Property supply increases for renters

An increasing number of properties are becoming available for renters, according to new research.

Findings published by the National Association of Estate Agents (NAEA), revealed that house hunters in the UK may have a better chance of finding their ideal home, with the average number of properties available up by 11 per cent.

The monthly rise in stock is the greatest percentage increase in almost three years.

The NAEA's July Housing Market Report shows that the average number of properties available for sale per branch increased from 46 properties in June to 51 in July.

This represents the highest number of available properties since November 2013. 

Commenting on the findings, Mark Hayward, NAEA managing director, said: "The lack of housing supply has been a significant issue over the last few months, so the sign of increasing stock is positive for the market and house buyers in search of their ideal home."

The increasing stock is good news for renters as it means more homes will be made available.

It is also likely to reduce demand for rental homes, as a greater number of people will be able to purchase their own house, while tenants will have more choice over the properties to rent.

The research from NAEA showed that competition among property hunters has been easing. The average number of house hunters registered per branch shrank from 371 in June to 368 in July, and has been declining month on month since April 2014.

Published 28th August, 2014

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