Connells says there is still substantial room for additional agencies in the private lettings sector and that it intends to add 40 to 50 new outlets in 2016.

The agency claims annual tenant demand was up 10 per cent in 2015 compared to the previous year, but the supply of properties grew by only seven per cent. 

“Demand continues to increase for rental property across all areas of the UK and we intend to capitalise on the growth of the rental market by strengthening our business with a further 40 to 50 new lettings branches added to our local branch network in 2016” says Stephen Nation, Connells Group lettings managing director.

Connells Group increased its income by 26 per cent in 2015 and the number of properties under its management by 17 per cent compared to the previous year.  

Connells Group’s mortgage services business recorded a 34 per cent uplift in buy to let mortgage applications in 2015 and a 46 per cent increase in buy to let remortgages.  

“People are either having to or choosing to rent for longer as part of a lifestyle choice and our rapid expansion programme has allowed us to offer our market leading proposition to even more tenants, landlords and investors” says Nation.