0:05 AM, 8th December 2022, About 2 months ago 2
In Britain’s fastest-moving rental markets, up to 30% of homes are being snapped up by eager tenants within two weeks of being listed, research reveals.
Market analysis from Ocasa, the specialist rental platform, found that high demand continues to drive up rental values.
The firm points out that Britain’s rental market ‘has flown under the radar’ in recent months with the sales market attracting most of the media coverage and political debate.
However, rent values across England in 2022 have experienced the highest 12-month growth rate since 2008 – and it’s a similar story across the rest of Britain’s nations.
And just like in the sales market, the country’s rent prices have been pushed up by strong demand and low stock – which is leading to some very fast-moving rental markets.
Across Britain, 17% of rental homes entering the market are being snapped up by tenants within two weeks of being listed.
The East of England is home to the fastest-moving regional market with 24% of rental homes being grabbed by eager renters within a fortnight of becoming available.
In London, 20% of homes are taken within two weeks, while the speed of the South West (19%) and South East (17%) rental markets also rank above the national average.
The North East (16%), and Scotland (16%) are close behind.
However, Yorkshire and Humber (10%), Wales (10%), and the East Midlands (12%) are all well below the national average.
On a city level, the fastest-moving rental market is found in Bradford, West Yorkshire, where 30% of properties are snapped up within two weeks of listing.
In Glasgow, this number drops to 26%, in London, it’s down to 20%, and in Bristol. 17% of the stock is rented within a fortnight.
In comparison, Leeds (7%), Liverpool (7%), Leicester (8%), and Cardiff (9%) are home to slower-moving markets.
Jack Godby, Ocasa’s sales and marketing director, said: “Tenants are facing a very tough time at present, as not only is the cost-of-living crisis stretching their finances, but high demand for rental properties is also pushing the cost of renting ever higher.
“As such, tenants with tight incomes are losing out to those whose pockets are deeper but still not deep enough to entertain the idea of buying in today’s frantic sales market.
“It doesn’t bode well for renters on low incomes. A cost-of-living crisis, inflation rises, and recently-announced tax increases mean real income is set to shrink.”
He added: “It used to be that home ownership was the driving aspiration that we looked towards. Today, however, we’re getting dangerously close to a point where, for many people, simply renting a good home is a very tough task in itself.”
Previous ArticleCity's selective licensing scheme condemned as 'a waste of time'
Next ArticleUK house prices fall - but rents go up