Rentals Being Snapped Up
Rental properties are being snapped up in record time as demand from tenants continues to remain at a record high across the UK .
The latest quarterly research has revealed properties were being let within an average speed of 12.7 days in the third quarter of the year, some half a day quicker than in the previous quarter.
At the same time, tenant demand for each property was 11.9% higher than in the second quarter of 2011, while the volume of viewings increased by 17.8%.
Such is the clamour, an average of five tenants are competing for each available rental property, despite a marginal increase in the number of properties available.
Unsurprisingly, demand from property investors is strong, while the amount of first-time landlords continues to grow.
Indeed, 23.5% of all landlords in the third quarter were investing in property for the first time, compared to 18.7% at the start of the year.
The increased availability of buy to let mortgage deals has also been highlighted as a factor affecting investor demand.
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I’m no Johnny Ball but let’s do the maths.
Hundred grand house. To buy, 25% deposit, legals, surveys etc let’s say £27,000.
Hundred grand house. To rent. Deposit £550. Searches £150. Let’s say £700.
I don’t have a crystal ball, but I reckon we’re heading for a renting boom.
