There are times in the UK property or rental market when you receive good and bad news at the same time. It is common for good news for one person to mean bad news for someone else, but there are also times when a singular individual feels there is positive and negative elements to the same piece of news.
This is likely how many landlords feel about the latest information from Propertymark. The company says the number of new prospective tenants signing up per member branch rose to 118 in April 2023. Any rise in this figure is good news, and when you compare it to the level of December 2022, things are positively bubbling in the market!
In December 2022, only 64 new prospective tenants per member branch signed up, so this is a pleasing figure. Also, the April 2023 figure is 24% higher than the April 2022 level, so there is a sign that things are moving in the right direction when it comes to tenant demand.
The issue with this is the fact that stock level hasn’t risen, standing at 9 properties per member branch, which is the same as the previous month, and the same as April 2022. There is a lack of property coming to the rental market, which means even though there are new prospective tenants in the marketplace, there is no way to satisfy their needs.
The mismatch between supply and demand has risen 35% in the past 12 months, and the current figure sees an average of 16 prospective tenants for every property.
Propertymark chief executive Nathan Emerson says: “We are still seeing the demand for property grow but no increase in homes. This means that pressure on rent prices is remaining, whilst new legislation will undoubtedly have a knock-on effect, we desperately need more homes for renters.”
As we are hands-on in the Finchley community, we know there is significant demand for rental property, and we have a list of prospective tenants looking for their next home. If you are a landlord not maximising your local accommodation, or you are considering entering the Finchley rental market, we are ideally placed to help you.
We have a strong track record in assisting landlords, ensuring they find tenants. Our rental property management services provide you with complete peace of mind. You don’t need experience to benefit from rental property in and around Finchley, but you do need the right estate agent!
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
