0:02 AM, 4th July 2024, About 2 years ago 1
Text Size
Categories:
Low tenant demand is causing problems for letting agents and landlords in some parts of the UK, according to new data.
While the national picture suggests a healthy rental market, with 78% of properties occupied, there are huge variations by postcode.
Research by tenancy deposit alternative Zero Deposit found incredibly low turnover rates in some areas.
In Leeds, the postcodes LS3, LS4, and LS6, for example, have just 10-11% of rental properties currently occupied.
The firm’s chief executive, Sam Reynolds, said: “For the large part, rental properties are in high demand, but as with all aspects of the property market, this metric can differ drastically from one postcode to the next.
“Tenants are able to be more selective and it’s unsurprising there are growing instances of late-stage dropouts where a superior property becomes available.”
The postcodes in Leeds aren’t isolated cases as others, such as Nottingham (NG1), Gwynedd (LL57), Plymouth (PL6), West Lindsey (LN2), Rhondda Cynon Taf (CF37) and Warwick (CV31), are also experiencing low rental turnover.
The rates range from 15% to 20%.
This patchy tenant demand creates a challenging environment for letting agents.
While some agents boast waiting lists and rapid lettings, others struggle to fill vacancies.
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Sadiq Khan blames government failures for rising homelessnessNext Article
Scottish property taxes soar to record highs
Sam Reddi
You're Missing Out!
Members can reply to discussions, connect with experienced landlords, and access full member profiles showing years of expertise. Don't stay on the sidelines - join the UK's most active landlord community today.
Not a member yet? Join In Seconds
Login with
Member Since July 2024 - Comments: 4
17:22 PM, 4th July 2024, About 2 years ago
Some councils have properties in thousands to be let out, so it reduces demands for the private lettings.
In addition council properties are lower in rent and less restrictions, where as private ones have more restriction and higher rental values. So its not that the the demand is less for renting, the actual fact is that the council have properties available for letting.
Example- In London it is next to impossible to get a council property so they have reached out to private landlords to let them the property and pay the ongoing rates. Because of scarcity the demand is high in other parts.