Rental properties being let at a record rate

According to figures released by the UK’s largest lettings and property service group, Countrywide, the rate at which rental homes are being let in the country has hit a record high in the last three months.

The latest figures for the last three months to September from Countrywide reveal that the average time between a property being put up for rent and being let to a new tenant is 12.7 days, that’s up from 13.5 days compared to the same time last year, while the figure was half a day less when compared to the same period in 2009.

The speedier rate in lettings has also coincided with an increase in tenant demand with 10.8% year-on-year increase in the third quarter of the year in the number of tenants looking to rent, according to Countrywide figures, and a rise of 11.8% in the last three months.

With an increase in the number of tenants looking to rent comes an increase in the number of viewings taking place which was estimated as a rise of 17.8% in property viewings in the three months to June, and a jump of 8.2% over the year.

While the figures will make happy reading for buy-to-let investors and tenants, the results also highlight that fewer people are able to get onto the property ladder and are therefore turning to rented accommodation during this time of economic uncertainty.