Recent data from Propertymark reveals a sustained upward trend in rental prices, despite the anticipated decrease in tenant demand during the holiday season. The number of new prospective tenants registered per member branch declined from 86 in November 2023 to 63 in December 2023. Similarly, the availability of rental properties followed a typical seasonal pattern, with a slight reduction in December compared to the previous month. The average number of properties available per member branch decreased from 10 in November to 9 in December.

Notably, the report highlights a concerning increase in rental arrears in December 2023, reaching 4.5% of properties per member branch, compared to 3.5% in November 2023. Timothy Douglas, Head of Policy and Campaigns at Propertymark, emphasizes the challenges in the rental market, citing the rising cost of renting and growing rental arrears. Douglas advocates for government intervention to stimulate investment in the private rental sector, proposing measures such as tax reductions for landlords and policies aimed at increasing the availability of rental homes while mitigating rental costs.

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