Renting, like owning, becoming tough
Market analysis from Ocasa, the specialist rental platform, reveals that, in Britain’s fastest-moving rental markets, up to 30 per cent of homes are snapped up by eager tenants within two weeks of being listed.
The research shows that: –
- Across Britain, 17 per cent 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 per cent of rental homes being grabbed by eager renters within a fortnight of becoming available.
- In London, 20 per cent of homes are taken within two weeks while the speed of the South West (19 per cent) and South East (17 per cent) rental markets also rank above the national average.
- The North East (16 per cent), and Scotland (16 per cent) are close behind.
- Meanwhile, market speed in the likes of Yorkshire & Humber (10 per cent), Wales (10 per cent), and the East Midlands (12 per cent) is well below the national average.
- On a city level, the fastest moving rental market is found in Bradford, West Yorkshire, where 30 per cent of properties are snapped up within two weeks of listing.
- In Glasgow, this number drops to 26 pr cent, in London it’s down to 20 per cent, and in Bristol 17 per cent of stock is rented within a fortnight.
Sales and Marketing Director at Ocasa, Jack Godby, said: “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.”
Picture: Pixabay
