There’s been a large jump in the number of tenants successfully negotiating rent reductions according to the Association of Residential Letting Agents.
It says September’s 2.0 per cent figure leap to 3.7 per cent in October – this is the highest figure seen since ARLA records began in January 2015.
In line with this, the number of tenants experiencing rent increases fell for the second month running in October, with 24 per cent of agents reporting that landlords increased rents, compared to 31 per cent in September and 40 per cent in August.
Meanwhile the supply of available properties rose from 194 in September to 198 in October; this is the highest figure seen since December last year when supply stood at 200, and represents a nine per cent year on year increase.
Demand from prospective tenants increased in October, with the number of house-hunters registered per branch rising to 71 on average, compared to 63 in September.
