Sequence claims to be the fastest growing letting agent in the UK with plans to open 75 new lettings branches across the UK this year, on top of the 65 opened in 2014.
The bold claim comes as Sequence reports an 18% rise in the number of new tenancies across the UK in the past year and an increase in demand of 17%. The tenant demand figure rises to a staggering 50% over the past 12 months in London.
Sequence reports that UK average rents (excluding London) have risen 4% on the year to £705 but remain flat on the month and that London rents have increased 6% over the past year to £1,504.
Stephen Nation, head of lettings for Sequence, which includes Barnard Marcus, William H Brown, Fox & Sons and other brands, said: There has been a UK-wide rise in rents this year as a result of supply being unable to keep up with the growing demand for rental properties. This picture is particularly acute in London where demand has sky-rocketed by 50% since last December and supply has fallen over the same time period and there are now over seven tenants registering for every new rental instruction, up from less than 5/1 this time last year.
The number of new tenancies in the UK is also rising by nearly a fifth (18%) in twelve months which demonstrates that the private rented sector is continuing to grow. It is for this reason that we are planning to open 75 new lettings branches this year, on top of the 65 we opened in 2014, making us the fastest growing lettings agent in the UK.
Going forward, I predict the strong growth in demand that we have seen throughout 2014 will continue into 2015 and buy-to-let property to continue to be a popular investment choice. Currently 18.5% of total housing stock is private rented tenure and 17.5% of mortgages are buy-to-let and I would imagine these figures will rise even further as the year progresses.
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