Landlords are finding tenants for houses at a record speed

THE average time it is taking landlords in the south east to find a tenant equals the record low set in 2015 – just short of three weeks - according to this week’s lettings index from Hamptons International.

The agency’s head of research Aneisha Beveridge confirmed: “Lower stock levels combined with increasing demand from new applicants has meant properties across the country have let quicker than ever before.”

Kathryn Mais, letting manager for the the Wye Partnership says the spike in demand for short term lets in the local area is being boosted by renters waiting for the right property to buy.

Either that or because homeowners have chosen now to add value to their present house by having it extended and improved and they need somewhere to stay while the builders are in.

“The rise in demand isn’t coming from serial renters,” she says.

“Tenants who are renting by choice are staying put unless the property is being sold by the landlord. It’s mainly the shortage of supply of houses for sale due to the current uncertainty that’s causing homebuyers to rent until the right property comes up.”

Between January and July this year homeowners with a property to let in the south east could expect to wait 20 days for a tenant to move in, four-days sooner than the same period last year.

Hillingdon tops the table for the council areas in Great Britain where it’s quickest to find a taker.

Landlords with properties there have a good chance of finding a tenant in just nine and a half days.

Overall average rents rose 1.9 per cent across the country in July.

The cost of renting a home in Scotland increased most last month followed by rents for properties in the south east and south west.

According to Hamptons, one-bedroom homes were the quickest to shift during the four years from 2014-2018 but this year there’s a new market leader.

Three beds have taken over the top spot.

The cost of renting a one-bed in 2019 has risen 2.8 per cent compared with an increase of 1.3 per cent for a three bed.

“This has caused more tenants to split the cost of sharing a larger home rather than renting individually,” report the agents.

“Meanwhile a slowing sales market has meant more families are renting while waiting to buy and adding to the demand for three bed properties.”

Meanwhile agents Knight Frank say Hollywood stars are ready to pay almost £3,500 a week for a short-term let while they are filming in the Home Counties or London.

The number of film related inquiries received by Knight Frank in the year to May increased by 82 per cent on the previous 12 months.