Ten tenants queueing for every property, say agents

A major regional agent has said that lettings demand is at a record high, with ten prospective tenants for every available rental home.

Yorkshire’s Linley & Simpson says that in the past month, the gap between available stock and people wanting to rent has widened, leaving many tenants unable to find a home.

The agency said that landlords were able to take their pick of professionals in employment, with an exemplary rental history and the ability to move quickly.

Linley & Simpson said the sharp upturn in tenant applications is being expressed across all of its nine Yorkshire offices, but particularly in Leeds, York, Harrogate and Wakefield.

Its Roundhay office – one of three it has in Leeds – reported a near 70% increase in tenants actively looking for property compared to this time last year.

Director Will Linley said: “The dearth of properties reinforces what we predicted last year and, unless the Government introduces incentives or banks free up money for investors to breathe life back into the buy-to-let market, supply will continue to lag behind growing demand.

“Unless stock levels start to increase, more and more tenants will find it difficult to find a property and monthly rents will rise.”

He added: “At any one time we have more than 400 available properties on our database that links all our offices – but more than ten times that number of people registered.

“It is a situation that is not common just to us – it is one that is reflected across the sector as a whole.”

Article courtesy of Landlord Today

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