Seven Tenants Chasing Each Home for Rent

by Property118.com News Team

8:56 AM, 4th August 2011
About 9 years ago

Seven Tenants Chasing Each Home for Rent

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Seven Tenants Chasing Each Home for Rent

"7 tenants are after each property according to Countrywide"

Up to seven new tenants are competing to rent each home- and the gap between available properties and the number of tenants who can’t find a home is widening.

The number of tenants seeking a home has jumped by 15% during the three months ending June 30 compared with the same period last year, according to Countrywide, the UK’s largest letting agent.

On average, rental properties are on the market for just 13.3 days before a tenant signs up.

Family homes with three or more bedrooms are growing in popularity with tenants and now account for four in every 10 rentals – up from around a third of all rentals last year.

Countrywide suggests this is due to homeowners who can’t sell are moving and renting while letting out the home they own behind them.

John Hards, co-managing director of Countrywide Residential Lettings said: “The latest findings are an interesting insight into recent changes across the lettings landscape where both demand and supply has been affected by a subdued sales market.

“Feedback from our branches shows a lot of unsuccessful sellers have chosen to ‘let-to-move’, tempted by the prospect of a quicker return on investment by letting out their property. Interestingly, some sellers may also be looking to ‘rent-to-move’ whilst they wait for both a realistic offer on their unsuitable property and their ideal home to come along at the right price.”

Around 40% of buy to let homes in London are two-bed properties letting in 12 days – four days quicker than the same time last year.

In the West Midlands, 7.2 tenants are chasing each property up for rent, while in the North West, the number of tenants seeking to rent is 3.9 per property.

In Scotland, 75% of homes for rent have one or two bedrooms, while at the opposite end of the scale in London, 40% are two bed homes.


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Comments

Sarah Allterton

1:20 AM, 6th August 2011
About 9 years ago

So true thats what we have found at http://www.rentdirectuk.co.uk. Rentdirectuk.co.uk is a Social Networking Site for Tenants, Landlords, Property Owners, & reputable letting agents”. The community creates a great channel for property owners, flat mates, tenants & reputable agents to interact. We provide basic information about landlord/ tenant rights; tenancy agreements and general advice on residential lettings; hopefully this advice will be useful to help prevent landlords/tenants becoming victims of renting scams. If as is our aim that you rent direct from a landlord or reputable letting agent you will find you can make some considerable savings as opposed to rogue letting agents. see our tenant database

Mark Alexander

7:30 AM, 6th August 2011
About 9 years ago

Hi Sally

This sounds great but people tend not to trust adverts so much these days. That's why we created our Testimonials based Directory. All business owners believe their product or service is the best but it's what their customers think that really matters. That's why Trip Adviser has become so successful for people to check out hotels etc.

Our Directory is still very new but is likely to be the biggest change to the private rental sector since the re-vamp of the landlord and tenants act. We are still in testing and development but you will soon see the biggest names in the industry using it. For example, PrimeLocation.com took a Gold Business Membership yesterday and will commence their campaign to start attracting testimonials next week. Other big names will also join in the coming weeks.

Our Newsletter is sent to over 300,000 contacts on our Landlords Database every week. We aggregate our news via NewsNow, Twitter, LinkedIn and Facebook. Despite our News channel also having only been established earlier this year our website has already overtaken most of it's rivals for popularity in the financial and property news sectors. We expect the Property Services Directory to be even more popular.

Thank you for your comment and good luck with the Directory. Remember, it is testimonials based.

Regards

Mark


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