"Looking at similar rental properties in an area can give you an idea of how much you could make in that location. Be sure to keep in mind the proximity to amenities and transport, as well as where you are situated"
- Kellie Steed - Uswitch
Renters across Great Britain are struggling to secure properties, as high demand far outstrips a limited supply. Reports indicate that there are 20 viewings booked for any one property listed, making the rental market a fierce competition for those looking to secure their next home.
In order to determine which areas are the most sought after by renters, Uswitch buy-to-let mortgages analysed rental listings for properties in 347 local authorities across England, Scotland, and Wales. Listings were inspected to determine how many days it took from advertisement to securing ‘let agreed.’
Across the 347 local authorities analysed, it takes an average of just 14.1 days for a let to be agreed on rental properties advertised on Zoopla.
Areas in the highest demand are across the south of England, particularly local authorities in West Sussex. Rental properties in 202 local authorities (58% of those analysed) are claimed in two weeks or less.
Though it may be expected that rental properties in London boroughs will be the most sought after across Britain, in fact, only one borough appears in the top ten list of areas in highest demand. Landlords in Waltham Forest are best positioned to secure a speedy let on their properties, as it only takes 8 days, on average, for a property to be taken off the market.
Rental properties across northern England, Scotland, and Wales have the lowest demand - though they are still claimed in less than a month.
It takes an average of 25 days for a let to be agreed on properties in Gwynedd, north-west Wales. The population in this area has decreased by 3.7% since 2011, and with fewer renters looking for their next home, properties in the area took as long as 29 days to secure a deposit in March.
Uswitch buy-to-let mortgages expert, Kellie Steed, shares tips on how to find the right property as a landlord:
“Our data has shown that it takes, on average, two weeks for a rental property to be secured - however, this can take longer in areas with less demand from the population. If you are considering becoming a landlord, these are the factors to keep in mind to ensure your property is snapped up as fast as possible:
Property Location - Looking at similar rental properties in an area can give you an idea of how much you could make in that location. Be sure to keep in mind the proximity to amenities and transport, as well as where you are situated.
Property Features - Depending on the desired tenant type, certain property features will be more attractive and potentially increase the price chargeable. Consider what kind of outdoor space prospective tenants may be after, as well as period features, and questions such as bath or shower.
Furnishings - Whilst furnished properties can bring in a higher rent, there remains a great demand for unfurnished homes. You may find it easier to attract tenants by leaving your property a polished blank canvas. If you do furnish the property, try to tailor it to the type of tenants you wish to attract.”