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Rental properties are being snapped up across the UK
Rental properties are being snapped up across the UK
UK private rental properties are being let within 15 days on average - 5 days quicker than a year ago, report Countrywide, the UK's largest letting agent and property services Group
Leighton Buzzard,
Bedfordshire,
United Kingdom
(prbd.net)
11/02/2011
UK private rental properties are being let within 15 days on average - 5 days quicker than a year ago, report Countrywide, the UK's largest letting agent and property services Group.[1]
The latest findings from Countrywide's quarterly branch survey reveals that 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.[2]
In Q4 2010 the number of new tenants registering for rental accommodation increased by 14 percent 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[3]; with new tenant registrations increasing by 37 percent, 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 falling by 29 percent[4].
Leading high street names took part in the survey, such as Bairstow Eves, Mann Countrywide, Taylors, Bridgfords, Abbotts, Gascoigne Pees, Slater Hogg & Howison, Entwistle Green and Fulfords, which confirmed that two bedroom houses remained the most sought after property type in the final quarter of the year. (N.B. Regional highlights overleaf)
The findings of the survey also revealed that the proportion of three and four bedroom properties entering the rental market has steadily grown across the UK – increasing by 3 percent over the last quarter and 2 percent compared to Q4 2009.
John Hards, Co-Managing Director of Countrywide Residential Lettings said;
"The rental market has seen record levels of demand in 2010. In the final quarter, whilst we experienced the traditional slowdown, the continuing demand is seeing many properties in prime locations having new tenants secured within hours of coming onto the market.
"We are seeing a change in the demographic of tenants with a growing number of professional tenants emerging across the country, as affordability issues facing homebuyers that are unable to sell or raise the capital to buy their next home.
"These wider economic issues are reflected in our rental stock, with a growing number of 3 and 4 bedroom family homes entering the market but the greatest demand is for 2 bedroom apartments and houses which are still in short supply."
Regional highlights:
o South West: Studio flats and one bedroom properties were in greatest demand, making up 25 percent of the properties let in the South West during Q4 2010.
o South East: Apartments made up 48 percent of all properties rented –up 1 percent on the previous quarter. In comparison, in Q3 2009 apartments made up 36 percent of all properties rented. [5]
o North West: First time landlords made up 25 percent of new landlords entering the market – up 8 percent compared to Q3 2010.
o North: 52 percent of small scale buy-to-let landlords[6] let out their properties in the final quarter of the year – up by 22 percent compared to Q3 2010.
o East Midlands: 32 percent of all new rental properties coming onto the market were three bedroom properties – an increase of 4 percent on the previous quarter and a 2 percent increase on the same period in 2009.
o West Midlands: Demand four bedroom properties is the highest in the UK with an average of 7 tenants trying to rent every four bedroom property.
o London: This region saw the sharpest increase in the proportion of couples under 35 looking for rental accommodation, which made up 28 percent of all new tenant applications in Q4 2010 – up 9 percent compared to Q3 2010.
o Scotland: Four bedroom properties were in high demand with an average of 4.4 tenants trying to rent each rental property – up from 2.5 percent in Q3 2010
o Wales: The properties most in demand were apartments, with 57 percent of all properties let in Q4 2010 being apartments.
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[1] The average time period between a property being advertised & the let being agreed (Jan 2011 vs Jan 2010)
[2] Time period - Q4 2010
[3] Countrywide Residential Lettings (records began in 2003)
[4] The number of properties available to let 2010 v 2009
[5] Apartment (Studio flats – 2 bedroom properties)
[6] Definition – Landlords with a portfolio between 1-3 properties
http://www.propertywide.co.uk
About
Countrywide is the UK's largest and most successful estate agency and property services Group,
operating more than 1,200 associated branches across England, Scotland and Wales.
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