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Countrywide see record-breaking tenant applications peak at 48,000
Countrywide see record-breaking tenant applications peak at 48,000
A record 48,332 new tenants registered for rental accommodation in the first three months of the year, according to Countrywide.
Leighton Buzzard,
Bedfordshire,
United Kingdom
(prbd.net)
27/04/2010
"Demand for rental properties has rocketed over the last few months and the shortage of properties is pushing up demand across the country as house hunters continue to struggle to get on the property ladder."
Applicants in quarter one 2010 rose by 48 percent since Q4 2009 and 36 percent since Q1 2009, with March seeing the single largest number of new tenants’ registrations since Countrywide records began.
Countrywide’s lettings division surveyed its UK network of more than 200 branches to track key market trends, which help more than 50,000 landlords and tenants every year.
The findings of the survey also revealed that there is now an average of 4.9 tenants vying for every property compared to 2.9 tenants in January 2010, which is having a significant impact on the housing market and the property register of letting agents as demand outstrips supply.
Rising demand and the lack of supply has led to an increase in rental prices with the UK average monthly rate up 2.5% to £683 per calendar month.
Properties are being snapped up much more quickly, with a property on an agent’s books for an average of 17 days before they are occupied – a fall of three days since Q4 2009.
Rental demand hot spots:
*Demand for four and five bedroom properties were reported as having the biggest rent increases of 10.2 and 12.2 percent in Q1.
*Demand in London for one bedroom properties continues with 36 percent of prospective of tenants are looking for one bedroom properties – a 4 percent increase since Jan 2010.
*The South East has the biggest shortage of rental properties with 6.8 tenants vying for each property – an increase of 115 percent in three months, with two bedroom properties most in demand.
*A severe lack of supply of two bedrooms in the South West has pushed up demand with 10.5 tenants vying for each property.
*Family homes are in high demand in the East Midlands with 38 percent of prospective tenants looking for 3 bedroom properties – an increase of 16.5 percent since Jan 2010. In the West Midlands over 35 percent of prospective tenants were looking for three bedroom properties – an increase of 9 percent since Q4 2009.
*Three bedroom properties are most in demand in the North West with an average of 3.6 tenants vying for each property.
Countrywide Residential Lettings (CRL) has grown over more than 25 years to become the UK’s largest lettings agency, employing more than 1,200 staff across 204 branches in England, Scotland and Wales.
As an integral part of Countrywide Group, the UK’s largest estate agent and property services business, CRL is one of the industry’s best-known letting agents. All branches are ARLA-registered, with professionally trained staff offering a range of services, including property management, comprehensive insurance cover, specialist certifications, surveys, holiday accommodation, legal advice and more.
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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