Landlords finding it easier to find tenants
January 9, 2008
According to officials figures landlords in the UK are now finding tenants for their properties more quickly than they were in the third quarter of the year.
A number of factors have come together to make homeownership more difficult for many consumers, and this includes the global credit crunch, tighter credit conditions, high interest rates, high property prices, and general lack of affordability and accessibility. Many people have therefore turned to the private rental sector to find a home.
Figures from the Mortgage Trust have indicated that landlords took an average of thirteen days to find a tenant for their properties in the fourth quarter of the year compared to an average sixteen days in the third quarter of the year. A survey was carried out where around 140 landlords participated. Out of these 30% stated that it took them less than a week to find suitable tenants, and a further 40% stated that they found suitable tenants within one to two weeks.
During the third quarter of the year around 42% of landlords stated that it had taken them over two weeks to find suitable tenants for their properties. However, during the fourth quarter this had fallen to just 28% taking over two weeks to find a tenant. Experts state that many potential purchasers have had to put off buying a property and turn to renting, hence the reduced times for landlords looking for tenants.
One industry professional stated: “Much has been made recently of the problems investors have finding tenants for new build flats. This has frequently been interpreted as being symptomatic of a decline in tenant demand for private rented property generally.”
He added: “The vast majority of professional landlords know their local area well and have a good understanding of the level of appetite for rental properties within it – they invest wisely and make good returns.”
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