| Lettings Market Grows |
21-Apr 10 @ 01.03 PM |
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The rocketing growth of the private rented sector has been highlighted by a record 48,332 new tenants registering in the first quarter of this year with Countrywide Residential Lettings.
Applicants rose by 48% over the last quarter of 2009, and by 36% compared with the first quarter of last year.
In March, there was the single largest number of new tenants’ registrations since Countrywide records began
Countrywide’s lettings division surveyed its UK network of 204 branches and found that there is now an average of 4.9 tenants vying for every property, compared to 2.9 tenants in January. The worst shortage is in the south-east, where there are 6.8 tenants for each property.
With demand outstripping supply, rents have gone up 2.5% to an average £683 per month and void periods are at 17 days.
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.”
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| 71% Say prices will Increase This Year. |
07-Apr 10 @ 11.32 AM |
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According to figures from the Worldwide Property Group, nearly three quarters of those surveyed expect house prices to increase over the coming 12 months. The company’s monthly confidence tracker survey revealed confidence in the housing market reached a new high in February, recording an increase every month since November.
Just 10 per cent expect prices to fall, the lowest since the survey began in August 2009 and further evidence that people believe the market to have stabilised.
4 out of every 5 people surveyed also said that they believe property still offers the best investment potential of any major investment class including shares, gold and currency.
Nearly two-thirds of respondents indicated that they are still feeling the benefit of historically low interest rates and a massive 85 per cent said that they feel right now is a good time to invest in UK property, with just over half also considering purchasing a property overseas.
Kevin Wilkes, Managing Director of the Worldwide Property Group said, “The results of this survey show that confidence in property is continuing to increase. As the market strengthens further throughout the year I would expect confidence to continue to increase. The property market has taken quite a knock in the media over recent months, but generally people can see beyond this negativity and still believe in bricks and mortar as a safe place in which to place their money.” |
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