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Five tenants competing for every rental property

Tuesday, 8 November 2011 10:31 AM

Demand for rental property has surged to another record high as would-be first-time buyers fail to make it on to the housing ladder.

Property firm Countrywide says tenant demand for each UK property in the third quarter was up 11.9 per cent on the second quarter and 10.8 per cent on a year ago.

The number of viewings per property was up 17.8 per cent on the second quarter and properties let in just 12.7 days, an average of half a day quicker.

Countrywide said an average of five tenants were competing for each property despite a marginal increase in the number of homes available.

Demand from investors was also strong, with a 9.2 per cent increase in the number of instructions since the second quarter.

And the report found a shift in the mix of landlords, with first-time investors now making up 23.5 per cent of the total, up from 18.7 per cent at the start of the year.

Margaret Longden, co-managing director at Countrywide Residential Lettings, said: "We've found that the demand for rental property has remained incredibly high throughout the year. We expect this demand to continue over the coming months."

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