UK rental property in short supply
The report also showed that, on average, there are 4.4 tenants looking to rent for each available property; the highest demand being in the South West of England.
In fact, the total number of new tenants registering for rental accommodation exceeded 2009’s figure of 200,000, with new tenant registrations rising by thirty seven percent in 2010.
The recent economic downturn has led to an increasing number of professionals turning to rental property rather than buying, as often they are unable to sell their current property or struggle to raise enough capital to buy a new house.
The report also revealed that the number of three and four bedroom properties available on the rental market in the UK has grown consistently since 2009; rising by three percent in the final quarter of 2010. Two bedroom properties, however, remain in short supply.
"The rental market has seen record levels of demand in 2010. In the final quarter, whilst we experienced the traditional slowdown, the continuing demand is seeing many properties in prime locations having new tenants secured within hours of coming onto the market,” commented John Hards, Co-Managing Director of Countrywide Residential Lettings.
"These wider economic issues are reflected in our rental stock, with a growing number of three and four bedroom family homes entering the market but the greatest demand is for 2 bedroom apartments and houses which are still in short supply,” Hards concluded.
Read more here... http://blog.oceanvillasgroup.com/uk-rental-property-in-short-supply/
Ocean Villas Group - http://www.oceanvillasgroup.com
Rebecca Smith is a real estate journalist with more than 15 years experience. She is currently the sales director for Ocean Villas Group (http://www.oceanvillasgroup.com) who specialise in luxury ocean view property investments worldwide.
For more Investment news... http://blog.oceanvillasgroup.com
6 Battery Road,
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release UK rental property in short supply here
News-ID: 162912 • Views: 1500
More Releases from Ocean Villas Group Pte. Ltd.
Vera Wang bags Steve Hermann property in Beverley Hills, Los Angeles
Celebrity New York fashion designer Vera Wang has splashed out US$9.2 million on a Steve Hermann designed property in Coldwater Canyon, Beverley Hills, Los Angeles. Hermann bought the 408m2 house in June 2008 for US$5 million. He spent the next two years completely redesigning and renovating the 1967 built property at a cost of US$3 million. Two new bedrooms were added. The ceilings were raised to a height of 3.6 metres. The
Asia Pacific worlds cheapest for building property
The Annual Construction Cost Comparison Report by EC Harris Research has revealed that countries throughout the Asia Pacific region have significantly lower building costs than their counterparts in The West, despite experiencing substantial economic growth. Now in its seventh year, the report compares building costs per square metre in fifty six countries worldwide against construction costs in the South of England. India and Sri Lanka have the lowest construction costs in the
Jade Jagger puts Spanish property up for sale
Spain: The daughter of Rolling Stones frontman Mick Jagger, Jade Jagger, has put her Spanish property up for sale. The seventeenth century farmhouse is located on the North West Coast of the Balearic Island of Ibiza near the village of Sant Joan de Labritja. Dubbed by Jagger as her own “private paradise”, the Spanish property sits on top of a mountain overlooking the Mediterranean Sea. And from its secluded location it’s hard to
Spain cuts new property tax in half to lift Spanish real estate industry
Madrid, Spain: The Spanish Government has cut value added tax on new property in Spain by 50 per cent with immediate effect. The reduction in VAT (Spanish - IVA) from eight per cent four per cent on new build Spanish properties came into force on August 19th and will continue until the end of the year. Announcing the decision Jose Blanco, Minister of Development for Spain, said he hoped the new measures
More Releases for Countrywide
Former Countrywide MD leading investment in AI search agent: Ems
Former Countrywide boss, Bob Scarff, has become the lead investor in Ems, a digital search agent using artificial intelligence to make it easier for people to find properties. Scarff invested in Ems in December alongside many top property and early-stage technology investors. Scarff said of the announcement, “I’ve lost count of the number of prop-tech start-ups that I’ve been approached by in the past two years since I left Countrywide. Most
Countrywide comment on the findings of the English Housing Survey
Commenting on the findings of the English Housing Survey, Grenville Turner, Chief Executive of Countrywide, the UK's largest property services Group, said; "The UK has traditionally been a nation of homeowners and whilst millions still aspire to buy their own property, current market conditions make that more challenging than usual. Our agents saw a 17 percent increase in new buyer enquires during 2010 but market transaction levels remained flat. "Successive governments have
New auctioneer joins Countrywide Property Auctions
Andrew Jarrold has been appointed Head of Westcountry Property Auctions, the South West division of Countrywide Property Auctions. Westcountry Property Auctions is part of Countrywide, the UK’s largest property services Group, operating 1,300 estate agency and lettings branches, holding approximately 58 auctions across the UK. Announcing Andrew’s appointment, Mark Tanton, Managing Director of Countrywide Property Auctions said; “We’re delighted to have Andrew on board. Andrew has a wealth of experience in
Countrywide Appoints New Social Housing Manager
Andrew Cowell has been appointed Social Housing Manager for Countrywide, the UK's largest property services Group. In a newly created role, Andrew will be working with the Group's Social Housing team and will be advising Housing Associations and Local Government Authorities on asset management and disposal services. Countrywide has extensive experience in social housing, having provided a range of services to Housing Associations and Registered Social Landlords over the past 15 years.
Countrywide launch valuation service with First Direct
Countrywide has started supplying its valuation service to First Direct, one of the industry's top financial brands. Countrywide now provides Homebuyer Reports and Buildings Surveys to First Direct's customers through its network of 350 Chartered Surveyors as part of an agreement which commenced this month. Under the terms of the new agreement, Countrywide has developed tailored processes and systems to meet First Direct's specific requirements. Countrywide Surveying Services is part of Countrywide, the
Countrywide new tenant applications reach record levels
The number of new tenants registering for rental accommodation exceeded 200,000 last year as demand reached record levels in 2010; report Countrywide, the UK's largest letting agent and property services Group. The latest figures from Countrywide's network of 1,300 estate agency and lettings branches reveals that the overall volume of new tenant applications in 2010 increased by 37 percent compared to 2009 with demand peaking between July and September. In contrast