Landlords continue to reap the rewards of their investments with rental homes being snapped up in record time. Despite there being more properties on the market according to research from lettings agent Countrywide, demand still outweighs supply.
Countrywide confirmed that tenants across the UK were rushing to get their hands on properties, with homes going in an average 12.7 days in the third quarter of 2011.
It is now estimated that five tenants will compete for every one property on the market. More surprising is this figure actually rose to 7.3 tenants for every home in the West Midlands.
Demand has soured due to first time buyers being priced out of the property market, left with no other choice, renting is their only option – good news for Landlords, bad news for buyers!
The landscape of landlords has rapidly changed over recent years with first-time investors representing 23.5% of all landlords.
There are some plus points to this rapid growth in demand. Current tenants have the luxury of being much more selective on new potential flatmates. More and more are now experiencing a ‘job interview’ like process when applying to rental listings. This process ensures you find that perfect flatmate, and they find right home for them.
If you have had any similar experiences then please share them with us.