Private rental properties are being let within 15 days on average – five days quicker than a year ago, reports Countrywide, the UK’s largest letting agency chain.
It says there are an average of 4.4 tenants vying for each property across the UK, with the South-West generating the greatest demand with an average of 5.9 tenants.
In the last quarter of 2010, Countrywide said the number of new tenants registering for rental accommodation increased by 14% compared to the same period in 2009.
Overall, the total number of new tenants registering for rental accommodation exceeded 200,000 last year – a record high with new tenant registrations increasing by 37%, which peaked between July and September 2010.
Agents throughout the UK reported a significant lack of property supply, with the average number of properties available to let per branch falling by 29%.
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Comments
Kevin C: No, mate - the key to success is getting PROFITABLE instructions!
You can have all your shelves stacked high - if none are going through the pipeline they are COSTING you, not EARNING you... ;0)
OK, so the key for survival is to get new instructions. Being new to the industry, I would be very keen to know how can Estate Agents make this happen in the current economic climate!
In our area of Leicester. Properties are renting quick! cant get enough empty units.
Same in Herne Hill. Thye used to go very quickly.
Anything any good is going within a day or two. There's just one or two sticking, one where the landlord won't allow children, pets, people under 25 etc and a very small 'compact but bijou' garden apartment.
Anything family size or student size is snapped up in a blink. Somerset area.
I am in East London and have NO properties or hardly any to rent - what comes in goes out same day - market is dry here
Hmmm, perhaps or is this just stats? I'm not in rentals yet, but in my part of Somerset, lets which used to go in a week or two are now sitting for months.
Again in and around the Salisbury area properties are staying empty. January was the worst month I have ever known for new tenants registering. Prices are decreasing rather than increasing.
They're not in my area of Northamptonshire. Even keenly priced good quality rental property is standing empty and we're only a stonesthrow from the A14. A modern one-bedroom house with ORP has stood empty for 6 months and the rent is only £375 pcm and the landlord will take £350 if need be. The adjoining similar property has been let for 2 years at £395 but of course the tenant is already in situ. Other property is also empty.