Tenant demand surging at highest rate since 2016
Some 39% of landlords have seen rising tenant demand in the past three months, the highest proportion in five years.
The research, which comes from mortgage lender Paragon Bank, indicated that the conditions caused by the end of the pandemic means landlords haven’t been short of options when choosing tenants.
Some 18.2% of landlords felt tenant demand has increased ‘significantly’, while a further 20.3% registered slight increases.
Moray Hulme, Paragon Bank director of mortgage sales said: “It’s great to see that tenant demand reported by landlords to hit the highest level since 2016.
“Quarter two of 2020 was a time of real uncertainty and this was reflected in the record low levels of demand that landlords saw. Demand bounced back the following quarter and has been rising ever since.
“This highlights resilience of the private rented sector and suggests that a growing number of people have turned to it at a time when the stability of a good quality home is ever important.”
The recovery in tenant demand differs regionally.
In Yorkshire and The Humber 65% of landlords reported increased tenant demand – 28% significantly and 37% slightly.
This was closely followed by Wales and the South West where a net increase in tenant demand over the past three months was reported by 64% and 63% of landlords respectively.
With the exception of central London, all regions have seen a year-on-year increase in landlords reporting a ‘significant increase’.
This increase in demand is certainly something that we can see closer to home as well, with property letting quickly in all areas. If you have a property that your are considering letting or are considering switching agents, then please get in touch now so that we can discuss your plans in detail.