The number of new tenants looking for rental accommodation has grown by 15 per cent in Quarter 2 this year compared to the same period last year, according to Countrywide, the UK’s largest lettings and property services group.
Leading local letting agent Countrywide Residential Lettings, at Locke and England, 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 resulted in tenants snapping up properties in a record national average of 13.3 days – half a day quicker than the same period last year.
In the Warwickshire region, rental properties are snapped up on an average of 11 days, and there are on average 10 tenants vying for every available property.
One to three bedroom properties in particular are in very short supply.
Countrywide, which operates over 1,300 estate agency and lettings offices across the UK, also uncovered some significant changes the types of properties available to rent, measuring an influx in the availability of larger family homes across the UK.
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.
Countrywide Residential Lettings has also seen other market trends, including a larger number of families hoping to move to the area in order to be near good local schools.
Rachel Goldsmith, branch manager, at Countrywide Residential Lettings at Locke and England in Leamington, 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.
“We’re seeing elevated tenant demand in the Leamington, Southam and Warwick areas.
“Viewings are at record highs and there is still an average of ten tenants competing for each available rental property.
“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.”
If you are interested in renting or letting, or require any local property market and financial services advice, please contact Countrywide Residential Lettings on 01926 330435
Countrywide Residential Lettings manager Rachel Goldsmith with Jamie Duffy, negotiator.