Despite an increase in the number of rental properties available in the UK, ever-rising demand has seen houses being let more quickly than ever before.
A leading lettings agent has found that UK tenants have been devouring properties within 12.7 days of becoming available. In 2010, that figure was 13.5 days. The fierce competition for rental property has seen an average of 5 tenants vying for each house, in addition to a record rise in rental prices.
‘Trends in Letting’, a recent report from the Bank of England, showed a similar spike in buy-to-let mortgages, with ambitious investors hoping to capitalise on the current market. The largest portion of tenants have been found to be couples under 35, seeking one and two bedroom properties, which consequently stay on the market for only a short time.
Many prospective tenants who are aware of the ‘rental race’ have even gone as far as setting up SMS and email alerts with their local letting agents to find our right away when properties become available.
UK Rental Market Soars to All-Time High - Select Property