Belvoir says the majority of franchise owners in its 170-strong network are reporting a shortage of family housing as one opf the defining characteristics of the letting market.
“Tenant demand for two to three bedroom semi and detached homes remains very high but our franchise owners report this type of accommodation is in short supply. Almost 75 per cent report a shortage of three-bed semis and terraced houses, and there is a similar shortage of two bedroom homes” confirms Belvoir managing director, Dorian Gonsalves.
When asked how many landlords had bought property to let in the previous quarter, 45 per cent of offices saw up to three landlords invest in more rental properties, while 32 per cent saw four or more, suggesting that the increased stamp duty had not deterred professional, seasoned investors.
“Just over half of tenants rented for periods of 13 to 18 months, while over 40 per cent rented for 19 months or longer, suggesting that when tenants let quality properties from a professional, legally compliant agent, they are actually renting for longer than some reports suggest” says Gonsalves.
When it comes to void periods, 47 per cent of franchise owners reported that the average was up to one week; 40 per cent reported up to two weeks.
“For existing Belvoir offices In England, Scotland and Wales, our statistics reveal a 6.75 per cent year on year increase in rents, from £712 in Q2 2015 to £760 in Q2 2016. When comparing Q2 2016 to the 2015 annual average rent of £722, this shows an increase of 5.25 per cent” he says.