Rental properties snapped up in record time

Soaring demand for rental property means homes are being let in record time, even though more properties are coming on to the market, according to research from lettings agent Countrywide.

The company said tenants across the UK were snapping up properties in an average of 12.7 days in the third quarter of 2011 – down from 13.5 days in the same period of 2010 – and half a day quicker than in the previous quarter.

In some areas of the country “homes are coming on and being let within hours”.

The research showed that five tenants are competing for each home, the same as in the second quarter of 2011. However, in the West Midlands this figure rose to 7.3 tenants for every home.

In the south-east there were 5.4 tenants for each available home, but the typical time to let was lower than the national average, at 12.1 days.

The research is further evidence of the competition for rented property among tenants who are often frustrated first-time buyers. Recent surveys have shown rents hitting record levels and becoming unaffordable in many areas of the country.

Source: The Guardian