Record-breaking tenant applications peak at 48,000

Residential Lettings

Tuesday, April 20, 2010

Countrywide's rental market report - Quarter one 2010

A record 48,332 new tenants registered for rental accommodation in the first three months of the year, according to Countrywide, the UK's largest lettings agent and property services Group.

Applicants in quarter one 2010 rose by 48 percent since Q4 2009 and 36 percent since Q1 2009, with March seeing the single largest number of new tenants' registrations since Countrywide records began [1].

Countrywide's lettings division surveyed its UK network of more than 200 branches to track key market trends, which help more than 50,000 landlords and tenants every year.

The findings of the survey also revealed that there is now an average of 4.9 tenants vying for every property compared to 2.9 tenants in January 2010, which is having a significant impact on the housing market and the property register of letting agents as demand outstrips supply. [2] 

Rising demand and the lack of supply has led to an increase in rental prices with the UK average monthly rate up 2.5 percent to £683 per calendar month. [3]

Properties are being snapped up much more quickly, with a property on an agent's books for an average of 17 days before they are occupied - a fall of three days since Q4 2009.

John Hards, Countrywide Residential Lettings, Co-Managing Director said;

"Demand for rental properties has rocketed over the last few months and the shortage of properties is pushing up demand across the country as house hunters continue to struggle to get on the property ladder. I suspect this will continue while people wait to see how the impending election affects the property market.

"Buy-to-let landlords are using this as an opportunity to increase their property portfolios as rental yields improve in key locations, which is helping with the severe shortage of supply in many locations."

 Rental demand hot spots

Notes to editor:
Countrywide Residential Lettings (CRL) has grown over more than 25 years to become the UK"s largest lettings agent, employing more than 1,200 staff across 204 branches in England, Scotland and Wales.

As an integral part of Countrywide Group, the UK's largest estate agency and property services business, CRL is one of the industry's best-known letting agents.  All branches are ARLA-registered, with professionally trained staff offering a range of services, including property management, comprehensive insurance cover, specialist certifications, surveys, holiday accommodation, legal advice and more.

Countrywide's network of expertise helps more people move than any other business in the UK and is a leading provider of estate agency, lettings, mortgage services, land and new homes, franchising, auctions, surveying, conveyancing and corporate property management services.

Countrywide's award-winning service has earned the business 29 high-profile industry awards in the last two years, which include Best Estate Agency, Best Letting Agency and Best Land & New Homes Agent of the Year at the 2009 Negotiator Awards, and Best Surveyor & Valuer at the 2009 Mortgage Strategy Awards. Customers also voted Countrywide Best Estate Agent at the 2009 Estate Agent & Letting Agent of the Year Awards.


 

[1] Countrywide statistics back date to 2004

[2] Countrywide Residential Lettings - Number of tenants per property Jan 2010 vs Q1 2010

[3] Countrywide Residential Lettings - Average rate (excluding- London) Q1 2010 v Q4 2009

[4] Countrywide Residential Lettings - Average rate (excluding- London) Q1 2010 v Q4 2009

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