At the time of writing the letting market is largely frozen but nevertheless we continue to receive many enquiries from would be tenants keen to view properties and rent once restrictions are lifted.
Demand has been soaring, with prospective tenants often competing with each other for available property in their preferred region. On average there were 12 tenant applications for every rental property we manage. The implication of this for landlords is that they are able to take their pick of tenants and only enter into an agreement with the most trustworthy.
The average time taken to let property to a tenant has decreased by 25% over the past 12 months – the average is now just 36 days. In many cases however a property will be let without the need to be marketed at all, since we have a database of registered tenants.
Landlords have been impacted by a range of legislative changes over the past three years, particularly in Scotland. However, rents are continuing to perform well. In our view the private rental sector will continue to offer good returns for landlords who understand their obligations.
Tenants are chasing a limited supply of property. This means that rents are typically rising – properties we let have achieved an increase in rent of 3.9% on average over the past 12 months. In addition, landlords and their agents can select from a pool