Tenant demand reaches a record high

Tenant demand reaches a record high

10:38 AM, 9th May 2023, About A year ago 4

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Tenant demand has reached an all-time high, according to new research.

A survey of 700 landlords by Paragon Bank reveals that 67% of landlords experienced increased tenant demand during the first quarter of this year.

Landlords in the East of England saw the highest levels of tenant demand with nine in 10 seeing an increase.

‘More PRS homes not less’

Richard Rowntree, Paragon’s managing director for mortgages, said: “The fact that we’ve seen another high in the proportion of landlords who have told us that they’ve experienced an increase in tenant demand reinforces we need more private rented sector homes, not less.

“An important element of this is policy that strikes the right balance between driving up standards and providing tenants with protection while not acting as a barrier to investment.”

He added: “Failure to address this will further drive rental inflation and increase competition for rented homes at a time when affordable housing is as important as ever.”

Rents have also increased

In response to rising demand, rents have also increased with 85% of landlords saying that rents were currently rising in the areas where they let property, with more than half (52%) planning to increase rents across their own portfolio in the next six months.

Of those looking to increase rents, the average planned increase was 8.2%.

According to the survey, the most common reason for raising rent is covering the increased cost of running a property (73%), and aligning with local market rates (60%).

Strong demand for properties

When asked about current levels of tenant demand, 94% of landlords in the South West said they were experiencing ‘strong’ or ‘very strong’ demand for their properties.

More than 90% of landlords in Wales (92%), West Midlands (92%) and the South-East (91%) said demand was currently at positive levels.

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Louise Cooper

11:37 AM, 9th May 2023, About A year ago

With net migration numbers continuing to be so high (in 2022 alone there was an estimated net migration of 504,000 people) it is tricky to think of a solution without the country becoming smothered in bricks and concrete


12:45 PM, 9th May 2023, About A year ago

Reply to the comment left by Louise Cooper at 09/05/2023 - 11:37
This came up on Farage last night (GBNews) with his guest branding Gove as a communist.


14:40 PM, 10th May 2023, About A year ago

Louise I have had similar concerns on government and party policy since Osborne started the attacks on Landlords . May not ne.comunisim looking back in history the elite ha e always found a way of.preventing middle Englanders bridging the divide.

It's their way of sharing wealth with the Elite and distributing middle England entrepreneurs gained wealth with those on low.incomes. so the rich get richer and those who have worked hard have their earnings divided to those who need help or sit on their backsides with no incentive to work as hard as us and take a risk. I have a very modest ro small not even a portfolio but have been subsidising with my working wages for a number of years. I have for the first time got half decent tenants who are not wrecking my properties and paying rents on time probably because they are below market value as I have not had a policy of increasing rent. Now find I have to consider it due to future plans on EPC all mine are D so it will be a shock. I will probably have to sell half to make the other half work is my estimate. I have one I have insulated the cavity walls, put in A rated boilers in all and reviewed all in last 3 years. Double glazed insulated the loft put in low.energy lighting and the assessor says it's now a D but almost impossible to get to a C due to age so will need to sell up . So I can invest in others have also installed a whole new roof
Seems we.may need to start knocking homes down and staring again this is a traditional Masonry twin wall home.


15:56 PM, 10th May 2023, About A year ago

Reply to the comment left by DavoLFCUbique at 10/05/2023 - 14:40
I advise you to try another EPC Assessor. They use different computer programmes which produce different results and the assessors have their own quirks.

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