Number of properties available to rent has plunged, survey suggests

Letting agents across the UK have seen the number of available rentals halve, according to new research.

Industry body Propertymark surveyed more than 440 letting businesses across 4,000 branches and found that on average agents said available rentals have halved from more than 30 to just 15, the BBC reported.

It comes after the Royal Institution of Chartered Surveyors (Rics) last month said the number of available properties to rent was edging down as demand from renters increased.

Rics said in early March that 63% of property professionals expect rents to rise in the next three months, the highest proportion since its records started in 1999.

And Rightmove said last month that the average monthly rent being advertised across Britain (excluding London) was a record £1,088 in the first quarter of 2022, marking an 11% annual increase.

In London, average asking rents have shot up by 14% annually to £2,195 per calendar month.

There are also more than triple the number of tenants inquiring as there are rental properties available, making the market highly competitive, according to the website.

The lack of stock stems from longer tenancies, coupled with demand from people who had previously put plans temporarily on hold due to the coronavirus pandemic, it suggested.