More rental properties came onto the market in the quarter to May, but the increase was dwarfed by the increased number of people looking to rent.

So concluded the letting agents’ professional body Propertymark after conducting its latest survey of members.

The net effect of demand continuing to outstrip supply was that 79 per cent of agent members had reported a rise in rents.

‘Pressures on the sector are not easing, especially in England given that the recent Renters’ Reform White Paper has now been published, said Propertymark chief executive Nathan Emerson. 

‘What’s important is that landlords understand that this paper is a set of proposals and that there is still a process of debate and discussion before any legislation is brought in.

‘Given the ever-widening gap between supply of homes and demand, it is crucial that government’s across all nations prioritise reforms that incentivise new and existing investment in the sector’.

Propertymark members reported having an average of ten properties available to rent in May. Although five higher in February, the number was ‘very similar to April’, suggesting that little has changed in terms of new stock levels since last month.

In contrast members had an average of 113 new applicant registrations in May, up from 78 new applicants in February. 

‘As rises in demand match increases in available homes, pressure on rents is set to continue’, said Propertymark.