The RICS March survey, gauging the mood of agents, showed continued improvement in the lettings market.
Tenant demand has continued to increase, with a net balance of +36%. In contrast, landlord instructions continue to fall, with a net balance of -25%.
The imbalance between demand and supply has put upward pressure on rents. +47% of agents report positive rent expectations, with rents expected to increase by just under 3% over the next 12 months.
According to Dataloft Rental Market Analytics, the average monthly rent in England (excl London) is £818, and £1,712 in Greater London. Source: Dataloft, Royal Institution of Chartered Surveyors