New analysis has revealed the British towns where rental properties are snapped up within two weeks of being listed.
2022 has seen rent values across England explode in the highest 12-month growth rate since 2008 – and it’s a similar story across Great Britain.
Rents have rocketed in response to high demand and low stock… with four times the number of tenants as rental properties available. More recently, demand for rental properties has further increased due to low mortgage product availability and affordability.
This mismatch between supply and demand has resulted in fast-moving rental markets across Britain, where 17 per cent of rental homes entering the market are let within two weeks of being marketed.
Regional Rental Markets
According to the research, the East of England is home to the fastest-moving regional market with 24 per cent of rental properties securing a tenant within a fortnight of becoming available.
In London, 20 per cent of rental properties are securing a tenant within two weeks of being listed while in the South West and South East the figures are 19 per cent and 17 per cent respectively. The North East and Scottish regions sit just below the national average at 16 per cent.
Meanwhile, market speeds in the North West (14%), the West Midlands (13%), the East Midlands (12%), Yorkshire & Humber (10%) and Wales (10%) are below the national average.
City Rental Markets
On a city level, the fastest-moving rental market is Bradford in West Yorkshire, where 30 per cent of properties are snapped up within two weeks of listing.
In Glasgow, 26 per cent of properties are rented out within two weeks while in Bristol 17 per cent of stock is rented out within a fortnight.
In comparison, the slowest rental markets are in Leeds (7%), Liverpool (7%), Leicester (8%), and Cardiff (9%).
Jack Godby, Sales and Marketing Director at specialist rental platform Ocasa, which conducted the research, 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.
It used to be that home ownership was the driving aspiration that we looked towards. Today, however, for many people, simply renting a good home is a very tough task in itself.”