UK rental market shows unprecedented levels of growth and activity
According to Sequence’s latest National Rental Report rental activity is at a 11% high, as demand continues to outstrip supply.
The report also reveals that:
- National average rents have risen by 2% in July & 6% annually (£751).
- London’s average rents have risen by 5% annually to £1,437 but see no monthly growth.
- The number of viewings are up 4% on month and 29% annually.
- New tenancies are up 6% on month and 18% annually and as a result the ratio has decreased to 8.2 viewings per tenancy created, down from 8.3/1 last month.
- Tenant applications have increased by 4% on month & 16% annually.
- The ratio of new applicants to every new property remains at 4.4 to 1.
- The number of mortgage applications are up by 27% annually, but the monthly rate of growth has fallen by 4%.
At landlordreferencing.co.uk we have also experienced a significant increase in landlord and letting agents joining LRS over the summer, which explains our (exclusive) rising monthly tenant alerts. There has also been a continual increase in the amount of landlords uploading their good tenants, strengthening LRS communities even further.
Furthermore, last week was the busiest week LRS has ever experienced, with a record amount of members and guests ever online at one time in our Community Forums, as well as becoming the 5,234th most viewed website in the UK via Alexa.com’s website analytics.
Why is referencing so important? Please read this: A 3 step plan to getting a better tenant and the rent paid.