61,000 new tenants registered for rental accommodation in the third quarter of 2010, a 19% increase compared to the previous quarter, according to Countrywide.
According to the latest figures from Countrywide’s network of 1,300 letting and estate agency branches, the number of tenants looking for rental accommodation has risen by 44% during 2010 with July seeing over 20,000 applications, the highest number for a single month since its records began.
A combination of record demand and supply issues have caused the total number of properties available to rent in the UK to fall by 6.9% in Q3 2010 compared to Q2 2010 – a 27% fall on the total number of properties available to rent in Q3 2009.
There is now an average of 5.8 tenants vying for each property across the UK – up from 5.5 in Q2 2010. Whilst apartments made up the greatest percentage of stock on agents books, two bedroom houses continue to be most popular with an average of 10.2 tenants vying for each property. In contrast to Q2 2010 when houses were the most sought after property type, demand for one and two bedroom apartments have jumped sharply, most notably in London and the North West.
The latest findings also reveal that properties are being rented out within 13 days of entering the market – a reduction of one day compared to Q2 2010 and 7 days quicker than at the start of the year, with many properties let within hours of coming onto the market.
Couples under 35 made up the highest percentage of new tenant applications in Q3 2010. However the demographic of tenants remained broadly similar to Q2 2010 levels despite the seasonal influx of student tenants experienced during the summer months.
John Hards, co-managing director of Countrywide Residential Lettings, said: “Record levels of demand are seeing the number of available properties reaching critical levels with many properties having lets agreed before the previous tenants’ contract has ended.
