Slowdown But Still A Record Breaking Time In Rental Market
The demand for rental property remains significantly high, and it is fair to say that people are still looking for rental accommodation. This is great news for landlords, so if you are considering entering the rental market, or you are looking to expand your rental property portfolio, there is still time for you to do so.
However, it should be noted that things are slowing down slightly, but this is related to sustained activity in the market. Of course, even in saying that things have slightly cooled down, records are still being smashed.
If you are looking for guidance in the rental market, rely on The Letting Line. We are pleased to say we have helped many landlords in and around Enfield connect with tenants. If you need assistance, we are here to help you, so contact us today.
High demand for rental property
In the most recent information provided by ARLA Propertymark, there appears to be a slight slowdown of the rental market, but it is still enjoying a record-breaking time!
The June figures, the most recently available figures, suggests the following highlights:
The average number of new prospective tenants registered per branch dropped from 97 in May 2021 to 88 in June 2021
The June 2021 figure of 88 new prospective registered tenants is still the highest figure for the month in the year-on-year figures
The June 2021 figure of 88 new prospective registered tenants was up on the 79 registered in June of 2020
60% of tenants experienced rent increases in June 2021, which is a fall on the May 2021 figure of 68%
As you might expect given the tumultuous nature of the summer of 2020, the percentage of tenants who experienced a rental fee increase in June 2021 was more than double the level of June 2020
The June 2021 increase in tenants experiencing a rental fee rise was the highest figure for all Junes
The number of properties being managed per branch dropped from 203 in May 2021 to 184 in June 2021
In June 2020, the figure stood at 200
What do the experts say?
Mark Hayward - Propertymark’s chief policy advisor - says: “It is brilliant to see rent continuing to flow this month with rent reductions at a record low for the month of June, showcasing the continuation of the current booming rental sector. We have a close eye on the overall sector for the rest of the year as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains fantastic to see new potential tenancies at a monthly high for June.”
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.