Almost a fifth of rental properties let within two weeks as high demand continues to drive up rental values
Market analysis from Ocasa, the specialist rental platform, reveals that, in Britain’s fastest-moving rental markets, up to 30% of homes are snapped up by eager tenants within two weeks of being listed.
Britain’s rental market has flown somewhat under the radar in recent times with the sales market garnering the majority of media coverage and political debate. Without much attention, however, rent values across England in 2022 have experienced the highest 12-month growth rate since 2008 and it’s a similar story across the rest of Britain’s nations.
Just like on the sales market, rent prices have been pushed up by strong demand and low stock. This is resulting in some very fast-moving rental markets.
Across Britain, 17% of rental homes entering the market are being snapped up by tenants within two weeks of being listed.
The East of England is home to the fastest moving regional market with 24% of rental homes being grabbed by eager renters within a fortnight of becoming available.
In London, 20% of homes are taken within two weeks while the speed of the South West (19%) and South East (17%) rental markets also rank above the national average. The North East (16%), and Scotland (16%) are close behind.
Meanwhile, market speed in the likes of Yorkshire & Humber (10%), Wales (10%), and the East Midlands (12%) is well below the national average.
On a city level, the fastest-moving rental market is found in Bradford, West Yorkshire, where 30% of properties are snapped up within two weeks of listing.
In Glasgow, this number drops to 26%, in London it’s down to 20%, and in Bristol 17% of stock is rented within a fortnight.
In comparison, Leeds (7%), Liverpool (7%), Leicester (8%), and Cardiff (9%) are home to slower-moving markets.
Sales and Marketing Director at Ocasa, Jack Godby, commented: “Tenants are facing a very tough time at present, as not only is the cost of living crisis stretching their finances, but high demand for rental properties is also pushing the cost of renting ever higher.
“As such, tenants with tight incomes are losing out to those whose pockets are deeper but still not deep enough to entertain the idea of buying in today’s frantic sales market.
“It doesn’t bode well for renters on low incomes. A cost of living crisis, inflation rises, and recently-announced tax increases mean real income is set to shrink.
“It used to be that home ownership was the driving aspiration that we looked towards. Today, however, we’re getting dangerously close to a point where, for many people, simply renting a good home is a very tough task in itself.”