Demand for property rentals in the UK have reached a fever pitch according to a new survey which found that 74% of letting agents currently have more potential tenants than property available to rent.
The credit crunch and the large deposits required by banks in order to be approved for a mortgage mean they few people are able to buy property and are being forced into renting in the meantime. In addition to this, estate agents are also reporting a shortage in good quality homes available to buy, which is pushing more people into renting as they bide their time before buying the right property.
Research conducted recently by the Association of Residential Letting Agents found that the market for rental property had changed dramatically over the course of the last two years.
The same survey conducted in 2009 found that only 10% of letting agents in the UK had more tenants than properties available, however that figure has now jumped to 74% across the country, while in London the picture is even worse with 82% of agents reporting a shortage of properties to the ratio of prospective tenants.
This jump in demand for rental properties is likely to fuel a surge in buy-to-let properties as landlords attempt to cash in on the current call for houses and flats to rent. Letting agents across the UK are reporting a shortage in good quality rentals so investment in a residential property for rent is a wise investment.
