Date Published 15 February 2011
Private rental properties are being let within 15 days on average – five days quicker than a year ago, reports Countrywide, the UK’s largest letting agency chain.
It says there are an average of 4.4 tenants vying for each property across the UK, with the South-West generating the greatest demand with an average of 5.9 tenants.
In the last quarter of 2010, Countrywide said the number of new tenants registering for rental accommodation increased by 14% compared to the same period in 2009.
Overall, the total number of new tenants registering for rental accommodation exceeded 200,000 last year – a record high with new tenant registrations increasing by 37%, which peaked between July and September 2010.
Agents throughout the UK reported a significant lack of property supply, with the average number of properties available to let per branch falling by 29%.