The number of tenants entering the market across England and Wales has risen by 9.2% from last month and 23.1% from last year, estate agent haart’s National Housing Market Monitor for July has found.
The average rent is down 0.4% on the month, and by 4% on the year, and now sits at £1,239 pcm across England and Wales.
Paul Smith, chief executive of haart,said: “Nationally, there are 23% more tenants looking to rent properties annually, but rental supply is down by 19% over the same period.
“This is particularly acute in London, where supply is down by 37%. As a result, rents have risen by 7% on the year in the capital.
“We are now at risk of pricing young Londoners out of renting, as well as owning a home. I urge Boris to relax taxation against landlords to encourage investment in housing stock again.”
Tenant demand in London has increased by 16.1% month-on-month and has risen by 40.1% year-on-year. London rents are up 1% on the month, but have risen by 6.6% on the year. The average in London rent now sits at £1,887 pcm.
The number of landlords registering to buy has risen by 8.5% on the month but has fallen by 13.9% on the year across England and Wales. In London, the number has risen by 6.5% on the month, but fell by 1.2% on the year.
The number of buy-to-let sales has fallen by 3.8% on the year across England and Wales, and fell by 35.3% in London.
Average buy-to-let sale prices are down 16.5% across England and Wales annually, and by 21.7% in London.