The number of new tenants looking for rental accommodation has grown by 15% in Q2 2011 compared to the same period last year, according to Countrywide.
The Group’s quarterly research into the private rental sector found that despite marginal increases in new rental properties coming to the market, demand continues to outstrip supply with an average of five tenants competing for each available rental property.
In fact, this high demand has fuelled tenants to snap up properties in record average of 13.3 days – half a day quicker than in Q2 2011, even though the number of rental properties available has increased since Q1 2011.
Nationally, 3+ bedroom properties now account for 41% of all rental properties, compared to less than a third of properties in Q2 last year (32%), suggesting the return of buy-to-let investors and sellers looking to let out their unsold family homes.
Regionally, the areas that have seen the biggest leap in the proportion of 3+ bedroom properties available to rent are the North West and West Midlands. 3+ bedroom properties now account for half of all rental properties in the North West, compared to a mere 28% in Q2 2010.
These larger properties also make up 45% of all rental stock in the West Midlands, compared to 21% last year. In comparison, the type of rental properties available in London has barely changed over the twelve months, with around a third of properties falling into the 3+ bedroom category.
Regional highlights:
- South West: Properties in this region were let within an average of 12.8 days in Q2 2011, with 6.6 tenants vying for each available rental property in the area.
- South East: There were 5.5 tenants to each available home in the quarter this region, compared to 5.3 in the last quarter. The average time to let in Q2 2011 was 12.9 days, one day quicker than in the same period last year.
- London: 40% of all rental properties available in the capital are two bedroom homes. In this region, properties are being let within 12 days of going onto the market - 4 days quicker that in the same period last year.
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LANDLORDS - IS YOUR PROPERTY SITTING EMPTY? We are so confident that we can let your property fast and maximise your rental income that we are offering 0% FREE MANAGEMENT for the first 3 months if we fail to let your property within the first 6 weeks of marketing. T's & C's apply. Call us today for a FREE market appraisal: Call Dan Bapty on 01962 843346 or email winchester@martinco.com to find out more.
NEW ADVERTISING ONLY SERVICE!!
Now you can advertise your property on all the major property websites for just £150 + vat - until you let it!
The internet is by far the most effective way to advertise your property.
We understand that many professional landlords prefer to manage their own properties - and they may be very good at it. You may already be fully conversant with current legislation; have continuous legal advice from a reputable source; and have the time - and the thick skin - to deal with rent collection and property management.
Now Martin & Co Winchester are able to allow those landlords to advertise their properties on exactly the same websites that we use to market our properties. This 'Advertising Only' service has a one-off cost of only £150 + vat.
As you may be aware the monthly subscriptions costs to be part of these websites can be very high but with our new ‘Advertising Only’ service you can benefit from top quality marketing on the UK’s most visited property portals. This should also ensure you get the best quality tenants.
Your property will be advertised on the following websites and our shop window:
The process is very straightforward:
1. We will take photographs and write-up your property details. Your contact details are not disclosed in the advertisement, so you won't receive unsolicited calls or emails.
2. We will pass on to you the details of all potential tenants who contact us enquiring about your property and you do the rest.
3. The advertising of your property will continue until you confirm to us that the property has been let.
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