Hamptons International, who have 27 lettings branches across London, the south and west of England report that the market has tipped into landlords’ favour for the first time in many months.

The firm’s UK portfolio of rental stock now stands only 14% higher; London is 19% higher, but in country branches it is only 1% higher - a far cry from February’s stock surpluses of 50% and 40% respectively. New instructions are down by almost one third over this time last year.

Lettings rise

Hamptons report 7% more properties being let than in June 2003 across their network, with country branches showing the greatest increases.

In London, fewer tenants are registering compared to this time last year, but country branches report 13% more tenants registering.

Confidence increases as sales market cools

The number of rental properties withdrawn was a fifth lower than last year and 28% fewer than in May this year and there are signs that the narrowing gap between stock and applicants is leading to a firming of prices.

Zoe Rose, National Lettings Director said: “With the pressure hotting up with the market experiencing a gentle decline of supply, it won’t be long until prospective tenants need to raise their game in responding promptly to properties coming available.”

“The climate is already changing - for example, in order to give prospective tenants a fair chance we are now releasing properties onto the market with dedicated time slots for bulk viewings. This enables those tenants that are willing and able to make quick decisions to view and offer at the same time, giving them a better chance to secure their preferred rental.”