Rental properties snapped up in record time

Published 09th Nov 2011

Countrywide says properties are being let in an average of 12.7 days, and in some parts of the country 'within hours'

Soaring demand for rental property means homes are being let in record time, even though more properties are coming on to the market, according to research from lettings agent Countrywide.

The company said tenants across the UK were snapping up properties in an average of 12.7 days in the third quarter of 2011 – down from 13.5 days in the same period of 2010 – and half a day quicker than in the previous quarter.

In some areas of the country "homes are coming on and being let within hours", a spokeswoman for Countrywide said.

The research showed that five tenants are competing for each home, the same as in the second quarter of 2011. However, in the West Midlands this figure rose to 7.3 tenants for every home.

In the south-east there were 5.4 tenants for each available home, but the typical time to let was lower than the national average, at 12.1 days.

The research is further evidence of the competition for rented property among tenants who are often frustrated first-time buyers. Recent surveys have shown rents hitting record levels and becoming unaffordable in many areas of the country.

The scramble for property comes despite an increase in the number of properties available to rent, Countrywide said. The company, which has 1,300 lettings and estate agents across the UK, said instructions were up by 9.2% over the quarter.

It also said the mix of landlords has changed over the year, with first-time investors representing 23.5% of all landlords compared to 18.7% at the start of the year.

This echoes the Bank of England's recent Trends in Lending report, which showed a rise in buy-to-let mortgages as investors sought to cash in on record rents.

John Hards, co-managing director at Countrywide Residential Lettings, said: "Tenants now understand that properties aren't staying on the market for long, and many are setting up email alerts and SMS alerts with our branches to know instantly when a suitable property becomes available so they can arrange viewings.

"Our findings show that couples under 35-years-old remain the largest proportion of tenants, so the demand for one- and two-bedroom properties remains very high, with most available properties snapped up extremely quickly."

Source: ' Guardian '

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