To date nationally, the number of new agreed tenancies has increased to 13% annually, which highlights the strength of the lettings market compared to last year.
Buy to let mortgage applications remain strong, up 17% annually, as investors continue to enter the market.
As a result of the growing number of buy-to-let investors, the number of new rental properties coming to market is up 6% annually.
Although it’s often believed that when the sales market is booming the rental market lags behind, this is not always the case. The annual growth of rents across the UK (up 8%) highlights just how much the rental market has increased in 2013 and with transactions up 13% annually it is clear that the demand for rental property is stronger than ever.
Buy-to-let mortgage registrations are also up, which obviously leads to an increase in new properties for rent. The increase in the supply, up 6% annually, is being met with an 8% rise in tenant applications or demand, which represents a very healthy and balanced market.
This strong growth in supply is carrying on into 2014, with the first two weeks of the year seeing a 6.5% increase, on month, in new properties available to rent.