In addition to Welsh landlords leaving the market being more than twice the UK average, Wales is also facing the highest demand from new prospective tenants per branch.
Properties to rent
Propertymark’s data also highlighted a disparity between the number of new properties coming to the market, as just six per branch versus 118 new tenants being registered on average.
On average, six new properties per member branch entered the market in January.
Tenants
With Wales recording the highest number of prospective tenants, members in the East Midlands recorded the lowest, with 33 new applicants per member branch.
Landlords
The UK average number of landlords leaving the sector stood at two per member branch, with figures from members in Wales exceeding this at five per branch.
Factors such as high sale prices and the impending changes due to be introduced through the Renting Homes (Wales) Act could be contributing factors.
The North East saw the lease amount of landlords exiting the sector.
Rental prices
There has been a sharp increase the number of agents reporting an increase in rent price as 74 per cent of members in January saying this has affected their stock, compared to 56 per cent in December 2021.
Prior to January 2022 there had been a period of rent prices decreasing for four consecutive months.
Our latest report shows an unprecedented spike in new applicants registering per member branch with a 140 per cent increase in January compared to December. Setting this figure beside the small increase in the average number of new properties entering the market in January, there seems to be nowhere near enough private rented homes available.
