UK has 5 Tenants going for every rental home
Perhaps there is no better time to be a landlord than right now as recent studies prove that in some parts of the UK available rentable properties are receiving more than ten applicants each. Combine this with other factors that we have also mentioned previously and the outlook continues to seem rosy.
Leading local letting agent Countrywide Residential Lettings, took part in the UK-wide quarterly research which found that, despite marginal increases in new rental properties coming to the market, demand continues to outstrip supply with an average of five tenants competing for each available rental property. High demand has also led to properties being snapped up in no time at all – the average UK rental is now filled within 13.3 days.
Nationally, 3+ bedroom properties now account for 41 per cent of all rental properties, compared to less than a third of properties in Q2 last year (32 per cent), suggesting that sellers may be looking to let out their unsold family homes and investor landlords may be growing their portfolios with this profile of property as they respond to tenant demand for this type of accommodation.
Rachel Goldsmith, who is a branch manager for Countrywide Residential Lettings at Locke and England, said: “The latest findings provide an interesting insight into the recent changes across the lettings landscape, where both demand and supply has been affected by a subdued sales market.
“Whilst future house price movements remain uncertain and the mismatch of buyer and seller expectation continues, we are seeing landlord void periods fall and expect this high level of demand to continue.
“So, although the location, price and condition of the property remain important, property undoubtedly remains a sound investment for those hoping to take advantage of high tenant demand.”
Emerging Real Estate specialises in off-market UK deals ensuring you always get the best deal around when looking to invest in UK property. Please check our website for details of the recent incredible deals we have done for our clients. Through our excellent relationships with many rental agencies, we will also try to ensure that after purchase your property is filled with tenants as soon as possible.
To discuss your options and the best way forward for property investment, please do not hesitate to get in touch.
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