Countrywide has reported that UK private rental properties are being let within 15 days on average, five days quicker than 12 months ago.
The latest findings from Countrywide’s quarterly branch survey reveals that there are an average of 4.4 tenants vying for each property across the UK with the South West generating the greatest demand with an average of 5.9 tenants.
In Q4 2010 the number of new tenants registering for rental accommodation increased by 14% compared to the same period in 2009. Overall, the total number of new tenants registering for rental accommodation exceeded 200,000 last year – a record high, with new tenant registrations increasing by 37%, which peaked between July and September 2010.
Agents throughout the UK reported a significant lack of property supply with the average number of properties available to let falling by 29%.
The proportion of three and four bedroom properties entering the rental market has steadily grown across the UK, increasing by 3% over the last quarter and 2% compared to Q4 2009.
John Hards, co-managing director of Countrywide Residential Lettings, said: “The rental market has seen record levels of demand in 2010. In the final quarter
