The number of residential properties on letting agents’ books reached its highest level of the year in July.

Research by the Association of Residential Letting Agents (ARLA) found the average number of properties on letting agents’ books was 184, up 5% since June.

The association said the figure showed the rental market is in positive shape despite the EU referendum result, although demand from prospective tenants was down marginally from an average of 37 per branch in June to 36 in July.

Supply also fell slightly year-on-year, down 3% on July 2015 when an average of 189 properties were available per branch.

According to the ARLA, the majority of agents reported no change in rental prices, supply of properties and demand from tenants following the Brexit vote. 

Seven out of 10 agents witnessed no change in rents, and six out of 10 saw no movement in supply and demand.

David Cox, managing director at the ARLA, said: “Despite reports that the housing market is spiralling out of control post-Brexit, our results paint a very different picture, and indicate that the future is bright for the rental market. 

“Supply is up, as we’d expect at this time of year, and the number of tenants experiencing rent hikes hasn’t changed in three months. 

“While we obviously need new houses to balance the growing gap between supply and demand, what’s positive is that the situation isn’t worsening as a direct result of June’s Brexit result.”