1 in 3 tenants expect to move into their new home in 2 weeks

1 in 3 tenants expect to move into their new home in 2 weeks

New data from property marketplace, TheHouseShop.com, has revealed the incredibly short time span in which tenants expect to find and move into their new home.

The new data from TheHouseShop, which combines both private landlord and agency listings, shows that almost 1 in 3 tenants (31.2%) aim to move into their new home less than 2 weeks after they first make an enquiry to the landlord or letting agent online. With the figure rising to almost two thirds of renters (63.8%) who need to move into their new home less than 1 month after making their first enquiry.

Nick Marr, co-founder of TheHouseShop.com, said: “For the 1 in 3 tenants who are expecting to actually move into their new home less than two weeks after they first make contact with the landlord - they will need to ensure that they are responsive, organised and thoroughly prepared.”

When a tenant makes an enquiry about a property online, it can often take 2-3 days before they receive a reply – especially if the property is being advertised directly by a DIY landlord who will usually have a full-time job to worry about, as well as their Buy To Let business. Even if the landlord replies to the enquiry instantly, the landlord and tenant will need to arrange a time for viewing that suits both parties, conduct tenant referencing checks, sign contracts, manage deposits etc. before the new tenants can actually move in.

Leaving just 2 weeks to get from start to finish is definitely achievable, but leaves little wriggle room to handle delays.”


Interestingly, the newly released data showed a clear and consistent peak in the number of last minute enquiries (i.e. where the tenant states they need to move in in under 2 weeks) during the month of September over the past 3 years. This would fit perfectly with the seasonal boom in the student lettings market as students desperately try to secure accommodation before their courses start in October.

When looking at the locations of the last-minute enquiries for September only, TheHouseShop discovered that the vast majority were concentrated around big university towns like Birmingham, Manchester, Edinburgh, Glasgow and Durham/Newcastle.

Younger renters are increasingly seeking out properties to rent direct from private landlords to cut out the letting agent middle man and avoid hefty admin fees. This could explain the particularly high volume of enquiries on TheHouseShop.com marketplace – which allows direct communication between its private landlords and tenants.

Using this data, we can determine that the sweet spot for landlords advertising their properties is roughly 1 month before the date the property will next be available, as this will match the expected move-in time frame for the majority of tenants actively searching online. Move-in date is often an incredibly important factor for tenants, as arranging interim accommodation to plug a gap between properties can be tricky, time-consuming, stressful and, most importantly, costly.

As well as the cost of the actual accommodation, renters who find themselves stuck for a short time between properties also have to take into account the increased cost of removals, (as most will have to move their belongings twice), and the cost of storage.

However, tenants are not the only ones who can suffer financially from mismatched time frames. Void periods, where a rental property sits unoccupied, are a huge concern for landlords and can result in a significant loss of rental income.

Taking the average UK rental value for October 2017 of £909 per month, a void period of just 2 weeks would cost a landlord £424.20 in lost rent.

While a loss of two week’s rent represents just 4% of a landlord’s total annual rental income, it can have serious consequences for Buy To Let mortgage holders, many of whom are working with tight margins.

Taking the example of a £200,000 Buy To Let mortgage, over a 25 year term, with a 2.5% interest rate – the landlord’s monthly payment on an interest-only deal would total £416.67.  Therefore, a 2-week void period (£424.20 based on average UK rental value) would be roughly equal to a whole month’s mortgage payment and effectively wipe out the landlord’s profit for that month.

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Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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