This could be contributed to the hike in rental prices and lack of stock available to move elsewhere making it often unaffordable or unachievable to move to a new property.
According to the figures, an average member branch reported having just eight properties that were empty and freely available in March. This figure has improved since February’s figure of five. An average of 93 new applicants were registered per member branch in March which has increased significantly compared to 78 per branch recorded in February.
The UK average number of landlords that withdrew their properties in order to sell them stood at 3 per member branch in March which is an increase from two in February.
Rents increased
71% of member agents reported rent prices increasing which is a slight decrease from 74% in February but is still significantly higher than the same time last year which stood at 60%.
Nathan Emerson CEO Propertymark comments: "Our latest report shows that tenants are staying in properties longer. This is in part due to rock bottom levels of stock meaning tenants have very little choice when looking to move. They will also find fierce competition is pushing up prices of what is available often making it unaffordable to move.
"When an increase in tenants staying put for longer occurs, the churn of properties that would normally come back into the market begins to stagnate, feeding the issue further. Agents have been warning of the adverse effects of landlords leaving what they feel to be a hostile market. Property investment, like any form of investment, needs to be financially viable and with adequate risk mitigation. Many landlords feel their rights are being eroded, meaning they are more likely to sell."
