LATEST: More tenants staying put instead of moving home, report letting agents

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More renters are choosing to renew their existing tenancies rather than move house, according to estate agency trade association Propertymark’s latest research.

With rents still rising, a new peak in the number of people looking for a home to rent and lack of stock, the estate agent body reports that 73% of agents have seen an increase in the number of tenants renewing their tenancies during the past 12 months, evidencing the ‘big stay put’.

An average of 127 new applicants were registered per member branch in July, a figure which has been on a slow upward trend since February when it stood at 79.

Propertymark’s members reported having an average of 11 properties per branch that were available to rent in July – the same figure as the previous month and up from four properties reported in February.

It adds that 82% of members reported month-on-month rent prices increasing in July, a new record that reflects the continued pressure on rents experienced since spring last year.

Propertymark CEO Nathan Emerson (pictured) explains that the private rental market continues to be battered by the perfect storm of high demand, low availability and affordability issues that shows no sign of easing.

He says: “Governments across the UK are all engaged in a tenant-focused reform of their private rental sectors.

“To boost supply, they also need to consider the heavy tax burden on property owners, the impact of more profitable and less regulated short-term lets, many of which stand empty for part of the year, and the lack of new homes being built to cope with the varied needs of a growing population.”

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