Rental demand across the UK continues to soar, with properties snapped up within a record low of 12.7 days and five tenants competing for each property.
Countrywide reported this morning that tenant demand shot up by 10.8% in the third quarter of this year, compared with the same period last year, and by 11.9% from the second quarter of this year.
The group’s quarterly research into the private rental sector also found that the volume of viewings increased by 17.8% compared to the previous quarter, an annual increase of 8.2%.
Demand from investors is also strong, with an increase in the first-time investor category.
In Q3, 23.5% of all landlords were those investing in property for the first time, compared to 18.7% at the start of the year.
Margaret Longden, co-managing director at Countrywide Residential Lettings, said: “Since the beginning of the year we have seen a significant increase in tenant demand for private rental property, and although there are still some slight fluctuations that can be linked to seasonality, we’ve found that the demand for rental property has remained incredibly high throughout the year.
“We expect this demand to continue over the coming months, not only because many first-time buyers are struggling to save the substantial deposits currently required to purchase property, but also because a lot of people now see renting as a realistic alternative to home ownership, whether it be because they are awaiting further house price falls or because they are attracted to the flexibility that renting can offer.”