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Private rental registrations up by a quarter

Thursday, 9 February 2012 8:49 AM

Registrations for private rental accommodation during 2011 were up by a quarter on 2010 according to Countrywide.

The lettings agent says that some 275,000 new tenants registered last year, with August generating the highest number of enquiries since Countrywide records began.

Nick Dunning, commercial director at Countrywide, said that there was a "vast shortage" of properties available across the UK and predicted a potential "steady rise" in rent prices through 2012.

He added: "We are in the midst of a rental boom as renting has become the new norm. Despite gradual improvements in property levels, it is not enough to satisfy the ever-increasing levels of demand."

London headed up the spike in rental enquiries with a 35 per cent increase.

There are even reports of many rental properties being let before they are even advertised, whilst those that make it to market take an average of just under two weeks to let, a day down on the 2010 average.

A growing number of families are entering the private rental market, a trend most evident in the North and South East, whilst the buy-to-let market is estimated to have grown in size by 20 per cent year-on-year.

Competitive buy-to-let mortgages have increased markedly over the last six months and lending in this area is estimated at over £12bn.

Nigel Stockton, Countrywide financial services director, said: "Whilst buy-to-let lending has grown, it is still only at 30 per cent of the total lending that we were seeing at the peak of the market.

"In November's housing strategy, the government announced some measures to tackle the problem of empty homes; with over 720,000 empty properties in the UK.

"We welcome any government support to encourage investment and the transfer of these properties to the buy-to-let sector in order to alleviate the current supply and demand imbalance."

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