Recent data has shown that landlords in the UK found it easier to find tenants in the last quarter of year 2007 compared to the third quarter of the year, reflecting the increased demand for rental properties amongst consumers that have now been priced out of the market altogether when it comes to purchasing a property. Tight credit conditions, high interest rates, soaring property prices, and the effects of the credit crunch.
According to figures from Mortgage Trust landlords took an average of thirteen days to find a tenant in the fourth quarter of last year, and this compared to taking an average of sixteen days to find a tenant in the third quarter of the year. The data comes from a survey involving 140 landlords, of which 30% said that they managed to find suitable tenants for their properties within one week, and a further 40% found suitable tenants within one and two weeks.
According to one industry official: “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 also said: “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.”
Under 30% of landlords found that it took longer than two weeks to find a suitable tenant for their properties during the fourth quarter of last year, whereas in the third quarter it took over 40% of landlords over two weeks to find suitable tenants for their properties.
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