has continued to rise despite the recent rise in rents.
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 September—the same figure as the last three months.
Rents continue to rise
74 per cent of Propertymark member agents reported month-on-month rent prices increasing in September. This is down slightly since a high of 82 per cent in July but is still much higher than the pre-pandemic average for September of 34 per cent (2015–2019).
Sally Billington Branch Manager of PR Lettings & Management comments
“There is still a huge lack of rental stock available for private renters in Preston, Leyland, Chorley and the surrounding areas. More of our existing tenants are staying put in their properties longer than the norm, this reduces the turnaround in our existing stock. Yet the demand from new applicants remains high with above average enquiries and viewing requests for each property advertised and multiple applications received each time. This also has a knock on effect that we are unable to find a new home from our current available stock for existing tenants when they do want to move but stay with us as their letting agent. We desperately need more properties to come to the private rented sector.”
Nathan Emerson CEO of Propertymark comments
“The rental market continues to be fuelled by high demand and low supply. The number of our agents reporting rent increases is down but the UK-wide reform of this part of the market is continuing to affect the sentiment of landlords. Add into the mix rising costs that are impacting their annual yields means we do not anticipate an end to affordability issues until we see many more homes introduced to the market.”
You can download the full Propertymark report, including the sales market, here September 2022 Housing Insight Report